NANJING, China, May 14,
2019 /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
first quarter ended March 31,
2019.
Mr. Yihua Kang, Chairman,
President and Chief Executive Officer of Ever-Glory, said, "During
the first 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.
Notably, we achieved year-over-year improvement in gross
profit of 13.0% for our wholesale business."
"During the first quarter of 2019, we remained our focus on
driving retail business through store network optimization
strategy, as well as inventory management strategy," Mr. Kang
continued. "Following the remodeling or relocation of 7 stores
during 2019, we operated a nationwide network of 1,315 stores as of
December 31, 2019."
"Looking at our wholesale business, we maintained focus on
upgrading customer portfolio to reduce credit risk and improve
margin in the light of weak micro environment and enhancing our
account receivables. Going forward, we'll implement a stricter
client evaluation system and remain diligent in 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 first quarter results,
coupled with our ability to increase operating leverage, resulted
in expanded wholesale operating income during this quarter. 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."
First Quarter 2019 Financial Results
Total sales for the first quarter of 2019 were
$88.0 million, a decrease of 5.2%
from $92.8 million in the first
quarter of 2018. This decrease was primarily driven by an 11.4%
decrease in our retail business, partially offset by an 11.3%
increase in wholesale business.
Sales for the Company's branded fashion apparel retail
division decreased by 11.4% to $59.9
million for the first quarter of 2019, compared with
$67.5 million for the first quarter
of 2018. This decrease was primarily due to a decrease in
same-store sales. The Company had 1,315 retail stores as of
March 31, 2019, compared with
1,409 retail stores as of March 31,
2018.
Sales for the Company's wholesale
division increased by 11.3% to $28.1 million for the first quarter of 2019,
compared with $25.3 million for the
first quarter of 2018. This increase was primarily attributable to
increased sales in Mainland China, other European markets and
Japan partially offset for
decreased sales in Hong Kong,
the United States, the
United Kingdom and Germany.
Total gross profit for the first quarter of 2019
decreased by 6.3% to $29.4
million, compared with $31.3
million for the first quarter of 2018. Total gross margin
decreased to 33.4% from 33.8% for the first quarter of 2018.
Gross profit for the retail business decreased by
10.7% to $22.8 million for the first
quarter of 2019, compared with $25.5
million for the first quarter of 2018. Gross margin was
38.1%, compared to 37.8% for the first quarter of 2018.
Gross profit for the wholesale
business increased by 13.0% to $6.6 million for the first quarter of 2019,
compared with $5.8 million for the
first quarter of 2018. Gross margin increased to 23.3% from 23.0%
for the first quarter of 2018.
Selling expenses for the first quarter of 2019
decreased by 5.5% to $21.0 million,
or 23.9% of total sales, compared with $22.2
million, or 24.0% of total sales for the first quarter
of 2018. The decrease was attributable to the decreased sales.
General and administrative expenses for the first
quarter of 2019 decreased by 1.9% to $7.5
million, or 8.6% of total sales, compared with
$7.7 million, or 8.3% of total
sales for the first quarter of 2018. The decrease was mainly
attributable to the decreased office expenses.
Income from operations for the first quarter of 2019
decreased by 43.2% to $0.8 million compared with $1.4 million for the first quarter of
2018.
Net income(loss) attributable to the
Company for the first quarter of 2019 was
($0.5) million compared with
$0.8 million for the first quarter of
2018. Basic and diluted earnings(loss) per share were ($0.04) for the first quarter of 2019 compared
with basic and diluted earnings per share of $0.06 for the first quarter of 2018.
Balance Sheet
As of March 31, 2019, Ever-Glory
had approximately $57.9 million of
cash and cash equivalents, compared with approximately $47.0 million as of December 31, 2018. Ever-Glory had working capital
of approximately $28.5 million as of
March 31, 2019, and outstanding bank
loans of approximately $28.8 million as of March 31, 2019.
Conference Call
The Company will hold a conference call at 8:00 a.m. Eastern Time on May 14, 2019 (8:00
p.m. Beijing Time on May 14,
2019). Listeners can access the conference call by dialing
+1-800-289-0438 or + 1-323-794-2423 and using the access code
7887070. 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
May 14 through 11:59 p.m. Eastern Time on May 21, by dialing +1-844-512-2921 or
+1-412-317-6671 and using the access code 7887070.
