UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For the month of November 2015
--------------
Commission File Number: 001-34869
----------
Country
Style Cooking Restaurant Chain Co., Ltd.
16th Floor, C1 Building,
Chongqing Headquarters City District
C
No.780 Jingwei Avenue, YuZhong District
Chongqing, the People’s Republic
of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form
40-F ¨
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):______
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):______
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
| |
COUNTRY STYLE COOKING RESTAURANT CHAIN CO., LTD. |
| |
|
| |
|
| |
By: |
/s/ Xingqiang Zhang |
|
| |
Name: Xingqiang Zhang
Title: Chief Executive Officer |
| |
|
|
Date: November 20, 2015
EXHIBIT INDEX
| Exhibit No. | Description |
| | |
| 99.1 | Press Release |
Exhibit 99.1
Country
Style Cooking Restaurant Chain Reports Third Quarter 2015 Financial Results
Chongqing, China, November 20, 2015 —
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 third quarter ended
September 30, 2015.
Third Quarter 2015 Highlights
| · | Revenue for the third quarter of
2015 was RMB388.1 million ($61.1 million) compared to RMB409.1 million in the same quarter of 2014. |
| · | Comparable restaurant sales decreased
by 10.7% from the same quarter of 2014. There were 291 restaurants in the comparison. |
| · | Restaurant level operating margin was
14.0%, a decrease of 170 basis points from the same quarter of 2014. |
| · | Adjusted EBITDA1 was
RMB36.5 million ($5.7 million) in the third quarter of 2015 compared to RMB45.8 million in the same quarter of 2014. |
| · | Net income for the third quarter
of 2015 was RMB14.3 million ($2.3 million) compared to RMB18.6 million in the same quarter of 2014. Adjusted net income (non-GAAP),
which excludes share-based compensation expenses, was RMB17.3 million ($2.7 million), compared to RMB22.7 million in the same quarter
of 2014. |
| · | Diluted net income per American depositary
share (“ADS”) was RMB0.53 ($0.083). Adjusted diluted net income per ADS (non-GAAP)1, which
excludes share-based compensation expenses, was RMB0.64 ($0.10). Each ADS represents four ordinary shares of the Company. |
| · | Total number of restaurants increased
by a net total of nine in the third quarter of 2015 to 355 restaurants as of September 30, 2015, covering 30 cities and up from
332 restaurants as of September 30, 2014. Among the total 355 restaurants, 82 are “Mr. Rice” branded restaurants. |
Mr. Xingqiang Zhang, Chief Executive Officer
of Country Style Cooking, commented, “During the third quarter of 2015, we maintained our focus on enhancing overall customer
experience and steadily growing our base of CSC and Mr. Rice branded restaurants. Since launching mobile ordering and WeChat payment
platforms under a pilot program at over 100 stores in July 2015, we have successfully accelerated the payment process and improved
the average customer's dining experience, especially during peak hours. Additionally, we introduced special combo meals with discounts
at different promotional events during the quarter to reward customer loyalty. We also completed our rebranding initiative and
introduced our new visual identity at our restaurants in August, with the aim of presenting a new, homelike dining environment
to customers.”
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.
“Looking ahead, we intend to consistently
provide high-quality and great-tasting food, innovative services, payment options and convenience to our growing base of customers.
We believe we can drive greater traffic and sales to our restaurants as well as deliver solid financial results,” concluded
Mr. Zhang.
Third Quarter 2015 Financial Performance
Revenue in the third quarter of
2015 was RMB388.1 million ($61.1 million) compared to RMB409.1 million in the same quarter of 2014. The decrease in revenue was
primarily due to the decline in comparable restaurant sales. During the third quarter of 2015, the Company opened a net total of
9 restaurants, bringing the total restaurant count to 355 as of September 30, 2015, compared to its total restaurant count of 332
as of September 30, 2014. Restaurants opened in the third quarter of 2015 included 6 “Mr. Rice” restaurants. Comparable
restaurant sales decreased by 10.7% compared with the same quarter of 2014. The decrease in comparable restaurant sales was mainly
due to a decrease in customer traffic associated with intensified competition. There were 291 restaurants in the comparison.
