Country Style Cooking Restauran (NYSE:CCSC)

CHONGQING, China, December 19, 2015 /PRNewswire/ -- 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 that it has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with Country Style Cooking Restaurant Chain Holding Limited ("Parent") and Country Style Cooking Restaurant Chain Merger Company Limited ("Merger Sub"), a wholly owned subsidiary of Parent, pursuant to which Parent will acquire Country Style Cooking (the "Transaction") for US$1.3075 per ordinary share of the Company (a "Share") or US$5.23 per American depositary share, each representing four Shares (an "ADS"). This amount represents a premium of 18.9% to the closing trading price of the Company's ADS on August 13, 2015, the last trading day prior to August 14, 2015, the date on which the Company announced that it had received a "going-private" proposal.

Immediately after the completion of the Transaction, Parent will be ultimately beneficially owned by Ms. Hong Li, Co-Founder and Chairwoman of the Board, Mr. Xingqiang Zhang, Co-Founder, Chief Executive Officer and Director of the Company and Sky Success Venture Holdings Limited (collectively, the "Buyer Group"), and SIG China Investments One, Ltd. ("SIG China"). To date, the Buyer Group and SIG China beneficially own, in the aggregate, approximately 68.9% of the outstanding Shares (excluding outstanding share incentive awards of the Company).

The Company's board of directors (the "Board"), acting upon the unanimous recommendation of a special committee of the Board (the "Special Committee"), approved the Merger Agreement and the Transaction and resolved to recommend that the Company's shareholders vote to authorize and approve the Merger Agreement and the Transaction. The Special Committee, which is composed solely of independent directors of the Company who are unaffiliated with Parent, Merger Sub or any member of the Buyer Group or SIG China, exclusively negotiated the terms of the Merger Agreement with the Buyer Group with the assistance of its independent financial and legal advisors.

The Transaction is subject to various closing conditions, including a condition that the Merger Agreement be authorized and approved by an affirmative vote of shareholders representing two-thirds or more of the Shares present and voting in person or by proxy as a single class at a meeting of the Company's shareholders convened to consider the authorization and approval of the Merger Agreement. The Buyer Group and SIG China has each agreed to vote all of the Shares beneficially owned by them in favor of the authorization and approval of the Merger Agreement and the Transaction. If completed, the Transaction will result in the Company becoming a privately-held company and its ADSs will no longer be listed on the New York Stock Exchange.

The Buyer Group intends to fund the Transaction from the proceeds of a loan to be provided by China Merchants Bank Co., Ltd., New York Branch pursuant to a debt commitment letter dated December 17, 2015.

The Company will prepare and file with the U.S. Securities and Exchange Commission (the "SEC") a Schedule 13E-3 transaction statement, which will include a proxy statement of the Company. The Schedule 13E-3 will include a description of the Merger Agreement and contain other important information about the Transaction, the Company and the other participants in the Transaction.

Duff & Phelps, LLC and Duff & Phelps Securities, LLC (together, "Duff & Phelps") are serving as financial advisors to the Special Committee. Kirkland & Ellis is serving as U.S. legal advisor to the Special Committee and Maples and Calder is serving as Cayman Islands legal advisor to the Company.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal advisor to the Buyer Group and Travers Thorp Alberga is serving as Cayman Islands legal advisor to the Buyer Group.

CHONGQING, China, October 15, 2015 /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 third quarter 2015 results.

For the third quarter ended September 30, 2015, the Company opened 10 new restaurants, bringing the total net restaurant count to 355, compared to a total restaurant count of 332 as of September 30, 2014. The new openings include 6 restaurants under the brand name "Mr. Rice."

Country Style Cooking currently anticipates its revenue for the third quarter of 2015 to be approximately RMB388.0 million, as compared to RMB409.1 million in the same quarter of 2014. The lower-than-expected revenue was mainly due to the intensified competition, which also negatively impacted the Company's quarterly same store sales.

Country Style Cooking plans to report its third quarter 2015 results in mid-November.

CHONGQING, China, August 14, 2015 /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 that its Board of Directors (the "Board") has received a non-binding proposal letter, dated August 14, 2015, from Ms. Hong Li, Co-Founder and Chairwoman of the Board, Mr. Xingqiang Zhang, Co-Founder, Chief Executive Officer and Director of the Company, and Sky Success Venture Holdings Limited, proposing a "going-private" transaction (the "Transaction") to acquire all of the outstanding ordinary shares of the Company not already owned by Ms. Li, Mr. Zhang and Sky Success Venture Holdings Limited or their respective affiliates for $5.23 in cash per American depositary share ("ADS"), each representing four ordinary shares. The proposed purchase price represents a premium of 18.9% to the closing trading price of the Company's ADS on August 13, 2015, the last trading day prior to the date hereof.

Ms. Li, Mr. Zhang, Sky Success Venture Holdings Limited and their respective affiliates currently beneficially own an aggregate of approximately 56.9% of the Company's total issued and outstanding shares.

According to the proposal letter, Ms. Li, Mr. Zhang and Sky Success Venture Holdings Limited intend to fund the consideration payable in the Transaction with a combination of debt and equity capital.

The Board has formed a special committee comprised of independent and disinterested directors. The special committee is composed of Messrs. Li-Lan Cheng, Winston Jin Li and Eric Haibing Wu, who are independent directors of the Company and are unaffiliated with the Transaction. Mr. Li-Lan Cheng will be the chairman of the special committee. The Board has authorized the special committee to retain independent legal and financial advisors to assist it in evaluating the Transaction.

The Board cautions the Company's shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter from Ms. Li, Mr. Zhang and Sky Success Venture Holdings Limited and no decisions have been made with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

CHONGQING, China, July 13, 2015 /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 that it has recently started testing mobile ordering and Wechat payment under a pilot program at over 100 stores in Chongqing. Customers can realize online queuing and ordering via their smart phones and pay for their orders in seconds by scanning bar codes generated on the Wechat app. This effort aims to speed up payment and improve the customer experience, especially during peak dining hours.

Mr. Xingqiang Zhang, Chief Executive Officer of Country Style Cooking, commented, "We are pleased to offer the taste of home cooking to our customers. At CCSC, we continue to invest in our operations to ensure high levels of customers satisfaction. The ordering and payment process is a key part of the customer experience in our industry. In an increasingly digital world, we believe it is important to connect with our customers online and in our restaurants to broaden our market position. A recent survey indicated that more than 400 million Chinese people are using Wechat as a payment method, among other online payment channels and more smart business solutions for the food service industry are being actively developed. We hope to deepen our cooperation with technology providers to utilize O2O, big data analysis and customer relation management fields to expand our customer base with the goal of providing an enhanced dining experience to customers while also optimizing our operating efficiency. Additionally, we hope to expand Wechat payment to our stores in Sichuan and other areas in the following months."

The Company will roll out a special 3-yuan discount for Wechat payment from July 8-18th in Chongqing.

CHONGQING, China, July 10, 2015 /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 second quarter 2015 results.

For the second quarter ended June 30, 2015, the Company opened 5 new restaurants, bringing the total net restaurant count to 346, compared to a total restaurant count of 317 as of June 30, 2014. The new openings include 2 restaurants under the brand name "Mr. Rice." The Company deliberately slowed down its store opening pace in the second quarter as it focused on the redesign of visual identity system to enhance brand recognition. The redesign is scheduled for completion in July.

The Company currently anticipates second quarter 2015 net revenue to be approximately RMB348 million, representing year-over-year growth of around 0.7%. The lower than expected revenue was mainly due to a lower number of store openings and single digit negative same store sales in the second quarter.

Country Style Cooking plans to report its second quarter 2015 results in mid August.

