Exhibit 2

California Pizza Kitchen, Inc.

Consolidated Balance Sheet (in thousands)

1/1/2006

As of
### 7/1/2007

Assets
Current assets
Cash and cash equivalents
Investments in marketable securities
Other receivables
Inventories
Current deferred tax asset, net
Prepaid income tax
Other prepaid expenses & other current assets
Total current assets

$ 11,272 $ 8,187 $ 7,178

11,408
4,109
7,876
10,709
3,776
4,745
4,596
8,437
11,721
11,834
1,428
8,769
5,492
5,388
6,444
45,922
37,917
49,530

Property and equipment, net

Noncurrent deferred tax asset, net
Goodwill and other intangibles
Other assets
Total assets

213,408 255,382 271,867

4,513
5,867
6,328
5,967
5,825
5,754
4,444
5,522
6,300
###
###
###

Liabilities and Shareholders' Equity

Current liabilities
Accounts payable
Accrued compensation and benefits
Accrued rent
Deferred rent credits
Other accrued liabilities
Accrued income tax
Total current liabilities

$ 7,054 $ 15,044
13,068
15,042
13,253
14,532
4,056
4,494
9,294
13,275
3,614
46,725
66,001

Other liabilities
Deferred rent credits, net of current portion
Shareholders' equity:
Common stock
Additional paid-in-capital
Accumulated deficit
Accumulated comprehensive loss
Total shareholders' equity
Total liabilities & Shareholders' Equity
Sources of data: Company Annual and Quarterly Reports.

5,383
24,810

8,683
27,486

$ 14,115
15,572
14,979
5,135
13,980
9,012
72,793
8,662
32,436

197
193
291
231,159 221,163 228,647
(34,013) (13,013)
(3,050)
(7)
197,336 208,343 225,888
###

###

###

Exhibit 3
California Pizza Kitchen, Inc.
Consolidated Income Statements (in thousands, except per-share data)

2006

Three Months Ended

7/2/2006
7/1/2007

$ 356,260 $ 418,799 $ 474,738 $ 547,968

3,627
3,653
4,861
6,633
359,887
422,452
479,599
554,601

$ 134,604 $ 156,592
1,564
1,989
136,168
158,581

2003
Restaurant sales
Franchise and other revenues
Total revenues
Food, beverage and paper supplies
Labor
Direct operating and occupancy
Cost of Sales

Fiscal Year(1)
2004
2005

87,806
129,702
70,273
287,781

103,813
152,949
83,054
339,816

118,480
173,751
92,827
385,058

135,848
199,744
108,558
444,150

33,090
49,272
26,214
108,576

38,426
56,912
30,773
126,111

General and administrative

Depreciation and amortization
Pre-opening costs

21,488
20,714
4,147

28,794
23,975
737

36,298
25,440
4,051

43,320
29,489
6,964

11,035
7,070
800

12,206
9,022
852

Severance charges(2)
Loss on impairment of PP&E
Store closure costs
Legal settlement reserve
Operating income

1,221
18,984

5,552

2,700
1,333
25,097

1,160
152
600
26,840

317

571

(349)
(32)

(143)
428

Interest income
Other income
Equity in loss of unconsolidated JV
Total other income (expense)
Income before income tax provision
Income tax provision (benefit)
Net income
Net income per common share:
Basic
Diluted

739
1,105
(22)
1,822

707
29,971

8,687

9,622

718

287

91

718

5,520
(82)
5,602 $

25,525
7,709
17,816 $

28,662
9,172
19,490 $

30,689
9,689
21,000

$
$

0.30 $
0.29 $

0.93 $
0.92 $

1.01 $
0.99 $

1.08
1.06

Selected Operating Data:

Restaurants open at end of period

168

171

188

Company-owned open at end of period(3)

137

141

157

54,896 $

57,509 $

62,383 $

3.4%

8.0%

7.5%

Avg weekly full service rest. sales

(3)

18-mo. comparable rest. sales growth

(3)

768

287

9,713
3,393
6,320

$
$

0.20 $
0.20 $

0.22
0.21

205

193

213

176

162

182

65,406
5.9%

65,427 $
4.8%

Notes:
(1)

For the Years Ended December 31, 2006, January 1, 2006 and January 2, 2005, December 28, 2003.

