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 2010.
Third Quarter 2010 Financial Highlights
- Revenues in the third quarter of 2010 were RMB209.2 million ($31.3 million), an increase of 46.9% from RMB142.4 million in the same quarter of 2009.
- Comparable restaurant sales increased 7.8% compared to the same quarter of 2009.
- Net income was RMB21.0 million ($3.1 million), an increase of 24.2% from RMB16.9 million in the comparable period of 2009. Non-GAAP net income, which excludes share-based compensation expenses of RMB1.8 million, was RMB22.8 million ($3.4 million), an increase of 34.9% from RMB16.9 million in the corresponding period of 2009.
- Diluted earnings per American depositary share (“ADS”) and non-GAAP diluted earnings per ADS were RMB1.00 ($0.15) and RMB1.09 ($0.16) respectively. Each ADS represents four ordinary shares of the Company.
Ms. Li Hong, chairman and chief executive officer of Country Style Cooking, commented, “We are very pleased with our third quarter financial results and our first quarter reporting as a public company, as we achieved record quarterly revenues and record table turnovers. Our rapid revenue growth and operational performance in the third quarter of 2010 again demonstrate the strength of our business model and our unique competitive position.”
Ms. Li further commented, “Our excellent performance was a direct result of our continued focus on employee training and customer satisfaction. Because of our successful IPO on the New York Stock Exchange, Country Style Cooking is becoming a household name not only in Chongqing and Sichuan, but in other markets where we operate. Our restaurants are gradually replacing the kitchens of many of our customers.”