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
Federal Aviation Administration said several pilots complained about pointing of strong green laser beams at planes flying over Long Island. The location was around Farmingdale, during 9.30 pm and 10 pm. Searches are on to locate the exact source of the laser beam. The Federal official suspects that the beam came from a hand-held device. Discount retailer Big Lots, Inc. Friday reported an increase in income from continuing operations for the first quarter, from last year. The company also registered a surge in net income particularly as it had carried a loss from discontinued operations last year. Taco Bell, a division of Yum! Brands Inc, is planning to test delivery of food items on college campuses, the Street reported. The move comes at a time the fast food chain seeks to leverage demand for its popular breakfast and dinner items.
comments powered by Disqus
Follow RTT