Costs of food and paper was RMB175.7
million ($27.6 million) in the third quarter of 2015, compared to RMB184.8 million in the same quarter of 2014. The decrease in
cost of food and paper was primarily attributable to less food and paper purchased as the Company’s revenue decreased. As
a percentage of revenue, costs of food and paper was 45.3% in the third quarter of 2015 compared to 45.2% in the prior year period.
Restaurant wages and related expenses
were RMB82.2 million ($12.9 million) in the third quarter of 2015 compared to RMB83.3 million in the same quarter of 2014. The
decrease in restaurant wages and related expenses was primarily attributable to the Company’s restructuring and reduction
in headcount, which was partially offset by increases in employees’ wages, salaries and the expenses related to their social
insurance. As a percentage of revenue, restaurant wages and related expenses were 21.2% in the third quarter of 2015 compared to
20.4% in the same quarter of 2014.
Restaurant rent expenses were RMB38.7
million ($6.1 million) in the third quarter of 2015 from RMB37.2 million in the same quarter of 2014. The increase in restaurant
rent expenses was primarily due to the growth of the total number of restaurants. As a percentage of revenue, restaurant rental
expenses were 10.0% in the third quarter of 2015 compared to 9.1% in the third quarter of 2014.
Restaurant utility expenses were
RMB23.1 million ($3.6 million) in the third quarter of 2015, compared to RMB24.9 million in the same quarter of 2014. As a percentage
of revenue, restaurant utility expenses were 5.9% in the third quarter of 2015 compared to 6.1% in the third quarter of 2014.
Other restaurant operating expenses
decreased by 4.9% to RMB13.9 million ($2.2 million) in the third quarter of 2015 from RMB14.7 million in the same quarter of 2014.
As a percentage of revenue, other restaurant operating expenses remained stable at 3.6% in the third quarter of 2015 compared to
the third quarter of 2014.
Restaurant-level operating margin
was 14.0% in the third 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 the increase in labor costs and the decline in comparable restaurants’ sales.
Selling, general and administrative
(SG&A) expenses increased by 0.4% to RMB19.6 million ($3.1 million) in the third quarter of 2015 from RMB19.5 million in
the same quarter of 2014. Share-based compensation expenses included in SG&A was RMB2.4 million ($0.4 million) in the third
quarter of 2015, compared to RMB3.0 million in the third quarter of 2014. As a percentage of revenue, SG&A expenses increased
to 5.1% in the third quarter of 2015 from 4.8% in the third quarter of 2014.
Pre-opening expense for the third
quarter of 2015 decreased by 51.2% to RMB1.4 million ($0.2 million) from RMB2.9 million in the same quarter of 2014, primarily
attributable to the decrease in the number of new restaurants opened. As a percentage of revenue, pre-opening expense decreased
to 0.4% in the third quarter of 2015 from 0.7% in the same quarter of 2014.
Depreciation expense for the third
quarter of 2015 decreased by 11.0% to RMB17.9 million ($2.8 million) from RMB20.1 million in the same quarter of 2014. As a percentage
of revenue, depreciation expense decreased to 4.6% in the third quarter of 2015 from 4.9% in the same quarter of 2014.
Property and equipment impairment charges
were RMB4.2 million ($0.7 million) in the third quarter of 2015, representing costs related to asset impairment with 10 underperforming
restaurants.
Income from operations for the third
quarter of 2015 was RMB11.3 million ($1.8 million), compared to income of RMB19.3 million in the same quarter of 2014.
Interest income for the third quarter
of 2015 increased by 11.6% to RMB7.5 million ($1.2 million) from RMB6.8 million in the same quarter of 2014.
Foreign currency exchange gain for
the third quarter of 2015 was RMB1.2 million ($0.2 million) as compared to a loss of RMB24.0 thousand in the same quarter of 2014.
Other income for the third quarter
of 2015 was RMB192.0 thousand ($0.03 million) compared to other income of RMB71.0 thousand in the same quarter of 2014.
Income tax expense in the third
quarter of 2015 was RMB5.9 million ($0.9 million) compared to RMB7.6 million in the same quarter of 2014.
