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Retail sales from LA GO GO up, Ever-Glory
09 Aug '10
5 min read
Selling expenses increased 138.0% to $2.1 million in the second quarter of 2010 from $865 thousand in the second quarter of 2009. This increase was primarily due to an increase in our retail staff and renovation and marketing expenses for the promotion of the LA GO GO brand. General and administrative expenses decreased 23.6% to $1.7 million in the second quarter of 2010 from $2.3 million in the second quarter of 2009.This decrease was due to better control over these expenses.
Income from operations for the second quarter of 2010 decreased 48.2% to $700 thousand, or 3.0% of total sales, compared to $1.4 million, or 6.4% of total sales, in the second quarter of 2009.
For the second quarter of 2010, net income attributable to the Company was $801 thousand, or $0.05 per diluted share, a decrease of 51.8% from $1.7 million, or $0.12 per diluted share for the same period of 2009.
Net income attributable to the Company for the second quarter of 2010 includes $13,317 of non-cash expense related to the change in fair value of derivative liabilities, compared to approximately $485 thousand, or $0.03 per diluted share, of non-cash gains related to the change in fair value of derivative liabilities in the second quarter of 2009.
Excluding these non-cash items for the second quarter of 2010 and 2009, non-GAAP diluted earnings per share were $0.06 in the second quarter of 2010 compared with $0.09 in the second quarter of 2009.
Business Outlook
For the third quarter of 2010, the Company anticipates total net sales of $31 to $34 million and net income of $1.2 to $1.5 million. For full year 2010, the Company anticipates total net sales between $121 and $141 million and net income between $6 and $7 million. The full year revenue forecast is comprised of $95 to $110 million in expected wholesale revenue and $26 to $31 million in expected revenue from retail.
Income from operations for the second quarter of 2010 decreased 48.2% to $700 thousand, or 3.0% of total sales, compared to $1.4 million, or 6.4% of total sales, in the second quarter of 2009.
For the second quarter of 2010, net income attributable to the Company was $801 thousand, or $0.05 per diluted share, a decrease of 51.8% from $1.7 million, or $0.12 per diluted share for the same period of 2009.
Net income attributable to the Company for the second quarter of 2010 includes $13,317 of non-cash expense related to the change in fair value of derivative liabilities, compared to approximately $485 thousand, or $0.03 per diluted share, of non-cash gains related to the change in fair value of derivative liabilities in the second quarter of 2009.
Excluding these non-cash items for the second quarter of 2010 and 2009, non-GAAP diluted earnings per share were $0.06 in the second quarter of 2010 compared with $0.09 in the second quarter of 2009.
Business Outlook
For the third quarter of 2010, the Company anticipates total net sales of $31 to $34 million and net income of $1.2 to $1.5 million. For full year 2010, the Company anticipates total net sales between $121 and $141 million and net income between $6 and $7 million. The full year revenue forecast is comprised of $95 to $110 million in expected wholesale revenue and $26 to $31 million in expected revenue from retail.
Ever-Glory International Group Inc
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