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Wholesale & retail segments perform well at Ever-Glory
11 Aug '11
5 min read
General and administrative expenses increased 135.6% to $4.1 million in the second quarter of 2011 from $1.7 million in the second quarter of 2010. This increase was attributable to an increase in payroll for additional management and design and marketing staff as a result of our business expansion.
Income from operations for the second quarter of 2011 increased 253.0% to $2.5 million, compared to $0.7 million in the second quarter of 2010.
For the second quarter of 2011, GAAP net income attributable to the Company was $2.3 million, or $0.15 per diluted share, an increase of 182.1% from $0.8 million, or $0.05 per diluted share in the second quarter of 2010. GAAP net income attributable to the Company results for in the second quarter of 2011 include approximately $0.1 million, or $0.01 per diluted share, of non-cash income related to the change in fair value of a derivative liability. The change in fair value of a derivative liability in the second quarter of 2010 was not significant. Excluding these non-cash items for the second quarter 2011 and 2010, non-GAAP diluted earnings per share were $0.14 in the second quarter of 2011 compared to $0.06 in the second quarter of 2010.
Balance Sheet and Cash Flow
As of June 30, 2011, the Company had approximately $10.7 million of cash and cash equivalents, compared to approximately $3.7 million as of December 31, 2010. Ever-Glory had working capital of approximately $29.6 million as of June 30, 2011, and outstanding bank loans of approximately $21.0 million as of June 30, 2011.
Business Outlook
For the third quarter of 2011, the Company anticipates total net sales of $42.0 to $52.0 million and net income of $2.0 to $2.5 million. For full year 2011, Ever-Glory anticipates total net sales between $180 and $215 million and net income between $7.3 and $9.0 million. The full year revenue forecast is comprised of $120 to $150 million in expected wholesale revenue and $60 to $65 million in expected revenue from retail operations.
Based in Nanjing, China, Ever-Glory International Group Inc is a leading apparel supply chain manager and retailer in China. Ever-Glory is the first Chinese apparel Company listed on the American Stock Exchange and has a focus on middle-to-high grade casual wear, outerwear, and sportswear brands. Ever-Glory maintains global strategic partnerships in Europe, the United States, Japan and China, conducting business with several well-known brands and retail chain stores. In addition, Ever-Glory operates its own domestic chain of retail stores known as "LA GO GO."
Income from operations for the second quarter of 2011 increased 253.0% to $2.5 million, compared to $0.7 million in the second quarter of 2010.
For the second quarter of 2011, GAAP net income attributable to the Company was $2.3 million, or $0.15 per diluted share, an increase of 182.1% from $0.8 million, or $0.05 per diluted share in the second quarter of 2010. GAAP net income attributable to the Company results for in the second quarter of 2011 include approximately $0.1 million, or $0.01 per diluted share, of non-cash income related to the change in fair value of a derivative liability. The change in fair value of a derivative liability in the second quarter of 2010 was not significant. Excluding these non-cash items for the second quarter 2011 and 2010, non-GAAP diluted earnings per share were $0.14 in the second quarter of 2011 compared to $0.06 in the second quarter of 2010.
Balance Sheet and Cash Flow
As of June 30, 2011, the Company had approximately $10.7 million of cash and cash equivalents, compared to approximately $3.7 million as of December 31, 2010. Ever-Glory had working capital of approximately $29.6 million as of June 30, 2011, and outstanding bank loans of approximately $21.0 million as of June 30, 2011.
Business Outlook
For the third quarter of 2011, the Company anticipates total net sales of $42.0 to $52.0 million and net income of $2.0 to $2.5 million. For full year 2011, Ever-Glory anticipates total net sales between $180 and $215 million and net income between $7.3 and $9.0 million. The full year revenue forecast is comprised of $120 to $150 million in expected wholesale revenue and $60 to $65 million in expected revenue from retail operations.
Based in Nanjing, China, Ever-Glory International Group Inc is a leading apparel supply chain manager and retailer in China. Ever-Glory is the first Chinese apparel Company listed on the American Stock Exchange and has a focus on middle-to-high grade casual wear, outerwear, and sportswear brands. Ever-Glory maintains global strategic partnerships in Europe, the United States, Japan and China, conducting business with several well-known brands and retail chain stores. In addition, Ever-Glory operates its own domestic chain of retail stores known as "LA GO GO."
Ever-Glory International Group Inc
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