Net income was RMB14.3 million ($2.3
million) compared to RMB18.6 million in the third quarter of 2014. Adjusted net income (non-GAAP), which excludes share-based
compensation expenses, was RMB17.3 million ($2.7 million) in the third quarter of 2015 compared to RMB22.7 million in the third
quarter of 2014.
Diluted net income per ADS in the
third quarter of 2015 was RMB0.53 ($0.083) compared to RMB0.69 in the third quarter of 2014. Adjusted diluted net income per
ADS (non-GAAP), which excludes share-based compensation expenses, was RMB0.64 ($0.10) in the third quarter of 2015 compared
to RMB0.84 in the third quarter of 2014. The Company had approximately 27.1 million diluted weighted average ADSs outstanding during
the quarter ended September 30, 2015.
EBITDA, defined as net income before
interest, income tax expense, depreciation and amortization, was RMB30.6 million ($4.9 million) in the third quarter of
2015, compared to RMB39.5 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 RMB36.5 million ($5.7 million) in the third quarter of 2015, compared to RMB45.8 million in the same quarter of 2014.
As of September 30, 2015, the Company had
cash, cash equivalents and short-term investments of RMB636.9 million ($100.2 million), compared to RMB570.4 million as
of December 31, 2014.
Net cash provided by operating activities
was RMB109.1 million ($17.2 million) for the nine months ended September 30, 2015 compared to RMB129.0 million in the same period
of 2014.
Outlook
For the fourth quarter of 2015, the Company
currently estimates that revenue will be between RMB342 million ($53.8 million) and RMB362 million ($57.0 million).
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 RMB6.3556 to US$1.00 on September
30, 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 7:30 am, Eastern Time on November 20, 2015, which is 8:30 pm, Beijing Time on November 20, 2015, to discuss third 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 |
| China: |
4001-201203 |
A telephone replay will be available one
hour after the conclusion of the conference call through November 27, 2015. The dial-in details are:
| US: |
1-877-344-7529 |
| International: |
1-412-317-0088 |
| Passcode: |
10074797 |
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 fourth quarter 2015, 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 September 30, | |
| | |
2014 | | |
2015 | |
| | |
RMB | | |
RMB | | |
US$ | |
| ASSETS | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 193,554 | | |
| 281,675 | | |
| 44,319 | |
| Short-term investments | |
| 376,831 | | |
| 355,227 | | |
| 55,892 | |
| Due from related parties | |
| - | | |
| 493 | | |
| 78 | |
| Inventories | |
| 52,871 | | |
| 58,010 | | |
| 9,127 | |
| Prepaid rent | |
| 14,745 | | |
| 13,940 | | |
| 2,193 | |
| Prepaid expenses and other current assets | |
| 30,350 | | |
| 32,299 | | |
| 5,082 | |
| Deferred tax assets-current | |
| 930 | | |
| 930 | | |
| 146 | |
| Total current assets | |
| 669,281 | | |
| 742,574 | | |
| 116,837 | |
| Long-term investments | |
| 50,659 | | |
| 53,427 | | |
| 8,406 | |
| Property and equipment, net | |
| 417,778 | | |
| 387,870 | | |
| 61,029 | |
| Goodwill | |
| 5,139 | | |
| 5,139 | | |
| 809 | |
| Deferred tax assets - non current | |
| 8,814 | | |
| 8,814 | | |
| 1,387 | |
| Deposits for leases – non current | |
| 30,075 | | |
| 29,874 | | |
| 4,700 | |
| Total assets | |
| 1,181,746 | | |
| 1,227,698 | | |
| 193,168 | |
| | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Accounts payable | |
| 54,674 | | |
| 62,790 | | |
| 9,879 | |
| Deferred revenue | |
| 14,051 | | |
| 17,102 | | |
| 2,691 | |
| Accrued payroll | |
| 30,557 | | |
| 29,996 | | |
| 4,720 | |
| Income taxes payable | |
| 5,104 | | |
| 7,460 | | |
| 1,174 | |
| Other current liabilities | |
| 51,914 | | |
| 51,570 | | |
| 8,114 | |
| Total current liabilities | |
| 156,300 | | |
| 168,918 | | |
| 26,578 | |
| Deferred rent - non current | |
| 29,030 | | |
| 28,752 | | |
| 4,524 | |