First Quarter 2015 Financial Results

• Revenues in the first quarter of 2015 were RMB353.5 million ($57.0 million), an increase of 1.9% from RMB346.8 million in the same quarter of 2014.
• Diluted net income per American depositary share ("ADS") was RMB0.31 ($0.05). Adjusted diluted net income per ADS (non-GAAP)¹, which excludes share-based compensation expenses, was RMB0.45 ($0.07). Each ADS represents four ordinary shares of the Company.

Mr. Xingqiang Zhang, Chief Executive Officer of Country Style Cooking, commented, "We are pleased to report continued revenue growth and network expansion in the first quarter of 2015. During the quarter, we focused on further improving food safety and nutrition by using high-quality raw materials like non-GMO oil, sea salt and cage-free chickens to our product offerings. We believe these efforts to improve food quality is in line with the evolving dining habits of our customers, can better differentiate CCSC from its competitors and may lead to higher per-order spending over time. We are also working on modifying our image and the dining environment in our restaurants to reinforce customer perception of CCSC restaurants as an ideal location for young people and families who appreciate an unique customer experience and a place for socializing."

Outlook

For the second quarter of 2015, the Company currently estimates that revenues will be between RMB 360-380 million ($58.1-$61.3 million), representing a year-over-year growth of between approximately 4.4% and 10.1%. The Company remains on track to open approximately 60 new restaurants in 2015.

CHONGQING, China, April 22, 2015 /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 first quarter 2015 results.

For the first quarter ended March 31, 2015, the Company opened 11 new restaurants, bringing the total net restaurant count to 344, compared to a total restaurant count of 303 as of March 31, 2014. The new openings include four restaurants under the brand name "Mr. Rice."

The Company currently anticipates that 2015 first quarter net revenue will be in the range of RMB 350-370 million ($56.5-$59.7 million), representing year-over-year growth of at least 1.9%. The Company expects to achieve positive operating income and net income in spite of single digit negative same store sales in the first quarter which was attributable to customer traffic dilution as the Company further penetrates the local market.

Country Style Cooking plans to report its first quarter 2015 results in mid May.

CHONGQING, China, April 22, 2015 /PRNewswire/ -- Country Style Cooking Restaurant Chain Co., Ltd (CCSC) ("Country Style Cooking" or the "Company"), a fast-growing quick service restaurant chain in China, today announced preliminary first quarter 2015 results.

For the first quarter ended March 31, 2015, the Company opened 11 new restaurants, bringing the total net restaurant count to 344, compared to a total restaurant count of 303 as of March 31, 2014. The new openings include four restaurants under the brand name "Mr. Rice."

The Company currently anticipates that 2015 first quarter net revenue will be in the range of RMB 350-370 million ($56.5-$59.7 million), representing year-over-year growth of at least 1.9%. The Company expects to achieve positive operating income and net income in spite of single digit negative same store sales in the first quarter which was attributable to customer traffic dilution as the Company further penetrates the local market.

Country Style Cooking plans to report its first quarter 2015 results in mid May

Fourth Quarter 2014 Financial Results

• Revenues in the fourth quarter of 2014 were RMB361.3 million ($58.2 million), an increase of 7.4% from RMB336.4 million in the same quarter of 2013.
• Diluted net income per American depositary share ("ADS") was RMB0.16 ($0.03). Adjusted diluted net income per ADS (non-GAAP) was RMB0.34 ($0.06). Each ADS represents four ordinary shares of the Company.

Mr. Xingqiang Zhang, Chief Executive Officer of Country Style Cooking, commented, "We were pleased to have successfully met our fourth quarter and full year 2014 financial forecast. Our fourth quarter financial performance showed modest top line growth, primarily supported by our expanding restaurant network. As previously announced, during the fourth quarter of 2014, we signed a strategic cooperation agreement with an e-commerce company, Yimutian Inc., to build a more efficient procurement model. We are firm believers in utilizing the technology and leveraging the strengths of our business partners to enhance our operations. The QSR (quick service restaurant) industry in China remains highly competitive and we continue to evaluate opportunities to further improve performance and customer loyalty. Instead of engaging in intense price wars, we have been focusing on training our cooks and staff, developing new dishes and combo meals, refining our online ordering experience and renovating some of our older stores, upgrading visual identification and interior decoration to improve brand recognition, customers' dining experience and overall customer satisfaction. We believe this commitment to invest in our future will differentiate us from our competitors and reinforce our leadership in China's QSR industry, resulting in higher levels of long-term revenue and profit growth. As a co-founder of the Country Style Cooking brand and restaurant chain, I'm excited to guide the operational team at this time and to lead our company into its next stage of development. Looking to 2015, we plan to optimize our offline and online resources to accelerate new restaurants openings, enter new geographic markets and grow food delivery sales."

The board of directors of the Company has appointed Ms. Flora Zeng as Interim CFO of Country Style Cooking. Ms. Zeng joined CSC in 2010 as Internal Audit Director and Executive Assistant to the Chairman and has since accumulated extensive knowledge and experience concerning the Company's financials and operations. Prior to joining CSC, she served as Audit Manager at PricewaterhouseCoopers in China for six years. In her new role, Ms. Zeng will oversee the Company's financial planning and internal audit functions as well as marketing, public relations and investor relations.

Financial Outlook

For the full year of 2015, the Company plans to open approximately 60 new restaurants. For the first quarter of 2015, the Company expects its revenues to be between RMB365 million ($58.8 million) and RMB385 million ($62.1 million), representing year-over-year growth of between approximately 5.2% and 11.0%.

CHONGQING, China, Jan. 15, 2015 /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 2014 results.

For the fourth quarter ended December 31, 2014, the Company opened 10 new restaurants, bringing the total net restaurant count to 337, compared to a total restaurant count of 293 as of December 31, 2013. The new openings include 5 restaurants under the brand name "Mr. Rice." For the full year of 2014, the Company opened 55 new restaurants.

The Company currently anticipates that it will meet its previously announced 2014 fourth quarter financial guidance of net revenue in the range of RMB 355-375 million ($57.8-$61.1 million), representing year-over-year growth of between approximately 5.5% and 11.5%. The Company expects to achieve positive operating income and net income in spite of single digit negative same store sales in the fourth quarter which was attributable to customer traffic dilution as the Company further penetrates the local market.

Country Style Cooking plans to report its fourth quarter 2014 results in early March.

CHONGQING, China, December 9, 2014 /PRNewswire/ -- 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 a strategic cooperation with YIMUTIAN INC. ("Yimutian") to build a more efficient procurement model.

Yimutian is a China-based e-commerce company that provides timely supply/demand information and a national trading platform for agricultural products to food wholesalers and retailers. Yimutian customers can access relevant product information via its corporate website and smart phone APPs. According to the agreement, Yimutian will set up a dedicated team for Country Style Cooking to provide supply chain data analysis and support the Company's group procurement.

Ms. Hong Li, Chairman and Chief Executive Officer of Country Style Cooking, commented, "As a restaurant chain focused on providing customers with healthy, safe and delicious Chinese food, we place high value on food freshness while also maximizing efforts to ensure meal standardization and affordability. We are pleased to utilize the latest technology to ensure greater efficiency in our QSR operations. Yimutian's extensive wholesale network and online data technology will complement CSC's central kitchen and established distribution system. Together we hope to develop a 'farm-to-table' supply chain to ensure food safety and quality, reduce corporate procurement costs, distributor turnover and shorten inventory turnover days."

Mr. Zhijia Liu, Co-founder of Yimutian, commented, "We are glad to be working with Country Style Cooking, a fast-growing restaurant chain and market leader in China's QSR industry. With our wide-spread network and powerful database of agricultural products, we are confident that Yimutian can satisfy CSC's frequent, multi-category, multi-source procurement requirements and help improve its supply chain efficiency. Cooperating with large restaurant chains like CSC is an important endeavor for Yimutian in its mission to improve the income of Chinese farmers while saving costs for our customers."

