Country Style Cooking Restaurant Chain Reports First Quarter 2014 Financial Results 1Q14 Revenues up 12.9% YoY to RMB346.8 Million

1Q14 Adjusted Net Income up 223.3% YoY to RMB19.0 Million

1Q14 Adjusted EBITDA up 58.6% to RMB34.2 Million

CHONGQING, China, May 19, 2014 /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 first quarter of 2014.

First Quarter 2014 Financial Highlights

  • Revenues in the first quarter of 2014 were RMB346.8 million ($55.8 million), an increase of 12.9% from RMB307.2 million in the same quarter of 2013.
  • Comparable restaurant sales increased by 2.5% from the same quarter of 2013. There were 214 restaurants in the comparison.
  • Restaurant level operating margin was 14.6%, an increase of 190 basis points from the same quarter of 2013.
  • Adjusted EBITDA[1] was RMB34.2 million ($5.5 million) in the first quarter of 2014, compared to RMB21.6 million in the same quarter of 2013.
  • Net income for the first quarter of 2014 was RMB11.6 million ($1.9 million), an increase from RMB2.0 million in the same quarter of 2013. Adjusted net income (non-GAAP), which excludes share-based compensation expenses, was RMB19.0 million ($3.1 million), an increase from RMB5.9 million in the same quarter of 2013.
  • Diluted net income per American depositary share ("ADS") was RMB0.43 ($0.07). Adjusted diluted net income per ADS (non-GAAP)[1], which excludes share-based compensation expenses, was RMB0.70 ($0.11). Each ADS represents four ordinary shares of the Company.
  • Total number of restaurants increased by a net total of ten in the first quarter of 2014 to 303 restaurants as of March 31, 2014, covering 29 cities and up from 262 restaurants as of March 31, 2013. Among the total 303 restaurants, 54 are "Mr. Rice" branded restaurants.

[1] This release contains certain non-GAAP financial measures to provide supplemental information regarding the Company's operating performance. For more information on these non-GAAP financial measures, please see the section captioned "Non-GAAP Disclosure" and the table captioned "Supplementary Metrics - Reconciliations of GAAP to non-GAAP Financial Measures" set forth at the end of this release.

Ms. Hong Li, Chairman and Chief Executive Officer of Country Style Cooking, commented, "We are pleased to start 2014 with a strong quarter and an expanded network of 303 restaurants. Our revenue beat the top range of previous guidance, and our adjusted net income showed great improvement from the prior year period. During the quarter, we continued to execute a number of important growth initiatives. These include the introduction of new products and combo sets, the expansion of our e-commerce delivery service, and store expansion into the Hubei province, which is a new region for CSC. Comparable restaurant sales growth was 2.5% for the first quarter, and we believe this positive momentum will continue in the remaining three quarters of the year."

Mr. Adam Zhao, Chief Financial Officer of Country Style Cooking, added, "Our execution strategy has resulted in an improvement to our non-GAAP net income margin and we continued to improve our balance sheet during the first quarter. We are confident that our balanced growth strategy will further benefit the Company in the long term as CSC maintains its position as a leading quick service restaurant chain in the southwest China region."

First Quarter 2014 Financial Performances

Revenues in the first quarter of 2014 increased by 12.9% to RMB346.8 million ($55.8 million) from RMB307.2 million in the same quarter of 2013. Revenue growth was primarily supported by the Company's expanding restaurant network. Notably, among the revenue total, "Mr. Rice" branded restaurants contributed RMB41.2 million ($6.6 million), a significant 146.7% increase from RMB16.7 million in the same period last year. During the first quarter of 2014, Country Style Cooking added a total of 11 restaurants and closed one restaurant, bringing the total restaurant count to 303 as of March 31, 2014, compared to its total restaurant count of 262 as of March 31, 2013. Restaurants opened in the first quarter included three "Mr. Rice" restaurants. Comparable restaurant sales increased by 2.5% compared with the same quarter of 2013. There were 214 restaurants in the comparison.

Costs of food and paper increased by 7.4% to RMB155.3 million ($25.0 million) in the first quarter of 2014 from RMB144.6 million in the same quarter of 2013, primarily due to the expansion of the Company's restaurant network. As a percentage of revenues, cost of food and paper was 44.8% in the first quarter of 2014, down from 47.1% in the prior year period.