(2)

Severance charges represent payments to former President/CEO and former SVP/Senior Development Officer under terms of their separation agreements.

(3)

Data for company-owned restaurants.

Sources of data: Company Annual and Quarterly Reports and quarterly company earnings conference calls.

91

8,974
2,961
6,013 $

68,535
5.4%

Exhibit 4
California Pizza Kitchen, Inc.
Selected Historical Comparable Store Sales (Calendarized)
CY06

CY07

CY03

CY04

CY05

Q1

Q2

Q3

Q4

Q1

California Pizza Kitchen

3.4%

9.3%

6.4%

4.8%

5.9%

5.6%

6.9%

4.7%

Applebee's International, Inc.

4.1%

4.8%

1.8%

2.6%

-1.8%

-2.3%

-1.1%

-4.0%

BJ's Restaurants, Inc.

3.3%

4.0%

4.6%

6.8%

5.9%

5.3%

5.5%

6.9%

Brinker International(1)

2.1%

1.9%

3.2%

2.7%

-2.0%

-2.1%

-2.1%

-4.4%

The Cheesecake Factory, Inc.

0.7%

3.9%

1.7%

-1.3%

-0.8%

-1.6%

0.8%

0.4%

Chipotle Mexican Grill, Inc.

24.4%

13.3%

10.2%

19.7% 14.5%

11.6%

10.1%

8.3%

Darden Restaurants, Inc. -- Red Lobster

0.0%

-3.9%

4.2%

1.6%

9.4%

-2.1%

0.7%

4.6%

Darden Restaurants, Inc. -- Olive Garden

2.2%

4.7%

8.6%

5.7%

2.5%

2.9%

2.9%

1.0%

McCormick & Schmick's Seafood Restaurants, Inc.

1.1%

3.8%

3.0%

4.1%

2.8%

2.9%

2.0%

2.8%

Panera Bread Company

0.2%

2.7%

7.8%

9.0%

3.2%

2.8%

2.0%

0.0%

P.F. Chang's China Bistro

5.1%

3.0%

1.2%

1.3%

-1.0%

-0.5%

-0.9%

-2.5%

RARE -- Longhorn Steakhouse

4.6%

5.0%

2.8%

3.7%

-0.4%

-0.3%

1.5%

-1.0%

Red Robin Gourmet Burgers

4.1%

7.5%

3.8%

4.8%

3.3%

0.8%

0.2%

-0.5%

Ruth's Chris Steak House, Inc.

1.4%

11.6%

10.4%

6.8%

6.0%

4.3%

7.4%

1.9%

Sonic Corporation

1.6%

7.0%

5.4%

5.5%

4.3%

4.0%

3.4%

2.0%

Texas Roadhouse, Inc.

3.5%

7.6%

5.6%

6.4%

1.2%

2.3%

3.3%

0.9%

Note:
(1)

Brinker's comparable store sales is a blended rate for its various brands.

Source of data: KeyBanc Capital Markets equity research.

Exhibit 5
California Pizza Kitchen, Inc.
Selected Forecasts for California Pizza Kitchen

Firm
Oppenheimer and Co. Inc.
CIBC World Markets
KeyBanc Capital Markets
RBC Capital Markets
Morgan Keegan & Co., Inc.
MKM Partners

Date of Price
2007E
Report Target Revenues
EPS
4/9/2007 $ 40 $
4/12/2007
37
5/11/2007
NA
5/11/2007
37
5/11/2007
NA
5/11/2007
39

Source of data: Selected firms' equity research.