Third Quarter 2014 Financial Results

• Revenues in the third quarter of 2014 were RMB409.1 million ($66.6 million), an increase of 4.7% from RMB390.6 million in the same quarter of 2013.
• Diluted net income per American depositary share ("ADS") was RMB0.69 ($0.11). Adjusted diluted net income per ADS (non-GAAP) was RMB0.84 ($0.14). Each ADS represents four ordinary shares of the Company.

Ms. Hong Li, Chairman and Chief Executive Officer of Country Style Cooking, commented, "Our third quarter 2014 financial performance showed modest top line growth from our record-high third quarter 2013, primarily supported by our expanding restaurant network. By the end of the reporting quarter, we managed a total of 332 restaurants covering 30 cities in six provinces. Mr. Rice continued to drive incremental growth and network expansion. During the third quarter, we experienced a challenging combination of weaker revenue generation and cost inflation while keeping our prices relatively stable. However, we implemented effective control of selling, general and administrative expenses and improved our operating profit this quarter compared to the previous quarter."

Financial Outlook

For the fourth quarter of 2014, the Company currently estimates that its revenues will be between RMB355 million ($57.8 million) and RMB375 million ($61.1 million), representing a year-over-year growth of between approximately 5.5% and 11.5%.

Departure of Chief Financial Officer

The Company today announced that its Chief Financial Officer, Mr. Adam J. Zhao, is resigning from his position at the Company due to personal reasons, effective November 30, 2014. The Company's board of directors has begun the search for a qualified successor to Mr. Zhao to fill the position.

Mr. Zhao joined the Company in February 2012 and has made significant contributions to the Company's growth and development, including enhancing the Company's financial systems and internal controls.

Ms. Hong Li, Chairman and Chief Executive Officer of Country Style Cooking, said, "I'd like to thank Adam for his significant contributions to the Company. We wish him the best with his future endeavors."

"It has been a great experience working with Country Style Cooking and its management team," commented Mr. Zhao, who added, "I am leaving with well wishes for my colleagues and the future development of the company."

The Company noted that there were no disagreements between Mr. Zhao and CSC's Board of Directors or management and that his departure is not related to the Company's operations, policies, practices or any issues regarding the integrity of CSC's financial statements or accounting policies and practices.

CHONGQING, China, October 16, 2014 /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 third quarter 2014 results.

For the third quarter ended September 30, 2014, the Company opened a net total of 15 restaurants, bringing the total net restaurant count to 332, compared to a total restaurant count of 276 as of September 30, 2013. The new openings include 10 restaurants under the brand name "Mr. Rice."

The Company currently anticipates that it will meet its previously announced financial guidance of net revenue in the range of RMB 400-420 million ($64.5-$67.7 million), representing year-over-year growth of between approximately 2.4% and 7.5%. The Company expects to achieve positive operating income and net income in spite of higher labor costs and single digit negative same store sales in the third quarter which was attributable to customer traffic dilution as the Company further penetrates the local market and a strong base in the previous year period.

Country Style Cooking plans to report its third quarter 2014 results in mid November.

• Revenues in the second quarter of 2014 were RMB345.0 million ($55.6 million), an increase of 5.9% fromRMB325.8 million in the same quarter of 2013.
• Diluted net income per American depositary share ("ADS") was RMB0.12 ($0.02). Adjusted diluted net income per ADS (non-GAAP)[1], which excludes share-based compensation expenses, wasRMB0.28 ($0.05). Each ADS represents four ordinary shares of the Company.

Ms. Hong Li, Chairman and Chief Executive Officer of Country Style Cooking, commented, "We are pleased to have managed year-over-year growth in revenue for the second quarter of 2014 and remain on track with our restaurant expansion plan. Comparable restaurant sales saw a decline of 4.1% for the quarter, as customer traffic suffered in June stemming from higher levels of rainy and cooler days in Southwest China where the majority of our restaurants are located. This decline also impacted our profitability in the second quarter. We believe the weather impact was a unique factor in our business during the second quarter and as we enter our peak summer months, customer traffic is expected to gradually recover. During the second quarter, we opened 17 new restaurants and closed three restaurants, resulting in a total restaurant count of 317."

Mr. Adam Zhao, Chief Financial Officer of Country Style Cooking, added, "Despite the unique weather impact, we saw encouraging signs from our Mr. Rice brand stores with a 93% revenue increase in the second quarter compared to the prior year period. We expect gradual improvement in our business enabling the execution of our new store expansion plan for the full year."

Outlook

For the third quarter of 2014, the Company currently estimates that revenues will be between RMB 400-420 million ($64.5-$67.7 million), representing a year-over-year growth of between approximately 2.4% and 7.5%. The Company remains on track to open approximately 60 new restaurants in 2014.

CHONGQING, China, Aug. 15, 2014 /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 that its Chairman and Chief Executive Officer will step down as CEO effective on February 13, 2015, six months from August 13, 2014.  Ms. Li will retain her title as Chairman of the Board of the Directors.  Mr. Xingqiang Zhang, a co-founder of CCSC and Ms. Li's husband, has been appointed as the new Chief Executive Officer of the Company effective six months from August 13, 2014. 

Mr. Xingqiang Zhang is one of CCSC's founders and has served as one of its directors since the Company's inception. From 1996 to August 2007, Mr. Zhang, together with Ms. Hong Li, established and operated nine restaurants which are now part of the Company's consolidated group. Mr. Zhang has valuable experience and knowledge in terms of the daily operations of quick service restaurant chains, which contributed greatly to the Company's successful development. From 1992 to 1995, he served as the manager of two international quick service restaurant chains in Chongqing. Mr. Zhang received his bachelor's degree in economics from NankaiUniversity in 1988.

Ms. Hong Li, Chairman and Chief Executive Officer of Country Style Cooking, commented, "I am honored to have had the opportunity to lead this company for the past seven years and to have expanded the reach of the business to over 300 restaurants in China. After considerable reflection, I intend to spend more time with my family. Mr. Zhang has in-depth knowledge of CCSC's operations, significant understanding of China's QSR industry and is well equipped to lead the company to its next stage of growth."

CHONGQING, China, July 14, 2014 /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 second quarter 2014 results.

For the second quarter ended June 30, 2014, the Company opened a net total of 14 restaurants, bringing the total net restaurant count to 317, compared to a total restaurant count of 268 as of June 30, 2013. The new openings include 10 restaurants under the brand name "Mr. Rice."

The Company currently anticipates to report net revenue within its previous guidance range of RMB 340-360 million ($54.7-$57.9 million), compared to RMB 325.8 million ($53.1 million) in the second quarter of 2013, representing year-over-year growth of at least 4.3%. The Company expects positive net income despite the pressure from higher operating costs and negative same store sales growth in the second quarter of 2014 attributable to rainy, cooler weather in the Southwest region of China in June which reduced restaurant customer traffic.

Country Style Cooking plans to report its second quarter 2014 results in mid August.

First Quarter 2014 Financial Results

• Revenues in the first quarter of 2014 were RMB346.8 million ($55.8 million), an increase of 12.9% from RMB307.2 million in the same quarter of 2013.
• Adjusted diluted net income per ADS (non-GAAP)[1], which excludes share-based compensation expenses, was RMB0.70 vs. last years same quarter of RMB0.22

Ms. Hong Li, Chairman and Chief Executive Officer of Country Style Cooking, commented, "We are pleased to start 2014 with a strong quarter and an expanded network of 303 restaurants. Our revenue beat the top range of previous guidance, and our adjusted net income showed great improvement from the prior year period. During the quarter, we continued to execute a number of important growth initiatives. These include the introduction of new products and combo sets, the expansion of our e-commerce delivery service, and store expansion into the Hubei province, which is a new region for CSC. Comparable restaurant sales growth was 2.5% for the first quarter, and we believe this positive momentum will continue in the remaining three quarters of the year."

