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Country Style Cooking Restaurant Chain Reports Third Quarter 2010 Financial Results

1 Includes share-based compensation expenses of RMB1.8 million ($0.3 million) for the three months ended September 30, 2010.

2 Pre-opening expenses are expenses incurred prior to restaurant opening. These expenses were originally recorded in other restaurant operating expenses prior to the third quarter of 2010.

 
 

Condensed Consolidated Cash Flow Statements

(Amounts in thousands)

(Unaudited)

             
Nine months ended September 30
2009 2010
RMB RMB US$
Operating activities:
Net income 37,168 48,714 7,281

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

Loss on disposals of property and equipment - 149 22
Depreciation 7,438 14,711 2,199
Deferred income taxes (693) - -
Share based compensation - 3,478 520
Changes in operating assets and liabilities: -
Due from related parties 1,576 8,884 1,328
Inventories (2,363) (7,550) (1,128)
Prepaid rent (1,563) (1,235) (185)
Prepaid expense and other current assets (9,500) 945 141
Deposits for leases (1,882) (2,704) (404)
Accounts payable 9,245 3,574 534
Deferred revenue 1,136 1,117 167
Due to related parties 158 115 17
Accrued payroll 5,466 7,392 1,105
Income taxes payable 1,322 (332) (50)
Deferred rent 2,479 2,790 417
Other current liabilities (882) (2,691) (401)
Net cash provided by operating activities 49,105 77,357 11,563
Investing activities:
Restaurant and office space capital expenditures (21,406) (82,974) (12,402)
Purchase of restaurant operating assets (4,548) - -
Net cash used in investing activities (25,954) (82,974) (12,402)
Financing activities:
Distribution to Founders (3,454) - -
Dividend paid to Series A convertible preferred shares - (3,946) (590)

Proceeds from exercise (early exercise) of employee   stock options

- 2,887 432
Payment of IPO related expenses - (2,092) (313)
Net cash used in financing activities: (3,454) (3,151) (471)
Effect of exchange rate (3) (78) (12)
Net increase (decrease) in cash and cash equivalents 19,694 (8,846) (1,322)
Cash and cash equivalents, beginning of period 52,378 70,695 10,566
Cash and cash equivalents, end of period 72,072 61,849 9,244
             
 

Supplementary Metrics—Reconciliations of GAAP to Non-GAAP Financial Measures

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

(Unaudited)

 
Three months ended September 30,
2009 2010
RMB RMB US$
 
GAAP net income 16,899 20,996 3,138
Share-based compensation expenses:
Restaurant wages and related expenses - 505 75
Selling, general and administrative expenses - 1,293 193
Non-GAAP net income 16,899 22,794 3,406
 
Diluted net income per ADS 0.84 1.00 0.15
Non-GAAP diluted earnings per ADS 0.84 1.09 0.16
Diluted weighted average ADSs outstanding 20,000,000 20,856,414 20,856,414




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