NANJING, China, Aug. 14,
2020 /PRNewswire/ -- Ever-Glory International Group, Inc.
(the "Company" or "Ever-Glory") (NASDAQ: EVK), a retailer of
branded fashion apparel and a leading global apparel supply chain
solution provider, reported its financial results today for the
second quarter ended June 30,
2020.
Mr. Yihua Kang, Chairman,
President and Chief Executive Officer of Ever-Glory, said, "During
the second quarter, we maintained our focus on developing the
retail business through our multi-brand strategy and store network
optimization initiative, while improving our wholesale business by
upgrading customer portfolio and enhancing our account
receivables."
"During the second quarter of 2020, our retail brands continue
to attract new customers and retain existing customers by focusing
on design, quality and value," Mr. Kang continued. "Following the
remodeling or relocation of 9 stores during 2020, we operated a
nationwide network of 935 stores as of June
30, 2020."
"Looking at our wholesale business, we maintained focus on
upgrading customer portfolio to reduce credit risk and improve
margin in light of weak micro-environment and enhancing our account
receivables. Going forward, we'll implement a stricter client
evaluation system and remain diligent in our account receivables
collection. We believe the enduring strength of our wholesale
business will support its long-term profitability." concluded Mr.
Kang.
Mr. Jason Jiansong Wang, Chief
Financial Officer of Ever-Glory, added, "The second quarter
results, are coupled with our ability to increase operating
leverage. Going forward, we remain confident in the long-term
prospects of our business and we will continue implementing our
margin enhancement and cost control measures to further strengthen
the profitability of our business."
Second Quarter 2020 Financial
Results
Total sales for the second quarter of 2020 were
$50.1 million, a decrease of
35.2% from $77.3 million in the
second quarter of 2019. This decrease was primarily driven by
a 30.0% decrease in our retail business and a 40.8% decrease
in wholesale business.
Sales for the Company's branded fashion apparel retail
division decreased by 30.0% to $28.1 million for the second quarter of
2020, compared with $40.1 million for the second quarter of
2019. This decrease was primarily due to a decrease in the amounts
of stores and same-store sales. The Company had 935 retail stores
as of June 30, 2020, compared with
1,235 retail stores as of June 30,
2019.
Sales for the Company's wholesale division decreased
by 40.8% to $22.0 million for
the second quarter of 2020, compared with $37.3 million for the second quarter of
2019. This decrease was primarily attributable to a decrease in
sales in Hong Kong, Germany, Europe-Other, Mainland China,
United Kingdom and United States, partially offset by an increase
in sales in Japan.
Total gross profit for the second quarter of
2020 decreased by 50.2% to $14.4 million, compared with $29.0 million for the second quarter of
2019. Total gross margin decreased to 28.8% from 37.5% for the
second quarter of 2019.
Gross profit for the retail business decreased by
56.1% to $10.1 million for the
second quarter of 2020, compared with $23.0 million for the second quarter of
2019. Gross margin was 36.2%, compared to 57.3% for the second
quarter of 2019.
Gross profit for the wholesale business decreased by
27.5% to $4.4 million for the
second quarter of 2020, compared with $6.0 million for the second quarter of 2019.
Gross margin increased to 19.7% from 16.1% for the second quarter
of 2019.
Selling expenses for the second quarter of
2020 decreased by 35.9% to $12.6 million, or 25.2% of total sales,
compared with $19.7 million, or
25.5% of total sales for the second quarter of 2019. The decrease
was attributable to the marketing expenses associated with the
promotion of the retail brand.
General and administrative expenses for the second
quarter of 2020 decreased by 18.6% to $6.0 million, or 11.9% of total sales,
compared with $7.3 million, or 9.5%
of total sales for the second quarter of 2019. The decrease was
attributable to the decline in number of stores.
(Loss) Income from operations for the second
quarter of 2020 decreased by 312.8% to ($4.2 million) compared with
$2.0 million for the second
quarter of 2019.
Net (loss) income attributable to the
Company for the second quarter of 2020 was ($3.8 million) compared with
$1.9 million for the second quarter
of 2019. Basic and diluted (loss) earnings per share were
($0.26) for the second quarter
of 2020 compared with $0.13 for the second quarter of 2019.
Balance Sheet
As of June 30, 2020, Ever-Glory
had approximately $59.2 million of
cash and cash equivalents, compared with approximately $48.6 million as of December 31, 2019. Ever-Glory had working capital
of approximately $54.4 million as of
June 30, 2020, and outstanding bank
loans of approximately $40.3 million as of June 30, 2020.