Mr. Adam Zhao, Chief Financial Officer of Country Style Cooking, added, "Our execution strategy has resulted in an improvement to our non-GAAP net income margin and we continued to improve our balance sheet during the first quarter. We are confident that our balanced growth strategy will further benefit the Company in the long term as CSC maintains its position as a leading quick service restaurant chain in the southwest China region."

Outlook

For the second quarter of 2014, the Company currently estimates that revenues will be between RMB 340-360 million ($54.7-$57.9 million), representing a year-over-year growth of between approximately 4.3% and 10.5%. The Company remains on track to open approximately 60 new restaurants in 2014.

CHONGQING, China, April 21, 2014 /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 first quarter 2014 results.

For the first quarter ended March 31, 2014, the Company opened a net total of 10 restaurants, bringing the total net restaurant count to 303, compared to a total restaurant count of 262 as of March 31, 2013. The new openings include 3 restaurants under the brand name "Mr. Rice."

The Company now anticipates beating the top range of its previous revenue guidance of RMB333-343 million ($55.0-$56.7 million), compared to RMB307.2 million ($49.5 million) in the first quarter of 2013, representing year-over-year growth of at least 11.6%. Same store sales growth in the first quarter of 2014 is expected to be in positive low-single digits. It expects improved operating margin and positive net income.

Country Style Cooking plans to report its first quarter 2014 results in mid May.

Fourth Quarter 2013 Financial Results

• Revenues in the fourth quarter of 2013 were RMB336.4 million ($55.6 million), an increase of 13.5% from RMB296.5 million in the same quarter of 2012.
• Diluted net income per ADS in the fourth quarter of 2013 was RMB0.11 ($0.02), compared to RMB0.25 in the fourth quarter of 2012. Adjusted diluted net income per ADS (non-GAAP), which excludes share-based compensation expenses, was RMB0.26($0.04) in the fourth quarter of 2013, compared to RMB0.38 in the fourth quarter of 2012. The Company had approximately 26.9 million diluted weighted average ADSs outstanding during the quarter ended December 31, 2013.

Ms. Hong Li, Chairman and Chief Executive Officer of Country Style Cooking, commented, "We are pleased to complete a year of steady, balanced improvement to our financial results with year-over-year mid-teen percent revenue increase, positive same store sales growth, return to operating profitability and on-track restaurant expansion for our two brands. At the end of 2013, we had a total of 293 restaurants, including 244 'Country Style Cooking' and 49 'Mr. Rice' branded restaurants. The fourth quarter results were in line with our guidance and our operating efficiency showed gradual improvement from the same period in 2012."

Ms. Li continued, "Looking to 2014, we again plan to open around 60 new restaurants; however, we expect to accelerate the overall restaurant opening process based on our extensive experience and regional knowledge. We continue to evaluate new geographic markets, further broaden our food offering and adopt innovative marketing strategies to boost brand recognition, foot traffic and customer satisfaction levels. We believe such efforts can drive our top-line growth and profitability in the long term."

Mr. Adam Zhao, Chief Financial Officer of Country Style Cooking, added, "We continue to make progress with our operations as we evaluate the performance of our existing restaurants and new opening procedures. We remain focused on implementing effective cost control measures, particularly for food, labor and marketing costs. Overall, we are well positioned to increase customer traffic and achieve balanced growth as we progress through 2014."

Outlook

For the full year of 2014, the Company plans to open approximately 60 new restaurants. For the first quarter of 2014, the Company expects its revenues to be between RMB333 million ($55 million) to RMB343 million ($56.7 million), representing year-over-year growth of between approximately 8.4% and 11.6%.

CHONGQING, China, Jan. 13, 2014 /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 2013 results.

The Company currently anticipates slightly beating the top range of its previous revenue guidance of RMB325-335 million ($53.2-$54.8 million), compared to RMB296.5 million ($47.6 million) in the fourth quarter of 2012, representing year-over-year growth of at least 13%. Same store sales growth in the fourth quarter of 2013 is expected to be in the mid-single digits. The Company also expects to report improved year-over-year operating profit and net income in the fourth quarter of 2013.

For the fourth quarter ended December 31, 2013, the Company opened 20 restaurants, bringing the total net restaurant count to 293, compared to a total restaurant count of 256 as of December 31, 2012. The new openings include 15 restaurants under the brand name "Country Style Cooking" and 5 under the brand name "Mr. Rice." For the full year of 2013, 59 new stores were opened.

Country Style Cooking plans to report its fourth quarter and fiscal year 2013 results in late February.

Third Quarter 2013 Financial Results

• Revenues in the third quarter of 2013 were RMB390.6 million ($63.8 million), an increase of 19.5% fromRMB327.0 million in the same quarter of 2012.
• Diluted net income per ADS in the third quarter of 2013 was RMB1.02 ($0.17), compared to RMB1.22 in the third quarter of 2012. Adjusted diluted net income per ADS (non-GAAP), which excludes share-based compensation expenses, was RMB1.17 ($0.19) in the third quarter of 2013, compared to RMB1.36 in the third quarter of 2012.

Ms. Hong Li, Chairman and Chief Executive Officer of Country Style Cooking, commented, "We are pleased to report strong top-line, operating income and adjusted EBITDA in the third quarter of 2013. Country Style Cooking's expanding network and improved comparable same store sales growth resulted in record revenues for a single quarter."

Ms. Li continued, "Since the beginning of 2013, we have concentrated our priorities on both food quality and quantity and made it our mission to enhance customer satisfaction. Our efforts to enhance consumer satisfaction are now beginning to pay off. In the third quarter, our business rebounded and we continue to optimize our network and implement further cost-controls. We are confident that our operational adjustments in recent quarters provide us with good momentum to achieve balanced growth and long-term profitability. We are committed to fully realizing CSC's potential as one of China's leading quick service restaurant chains."

Mr. Adam Zhao, Chief Financial Officer of Country Style Cooking, added, "I am encouraged by our improved operational efficiency during the quarter. Our operating margin showed both annual and sequential increases. We expect low double digit revenue growth and positive single digit comparable restaurant sales growth in 2013 and will continue to regard revenue growth, operating efficiency and cost control as priorities at CSC so that we can maximize our profitability going forward."

Outlook

For the fourth quarter of 2013, the Company currently estimates that its revenues will be between RMB325 million($53.2 million) and RMB335 million ($54.8 million), representing a year-over-year growth of between approximately 9.7% and 13.1%.

For the full year of 2013, the Company expects its revenues will be between RMB1,349 million ($220.4million) to RMB1,359 million ($222.1million), representing year-over-year growth of between approximately 13.5% and 14.4%.

CHONGQING, China, September 25, 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 third quarter 2013 results.

The Company currently anticipates meeting the top range of its previous revenue guidance of RMB380-390 million($61.9-$63.5 million), compared to RMB327 million ($52.0 million) in the third quarter of 2012, representing year-over-year growth of at least 19%. It also expects to report improved operating margin and net income in the 2013 third quarter compared to the prior year period. Same store sales growth in the third quarter of 2013 is expected to be in the mid-to-high single digits driven by continuing traffic recovery and a market-adaptable pricing strategy.

For the third quarter ended September 30, 2013, the Company expects to open 14 restaurants, bringing the total net restaurant count to 282, compared to a total restaurant count of 238 as of September 30, 2012. The new openings include 4 restaurants under the brand name "Country Style Cooking" and 10 under the brand name "Mr. Rice."

Country Style Cooking plans to report its third quarter 2013 results in mid-November.