| Advanced receipts from depositary bank | |
| 2,253 | | |
| 1,969 | | |
| 310 | |
| Total liabilities | |
| 187,583 | | |
| 199,639 | | |
| 31,412 | |
| | |
| | | |
| | | |
| | |
| Equity: | |
| | | |
| | | |
| | |
| Ordinary
shares ($0.001 par value, 1,000,000,000 shares authorized 107,352,416 and 107,759,144 shares issued and outstanding as of
December 31, 2014 and September 30, 2015, respectively) | |
| 763 | | |
| 765 | | |
| 120 | |
| Additional paid-in capital | |
| 766,837 | | |
| 776,274 | | |
| 122,140 | |
| Retained earnings | |
| 235,572 | | |
| 258,782 | | |
| 40,717 | |
| Accumulated other comprehensive loss | |
| (9,009 | ) | |
| (7,762 | ) | |
| (1,221 | ) |
| Total equity | |
| 994,163 | | |
| 1,028,059 | | |
| 161,756 | |
| | |
| | | |
| | | |
| | |
| Total liabilities and equity | |
| 1,181,746 | | |
| 1,227,698 | | |
| 193,168 | |
Consolidated Statements
of Income
(Amounts in thousands, except percentages,
shares, per share and per ADS data)
(Unaudited)
| | |
For the three months ended September 30, | |
| | |
2014 | | |
2015 | |
| | |
RMB | | |
% | | |
RMB | | |
% | | |
US$ | |
| | |
| | |
| | |
| | |
| | |
| |
| Revenue - restaurant sales | |
| 409,056 | | |
| 100.0 | | |
| 388,145 | | |
| 100.0 | | |
| 61,071 | |
| Costs and expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Restaurant expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Food and paper expense | |
| 184,808 | | |
| 45.2 | | |
| 175,728 | | |
| 45.3 | | |
| 27,649 | |
| Restaurant
wages and related expenses1 | |
| 83,280 | | |
| 20.4 | | |
| 82,151 | | |
| 21.2 | | |
| 12,926 | |
| Restaurant rent expense | |
| 37,233 | | |
| 9.1 | | |
| 38,749 | | |
| 10.0 | | |
| 6,097 | |
| Restaurant utilities expense | |
| 24,918 | | |
| 6.1 | | |
| 23,093 | | |
| 5.9 | | |
| 3,633 | |
| Other restaurant operating expenses | |
| 14,670 | | |
| 3.6 | | |
| 13,944 | | |
| 3.6 | | |
| 2,194 | |
| Selling,
general and administrative expenses1 | |
| 19,545 | | |
| 4.8 | | |
| 19,615 | | |
| 5.1 | | |
| 3,086 | |
| Pre-opening expense | |
| 2,917 | | |
| 0.7 | | |
| 1,424 | | |
| 0.4 | | |
| 224 | |
| Depreciation | |
| 20,149 | | |
| 4.9 | | |
| 17,932 | | |
| 4.6 | | |
| 2,821 | |
| Property and equipment impairment charges | |
| 2,199 | | |
| 0.5 | | |
| 4,201 | | |
| 1.1 | | |
| 661 | |
| Total operating expenses | |
| 389,719 | | |
| 95.3 | | |
| 376,837 | | |
| 97.2 | | |
| 59,291 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income from operations | |
| 19,337 | | |
| 4.7 | | |
| 11,308 | | |
| 2.8 | | |
| 1,780 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| 6,750 | | |
| 1.7 | | |
| 7,536 | | |
| 1.9 | | |
| 1,186 | |
| Foreign exchange gain/(loss) | |
| (24 | ) | |
| (0.0 | ) | |
| 1,198 | | |
| 0.3 | | |
| 188 | |
| Other income/(expense) | |
| 71 | | |
| 0.0 | | |
| 192 | | |
| 0.0 | | |
| 30 | |
| Income before income taxes | |
| 26,134 | | |
| 6.4 | | |
| 20,234 | | |
| 5.1 | | |
| 3,184 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income tax expense | |
| 7,550 | | |
| 1.8 | | |
| 5,935 | | |
| 1.5 | | |
| 934 | |
| Net income | |
| 18,584 | | |
| 4.6 | | |
| 14,299 | | |
| 3.6 | | |
| 2,250 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic net income per share | |
| 0.17 | | |
| | | |
| 0.13 | | |
| | | |
| 0.022 | |
| Diluted net income per share | |
| 0.17 | | |
| | | |
| 0.13 | | |
| | | |
| 0.021 | |
| Basic net income per ADS | |
| 0.70 | | |
| | | |
| 0.53 | | |
| | | |
| 0.084 | |
| Diluted net income per ADS | |
| 0.69 | | |
| | | |
| 0.53 | | |
| | | |
| 0.083 | |
Basic weighted average ordinary shares
outstanding | |
| 106,640,645 | | |
| | | |
| 107,713,694 | | |
| | | |
| 107,713,694 | |
Diluted weighted average ordinary shares
outstanding | |
| 107,848,587 | | |
| | | |
| 108,358,241 | | |
| | | |
| 108,358,241 | |
1Includes
share-based compensation expenses of RMB4.1 million and RMB3.0 million ($0.5 million) for the three months ended September 30,
2014 and 2015, respectively.
