CHONGQING, China, November 18, 2011 /PRNewswire-Asia/ -- Country Style Cooking Restaurant Chain Co., Ltd. (NYSE: CCSC) ("Country Style Cooking" or the "Company"), a fast-growing quick service restaurant chain in China, today announced unaudited financial results for the third quarter of 2011.
Third Quarter 2011 Financial Highlights
* Revenues in the third quarter of 2011 were RMB290.3 million ($45.5 million), an increase of 38.8% from RMB209.2 million in the same quarter of 2010.
* Comparable restaurant sales increased by 6.1% from the same quarter of 2010. There were 94 restaurants in the comparison.
* Restaurant level operating margin was 18.4%, a decrease of 110 basis points from a year ago.
* Adjusted EBITDA (non-GAAP) was RMB34.6 million ($5.4 million) in the third quarter of 2011, up from RMB32.4 million in the same quarter of 2010.
* Net income for the third quarter 2011 was RMB14.7 million ($2.3 million), compared to net income of RMB21.0 million in the same quarter of 2010. Adjusted net income (non-GAAP), which excludes share-based compensation expenses, was RMB18.2 million ($2.9 million), decreased from RMB22.8 million in the same quarter of 2010.
* Diluted net income per American depositary share ("ADS") was RMB0.56 ($0.09). Adjusted diluted net income per ADS (non-GAAP), which excludes share-based compensation expenses, was RMB0.68 ($0.11). 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 report robust revenue growth for the third quarter 2011, reaching the top of our previous guidance range. During the third quarter 2011, we accelerated network expansion and added a net of 27 new restaurants, including our first restaurant in Beijing. We are excited about the opportunities in the northern China market and plan to open a few more restaurants in Beijing by the end of 2011."
Ms. Hong Li continued, "As the Company endeavors to raise brand awareness, we increased spending in advertising and promotional activities during the third quarter. These activities provide us with a base for supporting continued restaurant expansion within our home market and new territories. We believe such investment helps us build sustainable revenue growth, reinforces customer loyalty, and strengthens our brand positioning as we solidify our presence in developed regional markets and progress in our national rollout."
Mr. Roy Rong, chief financial officer of Country Style Cooking, added, "I am very satisfied with our financial performance during the third quarter, especially in this overall inflationary environment. Our existing restaurants are doing quite well, while sales from our new restaurants are ramping up in line with our expectations."