Click here to close now.




















Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

Country Style Cooking Restaurant Chain Reports Third Quarter 2012 Financial Results

3Q12 Revenues up 12.6% YoY to RMB327.0 Million

CHONGQING, China, Nov. 12, 2012 /PRNewswire/ -- 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 its unaudited financial results for the third quarter of 2012.

Third Quarter 2012 Financial Highlights

  • Revenues in the third quarter of 2012 were RMB327.0 million ($52.0 million), an increase of 12.6% from RMB290.3 million in the same quarter of 2011.
  • Comparable restaurant sales decreased by 5.3% from the same quarter of 2011. There were 146 restaurants in the comparison.
  • Restaurant level operating margin was 19.5%, an increase of 110 basis points from the same quarter of 2011.
  • Net income for the third quarter of 2012 was RMB31.9 million ($5.1 million), an increase of 117.4% from RMB14.7 million in the same quarter of 2011. Adjusted net income (non-GAAP), which excludes share-based compensation expenses, was RMB35.6 million ($5.7 million), an increase of 95.2% from RMB18.2 million in the same quarter of 2011.
  • Diluted net income per American depositary share ("ADS") was RMB1.22 ($0.19). Adjusted diluted net income per ADS (non-GAAP), which excludes share-based compensation expenses, was RMB1.36 ($0.22). Each ADS represents four ordinary shares of the Company.
  • Total number of restaurants increased by a net of 21 in the third quarter of 2012 to 238 restaurants as of September 30, 2012, covering 27 cities and up from 186 restaurants as of September 30, 2011.

Ms. Hong Li, chairman and chief executive officer of Country Style Cooking, commented, "We are pleased to report healthy revenue growth and net income increase for the third quarter of 2012. Our operating margin continued to improve and showed both annual and sequential increases in the third quarter. During the period, we accelerated network expansion and added a net of 21 new restaurants. We expect to achieve our annual restaurant growth targets."

Ms. Hong Li continued, "Throughout the third quarter, we carried out a trial run of 15 quick service, canteen-style restaurants under the Chinese brand name 'Dami Xiansheng' (which means 'Mr. Rice' in English). We located the Mr. Rice restaurants near large office buildings and in industrial parks in Chongqing and three other markets. The trial results have been encouraging, with customers offering positive remarks about the restaurant's friendly atmosphere and wide range of cuisine options. We believe that the Mr. Rice brand might offer a promising new stream of revenues for the Country Style Cooking restaurant network."

Mr. Adam Zhao, chief financial officer of Country Style Cooking, added, "I am encouraged by the results of our cost control measures and increased operational profitability during the quarter, especially in today's inflationary environment. During our peak season, we succeeded in building customer traffic in order to create a stronger revenue base going forward. We are happy to have achieved record-high revenue in the third quarter but also want to see greater improvement with same store sales growth. Our efforts to boost same store sales performance include new initiatives covering brand enhancement, mobile-phone apps to facilitate orders and deliveries, and plans for a prepaid card program. "

Third Quarter 2012 Financial Performances

Revenues in the third quarter of 2012 increased by 12.6% to RMB327.0 million ($52.0 million) from RMB290.3 million in the same quarter of 2011. Revenue growth was primarily supported by the Company's expanding restaurant network. During the third quarter of 2012, Country Style Cooking added a net of 21 restaurants, bringing the total restaurant count to 238 as of September 30, 2012, compared to its total restaurant count of 186 as of September 30, 2011. Comparable restaurant sales decreased by 5.3% compared with the same quarter of 2011. There were 146 restaurants in the comparison.

Costs of food and paper increased by 10.8% to RMB144.3 million ($23.0 million) in the third quarter of 2012 from RMB130.2 million in the same quarter of 2011, primarily as a result of restaurant expansion and, to a lesser degree, increased food costs. As a percentage of revenues, cost of food and paper decreased to 44.1% in the third quarter of 2012 from 44.9% in the same quarter of 2011. Since the first quarter of 2012, restaurant staff catering and welfare expenses have been reclassified from food and paper and other restaurant operating expense to the category of restaurant wages and related expenses. Prior period numbers have been reclassified accordingly to conform with the current means of data presentation. For details, please refer to note 1 in the Company's Condensed Consolidated Statements of Income.

