logo
Share SHARE
FONT-SIZE Plus   Neg

Ever-Glory International Group Q2 Profit Rises - Quick Facts

Ever-Glory International Group Inc. (EVK), a apparel supply chain manager and retailer based in China, reported that net income for the second quarter of 2013 was $2.7 million, or $0.18 per share, an increase from $2.4 million or $0.16 per share in the second quarter of 2012.

Net income in the second quarter of 2012 includes approximately $0.2 million, or $0.01 per 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 2013 was not significant.

Excluding this non-cash item for the second quarter 2013 and 2012, non-GAAP earnings per share were $0.18 in the second quarter of 2013 compared to $0.15 in the second quarter of 2012.

Total sales for the quarter were $59.1 million, an increase of 25.3% compared to $47.2 million in the second quarter of last year. This increase was primarily attributable to increased sales in Ever-Glory's retail business, which was partially offset by decreased sales in our wholesales business.

For the third quarter of 2013, Every-Glory anticipates total net sales in the range of $70 to $80 million and net income in the range of $2 to $2.5 million. For full year 2013, Every-Glory anticipates total net sales in the range of $300 to $360 million and net income in the range of $11 million to $17 million. The full year revenue forecast is comprised of $150 million to $180 million in anticipated wholesale revenue and $150 million to $180 million in anticipated revenue from retail operations.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Health IQ Insurance Services, a startup focused on providing life insurance for health-conscious individuals, said it has secured $34.6 million in Series C funding, led by Andreessen Horowitz. To date, the company has raised a total of $81 million in funding mostly from its existing investors. General Motors Co. is recalling nearly 49,000 trucks worldwide to fix a fuel tank issue that can increase the risk of a fire. The recall covers Chevrolet Silverado 3500 and GMC Sierra 3500 trucks from the 2011 through 2015 model years, all equipped with dual fuel tanks. Meredith Corp. is reportedly in talks for the acquisition of Time Inc, with a staunch support from billionaire brothers Charles and David Koch. Des Moines-based Meredith is the publisher of Family Circle and Better Homes and Gardens and aims to acquire the publisher of Time, People and Fortune Magazines.
comments powered by Disqus
Follow RTT