Restaurant wages and related expenses increased by 19.6% to RMB72.9 million ($11.7 million) in the first quarter of 2014 from RMB60.9 million in the same quarter of 2013. The increase was primarily due to increased wage levels and the Company's overall expansion of its employee base. As a percentage of revenues, restaurant wages and related expenses increased to 21.0% in the first quarter of 2014 from 19.8% in the same quarter of 2013.

Restaurant rent expenses increased by 9.3% to RMB35.4 million ($5.7 million) in the first quarter of 2014 from RMB32.4 million in the same quarter of 2013. The increase was primarily due to the expansion of the Company's restaurant network. As a percentage of revenues, restaurant rental expenses dropped slightly to 10.2% in the first quarter of 2014 from 10.5% in the first quarter of 2013.

Restaurant utility expenses increased by 9.7% to RMB20.1 million ($3.2 million) in the first quarter of 2014 from RMB18.3 million in the same quarter of 2013. As a percentage of revenues, restaurant utility expenses were 5.8% in the first quarter of 2014, down from 6.0% in the first quarter of 2013. The decrease of restaurant utility expenses as a percentage of revenue was primarily due to better sales and effective cost control.

Other restaurant operating expenses increased by 3.9% to RMB12.4 million ($2.0 million) in the first quarter of 2014 from RMB11.9 million in the same quarter of 2013. As a percentage of revenues, other restaurant operating expenses decreased slightly to 3.6% in the first quarter of 2014 from 3.9% in the first quarter of 2013.

Restaurant-level operating margin was 14.6% in the first quarter of 2014, an increase of 190 basis points over the same quarter of 2013. The improvement in restaurant-level operating margin was primarily due to better sales and effective cost control measures.

Selling, general and administrative (SG&A) expenses increased by 10.6% to RMB21.4 million ($3.4 million) in the first quarter of 2014 from RMB19.3 million in the same quarter of 2013. The increase was primarily due to a RMB3.4 million increase in share-based compensation expenses included in SG&A, offset by a RMB1.8 million decrease in disposal losses on leasehold improvements and equipment of closed stores. Share-based compensation expenses included in SG&A was RMB6.2 million ($1.0 million) in the first quarter of 2014, compared to RMB2.8 million in the first quarter of 2013. As a percentage of revenues, SG&A expenses were 6.2% in the first quarter of 2014, compared to 6.3% in the first quarter of 2013.

Pre-opening expense for the first quarter of 2014 was RMB2.5 million ($0.4 million), representing an increase of 19.8% as compared to RMB2.1 million in the same quarter of 2013, primarily because of more new store openings compared to the prior year period. As a percentage of revenues, pre-opening expense stood at 0.7% in the first quarter of 2014, similar to the same quarter of 2013.

Depreciation expense for the first quarter of 2014 was RMB19.0 million ($3.1 million), representing an increase of 13.1% as compared to RMB16.8 million in the same quarter of 2013, primarily because of the increase in total fixed assets as a result of restaurant network expansion. As a percentage of revenues, depreciation expense remained at 5.5% in the first quarter of 2014, similar to the same quarter of 2013.

Property and equipment impairment charges were RMB1.4 million ($0.2 million) in the first quarter of 2014, representing costs related to asset impairment with 4 underperforming restaurants.

Income from operations for the first quarter of 2014 was RMB6.5 million ($1.0 million), compared to a loss of RMB3.1 million in the same quarter of 2013.

Interest income for the first quarter of 2014 was RMB6.6 million ($1.1 million), representing an increase of 8.7% as compared to RMB6.1 million in the same quarter of 2013.

Foreign currency exchange gain for the first quarter of 2014 was RMB0.3 million ($51,000), as compared to a loss of RMB0.4 million in the same quarter of 2013.

Other income for the first quarter of 2014 was RMB1.6 million ($0.3 million), compared to RMB0.1 million in the same quarter of 2013.

Income tax expense in the first quarter of 2014 was RMB3.4 million ($0.5 million), compared to RMB0.8 million in the same quarter of 2013.

Net income was RMB11.6 million ($1.9 million), compared to RMB2.0 million in the first quarter of 2013. Adjusted net income (non-GAAP), which excludes share-based compensation expenses, was RMB19.0 million ($3.1 million) in the first quarter of 2014, compared to RMB5.9 million in the first quarter of 2013.

Diluted net income per ADS in the first quarter of 2014 was RMB0.43 ($0.07), compared to RMB0.08 in the first quarter of 2013. Adjusted diluted net income per ADS (non-GAAP), which excludes share-based compensation expenses, was RMB0.70 ($0.11) in the first quarter of 2014, compared to RMB0.22 in the first quarter of 2013. The Company had approximately 27.0 million diluted weighted average ADSs outstanding during the quarter ended March 31, 2014.