Conference Call
The Company will hold a conference call at 8:00 a.m. Eastern Time on August 14, 2020 (8:00
p.m. Beijing Time on August 14,
2020). Listeners can access the conference call by dialing
+1-800-263-0877 or + 1-646-828-8143 and using the access code
4455706. The conference call will also be webcast live over the
Internet and can be accessed at the Company's website at
http://www.everglorygroup.com.
A replay of the conference call will be available from
11:00 a.m. Eastern Time on August
14 through 11:59 p.m. Eastern
Time on August 21, by dialing
+1-844-512-2921 or +1-412-317-6671 and using the access code
4455706.
About Ever-Glory International Group, Inc.
Based in Nanjing, China, Ever-Glory International Group, Inc. is
a retailer of branded fashion apparel and a leading global apparel
supply chain solution provider. Ever-Glory is the first Chinese
apparel Company listed on the American Stock Exchange (now named as
NYSE MKT) in July 2008 and then
transferred to The NASDAQ Global Market on December 31, 2015. Ever-Glory offers apparel to
woman in China under its own
brands "La go go", "Velwin", "Sea To Sky" and "idole". Ever-Glory
is also a leading global apparel supply chain solution provider
with a focus on middle-to-high end casual wear, outerwear, and
sportswear brands. Ever-Glory services a number of well-known
brands and retail stores by providing a complete set of supply
chain management services, including: fabric development and
design, sampling, sourcing, quality control, manufacturing,
logistics, customs clearance and distribution.
Forward-Looking Statements
Certain statements in this release and other written or oral
statements made by or on behalf of Ever-Glory International Group,
Inc. (the "Company") are "forward looking statements" within the
meaning of the federal securities laws. Statements regarding future
events and developments and the Company's future performance, as
well as management's expectations, beliefs, plans, estimates or
projections relating to the future, are forward-looking statements
within the meaning of these laws. The forward looking statements
are subject to a number of risks and uncertainties including,
without limitation, market acceptance of the Company's products and
offerings, development and expansion of the Company's wholesale and
retail operations, the Company's continued access to capital,
currency exchange rate fluctuation and other risks and
uncertainties. The actual results the Company achieves (including,
without limitation, the results stemming from the future
implementation of the Company's strategies and the revenue, net
income and new retail store projections set forth herein) may
differ materially from those contemplated by any forward-looking
statements due to such risks and uncertainties (many of which are
beyond the Company's control). These statements are based on
management's current expectations and speak only as of the date of
such statements. Readers should carefully review the risks and
uncertainties described in the Company's latest Annual Report on
Form 10-K and other documents that the Company files from time to
time with the U.S. Securities and Exchange Commission. The Company
undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law.
EVER-GLORY
INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands of
U.S. Dollars, except share and per share data or otherwise
stated)
AS OF JUNE 30,
2020 AND DECEMBER 31, 2019 (UNAUDITED)
|
|
|
2020
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
$
|
59,238
|
|
$
|
48,551
|
|
Restrict
cash
|
|
17,716
|
|
|
2,204
|
|
Trading
securities
|
|
825
|
|
|
-
|
|
Accounts receivable,
net
|
|
45,766
|
|
|
78,053
|
|
Inventories
|
|
51,254
|
|
|
67,355
|
|
Advances on inventory
purchases
|
|
5,726
|
|