652.9 $ 1.33
647.5
1.29
NA
1.28
650.7
1.31
644.2
1.33
647.5
1.34

2008E
Revenues EPS
NA
755.1
NA
753.1
742.1
754.3

NA
1.57
1.55
1.59
1.58
1.69

2009E
Revenues EPS
NA
NA
NA
NA
NA
NA
878.2 1.90
NA
NA
NA
NA

Exhibit 6
California Pizza Kitchen, Inc.
Stock Price Comparison

Value of $100 invested in CPK and S&P SmallCap 600 Restaurants Index
140

130

120

110

100

90

80

CPK

S&P SmallCap 600 Restaurants

Date

CPK S&P SmallCap 600 Restaurants

3-Jul-06

100

100

5-Jul-06

99

99

6-Jul-06

97

98

7-Jul-06

96

97

10-Jul-06

101

98

11-Jul-06

100

97

12-Jul-06

103

95

13-Jul-06

98

92

14-Jul-06

97

92

17-Jul-06

98

92

18-Jul-06

96

92

19-Jul-06

99

94

20-Jul-06

94

91

21-Jul-06

95

90

24-Jul-06

97

93

25-Jul-06

98

95

26-Jul-06

96

92

27-Jul-06

95

90

28-Jul-06

95

91

31-Jul-06

97

91

1-Aug-06

94

90

2-Aug-06

93

91

3-Aug-06

95

92

4-Aug-06

95

93

7-Aug-06

96

92

8-Aug-06

100

92

9-Aug-06

95

90

Exhibit 7
California Pizza Kitchen, Inc.
Comparative Restaurant Financial Data, 2006 Fiscal Year (in millions, except per-share data)
Fiscal Year End

7/2/2007

Month Share Price

Net Profit

Earnings

Dividends

Book Value

Revenue

Margin

Margin

Per Share

Per Share

Per Share

Beta

555

10.7%

3.8% $

0.71 $

0.00 $

7.20

0.85

California Pizza Kitchen

Dec. $

22.10

Applebee's International, Inc.

Dec.

24.28

1,338

15.9%

6.5%

1.17

0.20

6.49

0.80

BJ's Restaurants, Inc.

Dec.

20.05

239

9.6%

4.1%

0.41

0.00

7.78

1.05

Brinker International(1)

June

29.37

4,151

12.0%

4.7%

1.49

0.20

8.59

0.90

Buffalo Wild Wings, Incorporated

Dec.

41.78

278

13.3%

5.8%

0.93

0.00

6.61

1.10

The Cheesecake Factory, Inc.

Dec.

24.57

1,315

12.2%

6.2%

1.02

0.00

9.09

1.00

Chipotle Mexican Grill, Inc.

Dec.

86.00

823

13.0%

5.0%

1.28

0.00

14.56

NA

Darden Restaurants, Inc.(2)

May

44.14

5,721

13.2%

5.9%

2.16

0.40

8.37

1.00

Frisch's Restaurants, Inc.

May

30.54

291

31.6%

3.1%

1.78

0.44

19.84

0.60

McCormick & Schmick's

Dec.

25.66

308

9.7%

4.3%

0.92

0.00

11.20

1.10

Panera Bread Company

Dec.

46.02

829

16.3%

7.2%

1.87

0.00

12.53

1.25

Dec.

35.37

938

10.5%

3.6%

1.24

0.00

11.41

1.10

Dec.

26.76

987

11.6%

5.1%

1.45

0.00

11.17

0.57

Red Robin Gourmet Burgers

Dec.

40.19

619

13.7%

4.9%

1.82

0.00

14.68

1.05

Ruth's Chris Steak House, Inc.

Dec.

16.80

272

15.6%

8.7%

1.01

0.00

2.93

NA

Sonic Corporation

Aug.

22.00

693

24.9%

11.4%

0.88

0.00

4.66

0.90

Texas Roadhouse, Inc.

Dec.

12.81

597

12.5%

5.7%

0.44

0.00

4.30

0.90

P.F. Chang's China Bistro

RARE Hospitality International Inc.