EBITDA (non-GAAP), defined as net income before interest, income tax expense, depreciation and amortization, was RMB27.4 million ($4.4 million) in the first quarter of 2014, compared to RMB13.5 million from the same quarter of 2013. Adjusted EBITDA (non-GAAP), defined as EBITDA excluding foreign exchange gain or loss, other income or loss, property and equipment impairment charges, and share-based compensation expenses, was RMB34.2 million ($5.5 million) in the first quarter of 2014, compared to RMB21.6 million in the same quarter of 2013.

As of March 31, 2014, the Company had cash, cash equivalents and short-term investments of RMB594.8 million ($95.7 million), compared to RMB581.9 million as of December 31, 2013.

Net cash provided by operating activities was RMB39.8 million ($6.4 million) for the three months ended March 31, 2014, up from RMB28.3 million in the same period of 2013.

Outlook

For the second quarter of 2014, the Company currently estimates that revenues will be between RMB 340-360 million ($54.7-$57.9 million), representing a year-over-year growth of between approximately 4.3% and 10.5%. The Company remains on track to open approximately 60 new restaurants in 2014.

These forecasts reflect the Company's current and preliminary view, which are subject to change.

Definitions

The following definitions apply to these terms used throughout this release:

Comparable restaurants are defined as restaurants that were open throughout the periods under comparison. A restaurant is included in the comparison once it has been in operation for 12 full months before the start of the quarter. Comparable restaurants exclude (i) restaurants whose operational area has increased or decreased by more than 5% during the periods under comparison (ii) restaurants that were closed for more than 5% of total days in any period under comparison.

Restaurant level operating margin represents total revenue less restaurant operating costs (including food and paper, restaurant wages and related expenses, restaurant rent expenses, restaurant utilities expenses and other restaurant operating expenses), expressed as a percentage of total revenues.

Basic net income per ADS are computed by dividing the net income by the weighted average number of ADS outstanding during the year. Diluted net income per ADS is computed using the more dilutive of the two-class method or the if-converted method.

Exchange Rate

This announcement contains translations of certain Renminbi amounts into US dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to US dollars in this announcement were made at the noon buying rate of RMB6.2164 to US$1.00 on March 31, 2014 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York.

Conference Call

The Company will host a conference call at 8:30 am, Eastern Time on May 19, 2014, which is 8:30 pm, Beijing Time on May 19, 2014, to discuss first quarter 2014 results and answer questions from investors. Listeners may access the call by dialing:

US:

1 877 870 4263

International:

1 412 317 0790

Hong Kong:

800 905 945

Mainland China:

400 120 1203



Passcode:

10045683

A telephone replay will be available one hour after the conclusion of the conference all through 9:00 am, Eastern Time on May 27, 2014. The dial-in details are:

US:

1 877 344 7529

International:

1 412 317 0088



Passcode:

10045683

A live and archived webcast of the conference call will be available at http://ir.csc100.com

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.

Contact:

Country Style Cooking Restaurant Chain Co., Ltd.
Adam Zhao
Chief Financial Officer
Phone: +86-23-8866-8866
Email: ir@csc100.com

ICR Inc.
Bill Zima
Phone: +86-10-6583-7511 or +1-646-328-2520
E-mail: bill.zima@icrinc.com

Non-GAAP Disclosure

To supplement the unaudited consolidated financial information presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company uses the following measures defined as non-GAAP measures under Regulation G and Item 10(e) of Regulation S-K of SEC: adjusted net income, adjusted diluted earnings per ADS, EBITDA and adjusted EBITDA. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. We define adjusted net income as net income excluding share-based compensation expenses and one-time tax levy/(benefit). We define adjusted diluted earnings per ADS as diluted earnings per ADS excluding share-based compensation expenses and one-time tax levy/(benefit). We define EBITDA as earnings before interest, income tax expense, depreciation and amortization. We define adjusted EBITDA as EBITDA excluding foreign exchange gain or loss, other income or expense, property and equipment impairment charges, goodwill impairment and share-based compensation expenses. For more information on these non-GAAP financial measures, please see the tables captioned "Supplementary Metrics-Reconciliations of GAAP to non-GAAP Financial Measures" set forth at the end of this release.