|
9,681
|
|
Value added tax
receivable
|
|
1,340
|
|
|
2,495
|
|
Other receivables and
prepaid expenses
|
|
4,328
|
|
|
5,293
|
|
Amounts due from
related parties
|
|
329
|
|
|
123
|
|
Total Current
Assets
|
|
186,522
|
|
|
213,755
|
|
|
|
|
|
|
|
|
NONCURRENT
ASSETS
|
|
|
|
|
|
|
Intangible assets,
net
|
|
4,499
|
|
|
4,729
|
|
Property and
equipment, net
|
|
25,964
|
|
|
28,812
|
|
Operating lease
right-of-use assets
|
|
34,496
|
|
|
53,379
|
|
Deferred tax
assets
|
|
807
|
|
|
996
|
|
Total Non-Current
Assets
|
|
65,766
|
|
|
87,916
|
|
TOTAL
ASSETS
|
$
|
252,288
|
|
$
|
301,671
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Bank loans
|
$
|
40,271
|
|
$
|
29,931
|
|
Accounts
payable
|
|
51,169
|
|
|
72,418
|
|
Accounts payable and
other payables – related parties
|
|
4,050
|
|
|
4,811
|
|
Other payables and
accrued liabilities
|
|
10,118
|
|
|
19,137
|
|
Value added and other
taxes payable
|
|
-
|
|
|
1,657
|
|
Income tax
payable
|
|
222
|
|
|
1,142
|
|
Current operating
lease liabilities
|
|
26,309
|
|
|
44,888
|
|
Total Current
Liabilities
|
|
132,139
|
|
|
173,984
|
|
|
|
|
|
|
|
|
NONCURRENT
LIABILITIES
|
|
|
|
|
|
|
Non-current operating
lease liabilities
|
|
8,256
|
|
|
8,537
|
|
TOTAL
LIABILITIES
|
|
140,395
|
|
|
182,521
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES (Note 8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Preferred stock
($0.001 par value, authorized 5,000,000 shares, no shares
issued
and outstanding)
|
|
-
|
|
|
-
|
|
Common stock ($0.001
par value, authorized 50,000,000 shares, 14,804,832 and
14,801,770 shares issued and outstanding as of June 30, 2020 and
December 31,
2019, respectively)
|
|
15
|
|
|
15
|
|
Additional paid-in
capital
|
|
3,645
|
|
|
3,640
|
|
Retained
earnings
|
|
99,833
|
|
|
106,328
|
|
Statutory
reserve
|
|
19,939
|
|
|
19,939
|
|
Accumulated other
comprehensive (loss)
|
|
(6,031)
|
|
|
(4,330)
|
|
Amounts due from
related party
|
|
(3,996)
|
|
|
(4,932)
|
|
Total equity
attributable to stockholders of the Company
|
|
113,405
|
|
|
120,660
|
|
Noncontrolling
interest
|
|
(1,512)
|
|
|
(1,510)
|
|
Total
Equity
|
|
111,893
|
|
|
119,150
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
252,288
|
|
$
|
301,671
|
|
EVER-GLORY
INTERNATIONAL GROUP, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED
STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(In thousands of U.S. Dollars, except share and per share data or
otherwise stated)
FOR THE THREE AND
SIX MONTHS ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
NET
SALES
|
$
|
50,086
|
|
$
|
77,316
|
|
$
|
108,441
|
|
$
|
165,272
|
COST OF
SALES
|
|
35,641
|
|
|
48,330
|
|
|
77,958
|
|
|
106,928
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
14,445
|
|
|
28,986
|
|
|
30,483
|
|
|
58,344
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
12,626
|
|
|
19,699
|
|
|
26,105
|
|
|
40,706
|
General and
administrative expenses
|
|
5,971
|
|
|
7,337
|
|
|
11,755
|
|
|
14,867
|
Total Operating
Expenses
|
|
18,597
|
|
|
27,036
|
|
|
37,860
|
|
|
55,573
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM
OPERATIONS
|
|
(4,152)
|
|
|
1,950
|
|
|
(7,377)
|
|
|
2,771
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSES)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
339
|
|
|
277
|
|
|
616
|
|
|
484
|
Interest
expense
|
|
(566)
|
|
|
(408)
|
|
|
(907)
|
|
|
(771)
|
Other
income
|
|
845
|
|
|
1,409
|
|
|
1,663
|
|
|
1,114
|
Total Other
Income, Net
|
|
618
|
|
|
1,278
|
|
|
1,372
|
|
|
827
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME
BEFORE INCOME TAX
EXPENSE
|
|
(3,534)
|
|
|
3,228
|
|
|
(6,005)
|
|
|
3,598
|
Income tax
expense
|
|
(266)
|
|
|
(1,455)
|
|
|
(493)
|
|
|
(2,280)
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME
|
|
(3,800)
|
|
|
1,773
|
|
|
