Home / Knowledge / News / Apparel/Garments / Ever-Glory continues to generate record revenues & profits
Ever-Glory continues to generate record revenues & profits
12
Mar '08
Ever-Glory International Group Inc, a leading apparel manufacturer in the People's Republic of China ("PRC"), announced its financial results for the fiscal year ended December 31, 2007.

During the fiscal year ended December 31, 2007, net sales increased 37.7% to $70.3 million from $51.1 million in 2006. The increase in sales resulted from overall increases in sales to customers in Europe, the U.S, Japan and China, where sales grew 37%, 73%, 18% and 47%, respectively, from 2006.

"We concluded the 2007 fiscal year with a very strong finish, continuing to generate record revenues and profits," said Mr. Yihua Kang, Chairman and Chief Executive Officer of Ever-Glory.

"We successfully integrated two important acquisitions, improving our in-house production capacity and expanding our opportunities for future growth.

We enter 2008 in a solid financial position for the widescale launch of our domestic retail LA GO GO brand and have sufficient capacity to take on additional, larger orders from our expanding customer base."

Gross profit in 2007 increased 31.3% to $11.3 million from $8.6 million a year ago. Gross margin was 16.1% in 2007, compared to 16.9% in 2006.

The slight decrease in margin was due to an increase in the amount of lower-margin orders accepted from major customers, as the Company sought to expand its business.

Operating expenses increased 32.2% to $4.0 million in 2007. This increase was primarily due tohigher general and administrative expenses resulting from the purchase of new equipment and supplies for the Company's new headquarters and new housing tax expenses, higher payroll expense resulting from an increase in staff for the Company's business expansion and increased depreciation expense related to the completion of the new manufacturing facility. Operating expenses as a percentage of net sales were 5.7% in 2007, down from 5.9% in 2006, due to the benefits of scale.

Operating income for the 2007 fiscal year was $7.3 million, an increase of 30.7% from operating income of $5.6 million in 2006. Operating income as a percentage of sales was 10.4%, compared to 11.0% in 2006.

For the 2007 fiscal year, net income was $6.8 million, or $0.94 per fully diluted share, an increase of 34.4% from $5.0 million, or $0.44 per fully diluted share, in 2006, as the Company experienced greater revenue growth as a result of the acquisitions of New-Tailun and Catch-Luck. Earnings per share for both periods have been adjusted for a 10-for-1 reverse split effective December 3, 2007.


Must ReadView All

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Stella McCartney, Bolt Threads partner for eco fashion

Fashion designer Stella McCartney has partnered with Bolt Threads for ...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X