CHONGQING, China, May 18, 2015 /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
2015.
First Quarter 2015 Financial
Highlights
- Revenues in the first quarter of 2015 were RMB353.5 million ($57.0
million), an increase of 1.9% from RMB346.8 million in the same quarter of
2014.
- Comparable restaurant sales decreased by 7.3% from the
same quarter of 2014. There were 245 restaurants in the
comparison.
- Restaurant level operating margin was 12.9%, a decrease
of 170 basis points from the same quarter of 2014.
- Adjusted EBITDA1 was RMB30.1 million ($4.9
million) in the first quarter of 2015, compared to
RMB34.2 million in the same quarter
of 2014.
- Net income for the first quarter of 2015 was
RMB8.3 million ($1.3 million), compared to RMB11.6 million in the same quarter of 2014.
Adjusted net income (non-GAAP), which excludes share-based
compensation expenses, was RMB12.1
million ($2.0 million),
compared to RMB19.0 million in the
same quarter of 2014.
- Diluted net income per American depositary share
("ADS") was RMB0.31 ($0.05). Adjusted diluted net income per
ADS (non-GAAP)1, which excludes
share-based compensation expenses, was RMB0.45 ($0.07).
Each ADS represents four ordinary shares of the Company.
- Total number of restaurants increased by a net total of
seven in the first quarter of 2015 to 344 restaurants as of
March 31, 2015, covering 29 cities
and up from 303 restaurants as of March 31,
2014. Among the total 344 restaurants, 77 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.
|
Mr. Xingqiang Zhang, Chief
Executive Officer of Country Style Cooking, commented, "We are
pleased to report continued revenue growth and network expansion in
the first quarter of 2015. During the quarter, we focused on
further improving food safety and nutrition by using high-quality
raw materials like non-GMO oil, sea salt and cage-free chickens to
our product offerings. We believe these efforts to improve food
quality is in line with the evolving dining habits of our
customers, can better differentiate CCSC from its competitors and
may lead to higher per-order spending over time. We are also
working on modifying our image and the dining environment in our
restaurants to reinforce customer perception of CCSC restaurants as
an ideal location for young people and families who appreciate an
unique customer experience and a place for socializing."
First Quarter 2015 Financial
Performances
Revenues in the first quarter of 2015 increased by 1.9%
to RMB353.5 million ($57.0 million) from RMB346.8 million in the same quarter of 2014.
Revenue growth was primarily supported by the Company's expanding
restaurant network, partially offset by a decline in comparable
restaurant sales. During the first quarter of 2015, the Company
opened a total of 11 restaurants, bringing the total restaurant
count to 344 as of March 31, 2015,
compared to its total restaurant count of 303 as of March 31, 2014. Restaurants opened in the first
quarter of 2015 included four "Mr. Rice" restaurants. Comparable
restaurant sales decreased by 7.3% compared with the same quarter
of 2014, mainly attributable to a decrease in customer traffic
associated with greater competition. There were 245 restaurants in
the comparison.
Costs of food and paper increased by 4.4% to RMB162.1 million ($26.2
million) in the first quarter of 2015 from RMB155.3 million in the same quarter of 2014,
primarily due to the expansion of the Company's restaurant network.
As a percentage of revenues, cost of food and paper was 45.9% in
the first quarter of 2015, compared to 44.8% in the prior year
period.
Restaurant wages and related expenses increased by 5.1%
to RMB76.6 million ($12.4 million) in the first quarter of 2015 from
RMB72.9 million in the same quarter
of 2014. The increase was primarily due to increased wage levels
and increased number of employees. As a percentage of
revenues, restaurant wages and related expenses increased slightly
to 21.7% in the first quarter of 2015 from 21.0% in the same
quarter of 2014.
Restaurant rent expenses decreased by 2.4% to
RMB34.5 million ($5.6 million) in the first quarter of 2015 from
RMB35.4 million in the same quarter
of 2014. The decrease was primarily due to the more competitive
rental terms that the Company obtained. As a percentage of
revenues, restaurant rental expenses dropped to 9.8% in the first
quarter of 2015 from 10.2% in the first quarter of 2014.
Restaurant utility expenses increased by 5.4% to
RMB21.2 million ($3.4 million) in the first quarter of 2015 from
RMB20.1 million in the same quarter
of 2014. As a percentage of revenues, restaurant utility expenses
were 6.0% in the first quarter of 2015, compared to 5.8% in the
first quarter of 2014.
