Country Style Cooking Restaurant Chain Announces Preliminary Fourth Quarter 2012 Results
CHONGQING, China, Jan. 16, 2013 /PRNewswire/ -- 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 preliminary fourth quarter 2012 results.
For the fourth quarter ended December 31, 2012, the Company opened 21 restaurants, bringing the total net restaurant count to 256, compared to a total restaurant count of 199 as of December 31, 2011. The new openings include five quick-service, canteen-style restaurants which Country Style Cooking operates under the brand name "Mr. Rice." Management has been pleased to observe how the Mr. Rice line of restaurants continues to build in popularity with customers.
While absolute store numbers have increased to the level expected, stores have opened at a slightly slower-than-expected rate, leading to fewer operating months for generating revenue. Thus, the Company currently anticipates to report figures slightly below the bottom range of its previous revenue guidance of RMB300 million ($47.7 million). The Company expects positive net income for the fourth quarter although it had to contend with such pressures as a seasonally slow period, higher raw material costs and increases in other operating expenses. Same store sales growth in the fourth quarter saw minor improvement over the third quarter. Management aims to further improve SSS growth throughout 2013.
The Company plans to report its fourth quarter and full year 2012 results in early March, at which time management intends to discuss 2012 financials and strategies for 2013 in more detail.
About Country Style Cooking Restaurant Chain Co., Ltd.
Country Style Cooking Restaurant Chain Co., Ltd. (NYSE: CCSC) ("Country Style Cooking") is a fast-growing quick service restaurant chain in China, offering delicious, everyday Chinese food to customers who desire fast and affordable quality meals. Country Style Cooking directly operates all of its restaurants and is the largest quick service restaurant chain in Chongqing municipality, home to Sichuan cuisine, one of the best-known Chinese regional cuisines. Additional information about Country Style Cooking can be found at http://ir.csc100.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the third quarter 2012, the new restaurant opening plan for full year 2012 and quotations from management in this announcement, as well as Country Style Cooking's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: uncertainties regarding our ability to open and profitably operate new restaurants and manage our growth effectively and efficiently; risks associated with changing consumer taste and discretionary spending; uncertainties regarding our ability to maintain and enhance the attractiveness of our restaurants and our brand and image; risks related to instances of food-borne illnesses, health epidemics and other outbreaks; uncertainties regarding our ability to respond to competitive pressures; and uncertainties associated with factors typically affecting the consumer food services industry in general. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the Securities and Exchange Commission. Country Style Cooking does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Country Style Cooking undertakes no duty to update such information, except as required under applicable law.
Country Style Cooking Restaurant Chain Co., Ltd.
Chief Financial Officer
Phone: +86-10-6583-7516 or +1-646-328-2520
SOURCE Country Style Cooking Restaurant Chain Co., Ltd.
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