The Company believes that in conjunction with GAAP financial measures, these non-GAAP financial measures provide meaningful supplemental information regarding its operating performance and liquidity. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance and liquidity. Management uses both GAAP and non-GAAP information in evaluating and operating the business internally and therefore deems it important to provide all of these information to investors. Management also believes that these non-GAAP financial measures facilitate comparisons to the Company's historical performance.

One of the limitations of using adjusted net income, adjusted diluted earnings per ADS, EBITDA and adjusted EBITDA is that they do not include all items that impact the Company's net income for the relevant periods. They exclude certain items including share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in our business. In addition, the Company's EBITDA and adjusted EBITDA may not be comparable to EBITDA, adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate EBITDA and adjusted EBITDA in the same manner as the Company does. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

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 second quarter 2014, 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. 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.

Condensed Consolidated Balance Sheets

(Amounts in thousands, except shares data)

(Unaudited)



As of December 31,


As of March 31,


2013


2014


RMB


RMB


US$

ASSETS






Current assets:






  Cash and cash equivalents

372,493


276,876


44,540

  Short-term investments

209,381


317,950


51,147

  Due from related parties

58


112


18

  Inventories

52,579


44,836


7,213

  Prepaid rent

14,336


12,708


2,044

  Prepaid expenses and other current assets

22,714


23,817


3,831

  Deferred tax assets-current

1,879


1,879


302

Total current assets

673,440


678,178


109,095

Property and equipment, net

398,555


400,439


64,417

Goodwill

5,563


5,563


895

Deferred tax assets - non current

7,592


7,592


1,221

Deposits for leases – non current

21,286


21,683


3,488

Total assets

1,106,436


1,113,455


179,116







Current liabilities:






  Accounts payable

54,176


46,479


7,477

  Deferred revenue

6,410


10,657


1,714

  Due to related parties

-


181


29

  Accrued payroll

27,631


24,934


4,011

  Income taxes payable

7,911


7,931


1,276

  Other current liabilities

51,240


45,571


7,332

Total current liabilities

147,368


135,753


21,839

Deferred rent - non current

23,897


22,374


3,599

Prepaid subscription – non current

12


-


-

Advanced receipts from depositary bank

2,702


2,607


419

Total liabilities

173,979


160,734


25,857







Equity:






Ordinary shares ($0.001 par value, 1,000,000,000
   shares authorized, 106,296,674 and
   106,545,723 shares issued and outstanding as of    December 31, 2013 and March 31, 2014,
   respectively)

756


758


122

   Additional paid-in capital

743,219


751,548


120,898

   Retained earnings

197,618


209,259


33,662

   Accumulated other comprehensive loss

(9,136)


(8,844)


(1,423)

Total equity

932,457


952,721


153,259







Total liabilities and equity

1,106,436


1,113,455


179,116

 

Condensed Consolidated Statements of Income

(Amounts in thousands, except percentages, shares, per share and per ADS data)

(Unaudited)



For the three months ended March 31,


2013


2014


RMB

%


RMB

%


US$









Revenue - restaurant sales

307,224

100.0


346,848

100.0


55,796

Costs and expenses:








   Restaurant expenses:








       Food and paper expense

144,581

47.1


155,313

44.8


24,984

       Restaurant wages and related expenses[1]

60,896

19.8


72,861

21.0


11,721

       Restaurant rent expense

32,365

10.5


35,388

10.2


5,693

       Restaurant utilities expense

18,325

6.0


20,105

5.8


3,234

       Other restaurant operating expenses

11,919

3.9


12,388

3.6


1,993

   Selling, general and administrative expenses[1]

19,330

6.3


21,382

6.2


3,440

   Pre-opening expense

2,110

0.7


2,527

0.7


407

   Depreciation

16,808

5.5


19,008

5.5


3,058

   Property and equipment impairment charges

3,982

1.3


1,372

0.4


221

Total operating expenses

310,316

101.1


340,344

98.2


54,751









Income/(loss) from operations

(3,092)

(1.1)


6,504

1.8


1,045









Interest income

6,088

2.0


6,618

1.9


1,065

Foreign exchange gain/(loss)

(353)

(0.1)


315

0.1


51

Other income

138

0.0


1,599

0.5


257

Income before income taxes

2,781

0.8


15,036

4.3


2,418









Income tax expense

786

0.3


3,395

1.0


546

Net income

1,995

0.5


11,641

3.3


1,872

















Basic net income per share

0.02



0.11



0.018

Diluted net income per share

0.02



0.11



0.017

Basic net income per ADS

0.08



0.44



0.07

Diluted net income per ADS

0.08



0.43



0.07

Basic weighted average ordinary shares
   outstanding

104,420,350



106,310,482



106,310,482

Diluted weighted average ordinary shares
   outstanding

105,615,904



107,910,295



107,910,295


[1] Includes share-based compensation expenses of RMB3.9 million and RMB7.3 million ($1.2 million) for the three months ended March 31, 2013 and 2014, respectively.