Second Quarter 2013 Financial Results

• Revenues in the second quarter of 2013 were RMB325.8 million ($53.1 million), an increase of 16.5% from RMB279.7 millionin the same quarter of 2012.
• Adjusted EBITDA was RMB28.2 million ($4.6 million) in the second quarter of 2013, compared to RMB28.9 million in the same quarter of 2012.
• Net income for the second quarter of 2013 was RMB7.5 million ($1.2 million), as compared to RMB18.9 million in the same quarter of 2012. Adjusted net income (non-GAAP) was RMB12.3 million ($2.0 million), as compared to RMB15.1 million in the same quarter of 2012.
• Diluted net income per American depositary share ("ADS") was RMB0.29 ($0.05) vs. last years RMB0.72. Adjusted diluted net income per ADS (non-GAAP) was RMB0.47 ($0.08) vs. last years RMB0.58.  Each ADS represents four ordinary shares of the Company.

Ms. Hong Li, Chairman and Chief Executive Officer of Country Style Cooking, commented, "We are pleased to maintain solid top-line growth for the second quarter of 2013, beating our quarterly revenue forecast. Comparable same store sales (SSS) increased by 3.7%, primarily driven by rising average selling prices and a campaign to enhance customer satisfaction. We believe that as we enter the busy summer months, SSS will continue to improve. During the second quarter, we opened 15 new restaurants and closed nine non-productive restaurants bringing our total restaurant count to 268 as of June 30, 2013."

Mr. Adam Zhao, Chief Financial Officer of Country Style Cooking, added, "With our SSS turning positive based on our efforts in recent quarters, we believe our business is recovering and our balanced growth strategy is working for the company. We believe with the reduction in the number of non-performing stores in our portfolio, this will lead to less impairment cost in the second half of the year. We expect our focus on opening new restaurants in more productive locations along with our cost control measures can further improve the company's long term profitability."

Outlook

For the third quarter of 2013, the Company currently estimates that revenues will be between RMB380 million ($61.9 million) andRMB390 million ($63.5 million), representing a year-over-year growth of between approximately 16.8% and 19.9%.

CHONGQING, China, July 5, 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 second quarter 2013 results.

The Company currently expects to beat the top range of its previous revenue guidance of RMB307-317 million. The Company expects positive net income and same store sales growth in the low single digits growth in the second quarter, driven by a combination of higher average selling price and increased traffic.

For the second quarter ended June 30, 2013, the Company opened 15 restaurants, bringing the total net restaurant count to 268, compared to a total restaurant count of 217 as of June 30, 2012. The new openings include 12 restaurants under the brand name "Country Style Cooking" and three under the brand name "Mr. Rice." The Company reiterates confidence that it will open around 60 new restaurants in 2013.

Country Style Cooking plans to report its second quarter 2013 results in mid August.

First Quarter 2013 Financial Results

• Revenues in the first quarter of 2013 were RMB307.2 million ($49.5 million), an increase of 7.7% from RMB285.2 million in the same quarter of 2012.
• Comparable restaurant sales decreased by 4.1% from the same quarter of 2012. There were 177 restaurants in the comparison.
• Restaurant level operating margin was 12.7%, an increase of 140 basis points from the same quarter of 2012.
• Adjusted EBITDA was RMB21.6 million ($3.5 million) in the first quarter of 2013, compared to RMB17.3 million in the same quarter of 2012.
• Net income for the first quarter of 2013 was RMB2.0 million ($0.3 million), a decrease of 89.1% from RMB18.3 million in the same quarter of 2012. Adjusted net income (non-GAAP), which excludes share-based compensation expenses and the one-time tax benefit in the first quarter of 2012, was RMB5.9 million ($0.9 million), an increase of 17.0% from RMB5.0 million in the same quarter of 2012.
• Diluted net income per American depositary share ("ADS") was RMB0.08 ($0.01). Adjusted diluted net income per ADS (non-GAAP), which excludes share-based compensation expenses, was RMB0.22 ($0.04). Each ADS represents four ordinary shares of the Company.

Ms. Hong Li, chairman and chief executive officer of Country Style Cooking, commented, "We are off to an encouraging start in 2013 with steady revenue growth and an expanded network of 262 restaurants. Our top line growth was in line with our guidance forecast and our adjusted net income showed improvement from the same year period in 2012. Comparable restaurant sales were negative as expected during the first quarter but continue to show signs of improvement. Comparable restaurant sales turned positive in March and we believe quarterly comparable restaurant sales will improve in the remaining three quarters of the year. Our operating margin in the first quarter was impacted by our decision to close nine non-productive restaurants, but we expect the exit from these select locations to improve our operating performance in future quarters. We continue to focus on implementing effective cost control measures and enhancing our marketing efforts to boost customer loyalty and brand recognition. We also managed to increase average selling prices by rolling out different products on our menu and introducing new combo meals in March, which has upheld our profitability in an inflationary environment. Maintaining high levels of food quality, product variety and customer service is critical to sustaining high levels of customer satisfaction and pricing power. For the remainder of 2013, we reiterate our plan to open around 60 new restaurants and expect low double digit revenue growth for the full year."

Mr. Adam Zhao, chief financial officer of Country Style Cooking, added, "We remain optimistic that our operations are making progress, particularly as we exit from underperforming store locations. As we conduct frequent and thorough evaluations of our new restaurants opened from the 2012 second quarter onward, we expect reduced store closures and significant decreases in our impairment charges in the second half of 2013. Our new restaurants are opened under more prudent expenditure schemes and our gradual roll out of 'Mr. Rice' branded restaurants has reduced the breakeven period for our new restaurant locations. Overall, we are well positioned to capture customer traffic in the upcoming busy summer months and achieve balanced growth in the long term."

Outlook

For the second quarter of 2013, the Company currently estimates that revenues will be between 307 million ($49.3 million) and RMB317 million ($51.0 million), representing a year-over-year growth of between approximately 9.6% and 13.2%.

CHONGQING, China, April 22, 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 first quarter 2013 results.

For the first quarter ended March 31, 2013, the Company anticipates net revenue of approximately RMB307 million, which is within the Company's first quarter guidance range of RMB303 million and RMB313 million. It also expects to achieve positive net income in spite of higher operating costs and increases in depreciation and impairment expenses. Same store sales growth in the first quarter was still negative but saw minor improvement over the fourth quarter of 2012. Management expects continuous sequential improvement in SSS for the remaining three quarters of 2013.

In the first quarter, the Company opened a net total of six new restaurants, bringing the total net restaurant count to 262, compared to a total restaurant count of 212 as of March 31, 2012. The new openings include both "Country Style Cooking" and "Mr. Rice" branded restaurants.

Country Style Cooking plans to report its first quarter 2013 results in mid May.

CHONGQING, China, October 1, 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 preliminary third quarter 2012 results.

For the third quarter ended September 30, 2012, the Company opened 23 restaurants, bringing the total net restaurant count to 238, compared to a total restaurant count of 186 as of September 30, 2011. The Company currently expects to slightly beat the top range of its previous revenue guidance of RMB325 million ($51.1 million). Customer traffic in the Chengdu market has returned to normal levels and is driving a correction in recent declines in same store sales growth following a spate of negative press reports. During the quarter, the Company has also observed encouraging trends in profitability. Throughout the period, the Company furthermore collected results from a trial run of several quick service, canteen-style restaurants. Management feels that these restaurants may offer a path to additional revenue streams and plans to report in more details on the trial results in its next earnings call.

Currently, the Company plans to report its third quarter results around the middle of November, 2012.

Second Quarter 2012 Financial Highlights

• Revenues in the second quarter of 2012 were RMB279.7 million ($44.0 million), an increase of 19.4% from RMB234.3 million in the same quarter of 2011.
• Comparable restaurant sales decreased by 3.8% from the same quarter of 2011. There were 131 restaurants in the comparison.
• Restaurant level operating margin was 16.1%, an increase of 50 basis points from the same quarter of 2011.
• Net income for the second quarter 2012 was RMB18.9 million ($3.0 million), compared to net loss of RMB14.5 million in the same quarter of 2011. 
• Adjusted net income (non-GAAP), which excludes share-based compensation expenses and a one-time tax benefit/expense, was RMB15.1 million ($2.4 million), an increase of 98.7% from RMB7.6 million in the same quarter of 2011.
• Diluted net income per American depositary share ("ADS") was RMB0.72 ($0.11). 
• Adjusted diluted net income per ADS(non-GAAP), which excludes share-based compensation expenses and a one-time tax benefit/expense, was RMB0.58($0.09). Each ADS represents four ordinary shares of the Company.
• Total number of restaurants increased by a net of 5 in the second quarter of 2012 to 217 restaurants, covering 23 cities and up from 159 restaurants as of June 30, 2011.