Other restaurant operating expenses increased by 9.2% to
RMB13.5 million ($2.2 million) in the first quarter of 2015 from
RMB12.4 million in the same quarter
of 2014. As a percentage of revenues, other restaurant operating
expenses increased slightly to 3.8% in the first quarter of 2015
from 3.6% in the first quarter of 2014.
Restaurant-level operating margin was 12.9% in the first
quarter of 2015, a decrease of 170 basis points over the same
quarter of 2014. The decline in restaurant-level operating margin
was primarily due to inflation in food and labor costs.
Selling, general and administrative (SG&A) expenses
decreased by 16.9% to RMB17.8 million
($2.9 million) in the first quarter
of 2015 from RMB21.4 million in the
same quarter of 2014. The decrease was primarily due to a
RMB3.3 million decrease in
share-based compensation expenses included in SG&A. Share-based
compensation expenses included in SG&A was RMB3.0 million ($0.5
million) in the first quarter of 2015, compared to
RMB6.2 million in the first quarter
of 2014. As a percentage of revenues, SG&A expenses were 5.0%
in the first quarter of 2015, compared to 6.2% in the first quarter
of 2014.
Pre-opening expense for the first quarter of 2015 was
RMB1.5 million ($0.2 million), representing a decrease of 42.2%
from RMB2.5 million in the same
quarter of 2014. As a percentage of
revenues, pre-opening expense was 0.4% in the first quarter of
2015, compared to 0.7% in the same quarter of 2014.
Depreciation expense for the first quarter of 2015 was
RMB19.3 million ($3.1 million), representing an increase of 1.4%
from RMB19.0 million in the same
quarter of 2014, 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 2015, similar to the same quarter of 2014.
Property and equipment impairment charges were
RMB3.2 million ($0.5 million) in the first quarter of 2015,
representing costs related to asset impairment with 10
underperforming restaurants.
Income from operations for the first quarter of
2015 was RMB3.8 million ($0.6 million), compared to RMB6.5 million in the same quarter of 2014.
Interest income for the first quarter of 2015 was
RMB6.8 million ($1.1 million), representing an increase of 2.9%
from RMB6.6 million in the same
quarter of 2014.
Foreign currency exchange gain for the first quarter of
2015 was RMB0.2 million ($0.04 million), as compared to RMB0.3 million in the same quarter of 2014.
Other income for the first quarter of 2015 was
RMB0.8 million ($0.1 million), compared to RMB1.6 million in the same quarter of 2014.
Income tax expense in the first quarter of 2015 was
RMB3.3 million ($0.5 million), compared to RMB3.4 million in the same quarter of 2014.
Net income was RMB8.3
million ($1.3 million),
compared to RMB11.6 million in the
first quarter of 2014. Adjusted net income (non-GAAP), which
excludes share-based compensation expenses, was RMB12.1 million ($2.0
million) in the first quarter of 2015, compared to
RMB19.0 million in the first quarter
of 2014.
Diluted net income per ADS in the first quarter of
2015 was RMB0.31 ($0.05), compared to RMB0.43 in the first quarter of 2014. Adjusted
diluted net income per ADS (non-GAAP), which excludes
share-based compensation expenses, was RMB0.45 ($0.07) in
the first quarter of 2015, compared to RMB0.70 in the first quarter of 2014. The Company
had approximately 27.1 million diluted weighted average ADSs
outstanding during the quarter ended March
31, 2015.
EBITDA (non-GAAP), defined as net income before interest,
income tax expense, depreciation and amortization, was
RMB24.1 million ($3.9 million) in the first quarter of 2015,
compared to RMB27.4 million from the
same quarter of 2014. 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 RMB30.1
million ($4.9 million) in the
first quarter of 2015, compared to RMB34.2
million in the same quarter of 2014.
As of March 31, 2015, the Company
had cash, cash equivalents and short-term investments of
RMB578.8 million ($93.4 million), compared to RMB570.4 million as of December 31, 2014.
Net cash provided by operating activities was
RMB25.1 million ($4.1 million) for the first quarter of 2015,
compared to RMB39.8 million in the
same period of 2014.
Outlook
For the second quarter of 2015, the Company currently estimates
that revenues will be between RMB 360-380
million ($58.1-$61.3 million),
representing a year-over-year growth of between approximately 4.4%
and 10.1%. The Company remains on track to open approximately
60 new restaurants in 2015.
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 period under comparison.