Consolidated Statements of Comprehensive
Income
(Amounts in thousands)
(Unaudited)
| | |
| |
| | |
For the three months ended September 30, | |
| | |
2014 | | |
2015 | |
| | |
RMB | | |
RMB | | |
US$ | |
| | |
| | |
| | |
| |
| Net income | |
| 18,584 | | |
| 14,299 | | |
| 2,250 | |
| Other comprehensive income, net of tax: | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments | |
| 1 | | |
| 1,274 | | |
| 200 | |
| Comprehensive income | |
| 18,585 | | |
| 15,573 | | |
| 2,450 | |
Condensed Consolidated Cash Flow Statements
(Amounts in thousands)
(Unaudited)
| | |
For the nine months ended September 30 | |
| | |
2014 | | |
2015 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Operating activities: | |
| | | |
| | | |
| | |
| Net income | |
| 33,542 | | |
| 23,210 | | |
| 3,652 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | | |
| | |
| Loss on disposals of property and equipment | |
| 1,875 | | |
| 1,860 | | |
| 293 | |
| Property and equipment impairment charges | |
| 4,975 | | |
| 8,961 | | |
| 1,410 | |
| Depreciation | |
| 58,475 | | |
| 56,033 | | |
| 8,816 | |
| Share based compensation | |
| 15,813 | | |
| 8,864 | | |
| 1,395 | |
| Changes in operating assets and liabilities: | |
| | | |
| | | |
| | |
| Due from related parties | |
| (301 | ) | |
| (493 | ) | |
| (78 | ) |
| Inventories | |
| (1,285 | ) | |
| (2,183 | ) | |
| (343 | ) |
| Prepaid rent | |
| 1,665 | | |
| 805 | | |
| 127 | |
| Prepaid expenses and other current assets | |
| (7,216 | ) | |
| (1,950 | ) | |
| (307 | ) |
| Deposits for leases | |
| (9,240 | ) | |
| 201 | | |
| 32 | |
| Accounts payable | |
| 7,655 | | |
| 8,115 | | |
| 1,277 | |
| Deferred revenue | |
| 9,862 | | |
| 3,051 | | |
| 480 | |
| Accrued payroll | |
| 1,498 | | |
| (560 | ) | |
| (88 | ) |
| Income taxes payable | |
| (256 | ) | |
| 2,356 | | |
| 371 | |
| Deferred rent | |
| 3,092 | | |
| 130 | | |
| 20 | |
| Other liabilities | |
| 8,893 | | |
| 703 | | |
| 111 | |
| Net cash provided by operating activities | |
| 129,047 | | |
| 109,103 | | |
| 17,168 | |
| Investing activities: | |
| | | |
| | | |
| | |
| Purchase of property and equipment | |
| (98,689 | ) | |
| (41,654 | ) | |
| (6,554 | ) |
| Proceeds from disposals of property and equipment | |
| 216 | | |
| 27 | | |
| 4 | |
| Purchase of investment | |
| (823,598 | ) | |
| (898,832 | ) | |
| (141,425 | ) |
| Withdrawal of investment | |
| 733,119 | | |
| 917,667 | | |
| 144,387 | |
| Net cash used in investing activities | |
| (188,952 | ) | |
| (22,792 | ) | |
| (3,588 | ) |
| Financing activity: | |
| | | |
| | | |
| | |
| Proceeds from exercise of employee stock options | |
| 1,512 | | |
| 563 | | |
| 89 | |
| Net cash provided by financing activity: | |
| 1,512 | | |
| 563 | | |
| 89 | |