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.
For investor and media inquiries, please contact:
Ever-Glory International Group
Dandan Song
Tel: +86-25-5209-6817
E-Mail: sdd@ever-glory.com.cn
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 MARCH 31,
2019 AND DECEMBER 31, 2018 (UNAUDITED)
|
|
|
|
2019
|
|
|
2018
|
|
ASSETS
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
57,876
|
|
|
$
|
47,012
|
|
Accounts receivable,
net
|
|
|
57,595
|
|
|
|
86,527
|
|
Inventories
|
|
|
55,035
|
|
|
|
65,929
|
|
Advances on inventory
purchases
|
|
|
6,087
|
|
|
|
6,420
|
|
Value added tax
receivable
|
|
|
1,229
|
|
|
|
2,580
|
|
Other receivables and
prepaid expenses
|
|
|
6,365
|
|
|
|
10,204
|
|
Amounts due from
related parties
|
|
|
75
|
|
|
|
192
|
|
Total Current
Assets
|
|
|
184,262
|
|
|
|
218,864
|
|
|
|
|
|
|
|
|
|
|
NONCURRENT
ASSETS
|
|
|
|
|
|
|
|
|
Intangible assets,
net
|
|
|
5,046
|
|
|
|
4,962
|
|
Property and
equipment, net
|
|
|
29,135
|
|
|
|
28,445
|
|
Operating lease
right-of-use assets
|
|
|
64,549
|
|
|
|
-
|
|
Total Non-Current
Assets
|
|
|
98,730
|
|
|
|
33,407
|
|
TOTAL
ASSETS
|
|
$
|
282,992
|
|
|
$
|
252,271
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
Bank loans
|
|
$
|
28,839
|
|
|
$
|
29,497
|
|
Accounts
payable
|
|
|
51,470
|
|
|
|
78,412
|
|
Accounts payable and
other payables – related parties
|
|
|
4,040
|
|
|
|
4,756
|
|
Other payables and
accrued liabilities
|
|
|
13,769
|
|
|
|
21,958
|
|
Value added and other
taxes payable
|
|
|
1,305
|
|
|
|
2,569
|
|
Income tax
payable
|
|
|
862
|
|
|
|
1,569
|
|
Current operating
lease liabilities
|
|
|
55,434
|
|
|
|
-
|
|
Total Current
Liabilities
|
|
|
155,719
|
|
|
|
138,761
|
|
|
|
|
|
|
|
|
|
|
NONCURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
330
|
|
|
|
354
|
|
Non-current operating
lease liabilities
|
|
|
9,127
|
|
|
|
-
|
|
TOTAL
LIABILITIES
|
|
|
165,176
|
|
|
|
139,115
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 14,800,140 and
14,798,198 shares issued and
outstanding As of March 31, 2019 and December
31, 2018, respectively)
|
|
|
15
|
|
|
|
15
|
|
Additional paid-in
capital
|
|
|
3,635
|
|
|
|
3,627
|
|
Retained
earnings
|
|
|
105,393
|
|
|
|
105,914
|
|
Statutory
reserve
|
|
|
19,083
|
|
|
|
19,083
|
|
Accumulated other
comprehensive income
|
|
|
394
|
|
|
|
(3,578)
|
|
Amounts due from
related party
|
|
|
(9,253)
|
|
|
|
(10,354)
|
|
Total equity
attributable to stockholders of the Company
|
|
|
119,267
|
|
|
|
114,707
|
|
Noncontrolling
interest
|
|
|
(1,451)
|
|
|
|
(1,551)
|
|
Total
Equity
|
|
|
117,816
|
|
|
|
113,156
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
282,992
|
|
|
$
|
252,271
|
|
EVER-GLORY
INTERNATIONAL GROUP, INC. AND SUBSIDIARIES CONDENSED
|
CONSOLIDATED
STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME
|
(In thousands of
U.S. Dollars, except share and per share data or otherwise
stated)
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2019 AND 2018 (UNAUDITED)
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
SALES
|
|
$
|
87,956
|
|
|
$
|
92,785
|
|
|
|
|
|
|
|
|
|
|
COST OF
SALES
|
|
|
58,598
|
|
|
|
61,440
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
|
29,358
|
|
|
|
31,345
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
21,008
|
|
|
|
22,225
|
|
General and
administrative expenses
|
|
|
7,529
|
|
|
|
7,674
|
|
Total operating
expenses
|
|
|
28,537
|
|
|
|
29,899
