Country Style Cooking Restaurant Chain Reports Fourth Quarter and Fiscal Year 2012 Financial Results Date : 03/06/2013 @ 4:01PM Source : PR Newswire (US) Stock : Country Style Cooking Restaurant Chain Co., Ltd American Depositary Shares, Each Representing Four Ordinary Shares (CCSC) Quote : 7.23  -0.02 (-0.28%) @ 4:59PM

Country Style Cooking Restaurant Chain Reports Fourth Quarter and Fiscal Year 2012 Financial Results

Print

Country Style Cooking Restaurant Chain Co., Ltd American Depositary Shares, Each Representing Four Ordinary Shares (NYSE:CCSC) Historical Stock Chart 1 Month : From Feb 2013 to Mar 2013 CHONGQING, China, March 6, 2013 /PRNewswire/ -- Country Style Cooking Restaurant Chain Co., Ltd. (NYSE: CCSC) ("Country Style Cooking" "CSC" or the "Company"), a fast-growing quick service restaurant chain in China, today announced its unaudited financial results for the fourth quarter and fiscal year 2012.  http://ih.advfn.com/p.php?pid=nmona&article=56601556 Fourth Quarter 2012 Financial Highlights Revenues in the fourth quarter of 2012 were RMB296.5 million ($47.6 million), an increase of 8.9% from RMB272.4 million in the same quarter of 2011. Comparable restaurant sales decreased by 4.9% from the same quarter of 2011. There were 166 restaurants in the comparison. Restaurant level operating margin was 14.9%, an increase of 840 basis points from the same quarter of 2011. Net income for the fourth quarter of 2012 was RMB6.6 million ($1.1 million), compared to net loss of RMB18.9 million in the same quarter of 2011. Adjusted net income (non-GAAP), which excludes share-based compensation expenses, was RMB9.9 million ($1.6 million), compared to adjusted net loss of RMB13.7 million in the same quarter of 2011. Diluted net income per American depositary share ("ADS") was RMB0.25 ($0.04). Adjusted diluted net income per ADS (non-GAAP), which excludes share-based compensation expenses, was RMB0.38 ($0.06). Each ADS represents four ordinary shares of the Company. Total number of restaurants increased by a net of 18 in the fourth quarter of 2012 to 256 restaurants as of December 31, 2012, covering 30 cities and up from 199 restaurants as of December 31, 2011. Fiscal Year 2012 Financial Highlights Revenues in 2012 were RMB1.19 billion ($190.8 million), an increase of 16.6% from RMB1.02 billion in 2011. Comparable restaurant sales decreased by 3.7% from 2011. There were 118 restaurants in the comparison. Restaurant level operating margin was 15.6%, an increase of 110 basis points from 2011. Net income in 2012 was RMB75.6 million ($12.1 million), compared to net loss of RMB7.0 million in 2011. Adjusted net income (non-GAAP), which excludes share-based compensation expenses and one-time tax levy/(benefit), was RMB65.6 million ($10.5 million), compared to adjusted net income of RMB26.6 million in 2011. Basic and diluted net income per ADS was RMB2.91 ($0.47) and RMB2.88 ($0.46), respectively. Adjusted diluted net income per ADS (non-GAAP), which excludes share-based compensation expenses and one-time tax levy/(benefit), was RMB2.50 ($0.40). Each ADS represents four ordinary shares of the Company. Ms. Hong Li, chairman and chief executive officer of Country Style Cooking, commented, "We are pleased to end 2012 with steady revenue growth and an expanded network of 256 restaurants. During the year we sought out and delivered on effective ways to strengthen our financial performance in the face of declining same store sales and an inflationary environment. These measures include introducing the Mr. Rice line of canteen-style restaurants and focusing on lowering our overall operating expenses and improving restaurant-level profitability. We are now seeing gradual improvement with same store sales ("SSS") measures and feel we are better positioned for balanced growth going forward. Looking to 2013, we plan to open around 60 new restaurants and expect continuous top line growth for the full year." Mr. Adam Zhao, chief financial officer of Country Style Cooking, added, "As Ms. Li has touched upon regarding our financial performance, in 2012, in the area of financial management we focused on cost controls and improvements in operational efficiency. The effectiveness of these policies has been further augmented by cost-effective brand expansion which we have achieved through novel ways to grow brand visibility and market presence through less expensive means, such as developing online and mobile device applications, other IT improvements, and gradually rolling out our new line of Mr. Rice restaurants which operate at lower cost than typical CSC restaurants. While overall SSS growth was negative, our multifaceted approach has been bearing results and we have started to see quarter-over-quarter improvement. We expect an overall upward trajectory with SSS in 2013."