| Effect of exchange rate | |
| 319 | | |
| 1,247 | | |
| 196 | |
| Net increase(decrease) in cash and cash equivalents | |
| (58,074 | ) | |
| 88,121 | | |
| 13,865 | |
| Cash and cash equivalents, beginning of year | |
| 372,493 | | |
| 193,554 | | |
| 30,454 | |
| Cash and cash equivalents, end of year | |
| 314,419 | | |
| 281,675 | | |
| 44,319 | |
Supplementary Metrics – Reconciliations
of GAAP to non-GAAP Financial Measures
(Amounts in thousands, except ADSs and per
ADS data)
| | |
Three months ended September 30, | |
| | |
2014 | | |
2015 | |
| | |
RMB | | |
RMB | | |
US$ | |
| | |
| | | |
| | | |
| | |
| Net income | |
| 18,584 | | |
| 14,299 | | |
| 2,250 | |
| Share-based compensation expenses: | |
| | | |
| | | |
| | |
| Restaurant wages and related expenses | |
| 1,144 | | |
| 596 | | |
| 94 | |
| Selling, general and administrative expenses | |
| 2,963 | | |
| 2,427 | | |
| 382 | |
| Adjusted net income (non-GAAP) | |
| 22,691 | | |
| 17,322 | | |
| 2,726 | |
| | |
| | | |
| | | |
| | |
| Diluted net income per ADS | |
| 0.69 | | |
| 0.53 | | |
| 0.083 | |
| Adjusted diluted net income per ADS (non-GAAP) | |
| 0.84 | | |
| 0.64 | | |
| 0.10 | |
| Diluted weighted average ADSs outstanding | |
| 26,962,147 | | |
| 27,089,560 | | |
| 27,089,560 | |
| | |
| | |
| | |
| |
| | |
Three months ended September 30, | |
| | |
2014 | | |
2015 | |
| | |
RMB | | |
RMB | | |
US$ | |
| | |
| | |
| | |
| |
| Net income | |
| 18,584 | | |
| 14,299 | | |
| 2,250 | |
| Income tax expense | |
| 7,550 | | |
| 5,935 | | |
| 934 | |
| Interest income | |
| (6,750 | ) | |
| (7,536 | ) | |
| (1,186 | ) |
| Depreciation and amortization | |
| 20,149 | | |
| 17,932 | | |
| 2,821 | |
| EBITDA (non-GAAP) | |
| 39,533 | | |
| 30,630 | | |
| 4,819 | |
| | |
| | | |
| | | |
| | |
| EBITDA (non-GAAP) | |
| 39,533 | | |
| 30,630 | | |
| 4,819 | |
| Foreign exchange loss/(gain) | |
| 24 | | |
| (1,198 | ) | |
| (188 | ) |
| Other expense / (income) | |
| (71 | ) | |
| (192 | ) | |
| (30 | ) |
| Property and equipment impairment charges | |
| 2,199 | | |
| 4,201 | | |
| 661 | |
| Share-based compensation expenses | |
| | | |
| | | |
| | |
| Restaurant wages and related expenses | |
| 1,144 | | |
| 596 | | |
| 94 | |
| Selling, general and administrative expenses | |
| 2,963 | | |
| 2,427 | | |
| 382 | |
| Adjusted EBITDA (non-GAAP) | |
| 45,792 | | |
| 36,464 | | |
| 5,738 | |
Country Style Cooking Restaurant Chain Co., Ltd American Depositary Shares, Each Representing Four Ordinary Shares (delisted) (NYSE:CCSC)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Country Style Cooking Restaurant Chain Co., Ltd American Depositary Shares, Each Representing Four Ordinary Shares (delisted) (NYSE:CCSC)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