Ms. Hong Li, chairman and chief executive officer of Country Style Cooking, commented, "In the second quarter of 2012, we grew our revenues by 19.4% year-over-year to RMB 279.7 million, slightly below our previously expected range of RMB285 million to RMB295 million. For strategic reasons, we decided to postpone the opening of four new restaurants from the second quarter to the third quarter, which provided us with less revenue-generating capacity than originally expected. However, I'm pleased that our operational profitability improved significantly, as reflected in our 77.0% annual increase in operating income. Our recently introduced KPI standards and cost control measures began to show effect in June and we believe they will help further improve our bottom-line going forward."

Ms. Hong Li continued, "For the second half of 2012, especially in our traditionally busy third quarter, we plan to accelerate the speed at which we open new restaurants to achieve our annual restaurant growth targets. We have experimented with new restaurant operating models and guarantees to customers for fast meal turnaround times, which have received encouraging feedback. We expect to build on this momentum going into the peak season while also aiming to further reduce our operating cost levels as we expand in order to achieve balanced growth with profitability."

Mr. Adam Zhao, chief financial officer of Country Style Cooking, added, "As Ms. Li said, our cost control measures have proven to be increasingly effective in boosting our bottom line. Attention to controlling costs was part of the rationale to delay the opening of four new restaurants and we believe that such an approach provides for a more profitable rollout strategy. We are also making concerted efforts to boost sales and to build our brand, recognizing that we have incurred negative same store sales growth. The decline in same store sales growth was attributed to the Chengdu market, which, following issues late last year, is taking longer than expected to recover and return to historical operating levels."

CHONGQING, China, June 1, 2012 /PRNewswire-Asia/ -- 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 reported that it has received a notice of preferential tax treatment from the Chongqing State Tax Bureau for years from 2011 to 2020.

The Company's subsidiary in Chongqing, China has applied the standard enterprise income tax rate of 25% to calculate its tax obligations since the preferential tax rate of 15% expired on December 31, 2010. On May 31, 2012, the Company received a written approval from the Chongqing State Tax Bureau stating that the Company's Chongqing subsidiary was granted the preferential tax rate of 15% for years from 2011 through 2020.

As a result of the change in the preferential tax treatment for the year 2011 and the first quarter of 2012, the Company will recognize a one-time tax benefit of RMB7.9 million (US$1.2 million) in the quarter ending June 30, 2012.

First Quarter 2012 Financial Highlights

• Revenues in the first quarter of 2012 were RMB285.2 million ($45.3 million), an increase of 28.1% fromRMB222.6 million in the same quarter of 2011.
• Comparable restaurant sales increased by 1.1% from the same quarter of 2011. There were 123 restaurants in the comparison.
• Restaurant level operating margin was 11.3%, a decrease of 680 basis points from the same quarter of 2011.
• Net income for the first quarter 2012 was RMB18.3 million ($2.9 million), an increase of 55.1% fromRMB11.8 million in the same quarter of 2011. Adjusted net income (non-GAAP), which excludes share-based compensation expenses and a one-time tax income, was RMB5.0 million ($0.8 million), compared to adjusted net income (non-GAAP) of RMB14.5 million in the same quarter of 2011.
• Diluted net income per American depositary share ("ADS") was RMB0.69 ($0.11). Adjusted diluted net income per ADS (non-GAAP), which excludes share-based compensation expenses and a one-time tax income, was RMB0.19 ($0.03). Each ADS represents four ordinary shares of the Company.
• Total number of restaurants increased by a net of 13 in the first quarter of 2012 to 212, covering 21 cities as of March 31, 2012, and up from 140 as of March 31, 2011.

Ms. Hong Li, chairman and chief executive officer of Country Style Cooking, commented, "I am pleased that in the first quarter of 2012, we grew revenues to RMB 285.2 million, representing an increase of 28.1% over the prior year period and beating our previous revenue guidance. During the quarter, we continued our restaurant network expansion, adding a net of 13 restaurants. For the remainder of 2012, we reiterate our plan to open around 70 new restaurants, with approximately 60% of the new restaurants to be located in our home markets of Southwest Chinaand the other 40% of the new restaurants in other regions of China."

Ms. Hong Li continued, "We managed to lower our operating expenses, bringing them down by 2.6% from the fourth quarter of 2011. We are still aiming for further operating expense reductions, recognizing that we have incurred an operating loss of RMB3.3 million, mainly due to impairment charges of RMB2.5 million. Going forward, we will continue our focus on bringing our operating costs in line with a tightened budget that supports both profitability and growth."

Mr. Adam Zhao, chief financial officer of Country Style Cooking, added, "During the first quarter of 2012, the company faced significant cost control challenges, some lingering from previous quarters. Yet, our introduction of new key performance indicators and novel programs designed to improve operational profitability are beginning to show results, as evidenced by the quarter-on-quarter reduction of operating expenses combined with solid top-line growth."

Outlook

For the second quarter of 2012, the Company currently estimates that its revenues will be between RMB285 million ($45 million) and RMB295 million ($47 million), representing a year-over-year growth of between approximately 22% and 26%.

Fourth Quarter 2011 Financial Highlights

• Revenues in the fourth quarter of 2011 were RMB272.4 million ($43.3 million), an increase of 29.5% fromRMB210.3 million in the same quarter of 2010.
• Comparable restaurant sales decreased by 1.8% from the same quarter of 2010. There were 108 restaurants in the comparison.
• Restaurant level operating margin was 6.4%, a decrease of 910 basis points from a year ago.
• Net loss for the fourth quarter 2011 was RMB18.9 million ($3.0 million), compared to net income of RMB14.1 million in the same quarter of 2010. Adjusted net loss (non-GAAP), which excludes share-based compensation expenses, was RMB13.7 million ($2.2 million), compared to adjusted net income (non-GAAP) of RMB16.3 million in the same quarter of 2010.
• Basic and diluted net loss per American depositary share ("ADS") was RMB0.73 ($0.12). Adjusted diluted net loss per ADS (non-GAAP), which excludes share-based compensation expenses, was RMB0.53($0.08). Each ADS represents four ordinary shares of the Company.
• Total number of restaurants increased by 13 in the fourth quarter of 2011 to 199, covering 18 cities as ofDecember 31, 2011, up from 131 as of December 31, 2010.

Ms. Hong Li, chairman and chief executive officer of Country Style Cooking, commented, "We are pleased to have maintained steady revenue growth for the fourth quarter 2011, reaching our previous guidance despite the negative impact to our Chengdu restaurants sales following a short period of negative press coverage regarding sanitary issues at one of our restaurants in late November. During the fourth quarter 2011, we continued network expansion and added a net of 13 new restaurants, including our first restaurant in Yunnan Province and our second and third restaurants in Beijing. We are excited about the opportunities in these new markets and plan to further expand our footprint in these strategically important regional markets in 2012."

Ms. Hong Li continued, "Along with encouraging revenue growth, unfortunately we have also incurred an operating loss. Factors contributing to this loss were increases in certain cost items and a targeted short-term sales promotion program that involved discounted food pricing. Our value lunch campaign in Sichuan, though successful in attracting increased customer volume and raising brand awareness, also resulted in squeezing our overall gross margin. Coupled with the short period of negative press coverage regarding sanitary conditions in one of our Chengdu restaurants, sales in around 60 Chengdu area restaurants dipped temporarily. I am pleased to report that sanitary issues have been addressed to the satisfaction of our customers, negative press coverage is no longer a significant issue, and the discount pricing campaign has smoothly concluded. We have learned tremendously from these developments and have implemented measures that we believe have put our company back on the path to growth with profitability."