Comparable restaurants exclude (i) restaurants whose operational
area has increased or decreased by more than 5% during the periods
under comparison and (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 RMB6.1990 to
US$1.00 on March 31, 2015 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 18, 2015, which is 8:30 pm, Beijing Time on May 18, 2015, to discuss first quarter 2015
results and answer questions from investors. Listeners may
access the call by dialing:
US:
|
1-888-346-8982
|
International:
|
1-412-902-4272
|
Hong
Kong:
|
800-905945
|
Mainland China:
|
4001-201203
|
A telephone replay will be available one hour after the
conclusion of the conference call through May 25, 2015. The dial-in details are:
US:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Passcode:
|
10065803
|
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.
Phone: +86-23-8866-8866
E-mail: 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. The
Company defines adjusted net income as net income excluding
share-based compensation expenses and one-time tax levy/(benefit).
The Company defines adjusted diluted earnings per ADS as diluted
earnings per ADS excluding share-based compensation expenses and
one-time tax levy/(benefit). The Company defines EBITDA as earnings
before interest, income tax expense, depreciation and amortization.
The Company defines 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
the Company's 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 the Company's ability to open and
profitably operate new restaurants and manage its growth
effectively and efficiently; risks associated with changing
consumer taste and discretionary spending; uncertainties regarding
the Company's ability to maintain and enhance the attractiveness of
its restaurants and its brand and image; risks related to instances
of food-borne illnesses, health epidemics and other outbreaks;
uncertainties regarding the Company's 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.
Consolidated
Balance Sheets
|
(Amounts in
thousands, except shares data)
|
(Unaudited)
|
|
|
|
|
|
As of December 31,
|
|
As of March 31,
|
|
2014
|
|
2015
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
193,554
|
|
150,382
|
|
24,259
|
Short-term
investments
|
376,831
|
|
428,378
|
|
69,104
|
Due from
related parties
|
-
|
|
458
|
|
74
|
Inventories
|
52,871
|
|
48,325
|
|
7,796
|
Prepaid
rent
|
14,745
|
|
14,036
|
|
2,264
|
Prepaid
expenses and other current assets
|
30,350
|
|
28,547
|
|
4,605
|
Deferred tax
assets-current
|
930
|
|
930
|
|
150
|
Total current
assets
|
669,281
|
|
671,056
|
|
108,252
|
Long-term
investments
|
50,659
|
|
51,571
|
|
8,319
|
Property and
equipment, net
|
417,778
|
|
408,201
|
|
65,849
|
Goodwill
|
5,139
|
|
5,139
|
|
829
|
Deferred tax assets -
non current
|
8,814
|
|
8,814
|
|
1,422
|
Deposits for leases –
non current
|
30,075
|
|
29,624
|
|
4,779
|
Total
assets
|
1,181,746
|
|
1,174,405
|
|
189,450
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
54,674
|
|
43,868
|
|
7,077
|
Deferred
revenue
|
14,051
|
|
15,295
|
|
2,467
|
Due to related
parties
|
-
|
|
19
|
|
3
|
Accrued
payroll
|
30,557
|
|
24,158
|
|
3,897
|
Income taxes
payable
|
5,104
|
|
5,606
|
|
904
|
Other current
liabilities
|
51,914
|
|
49,748
|
|
8,025
|
Total current
liabilities
|
156,300
|
|
138,694
|
|
22,373
|
Deferred rent - non
current
|
29,030
|
|
26,909
|
|
4,341
|
Advanced receipts
from depositary bank
|
2,253
|
|
2,146
|
|
346
|
Total
liabilities
|
187,583
|
|
167,749
|
|
27,060
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Ordinary shares