Restaurant wages and related expenses increased by 13.3% to RMB56.9 million ($9.1 million) in the third quarter of 2012 from RMB50.2 million in the same quarter of 2011. The increase was attributable to increased wage levels. As a percentage of revenues, restaurant wages and related expenses increased slightly to 17.4% in the third quarter of 2012 from 17.3% in the same quarter of 2011.

Restaurant rent expenses increased by 17.9% to RMB30.3 million ($4.8 million) in the third quarter of 2012 from RMB25.7 million in the same quarter of 2011. As with other expense categories, the increase was primarily due to the expansion of the Company's restaurant network. As a percentage of revenues, restaurant rental expenses increased to 9.3% in the third quarter of 2012 from 8.9% in the third quarter of 2011.

Restaurant utility expenses increased by 4.4% to RMB19.6 million ($3.1 million) in the third quarter of 2012 from RMB18.8 million in the same quarter of 2011. As a percentage of revenues, restaurant utility expenses were 6.0% in the third quarter of 2012, slightly down from 6.5% in the third quarter of 2011.

Other restaurant operating expenses increased by 3.5% to RMB12.2 million ($1.9 million) in the third quarter of 2012 from RMB11.8 million in the same quarter of 2011. As a percentage of revenues, other restaurant operating expenses decreased slightly to 3.7% in the third quarter of 2012 from 4.0% in the third quarter of 2011.

Restaurant-level operating margin was 19.5% in the third quarter of 2012, an increase of 110 basis points over the same quarter of 2011. The increase was primarily due to effective cost control measures.

Selling, general and administrative (SG&A) expenses remained consistent at RMB17.2 million ($2.7 million) in the third quarter of 2012, compared to RMB17.2 million in the same quarter of 2011, reflecting a combination of offsetting factors including expanded restaurant network, increased spending on administrative staff cost and effective cost control measures. Share-based compensation expenses included in SG&A was RMB2.6 million ($0.4 million) in the third quarter of 2012, compared to RMB2.8 million in the third quarter of 2011. As a percentage of revenues, SG&A expenses were 5.3% in the third quarter of 2012, slightly down from 5.9% in the third quarter of 2011.

Pre-opening expense for the third quarter of 2012 was RMB3.2 million ($0.5 million), representing a decrease of 40.2% as compared to RMB5.3 million in the same quarter of 2011, primarily because of tighter cost controls as well as fewer new restaurants opened in the third quarter of 2012. As a percentage of revenues, pre-opening expense decreased to 1.0% in the third quarter of 2012 from 1.8% in the same quarter of 2011.

Depreciation expense for the third quarter of 2012 was RMB15.6 million ($2.5 million), representing an increase of 58.2% as compared to RMB9.9 million in the same quarter of 2011, primarily because of the increase in total fixed assets as a result of restaurant network expansion. As a percentage of revenues, depreciation expense increased to 4.8% in the third quarter of 2012 from 3.4% in the same quarter of 2011.

Impairment charges were RMB4.0 million ($0.6 million) in the third quarter of 2012, representing costs related to asset impairment with eight underperforming restaurants, two of which the Company plans to close.

Income from operations for the third quarter of 2012 was RMB23.6 million ($3.8 million), representing an increase of 16.0% as compared to RMB20.3 million in the same quarter of 2011.

Interest income for the third quarter of 2012 was RMB5.0 million ($0.8 million), representing a decrease of 11.0% as compared to RMB5.6 million in the same quarter of 2011.

Foreign currency exchange gain for the third quarter of 2012 was RMB0.3 million ($44,000), as compared to a loss of RMB4.1 million in the same quarter of 2011.