Outlook

For the full year 2012, the Company plans to open around 70 new restaurants. For the first quarter of 2012, the Company currently estimates that its revenues will be between RMB270 million ($42.9 million) and RMB280 million ($44.5 million), representing a year-over-year growth of between approximately 21.3% and 25.8%.

CHONGQING, China, Dec. 21, 2011 /PRNewswire-Asia/ -- Country Style Cooking Restaurant Chain Co., Ltd ("Country Style Cooking" or the "Company") (NYSE: CCSC), a fast-growing quick service restaurant chain in China, today announced that its chief financial officer ("CFO"), Mr. Roy Shengwen Rong, is resigning from his position at the Company due to personal reasons, effective January 31, 2012. The Company's board of directors will conduct a search for a qualified successor to Mr. Rong and in the interim has appointed Mr. Andrew Zhang, the Company's Financial Controller, to serve as the acting CFO after Mr. Rong's departure until a new CFO is appointed.

Mr. Rong joined the Company in April 2010 and has made significant contributions to the Company's growth and development, including leading the Company through its successful IPO and helping to enhance the Company's financial systems and internal controls.

Ms. Hong Li, chairman and chief executive officer of Country Style Cooking, said, "I'd like to thank Roy for his significant contributions to the Company. We wish him the best with his future endeavors."

"It has been a great experience working with Country Style Cooking and its management team," commented Mr. Rong, who added, "I am leaving with well wishes for my colleagues and the future development of the company."

Mr. Zhang joined the Company in June 2010 and has been a key member of its financial team before, during, and after the Company's initial public offering ("IPO") in September 2010. Prior to joining the Company, Mr. Zhang was a manager in Assurance Department of PricewaterhouseCoopers in China, where he worked for six years.

Original Story brought to US investor attention by GeoInvesting (11/23/2011) on CCSC Sanitation Scandal:

There is a scandal regarding sanitation issues at one of Country Style Cooking’s (CCSC) stores in Chengdu City, Sichuan province. In this store, the workers recycled cooking oil from the remaining cooked food, did not wash vegetables after touching them with bare hands, continued to use vegetables after cutting the rotted parts, and found a dead mouse under the raw materials food shelf. This scandal has been well distributed in China within last 48 hours, but as far as we can tell has not been extensively discussed on U.S. shores. At least, we have not yet located a reference in the U.S. press.

On Nov. 22, 2011, CCSC acknowledged the issues mentioned in this scandal and issued a press release in the PRC, in Chinese. (http://news.chengdu.cn/content/2011-11/23/content_814749.htm?node=1760) The Food and Sanitation Bureau of Chengdu City is reviewing around 50 CCSC stores. (http://cd.qq.com/a/20111123/000110_1.htm).

As a Chinese restaurant chain, the sanitation issue is a key one, as it is very important to maintain a high quality of service to customers. Generally, CCSC’s store does not keep open kitchens. The customers can not watch the operations in the kitchen. Following the fast expansion in the last two years, the ability of internal management to enforce high sanitation standards may become a difficult task to implement. Eventually, a potentially loose internal management structure and combined undetermined sanitation issues may adversely influence the business of CCSC. Even though this scandal has only been identified at one location, we believe that it is possible that, on the whole, a near term negative fallout could occur for the company as potential customers wait to be reassured by government inspections of around 50 stores that this is an isolated event.

Furthermore, CCSC recently issued its Q4 2011revenue guidance which was below analyst estimates (http://www.reuters.com/finance/stocks/CCSC.K/key-developments/article/2436454). We regard that this sanitation scandal may also adversely influence the updated 4^th quarter revenue guidance of CCSC.

We believe that current share price weakness may be due to the market slowly acknowledging the existence of developments surrounding this food safety issue.

A reporter in China was working there for around a month and shot video. The following on-the-ground video surveying activity at the location in question is available to view on the web:

http://video.sina.com.cn/v/b/65805912-1655039853.html

1. Recycled cooking oil from remaining cooked food. 00:25
2. Touched raw vegetables without gloves and did not wash the food after it was de-frosted 01:14
3. Continued to use the vegetables after cutting the rotted parts 2:11
4. Dead mouse under the raw materials shelf 2:23
5. The raw materials of the oil is refined from transgenic plants 2:42

Disclosure: Short CCSC

Third Quarter 2011 Results

Second Quarter 2011 Results

CHONGQING, China, June 21, 2011 /PRNewswire-Asia/ -- 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 reported a change in the preferential tax treatment it previously received from the State Tax Bureau in Chongqing, China for the three years 2008, 2009 and 2010 and the impact of this change on the Company's results of operations for the current period. In addition, the Company announced its revenue estimate for the second quarter of 2011.

The Company's subsidiary in Chongqing, China applied a preferential enterprise income tax rate of 15% from 2008 through 2010 (the "Preferential Tax Treatment") pursuant to a written approval it received from the State Tax Bureau in Chongqing in February 2009. On June 15, 2011, the Company received notice that the PRC National Audit Office recently issued a letter to the State Tax Bureau in Chongqing stating that a few restaurant companies, including the Company's Chongqing subsidiary, should not have been granted the Preferential Tax Treatment for 2009. The National Audit Office's ruling is that the Company's Chongqing subsidiary should pay enterprise income tax at the standard rate of 25%, meaning that the subsidiary owes approximately RMB6.4 million (US$1.0 million) in additional enterprise income tax for 2009. The Company intends to pay this amount in a timely manner as requested by the local tax authority.

In addition, the Company intends to make additional provisions for the potential payment of additional enterprise income tax based on the standard rate of 25% for the years 2008 and 2010. This provision is based on the Company's assessment that the above PRC National Audit Office ruling has brought uncertainties to the Preferential Tax Treatment its Chongqing subsidiary enjoyed in 2008 and 2010 as well. As previously disclosed, the Company's preferential tax rate was only to be applied to the three years ended December 31, 2010, and as such, was scheduled to expire at the end of December 31, 2010. As such, the Company used the standard rate of 25% for its subsidiary in Chongqing when the Company reported its operating results for the quarter ended March 31, 2011.

As a result of the foregoing, the Company will recognize a one-time tax liability of RMB17.8 million (US$2.7 million) related to the change in the Preferential Tax Treatment for the three years of 2008, 2009 and 2010 in the quarter ending June 30, 2011. Of that amount, RMB6.4 million (US$1.0 million) will be paid in a timely manner as requested by the local tax authority.

The Company believes that the Preferential Tax Treatment its Chongqing subsidiary previously enjoyed was appropriate under relevant published government rules and regulations and the written approval it received in February 2009. A copy of the English translation of the written approval will be filed as an exhibit to the Form 6-K to be furnished to the Securities Exchange Commission in connection with this press release.  The Company intends to communicate its position on this matter to local authorities through proper channels.

Country Style Cooking Restaurant Chain is further taking this opportunity to update its second quarter 2011 revenue performance. The Company currently estimates that its revenue for the second quarter will be between RMB227 million (US$35.0 million) and RMB232 million (US$35.8 million), representing a year-over-year growth of between approximately 35% and 38%.

We believe that our current cash and cash equivalents and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including our cash needs for working capital and capital expenditures, for at least the next 12 months.

We expect our capital expenditures to be approximately RMB150 million ($22.7 million) in 2011. Our capital expenditures in 2011 will be used primarily to open new restaurants. We expect to incur a total of approximately RMB100 million ($15.2 million) in capital expenditures in connection with the leasehold improvements and investments in equipment in relation to the opening of between 65 and 75 new restaurants in 2010. The remaining capital expenditures in 2011 will be made to purchase selected real properties for our national sauce package production facility and the central kitchen for Chongqing.  