($0.001 par value, 1,000,000,000 shares authorized 107,352,416 and
107,524,744 shares issued and outstanding as of December 31, 2014
and March 31, 2015, respectively)
|
763
|
|
764
|
|
123
|
Additional paid-in capital
|
766,837
|
|
770,888
|
|
124,357
|
Retained
earnings
|
235,572
|
|
243,892
|
|
39,344
|
Accumulated other comprehensive loss
|
(9,009)
|
|
(8,888)
|
|
(1,434)
|
Total
equity
|
994,163
|
|
1,006,656
|
|
162,390
|
|
|
|
|
|
|
Total liabilities and
equity
|
1,181,746
|
|
1,174,405
|
|
189,450
|
Consolidated
Statements of Income
|
(Amounts in
thousands, except percentages, shares, per share and per ADS
data)
|
(Unaudited)
|
|
|
For the three
months ended March 31,
|
|
2014
|
|
2015
|
|
RMB
|
%
|
|
RMB
|
%
|
|
US$
|
|
|
|
|
|
|
|
|
Revenue - restaurant
sales
|
346,848
|
100.0
|
|
353,519
|
100.0
|
|
57,028
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Restaurant expenses:
|
|
|
|
|
|
|
|
Food and paper
expense
|
155,313
|
44.8
|
|
162,121
|
45.9
|
|
26,153
|
Restaurant wages
and related expenses1
|
72,861
|
21.0
|
|
76,587
|
21.7
|
|
12,355
|
Restaurant rent
expense
|
35,388
|
10.2
|
|
34,539
|
9.8
|
|
5,572
|
Restaurant
utilities expense
|
20,105
|
5.8
|
|
21,189
|
6.0
|
|
3,418
|
Other restaurant
operating expenses
|
12,388
|
3.6
|
|
13,530
|
3.8
|
|
2,183
|
Selling,
general and administrative expenses1
|
21,382
|
6.2
|
|
17,759
|
5.0
|
|
2,865
|
Pre-opening expense
|
2,527
|
0.7
|
|
1,460
|
0.4
|
|
236
|
Depreciation
|
19,008
|
5.5
|
|
19,283
|
5.5
|
|
3,111
|
Property
and equipment impairment charges
|
1,372
|
0.4
|
|
3,245
|
0.9
|
|
523
|
Total operating
expenses
|
340,344
|
99.4
|
|
349,713
|
99.0
|
|
56,416
|
|
|
|
|
|
|
|
|
Income from
operations
|
6,504
|
1.8
|
|
3,806
|
1.0
|
|
612
|
|
|
|
|
|
|
|
|
Interest
income
|
6,618
|
1.9
|
|
6,806
|
1.9
|
|
1,098
|
Foreign exchange
gain
|
315
|
0.1
|
|
246
|
0.1
|
|
40
|
Other
income,net
|
1,599
|
0.5
|
|
784
|
0.2
|
|
126
|
Income before income
taxes
|
15,036
|
4.3
|
|
11,642
|
3.2
|
|
1,876
|
|
|
|
|
|
|
|
|
Income tax
expense
|
3,395
|
1.0
|
|
3,322
|
0.9
|
|
536
|
Net income
|
11,641
|
3.3
|
|
8,320
|
2.3
|
|
1,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share
|
0.11
|
|
|
0.08
|
|
|
0.013
|
Diluted net income
per share
|
0.11
|
|
|
0.08
|
|
|
0.012
|
Basic net income per
ADS
|
0.44
|
|
|
0.31
|
|
|
0.05
|
Diluted net income
per ADS
|
0.43
|
|
|
0.31
|
|
|
0.05
|
Basic weighted average
ordinary shares outstanding
|
106,310,482
|
|
|
107,360,734
|
|
|
107,360,734
|
Diluted weighted
average ordinary shares outstanding
|
107,910,295
|
|
|
108,238,304
|
|
|
108,238,304
|
|
[1] Includes share-based
compensation expenses of RMB7.3 million and RMB3.8 million ($0.6
million) for the three months ended March 31, 2014 and 2015,
respectively.
|
Consolidated
Statements of Comprehensive Income
|
(Amounts in
thousands)
|
(Unaudited)
|
|
|
|
For the three months ended March 31,
|
|
2014
|
|
2015
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Net income
|
11,641
|
|
8,320
|
|
1,340
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
Foreign currency translation
adjustments
|
292
|
|
121
|
|
20
|
Comprehensive
income
|
11,933
|
|
8.441
|
|
1,360
|
Condensed
Consolidated Cash Flow Statements
|
|
(Amounts in
thousands)
|
|
(Unaudited)
|
|
|
|
|
Year ended
March 31
|
|
|
2014
|
|
2015
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
Operating
activities:
|
|
|
|
|
|
|
Net
income
|
11,641
|
|
8,320
|
|
1,340
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Loss on disposals of property and
equipment
|
320
|
|
234
|
|
38
|
|
Property and equipment