(3)

EBITDA

Exhibit 8
California Pizza Kitchen, Inc.
Interest Rates and Yields

2000
2001
2002
2003
2004
2005

2006: Jan.
Feb.
Mar.
Apr.
May.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2007: Jan.
Feb.
Mar.
Apr.
May.
June

U.S. Treasury Securities

Bills
Notes & Bonds
3-month
6-month
3-year
10-year
5.85%
5.92%
6.22%
6.03%
3.45%
3.39%
4.09%
5.02%
1.62%
1.69%
3.10%
4.61%
1.02%
1.06%
2.10%
4.01%
1.38%
1.58%
2.78%
4.27%
3.16%
3.40%
3.93%
4.29%

4.20%
4.41%
4.51%
4.59%
4.72%
4.79%
4.96%
4.98%
4.82%
4.89%
4.95%
4.85%
4.96%
5.02%
4.97%
4.88%
4.77%
4.63%

4.30%
4.51%
4.61%
4.72%
4.81%
4.95%
5.09%
4.99%
4.90%
4.91%
4.96%
4.88%
4.94%
4.97%
4.90%
4.87%
4.80%
4.77%

4.35%
4.64%
4.74%
4.89%
4.97%
5.09%
5.07%
4.85%
4.69%
4.72%
4.64%
4.58%
4.79%
4.75%
4.51%
4.60%
4.69%
5.00%

4.42%
4.57%
4.72%
4.99%
5.11%
5.11%
5.09%
4.88%
4.72%
4.73%
4.60%
4.56%
4.76%
4.72%
4.56%
4.69%
4.75%
5.10%

Sources of data: Economic Report of the President and Fannie Mae website.

30-year
5.94%
5.49%
......
......
......
......

......
4.54%
4.73%
5.06%
5.20%
5.15%
5.13%
5.00%
4.85%
4.85%
4.69%
4.68%
4.85%
4.82%
4.72%
4.87%
4.90%
5.20%

Corporate bonds (Moody's)

Aaa 3
Baa
7.62%
8.36%
7.08%
7.95%
6.49%
7.80%
5.67%
6.77%
5.63%
6.39%
5.24%
6.06%

5.29%
5.35%
5.53%
5.84%
5.95%
5.89%
5.85%
5.68%
5.51%
5.51%
5.33%
5.32%
5.40%
5.39%
5.30%
5.47%
5.47%
5.79%

6.24%
6.27%
6.41%
6.68%
6.75%
6.78%
6.76%
6.59%
6.43%
6.42%
6.20%
6.22%
6.34%
6.28%
6.27%
6.39%
6.39%
6.70%

Average
Prime
Lending
9.23%
6.91%
4.67%
4.12%
4.34%
6.19%

Average
LIBOR
3-month
6.55%
3.63%
1.79%
1.22%
1.67%
3.63%

7.38%
7.50%
7.63%
7.75%
7.88%
7.13%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%

4.68%
4.82%
4.99%
5.15%
5.23%
5.51%
5.49%
5.40%
5.37%
5.37%
5.37%
5.36%
5.36%
5.36%
5.35%
5.36%
5.36%
5.36%

Exhibit 9
CALIFORNIA PIZZA KITCHEN
Pro Forma Tax Shield Effect of Recapitalization Scenarios
(Dollars in thousands, except share data; figures based on end of June 2007)

Actual

Debt/Total Capital
10%

20%

30%

Interest rate (1)

Tax rate

6.16%
32.5%

6.16%
32.5%

6.16%
32.5%

6.16%
32.5%

Earnings before income taxes and interest(2)

30,054

30,054

30,054

30,054

Interest expense
Earnings before taxes
Income taxes
Net income

0
30,054
9,755
20,299

1,391
28,663
9,303
19,359

2,783
27,271
8,852
18,419

4,174
25,880
8,400
17,480

0
225,888
225,888
0%

22,589
203,299
225,888
10%

45,178
180,710
225,888
20%

67,766
158,122
225,888
30%

22,589

45,178

67,766

643,773
643,773
22.1
29,130

628,516
651,105

613,259
658,437

598,002
665,769

Book value:
Debt
Equity
Total capital
Debt in Total Capital

Market value:
Debt
Equity
Market value of capital
Current Market Price
No. of Shares