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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.
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."
Interest income for the second quarter of 2012 was RMB5.3 million ($0.8 million), representing an increase of 44.5% as compared to RMB3.7 million in the same quarter of 2011.
Income tax benefit in the second quarter of 2012 was RMB3.4 million ($0.5 million), compared to income tax expense of RMB21.9 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 years from 2011 to 2020. The Company recognized a one-time tax benefit of RMB7.9 million ($1.2 million) in the second quarter of 2012, as a result of the change in the preferential tax treatment for the full year 2011 and the first quarter of 2012.
Net income was RMB18.9 million ($3.0 million), as compared to net loss of RMB14.5 million in the second quarter of 2011. Adjusted net income (non-GAAP), which excludes share-based compensation expenses and a one-time tax benefit, was RMB15.1 million ($2.4 million) in the second quarter of 2012, compared to RMB7.6 million in the second quarter of 2011.
Diluted net income per ADS in the second quarter of 2012 was RMB0.72 ($0.11), compared to diluted net loss per ADS of RMB0.56 in the second quarter of 2011. Adjusted diluted net income per ADS (non-GAAP), which excludes share-based compensation expenses and a one-time tax benefit, was RMB0.58 ($0.09) in the second quarter of 2012, compared to RMB0.29 in the second quarter of 2011. The Company had approximately 26.2 million weighted average diluted ADSs outstanding during the quarter ended June 30, 2012.
As of June 30, 2012, the Company had cash, cash equivalents and short-term investments of RMB528.1 million ($83.1 million), compared to RMB517.5 million as of December 31, 2011.