Country Style Cooking Restaurant Chain Announces Preliminary Fourth Quarter
CHONGQING, China, Jan. 16, 2013
CHONGQING, China, Jan. 16, 2013 /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 preliminary fourth quarter 2012 results.
For the fourth quarter ended December 31, 2012, the Company opened 21
restaurants, bringing the total net restaurant count to 256, compared to a
total restaurant count of 199 as of December 31, 2011. The new openings
include five quick-service, canteen-style restaurants which Country Style
Cooking operates under the brand name "Mr. Rice." Management has been pleased
to observe how the Mr. Rice line of restaurants continues to build in
popularity with customers.
While absolute store numbers have increased to the level expected, stores have
opened at a slightly slower-than-expected rate, leading to fewer operating
months for generating revenue. Thus, the Company currently anticipates to
report figures slightly below the bottom range of its previous revenue
guidance of RMB300 million ($47.7 million). The Company expects positive net
income for the fourth quarter although it had to contend with such pressures
as a seasonally slow period, higher raw material costs and increases in other
operating expenses. Same store sales growth in the fourth quarter saw minor
improvement over the third quarter. Management aims to further improve SSS
growth throughout 2013.
The Company plans to report its fourth quarter and full year 2012 results in
early March, at which time management intends to discuss 2012 financials and
strategies for 2013 in more detail.
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
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 third quarter 2012, the new restaurant
opening plan for full year 2012 and 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. Country Style Cooking does not undertake any
obligation to update any forward-looking statement, except as required under
applicable law. 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
Country Style Cooking Restaurant Chain Co., Ltd.
Chief Financial Officer
Phone: +86-10-6583-7516 or +1-646-328-2520
SOURCE Country Style Cooking Restaurant Chain Co., Ltd.
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