First Quarter Results:

• Revenues in the first quarter of 2011 were RMB222.6 million ($34.0 million), an increase of 40.5% from RMB158.4 million in the same quarter of 2010.
• Comparable restaurant sales increased by 4.4% from the same quarter of 2010.
• Net income was RMB11.8 million ($1.8 million), a decrease of 22.5% from RMB15.2 million in the same quarter of 2010, primarily due to higher foreign exchange loss and income tax rate. Non-GAAP net income, which excludes share-based compensation expenses of RMB2.7 million, was RMB14.5 million ($2.2 million), a decrease of 9.1% from RMB15.9 million in the same quarter of 2010.
• Diluted earnings per American depositary share ("ADS") were RMB0.44 ($0.07). Non-GAAP diluted earnings per ADS, which excludes share-based compensation expenses, was RMB0.55 ($0.08). Each ADS represents four ordinary shares of the Company.

Ms. Hong Li, chairman and chief executive officer of Country Style Cooking, commented, "We're pleased to report record revenue and the addition of a net nine new restaurants for the first quarter 2011.   During the quarter, we optimized product lines and reinforced our strategy to focus on Sichuanese flavored rice based dishes to reflect changes in food trends and customer preferences. We believe that the adjustment will attract more customer visits and further improve standardization and operating efficiency. "

Fourth Quarter Highlights:

• Revenues in the fourth quarter of 2010 were RMB210.3 million ($31.9 million), an increase of 50.5% from RMB139.7 million in the same quarter of 2009.
• Comparable restaurant sales increased by 10.7% from the same quarter of 2009.
• Non-GAAP net income, which excludes share-based compensation expenses of RMB2.2 million, was RMB16.3 million ($2.5 million), an increase of 106.5% from RMB7.9 million in the same quarter of 2009.
• Non-GAAP diluted earnings per ADS, which excludes share-based compensation expenses, increased to RMB0.61 ($0.09) in the fourth quarter of 2010 from RMB0.40 in the fourth quarter of 2009.
• The Company estimates that its revenue for the full year of 2011 will be between RMB1.1 billion and RMB1.2 billion, representing a year over year growth rate of approximately 47% and 61%. This forecast reflects the Company's current and preliminary view, which is subject to change.

Ms. Li Hong, chairman and chief executive officer of Country Style Cooking, commented, "We're pleased to report solid financial results for the fourth quarter 2010.  We believe that we are still in the early stage of our business expansion plans, and that there are ample opportunities for us to grow not only in our core market in China's Southwestern region but also in China's other regions in the coming years.  Our business concept continues to garner universal appeal in China, and we continue to execute on our growth strategy and to elevate our brand into a household name throughout China.  We are very glad that we started offering set meals on 8 additional routes of fast trains in China. At Country Style Cooking Restaurant, we are passionately committed toward fulfilling our vision of becoming China's leading quick-service restaurant chain."

Third Quarter 2010 Financial Highlights

• Revenues in the third quarter of 2010 were RMB209.2 million ($31.3 million), an increase of 46.9% from RMB142.4 million in the same quarter of 2009.

• Comparable restaurant sales increased 7.8% compared to the same quarter of 2009.

• Net income was RMB21.0 million ($3.1 million), an increase of 24.2% from RMB16.9 million in the comparable period of 2009.

• Non-GAAP net income, which excludes share-based compensation expenses of RMB1.8 million, was RMB22.8 million ($3.4 million), an increase of 34.9% from RMB16.9 million in the corresponding period of 2009.

• Diluted earnings per American depositary share (“ADS”) and non-GAAP diluted earnings per ADS were RMB1.00 ($0.15) and RMB1.09 ($0.16) respectively. Each ADS represents four ordinary shares of the Company.

Ms. Li Hong, chairman and chief executive officer of Country Style Cooking, commented, “We are very pleased with our third quarter financial results and our first quarter reporting as a public company, as we achieved record quarterly revenues and record table turnovers. Our rapid revenue growth and operational performance in the third quarter of 2010 again demonstrate the strength of our business model and our unique competitive position.”

Ms. Li further commented, “Our excellent performance was a direct result of our continued focus on employee training and customer satisfaction. Because of our successful IPO on the New York Stock Exchange, Country Style Cooking is becoming a household name not only in Chongqing and Sichuan, but in other markets where we operate. Our restaurants are gradually replacing the kitchens of many of our customers.”

Mr. Roy Rong, chief financial officer of Country Style Cooking, added, “As demonstrated by our solid financial performance this quarter, we are very excited about the large growth opportunities ahead of us. With our solid cash on hand and growing operating cash flows, we are confident that we have enough capital to execute our expansion plans. We will continue to open new restaurants in our existing markets, while expanding our footprint across China. For the fourth quarter of 2010, we are on track to open more than 16 new restaurants by year-end, and we anticipate mid-to-high single digit comparable restaurant sales growth.”

Financial Outlook

The Company estimates that its revenue for the fourth quarter of 2010 will be between RMB203 million and RMB212 million, representing a year over year growth rate of approximately 43% to 49%.

Country Style Cooking Restaurant Chain Co., Ltd. plans for Initial Public Offering.

Company Snapshot:

Quick service restaurant chain in China

Industry Snapshot:

• The consumer food services industry in China has grown rapidly in recent years, driven primarily by the growth of the Chinese economy, which led to rapid urbanization and increasing disposable income in China. The economic growth, although not indicative of future growth, has in turn led to changes in consumption patterns in China, including growing number of consumers dining out for convenience or the dining experience.
  
• The company  believes that the following factors have contributed, and are expected to continue to contribute, to the growth of the consumer food services industry and the quick service restaurant sector in China:
  
  • Strong economic growth and increasing disposable income.
  • Rapid urbanization.
  • Increasing working population.
  • Fast-paced lifestyle and longer working hours.

Use Of proceeds:

Our net proceeds from this offering are expected to be approximately $57.6 million (assuming an initial public offering price of $13.00 per ADS, the midpoint of the estimated range of the initial public offering price and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We plan to use the net proceeds from this offering to:

• Open new restaurants
• Improve and expand our logistics
• IT infrastructure

Underwriter(s):

• Merrill Lynch, Pierce, Fenner & Smith Incorporated
• Credit Suisse Securities (USA) LLC
• Cowen and Company, LLC
• Piper Jaffray & Co.

Proposed offering price: $12.00 to $14.00

Post IPO Share Calculation: (Using a 4 to 1 Ordinary to ADS conversion ratio).

• 20,249,081: Pre IPO fully diluted share count used in EPS calculation.
•   5,000,000: Newly issued ADS shares 
•      750,000: Over-allotments ADS shares 
•      983,575:Outstanding options  

GeoTeam® best effort calculation of total post IPO ADS count to be used in EPS calculations, assuming full conversions and a Ordinary to ADS conversion ratio of 4 to 1: 26,982,656

Financial Snapshot:

2009 Year End

• Revenues increased by 113.6% from RMB231.5 million to RMB494.5 million ($72.9 million).
  
• Net income increased by 69.4% from RMB26.6 million to RMB45.1 million ($6.6 million). 

Six Months 2010:

• Revenue increased by 53.7% from RMB212.3 million to RMB326.4 ($48.1 million).
  
• Net income increased by 36.8% from RMB20.3 million to RMB27.7 million ($4.1 million).

We added 34 and 38 new restaurants in 2008 and 2009, respectively, which contributed revenues of RMB152.0 million and RMB124.5 million ($18.4 million) in 2008 and 2009, respectively.

We further added 20 new restaurants during the first half of 2010, which contributed revenues of RMB23.6 million ($3.5 million) for the six months ended June 30, 2010.