Retail sales from LA GO GO up, Ever-Glory

15 Nov '10

5 min read

Income from operations for the third quarter of 2010 decreased 20.6% to $1.6 million, or 4.9% of total sales, compared to $2.0 million, or 7.9% of total sales, in the third quarter of 2009. The decrease was mainly due to the increased selling, general and administrative expenses.

For the third quarter of 2010, net income attributable to the Company was $1.83 million or $0.12 per diluted share, an increase of 1.8% from $1.79 million, or $0.13 per diluted share for the same period of 2009. Net income attributable to the Company for the third quarter of 2010 includes $621,600 of non-cash gains related to the change in fair value of derivative liabilities, compared to approximately $143,000 of non-cash expenses related to the change in fair value of derivative liabilities in the third quarter of 2009.

Balance Sheet and Cash Flow
As of September 30, 2010, the Company had approximately $3.0 million of cash and cash equivalents, compared to approximately $3.6 million as of December 31, 2009. Ever-Glory had working capital of approximately $22.5 million as of September 30, 2010, and outstanding bank loans of approximately $13.1 million as of September 30, 2010.

Business Outlook
For the fourth quarter of 2010, the Company anticipates total net sales of $40 to $60 million and net income of $1.9 to $2.9 million. For full year 2010, the Company anticipates total net sales between $121 and $141 million and net income between $5.5 and $6.5 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.

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 (now called NYSE Amex), and has a focus on middle-to-high grade casual wear, outerwear, and sportswear brands. The Company maintains global strategic partnerships in Europe, the United States, Japan and China, conducting business with several well-known brands and retail chain stores.

Ever-Glory International Group Inc

More Ever-Glory International Group News... More Apparel/Garments News - China...