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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.

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DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.