Country Style Q1 Profit Rises - Quick Facts

(RTTNews) - Country Style Cooking Restaurant Chain Co., Ltd. (CCSC) Monday reported higher profit for the first quarter, reflecting growth in revenues supported by the company's expanding restaurant network.

Net income for the quarter rose to RMB11.6 million or RMB0.11 per share ($55.8 million or $0.017 per share) from RMB2.0 million or RMB0.02 per share last year. Net income per American depositary share was RMB 0.43 ($0.07).

On an adjusted basis, net income excluding share-based compensation expenses was RMB19 million or RMB0.70 per ADS ($3.1 million or $0.11 per share).

Revenues for the quarter rose 12.9 percent to RMB346.8 million or $55.8 million from RMB307.2 million in the same quarter of 2013. Comparable restaurant sales increased 2.5 percent year-over-year.

Looking forward, for the second quarter, the company expects revenues between RMB 340 million - RMB 360 million representing a year-over-year growth of between nearly 4.3 percent and 10.5 percent. Also, the firm remains on track to open around 60 new restaurants in 2014.