impairment charges
|
1,372
|
|
3,245
|
|
523
|
|
Depreciation
|
19,008
|
|
19,283
|
|
3,111
|
|
Share based
compensation
|
7,339
|
|
3,782
|
|
610
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
|
Due from related
parties
|
(55)
|
|
(458)
|
|
(74)
|
|
Inventories
|
9,089
|
|
5,765
|
|
930
|
|
Prepaid
rent
|
1,628
|
|
709
|
|
114
|
|
Prepaid expenses and
other current assets
|
(1,103)
|
|
1,804
|
|
292
|
|
Deposits for
leases
|
(397)
|
|
452
|
|
73
|
|
Accounts
payable
|
(7,697)
|
|
(10,806)
|
|
(1,743)
|
|
Deferred
revenue
|
4,247
|
|
1,244
|
|
201
|
|
Due to related
parties
|
181
|
|
19
|
|
3
|
|
Accrued
payroll
|
(2,697)
|
|
(6,399)
|
|
(1,032)
|
|
Income taxes
payable
|
20
|
|
501
|
|
81
|
|
Deferred
rent
|
(1,626)
|
|
(1,889)
|
|
(305)
|
|
Other
liabilities
|
(1,447)
|
|
(698)
|
|
(112)
|
|
Net cash provided by
operating activities
|
39,823
|
|
25,108
|
|
4,050
|
|
Investing
activities:
|
|
|
|
|
|
|
Purchase
of property and equipment
|
(28,141)
|
|
(16,200)
|
|
(2,613)
|
|
Proceeds
from disposals of property and equipment
|
21
|
|
1
|
|
-
|
|
Purchase
of investment
|
(317,950)
|
|
(388,073)
|
|
(62,602)
|
|
Withdrawal of investment
|
209,381
|
|
335,614
|
|
54,140
|
|
Net cash used in
investing activities
|
(136,689)
|
|
(68,658)
|
|
(11,075)
|
|
Financing
activity:
|
|
|
|
|
|
|
Proceeds
from exercise of employee stock options
|
955
|
|
258
|
|
42
|
|
Net cash provided by
financing activity:
|
955
|
|
258
|
|
42
|
|
Effect of exchange
rate
|
294
|
|
120
|
|
19
|
|
Net increase /
(decrease) in cash and cash equivalents
|
(95,617)
|
|
(43,172)
|
|
(6,964)
|
|
Cash and cash
equivalents, beginning of year
|
372,493
|
|
193,554
|
|
31,223
|
|
Cash and cash
equivalents, end of year
|
276,876
|
|
150,382
|
|
24,259
|
|
Supplementary
Metrics – Reconciliations of GAAP to non-GAAP
Financial Measures
|
(Amounts in
thousands, except ADSs and per ADS data)
|
|
|
Three months
ended March 31,
|
|
2014
|
|
2015
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Net income
|
11,641
|
|
8,320
|
|
1,340
|
Share-based
compensation expenses:
|
|
|
|
|
|
Restaurant wages and
related expenses
|
1,119
|
|
815
|
|
131
|
Selling, general and
administrative expenses
|
6,220
|
|
2,966
|
|
478
|
Adjusted net income
(non-GAAP)
|
18,980
|
|
12,101
|
|
1,949
|
|
|
|
|
|
|
Diluted net income
per ADS
|
0.43
|
|
0.31
|
|
0.05
|
Adjusted diluted net
income per ADS (non-GAAP)
|
0.70
|
|
0.45
|
|
0.07
|
Diluted weighted
average ADSs outstanding
|
26,977,574
|
|
27,059,576
|
|
27,059,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended March 31,
|
|
2014
|
|
2015
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Net income
|
11,641
|
|
8,320
|
|
1,340
|
Income tax
expense
|
3,395
|
|
3,322
|
|
536
|
Interest
income
|
(6,618)
|
|
(6,806)
|
|
(1,098)
|
Depreciation and
amortization
|
19,008
|
|
19,283
|
|
3,111
|
EBITDA
(non-GAAP)
|
27,426
|
|
24,119
|
|
3,889
|
|
|
|
|
|
|
EBITDA
(non-GAAP)
|
27,426
|
|
24,119
|
|
3,889
|
Foreign exchange
loss/(gain)
|
(315)
|
|
(246)
|
|
(40)
|
Other expense /
(income)
|
(1,599)
|
|
(785)
|
|
(126)
|
Property and equipment
impairment charges
|
1,372
|
|
3,245
|
|
523
|
Share-based
compensation expenses
|
|
|
|
|
|
Restaurant wages and
related expenses
|
1,119
|
|
815
|
|
131
|
Selling, general and
administrative expenses
|
6,220
|
|
2,966
|
|
478
|
Adjusted EBITDA
(non-GAAP)
|
34,223
|
|
30,115
|
|
4,855
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/country-style-cooking-restaurant-chain-reports-first-quarter-2015-financial-results-300084645.html
SOURCE Country Style Cooking Restaurant Chain Co.,Ltd.