(6,498)
|
|
|
1,318
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
6
|
|
|
83
|
|
|
3
|
|
|
17
|
NET (LOSS) INCOME
ATTRIBUTABLE TO THE
COMPANY
|
|
(3,794)
|
|
|
1,856
|
|
|
(6,495)
|
|
|
1,335
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME
|
$
|
(3,800)
|
|
$
|
1,773
|
|
$
|
(6,498)
|
|
$
|
1,318
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation (loss) gain
|
|
(263)
|
|
|
(2,453)
|
|
|
(1,700)
|
|
|
1,553
|
COMPREHENSIVE
(LOSS) INCOME
|
|
(4,063)
|
|
|
(680)
|
|
|
(8,198)
|
|
|
2,871
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
(income) attributable to the non-
controlling interest
|
|
8
|
|
|
49
|
|
|
2
|
|
|
(51)
|
COMPREHENSIVE
(LOSS)
INCOME ATTRIBUTABLE TO THE
COMPANY
|
$
|
(4,055)
|
|
$
|
(631)
|
|
$
|
(8,196)
|
|
$
|
2,820
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) EARNINGS
PER SHARE
ATTRIBUTABLE TO THE COMPANY'S
STOCKHOLDERS
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
|
(0.26)
|
|
$
|
0.13
|
|
$
|
(0.44)
|
|
$
|
0.09
|
Weighted average
number of shares outstanding
Basic and diluted
|
|
14,804,832
|
|
|
14,800,140
|
|
|
14,804,595
|
|
|
14,800,140
|
EVER-GLORY
INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF EQUITY
|
(In thousands of
U.S. Dollars, except share and per share data or otherwise
stated)
|
FOR THE THREE AND
SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable
|
|
|
|
|
|
|
|
|
|
Additional
|
|
Retained
Earnings
|
|
Accumulated
other
|
|
Amounts
due
from
|
|
to
stockholders
|
|
Non-
|
|
|
|
Common
Stock
|
|
paid-in
|
|
|
|
Statutory
|
|
Comprehensive
|
|
related
|
|
of
the
|
|
controlling
|
|
Total
|
|
Shares
|
|
Amount
|
|
capital
|
|
Unrestricted
|
|
reserve
|
|
loss
|
|
party
|
|
Company
|
|
Interest
|
|
equity
|
Balance at January
1, 2020
|
14,801,770
|
$
|
15
|
$
|
3,640
|
$
|
106,328
|
$
|
19,939
|
$
|
(4,330)
|
$
|
(4,932)
|
$
|
120,660
|
|
(1,510)
|
$
|
119,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued
for compensation
|
3,062
|
|
0.003
|
|
5
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5
|
|
|
|
5
|
Net income
(loss)
|
-
|
|
-
|
|
-
|
|
(2,701)
|
|
-
|
|
-
|
|
-
|
|
(2,701)
|
|
3
|
|
(2,698)
|
Net cash received
from related party
under counter
guarantee
agreement
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
785
|
|
785
|
|
-
|
|
785
|
Foreign currency
translation gain
(loss)
|
|
|
|
|
|
|
|
|
|
|
(1,440)
|
|
-
|
|
(1,440)
|
|
3
|
|
(1,437)
|
Balance at March
31, 2020
|
14,804,832
|
|
15
|
|
3,645
|
|
103,627
|
|
19,939
|
|
(5,770)
|
|
(4,147)
|
|
117,309
|
|
(1,504)
|
|
115,805
|
Net (loss)
|
|
|
|
|
|
|
(3,794)
|
|
|
|
|
|
|
|
(3,794)
|
|
(6)
|
|
(3,800)
|
Net cash received
from related party
under counter
guarantee
agreement
|
|
|
|
|
|
|
|
|
|
|
|
151
|
|
151
|
|
|
|
151
|
Foreign currency
translation loss
|
|
|
|
|
|
|
|
|
|
|
(261)
|
|
|
|
(261)
|
|
(2)
|
|
(263)
|
Balance at June
30,
2020
|
14,804,832
|
$
|
15
|
$
|
3,645
|
$
|
99,833
|
$
|
19,939
|
$
|
(6,031)
|
$
|
(3,996)
|
$
|
113,405
|
|
(1,512)
|
$
|
111,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable
|
|
|
|
|
|
|
|
|
|
|
|
Retained
Earnings
|
|
Accumulated
|
|
Amounts
|
|
to
|
|
|
|
|
|
Common
Stock
|
|
Additional
paid-in
|
|
|
|
Statutory
|
|
other
Comprehensive
|
|
due
from
related
|
|
stockholders
of
the
|
|
Non-
controlling
|
|
Total
|
|
Shares
|
|
Amount
|
|
capital
|
|
Unrestricted
|
|
reserve
|
|
(loss)
income
|
|
party
|
|
Company
|
|
Interest
|
|
equity
|
Balance at January 1, 2019
|
14,798,198
|
$
|
15
|
$
|
3,627
|
$
|
105,914
|
$
|
19,083
|
$
|
(3,578)
|
$
|
(10,354)
|
$
|
114,707
|
|
(1,551)
|
$
|
113,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued
for compensation
|
1,942
|
|
0.004
|
|
8
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8
|
|
|
|
8
|
Net income
(loss)
|
-
|
|
-
|
|
-
|
|
(521)