Other income for the third quarter of 2012 was RMB12.7 million ($2.0 million) mainly representing government subsidies received, as compared to RMB4.1 million in the same quarter of 2011.

Income tax expense in the third quarter of 2012 was RMB9.7 million ($1.5 million), representing a decrease of 13.7% as compared to RMB11.2 million in the same quarter of 2011. As previously disclosed in the Company's press release on June 1, 2012, the Company's subsidiary in Chongqing was granted a preferential tax rate of 15% for the years 2011 to 2020. As a result, the Company's estimated effective tax rate saw a significant decrease from the same quarter last year.

Net income was RMB31.9 million ($5.1 million), representing an increase of 117.4% from RMB14.7 million in the third quarter of 2011. Adjusted net income (non-GAAP), which excludes share-based compensation expenses, was RMB35.6 million ($5.7 million) in the third quarter of 2012, compared to RMB18.2 million in the third quarter of 2011.

Diluted net income per ADS in the third quarter of 2012 was RMB1.22 ($0.19), compared to RMB0.56 in the third quarter of 2011. Adjusted diluted net income per ADS (non-GAAP), which excludes share-based compensation expenses, was RMB1.36 ($0.22) in the third quarter of 2012, compared to RMB0.68 in the third quarter of 2011. The Company had approximately 26.2 million weighted average diluted ADSs outstanding during the quarter ended September 30, 2012.

EBITDA (non-GAAP), defined as net income before interest, income tax (benefit)/expense, depreciation and amortization, was RMB52.2 million ($8.3 million) in the third quarter of 2012, compared to RMB30.2 million from the same quarter of 2011. Adjusted EBITDA (non-GAAP), defined as EBITDA excluding foreign exchange gain/loss, other income, impairment charges and share-based compensation expenses, was RMB46.9 million ($7.5 million) in the third quarter of 2012, compared to RMB34.6 million in the same quarter of 2011.

As of September 30, 2012, the Company had cash, cash equivalents and short-term investments of RMB547.4 million ($87.1 million), compared to RMB517.5 million as of December 31, 2011.

Net cash provided by operating activities was RMB145.8 million ($23.2 million) for the nine months ended September 30, 2012, up from RMB68.9 million in the same period of 2011.

Outlook

For the fourth quarter of 2012, the Company currently estimates that its revenues will be between RMB300 million ($47.7 million) and RMB310 million ($49.3 million), representing year-over-year growth of between approximately 10% and 14%.

For the full year of 2012, the Company expects revenues in the range of RMB1,192 million ($190 million) to RMB1,202 million ($191 million), representing year-over-year growth of between approximately 17% and 18%.

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 and (iii) restaurants that were operated under different business style in the comparison period.

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.

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 RMB6.2848 to US$1.00 on September 28, 2012 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 pm, Eastern Time on November 12, 2012, which is 8:30 am, Beijing Time on November 13, 2012, to discuss third quarter 2012 results and answer questions from investors.  Listeners may access the call by dialing:

US:                                                                                        

+1-718-354-1231

International:                                                                       

+65-6723-9381

Hong Kong:                                                                           

+800-930-346

China Domestic:                                                            

+800-819-0121

China Domestic Mobile:                                               

+400-620-8038



Passcode:                                                                                

55766966

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: [email protected]

ICR Inc.
Rob Koepp
Phone: +86-10-6583-7516 or +1-646-328-2520
Email: [email protected]

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. We define adjusted diluted earnings per ADS as diluted earnings per ADS excluding share-based compensation expenses. 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, impairment charges 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. A limitation of using these non-GAAP measures is that 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 fourth quarter 2012 and the full year of 2012, 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 September 30,


2011


2012


RMB


RMB


US$

ASSETS






Current assets:






