Country Style Cooking (CCSC $10.00 -0.60) reported a notice of change
in preferential tax treatment and guides second quarter revenues in the range of
approx. $35 million to $35.8 million versus the $39.1 million Capital IQ
consensus.
The company announced 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. 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... 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)
(current Capital IQ consensus is $39.1 million), representing a year-over-year
growth of between approximately 35% and 38%.