|
|
-
|
|
-
|
|
-
|
|
(521)
|
|
66
|
|
(455)
|
Net cash received
from related party under counter guarantee agreement
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,101
|
|
1,101
|
|
-
|
|
1,101
|
Foreign currency
translation gain
|
|
|
|
|
|
|
|
|
|
|
3,972
|
|
-
|
|
3,972
|
|
34
|
|
4,006
|
Balance at March 31,
2019
|
14,800,140
|
|
15
|
|
3,635
|
|
105,393
|
|
19,083
|
|
394
|
|
(9,253)
|
|
119,267
|
|
(1,451)
|
|
117,816
|
Net income
(loss)
|
|
|
|
|
|
|
1,856
|
|
|
|
|
|
|
|
1,856
|
|
(83)
|
|
1,773
|
Net cash received
from related party under counter guarantee agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
1,390
|
|
1,390
|
|
|
|
1,390
|
Foreign currency
translation loss
|
|
|
|
|
|
|
|
|
|
|
(2,487)
|
|
|
|
(2,487)
|
|
34
|
|
(2,453)
|
Balance at June 30,
2019
|
14,800,140
|
$
|
15
|
$
|
3,635
|
$
|
107,249
|
$
|
19,083
|
$
|
(2,093)
|
$
|
(7,863)
|
$
|
120,026
|
|
(1,500)
|
$
|
118,526
|
EVER-GLORY
INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. Dollars, except share and per share data or
otherwise stated)
FOR THE SIX MONTHS
ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
|
|
|
2020
|
|
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net (loss)
income
|
$
|
(6,498)
|
|
$
|
1,318
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
3,597
|
|
|
4,491
|
Loss from sale of
property and equipment
|
|
189
|
|
|
53
|
Provision of bad debt
allowance
|
|
969
|
|
|
682
|
Provision for
obsolete inventories
|
|
3,681
|
|
|
1,824
|
Deferred income
tax
|
|
71
|
|
|
(1,461)
|
Stock-based
compensation
|
|
3
|
|
|
8
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
Accounts
receivable
|
|
30,444
|
|
|
21,793
|
Inventories
|
|
11,659
|
|
|
1,145
|
Value added tax
receivable
|
|
1,076
|
|
|
504
|
Other receivables and
prepaid expenses
|
|
737
|
|
|
3,502
|
Advances on inventory
purchases
|
|
3,845
|
|
|
(2,353)
|
Amounts due from
related parties
|
|
(214)
|
|
|
(129)
|
Accounts
payable
|
|
(22,522)
|
|
|
(25,954)
|
Accounts payable and
other payables- related parties
|
|
(466)
|
|
|
58
|
Other payables and
accrued liabilities
|
|
(7,027)
|
|
|
(10,789)
|
Value added and other
taxes payable
|
|
(1,593)
|
|
|
(4,684)
|
Income tax
payable
|
|
(910)
|
|
|
207
|
Net cash provided
(used in) operating activities
|
|
17,041
|
|
|
(9,785)
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchases of property
and equipment
|
|
(1,018)
|
|
|
(4,082)
|
Purchases of trading
securities
|
|
(825)
|
|
|
-
|
Net cash used in
investing activities
|
|
(1,843)
|
|
|
(4,082)
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from bank
loans
|
|
31,995
|
|
|
16,320
|
Repayment of bank
loans
|
|
(21,173)
|
|
|
(19,904)
|
Repayment of loans
from related party
|
|
4,027
|
|
|
8,149
|
Advances to related
party
|
|
(3,129)
|
|
|
(5,454)
|
Net cash provided
(used in) financing activities
|
|
11,720
|
|
|
(889)
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH
|
|
(721)
|
|
|
2,270
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH
|
|
26,197
|
|
|
(12,486)
|
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT BEGINNING
OF PERIOD
|
|
50,755
|
|
|
47,012
|
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF
PERIOD
|
$
|
76,952
|
|
$
|
34,526
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash reported within
their
consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
59,236
|
|
|
47,012
|
Restricted
cash
|
|
17,716
|
|
|
-
|
|
$
|
76,952
|
|
$
|
47,012
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during
the period for:
|
|
|
|
|
|
Interest
|
$
|
907
|
|
$
|
771
|
Income
taxes
|
$
|
493
|
|
$
|
2,436
|
View original
content:http://www.prnewswire.com/news-releases/ever-glory-reports-second-quarter-2020-financial-results-301112410.html
SOURCE Ever-Glory International Group, Inc.