 

Consolidated Statements of Comprehensive Income

(Amounts in thousands)

(Unaudited)



For the three months ended March 31,


2013


2014


RMB


RMB


US$







Net income

1,995


11,641


1,872

Other comprehensive income/(loss), net of tax:






     Foreign currency translation adjustments

(83)


292


47

Comprehensive income

1,912


11,933


1,919

 


Condensed Consolidated Cash Flow Statements

(Amounts in thousands)

(Unaudited)



For the three months ended March 31,


2013


2014


RMB


RMB


US$

Operating activities:






   Net income

1,995


11,641


1,872

   Adjustments to reconcile net income to net cash
      provided by operating activities:






      Loss on disposals of property and equipment

2,284


320


51

      Property and equipment impairment charges

3,982


1,372


221

      Depreciation

17,199


19,008


3,058

      Share based compensation

3,875


7,339


1,181

   Changes in operating assets and liabilities:






      Due from related parties

(464)


(55)


(9)

      Inventories

(1,207)


9,089


1,462

      Prepaid rent

1,089


1,628


262

      Prepaid expenses and other current assets

3,192


(1,103)


(177)

      Deposits for leases

(696)


(397)


(64)

      Accounts payable

(3,640)


(7,697)


(1,238)

      Deferred revenue

4,502


4,247


683

      Due to related parties

(7)


181


29

      Accrued payroll

(2,506)


(2,697)


(434)

      Income taxes payable

(3,961)


20


3

      Deferred rent

2,440


(1,626)


(262)

      Other liabilities

201


(1,447)


(231)

Net cash provided by operating activities

28,278


39,823


6,407

Investing activities:






   Purchase of property and equipment

(18,731)


(28,141)


(4,527)

   Proceeds from disposals of property and equipment

76


21


3

   Purchase of short-term investment

(159,849)


(317,950)


(51,147)

   Withdrawal of short-term investment

130,583


209,381


33,682

Net cash used in investing activities

(47,921)


(136,689)


(21,989)

Financing activity:






   Proceeds from exercise of employee stock options

239


955


154

Net cash provided by financing activity:

239


955


154

Effect of exchange rate

(83)


294


47

Net decrease in cash and cash equivalents

(19,487)


(95,617)


(15,381)

Cash and cash equivalents, beginning of year

229,367


372,493


59,921

Cash and cash equivalents, end of year

209,880


276,876


44,540

 

Supplementary Metrics - Reconciliations of GAAP to non-GAAP Financial Measures

(Amounts in thousands, except ADSs and per ADS data)



Three months ended March 31,


2013


2014


RMB


RMB


US$







Net income

1,995


11,641


1,872

Share-based compensation expenses:






Restaurant wages and related expenses

1,082


1,119


180

Selling, general and administrative expenses

2,793


6,220


1,001

Adjusted net income (non-GAAP)

5,870


18,980


3,053







Diluted net income per ADS

0.08


0.43


0.07

Adjusted diluted net income per ADS (non-GAAP)

0.22


0.70


0.11

Diluted weighted average ADSs outstanding

26,403,976


26,977,574


26,977,574














Three months ended March 31,


2013


2014


RMB


RMB


US$







Net income

1,995


11,641


1,872

Income tax expense

786


3,395


546

Interest income

(6,088)


(6,618)


(1,065)

Depreciation and amortization

16,808


19,008


3,058

EBITDA (non-GAAP)

13,501


27,426


4,411







EBITDA (non-GAAP)

13,501


27,426


4,411

Foreign exchange loss/(gain)

353


(315)


(51)

Other income

(138)


(1,599)


(257)

Property and equipment impairment charges

3,982


1,372


221

Share-based compensation expenses






Restaurant wages and related expenses

1,082


1,119


180

Selling, general and administrative expenses

2,793


6,220


1,001

Adjusted EBITDA (non-GAAP)

21,573


34,223


5,505

SOURCE Country Style Cooking Restaurant Chain Co., Ltd.



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