  Cash and cash equivalents

327,546


337,350


53,677

  Short-term investments

190,000


210,000


33,414

  Due from related parties

100


240


38

  Inventories

48,442


36,539


5,814

  Prepaid rent

10,674


14,349


2,283

  Prepaid expenses and other current assets

15,078


18,280


2,909

  Deferred income taxes-current

3,216


2,071


330

Total current assets

595,056


618,829


98,465

Property and equipment, net

298,125


366,395


58,299

Goodwill

6,019


6,019


958

Deferred income taxes - non current

4,879


3,957


630

Deposits for leases

16,695


17,367


2,763

Total assets

920,774


1,012,567


161,115







Current liabilities:






  Accounts payable

43,702


51,318


8,165

  Deferred revenue

4,303


3,667


583

  Due to related parties

-


21


3

  Accrued payroll

22,764


24,458


3,892

  Income taxes payable

17,554


6,092


969

  Other current liabilities

34,778


41,578


6,619

Total current liabilities

123,101


127,134


20,231

Deferred rent - non current

15,610


21,566


3,431

Prepaid subscription

391


218


35

Advanced receipts from depositary bank

3,768


3,428


545

Total liabilities

142,870


152,346


24,242







Equity:






Ordinary shares ($0.001 par value, 1,000,000,000 shares
    authorized, 103,844,239 and 104,317,980 shares issued
    and outstanding as of December 31, 2011 and September
    30, 2012, respectively)

741


744


118

   Additional paid-in capital

702,995


716,095


113,941

   Retained earnings

82,432


151,426


24,094

   Accumulated other comprehensive loss

(8,264)


(8,044)


(1,280)

Total equity

777,904


860,221


136,873







Total liabilities and equity

920,774


1,012,567


161,115




 

Condensed Consolidated Statements of Income

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

 (Unaudited)

 


For the three months ended September 30,


2011


2012


RMB

%


RMB

%


US$









Revenue - restaurant sales

290,289

100.0


327,004

100.0


52,031

Costs and expenses:








   Restaurant expenses:








       Food and paper(1)

130,230

44.9


144,347

44.1


22,968

       Restaurant wages and related expenses(1)(2)

50,204

17.3


56,880

17.4


9,050

       Restaurant rent expense

25,744

8.9


30,348

9.3


4,829

       Restaurant utilities expense

18,826

6.5


19,648

6.0


3,126

       Other restaurant operating expenses(1)

11,775

4.0


12,192

3.7


1,940

   Selling, general and administrative expenses(2)

17,172

5.9


17,219

5.3


2,740

   Pre-opening expenses

5,275

1.8


3,155

1.0


502

   Depreciation

9,862

3.4


15,598

4.8


2,482

   Impairment charges

870

0.3


4,038

1.2


643

Total operating expenses

269,958

93.0


303,425

92.8


48,280









Income from operations

20,331

7.0


23,579

7.2


3,751









Interest income

5,595

1.9


4,978

1.5


792

Foreign exchange gain/(loss)

(4,105)

(1.4)


274

0.1


44

Other income

4,081

1.4


12,736

3.9


2,026

Income before income taxes

25,902

8.9


41,567

12.7


6,613









Income tax expense

11,242

3.9


9,698

3.0


1,543

Net income

14,660

5.0


31,869

9.7


5,070









Basic net income per share

0.14



0.31



0.05

Diluted net income per share

0.14



0.30



0.05

Basic net income per ADS

0.56



1.22



0.19

Diluted net income per ADS

0.56



1.22



0.19

Basic weighted average ordinary shares outstanding

103,640,620



104,290,645



104,290,645

Diluted weighted average ordinary shares outstanding

105,462,012



104,677,531



104,677,531

 

(1) Since the first quarter of 2012, restaurant staff catering and welfare expenses have been reclassified from food and paper and other restaurant operating expense to the category of restaurant wages and related expenses. Prior period numbers have been reclassified accordingly to conform with the current presentation.

(2) Includes share-based compensation expenses of RMB3.6 million and RMB3.7million ($0.6 million) for the three months ended September 30, 2011 and 2012, respectively. 

