California Pizza Kitchen Inc. (CPKI, Financial) filed Annual Report for the period ended 2011-01-02.
California Pizza Kitchen Inc. has a market cap of $391.4 million; its shares were traded at around $15.92 with a P/E ratio of 23.7 and P/S ratio of 0.6. California Pizza Kitchen Inc. had an annual average earning growth of 7.7% over the past 10 years.
We regularly review the sales mix of our menu items and replace lower selling items in each category with new menu items twice a year. Because of our ability to quickly adapt our menu, we believe that we are able to meet our customers changing tastes and expectations. Our entrées generally range in price from $6.49 to $17.99 and our average dine-in guest check is approximately $15.00, including alcoholic beverages.
Full service restaurants opened in fiscal 2010 are approximately 5,300 square feet with approximately 200 seats and are inline rather than freestanding restaurants. We are building fewer freestanding locations than in previous years but will continue to build freestanding locations if presented with unique opportunities. Consistent with reduced construction costs and our flexible design format, costs on average are approximately $2.5 million for inline restaurants before any landlord allowances. This excludes pre-opening costs, which averaged approximately $340,000 per restaurant.
HMSHost has preferred rights to open new CPK/ASAP restaurants in airports and in travel plazas along toll-roads in North America. In 2010 HMSHost opened four locations: one quick-service restaurant at each of the international airports in Honolulu and Maui, Hawaii, a CPK airport kiosk in Fresno, California and a travel plaza in King of Prussia, Pennsylvania. Any location proposed by HMSHost is subject to approval at our sole discretion. Once we have agreed to HMSHosts development of a CPK/ASAP restaurant in an airport or travel plaza location, our right to license or operate a restaurant ourselves at that location is limited. In fiscal 2006, we agreed to extend our relationship with HMSHost until 2012. Upon approval of additional locations, HMSHost pays an initial franchise fee of $20,000, generally, for each CPK/ASAP restaurant at a new location, $10,000 for each additional CPK/ASAP restaurant at an existing location, and continuing royalties at rates of 5.0% to 5.5% of gross sales. The HMSHost franchise agreement typically terminates at the same time as the HMSHost concessionaire agreement to operate at an airport or mall terminates.
Our territorial development agreements with our international franchisees grant them the right to operate restaurants in an identified territory subject to meeting development obligations and excluding certain types of locations. Our basic franchise agreement with these franchisees generally requires payment of an initial fee of between $50,000 and $75,000 for a full service restaurant, as well as continuing royalties at a rate of 5.0% of gross revenue. Most of our franchise agreements contain a 10- or 20-year term.
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California Pizza Kitchen Inc. has a market cap of $391.4 million; its shares were traded at around $15.92 with a P/E ratio of 23.7 and P/S ratio of 0.6. California Pizza Kitchen Inc. had an annual average earning growth of 7.7% over the past 10 years.
Highlight of Business Operations:
In January 2010, we introduced our Small Cravings Menu to offer our guests the innovative flavors we are known for, but in smaller portions, inviting guests to explore the many tastes our restaurants offer. These items range in price from $4.29 to $5.99 and examples include the Spicy Chicken Tinga Quesadilla, Korean BBQ Steak Tacos, White Corn Guacamole & Chips, and the Wedge Salad. We also offer a full range of appetizers including our Spinach Artichoke Dip, Avocado Club Egg Rolls, Chicken or Shrimp Lettuce Wraps and Tortilla Spring Rolls.We regularly review the sales mix of our menu items and replace lower selling items in each category with new menu items twice a year. Because of our ability to quickly adapt our menu, we believe that we are able to meet our customers changing tastes and expectations. Our entrées generally range in price from $6.49 to $17.99 and our average dine-in guest check is approximately $15.00, including alcoholic beverages.
Full service restaurants opened in fiscal 2010 are approximately 5,300 square feet with approximately 200 seats and are inline rather than freestanding restaurants. We are building fewer freestanding locations than in previous years but will continue to build freestanding locations if presented with unique opportunities. Consistent with reduced construction costs and our flexible design format, costs on average are approximately $2.5 million for inline restaurants before any landlord allowances. This excludes pre-opening costs, which averaged approximately $340,000 per restaurant.
HMSHost has preferred rights to open new CPK/ASAP restaurants in airports and in travel plazas along toll-roads in North America. In 2010 HMSHost opened four locations: one quick-service restaurant at each of the international airports in Honolulu and Maui, Hawaii, a CPK airport kiosk in Fresno, California and a travel plaza in King of Prussia, Pennsylvania. Any location proposed by HMSHost is subject to approval at our sole discretion. Once we have agreed to HMSHosts development of a CPK/ASAP restaurant in an airport or travel plaza location, our right to license or operate a restaurant ourselves at that location is limited. In fiscal 2006, we agreed to extend our relationship with HMSHost until 2012. Upon approval of additional locations, HMSHost pays an initial franchise fee of $20,000, generally, for each CPK/ASAP restaurant at a new location, $10,000 for each additional CPK/ASAP restaurant at an existing location, and continuing royalties at rates of 5.0% to 5.5% of gross sales. The HMSHost franchise agreement typically terminates at the same time as the HMSHost concessionaire agreement to operate at an airport or mall terminates.
Our territorial development agreements with our international franchisees grant them the right to operate restaurants in an identified territory subject to meeting development obligations and excluding certain types of locations. Our basic franchise agreement with these franchisees generally requires payment of an initial fee of between $50,000 and $75,000 for a full service restaurant, as well as continuing royalties at a rate of 5.0% of gross revenue. Most of our franchise agreements contain a 10- or 20-year term.
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