Excel Smk California Pizza Kitchen (1).xls - This spreadsheet supports STUDENT analysis of the case"California Pizza Kitchen(Case 33 Copyright(C 2008 by

Excel Smk California Pizza Kitchen (1).xls - This...

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March 31, 2008 Copyright (C) 2008, by the University of Virginia Darden School Foundation. This spreadsheet supports STUDENT analysis of the case, "California Pizza Kitchen" (Case 33)
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Exhibit 2 California Pizza Kitchen, Inc. Consolidated Balance Sheet (in thousands) As of 1/1/2006 12/31/2006 7/1/2007 Assets Current assets Cash and cash equivalents $ 11,272 $ 8,187 $ 7,178 Investments in marketable securities 11,408 Other receivables 4,109 7,876 10,709 Inventories 3,776 4,745 4,596 Current deferred tax asset, net 8,437 11,721 11,834 Prepaid income tax 1,428 8,769 Other prepaid expenses & other current assets 5,492 5,388 6,444 Total current assets 45,922 37,917 49,530 Property and equipment, net 213,408 255,382 271,867 Noncurrent deferred tax asset, net 4,513 5,867 6,328 Goodwill and other intangibles 5,967 5,825 5,754 Other assets 4,444 5,522 6,300 Total assets $ 274,254 $ 310,513 $ 339,779 Liabilities and Shareholders' Equity Current liabilities Accounts payable $ 7,054 $ 15,044 $ 14,115 Accrued compensation and benefits 13,068 15,042 15,572 Accrued rent 13,253 14,532 14,979 Deferred rent credits 4,056 4,494 5,135 Other accrued liabilities 9,294 13,275 13,980 Accrued income tax 3,614 9,012 Total current liabilities 46,725 66,001 72,793 Other liabilities 5,383 8,683 8,662 Deferred rent credits, net of current portion 24,810 27,486 32,436 Shareholders' equity: Common stock 197 193 291 Additional paid-in-capital 231,159 221,163 228,647 Accumulated deficit (34,013) (13,013) (3,050) Accumulated comprehensive loss (7) Total shareholders' equity 197,336 208,343 225,888 Total liabilities & Shareholders' Equity $ 274,254 $ 310,513 $ 339,779 Sources of data: Company Annual and Quarterly Reports.
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Exhibit 3 California Pizza Kitchen, Inc. Consolidated Income Statements (in thousands, except per-share data) Three Months Ended 2003 2004 2005 2006 7/2/2006 7/1/2007 Restaurant sales $ 356,260 $ 418,799 $ 474,738 $ 547,968 $ 134,604 $ 156,592 Franchise and other revenues 3,627 3,653 4,861 6,633 1,564 1,989 Total revenues 359,887 422,452 479,599 554,601 136,168 158,581 Food, beverage and paper supplies 87,806 103,813 118,480 135,848 33,090 38,426 Labor 129,702 152,949 173,751 199,744 49,272 56,912 Direct operating and occupancy 70,273 83,054 92,827 108,558 26,214 30,773 Cost of Sales 287,781 339,816 385,058 444,150 108,576 126,111 General and administrative 21,488 28,794 36,298 43,320 11,035 12,206 Depreciation and amortization 20,714 23,975 25,440 29,489 7,070 9,022 Pre-opening costs 4,147 737 4,051 6,964 800 852 1,221 Loss on impairment of PP&E 18,984 1,160 Store closure costs 2,700 152 707 768 Legal settlement reserve 1,333 600 Operating income 5,552 25,097 26,840 29,971 8,687 9,622 Interest income 317 571 739 718 287 91 Other income 1,105 Equity in loss of unconsolidated JV (349) (143) (22) Total other income (expense) (32) 428 1,822 718 287 91 Income before income tax provision 5,520 25,525 28,662 30,689 8,974 9,713 Income tax provision (benefit) (82) 7,709 9,172 9,689 2,961 3,393 Net income $ 5,602 $ 17,816 $ 19,490 $ 21,000 $ 6,013 $ 6,320 Net income per common share: Basic $ 0.30 $ 0.93 $ 1.01 $ 1.08 $ 0.20 $ 0.22 Diluted $ 0.29 $ 0.92 $ 0.99 $ 1.06 $ 0.20 $ 0.21 Selected Operating Data: Restaurants open at end of period 168 171 188 205 193 213 137 141 157 176 162 182 $ 54,896 $ 57,509 $ 62,383 $ 65,406 $ 65,427 $ 68,535 3.4% 8.0% 7.5% 5.9% 4.8% 5.4% Notes:
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