 


Condensed Statements of Consolidated Comprehensive Income

(Amounts in thousands)

 (Unaudited)

 




For the three months ended September 30,


2011


2012


RMB


RMB


US$







Net income

14,660


31,869


5,070

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






     Foreign currency translation adjustments

(417)


89


14

Comprehensive income

14,243


31,958


5,084

 


Condensed Consolidated Cash Flow Statements

(Amounts in thousands)

 (Unaudited)

 


For the nine months ended September 30,


2011


2012


RMB


RMB


US$

Operating activities:






   Net income

11,980


68,994


10,978

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






      Loss on disposals of property and equipment

741


2,145


341

      Impairment charges

5,646


7,989


1,271

      Depreciation

26,179


43,381


6,903

      Deferred income taxes

-


2,067


329

      Change in fair value of forward contracts

(310)


-


-

      Share based compensation expenses

10,541


12,405


1,974

   Changes in operating assets and liabilities:






      Due from related parties

(80)


(140)


(22)

      Inventories

(21,950)


11,903


1,894

      Prepaid rent

(2,382)


(3,675)


(585)

      Prepaid expense and other current assets

(1,489)


(3,202)


(509)

      Deposits for leases

(4,850)


(672)


(107)

      Accounts payable

12,759


7,616


1,212

      Deferred revenue

579


(636)


(101)

      Due to related parties

(560)


21


3

      Accrued payroll

7,889


1,694


270

      Income taxes payable

14,865


(11,462)


(1,824)

      Deferred rent

4,655


6,213


989

      Other liabilities

4,727


1,155


182

Net cash provided by operating activities

68,940


145,796


23,198

Investing activities:






   Restaurant and office space capital expenditures

(110,121)


(117,221)


(18,652)

   Proceeds from disposal

811


496


79

Purchase of short-term investment

(210,000)


(210,000)


(33,414)

   Proceeds from short-term investment

-


190,000


30,232

Net cash used in investing activities

(319,310)


(136,725)


(21,755)

Financing activities:






      Proceeds from exercise of employee stock options

2,500


500


80

Offering expenses

(838)


-


-

Net cash provided by financing activities:

1,662


500


80

Effect of exchange rate

(1,345)


233


37

Net increase /(decrease) in cash and cash equivalents

(250,053)


9,804


1,560

Cash and cash equivalents, beginning of period

612,583


327,546


52,117

Cash and cash equivalents, end of period

362,530


337,350


53,677

 

 

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

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

 


Three months ended September 30,


2011


2012


RMB


RMB


US$







Net income

14,660


31,869


5,070

Share-based compensation expenses:






Restaurant wages and related expenses

756


1,114


177

Selling, general and administrative expenses                 

2,806


2,591


412

Adjusted net income (non-GAAP)

18,222


35,574


5,659







Diluted net income per ADS

0.56


1.22


0.19

Adjusted diluted net income per ADS (non-GAAP)

0.68


1.36


0.22

Diluted weighted average ADSs outstanding

26,365,503


26,169,383


26,169,383














Three months ended September 30,


2011


2012


RMB


RMB


US$







Net income

14,660


31,869


5,070

Income tax expense

11,242


9,698


1,543

Interest income

(5,595)


(4,978)


(792)

Depreciation and amortization

9,862


15,598


2,482

EBITDA (Non-GAAP)

30,169


52,187


8,303







EBITDA (Non-GAAP)

30,169


52,187


8,303

Foreign exchange (gain)/loss

4,105


(274)


(44)

Other income

(4,081)


(12,736)


(2,026)

Impairment charges

870


4,038


643

Share-based compensation expenses






Restaurant wages and related expenses

756


1,114


177

Selling, general and administrative expenses

2,806


2,591


412

Adjusted EBITDA (Non-GAAP)

34,625


46,920


7,465

SOURCE Country Style Cooking Restaurant Chain Co., Ltd.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.