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
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