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
|
821
|
|
|
|
1,446
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
207
|
|
|
|
326
|
|
Interest
expense
|
|
|
(363)
|
|
|
|
(564)
|
|
Other income
(expenses)
|
|
|
(295)
|
|
|
|
136
|
|
Total other
expenses
|
|
|
(451)
|
|
|
|
(102)
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE
INCOME TAX EXPENSE
|
|
|
370
|
|
|
|
1,344
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
|
|
(825)
|
|
|
|
(757)
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME(LOSS)
|
|
|
(455)
|
|
|
|
587
|
|
Net income(loss)
attributable to the non-controlling interest
|
|
|
(66)
|
|
|
|
228
|
|
NET INCOME(LOSS)
ATTRIBUTABLE TO THE COMPANY
|
|
$
|
(521)
|
|
|
$
|
815
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME(LOSS)
|
|
$
|
(455)
|
|
|
$
|
587
|
|
Foreign currency
translation gain
|
|
|
3,972
|
|
|
|
4,023
|
|
COMPREHENSIVE
INCOME
|
|
$
|
3,517
|
|
|
$
|
4,610
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to the noncontrolling interest
|
|
|
100
|
|
|
|
270
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
INCOME ATTRIBUTABLE TO THE COMPANY
|
|
$
|
3,617
|
|
|
$
|
4,880
|
|
EARNINGS(LOSS) PER
SHARE:
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.04)
|
|
|
$
|
0.06
|
|
Weighted average
number of shares outstanding Basic and diluted
|
|
|
14,800,140
|
|
|
|
14,795,992
|
|
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
MONTHS ENDED March 31, 2019 AND 2018
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Retained
Earnings
|
|
|
Accumulated
other
|
|
|
Amounts
due from
|
|
|
Total
equity
attributable
to stockholders
|
|
|
Non-
|
|
|
|
|
|
|
Common
Stock
|
|
|
paid-in
|
|
|
|
|
|
Statutory
|
|
|
Comprehensive
|
|
|
related
|
|
|
of
the
|
|
|
controlling
|
|
|
Total
|
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
Unrestricted
|
|
|
reserve
|
|
|
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 paid to
related party under
counter guarantee
agreement
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,101
|
|
|
|
1,101
|
|
|
|
-
|
|
|
|
1,101
|
|
Foreign currency
translation loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
Additional
|
|
|
Retained
Earnings
|
|
|
Accumulated
other
|
|
|
Amounts
due from
|
|
|
Total
equity
attributable
to stockholders
|
|
|
Non-
|
|
|
|
|
|
|
Common
Stock
|
|
|
paid-in
|
|
|
|
|
|
Statutory
|
|
|
Comprehensive
|
|
|
related
|
|
|
of
the
|
|
|
controlling
|
|
|
Total
|
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
Unrestricted
|
|
|
reserve
|
|
|
income
|
|
|
party
|
|
|
Company
|
|
|
Interest
|
|
|
equity
|
|
Balance at
January 1,
2018
|
|
|
14,795,992
|
|
|
$
|
15
|
|
|
$
|
3,620
|
|
|
$
|
95,195
|
|
|
$
|
17,794
|
|
|
$
|
2,585
|
|
|
$
|
(15,449)
|
|
|
$
|
103,760
|
|
|
|
(1,062)
|
|
|
$
|
102,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
815
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
815
|
|
|
|
(228)
|
|
|
|
587
|
|
Net cash paid to
related party under
counter guarantee
agreement
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(8,480)
|
|
|
|
(8,480)
|
|
|
|
-
|
|
|
|
(8,480)
|
|
Foreign currency
translation loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,023
|
|
|
|
-
|
|
|
|
4,023
|
|
|
|
(94)
|
|
|
|
3,929
|
|
Balance at
March
31, 2018
|
|
|
14,795,992
|
|
|
$
|
15
|
|
|
$
|
3,620
|
|
|
$
|
96,010
|
|
|
$
|
17,794
|
|
|
$
|
6,608
|
|
|
$
|
(23,929)
|
|
|
$
|
100,118
|
|
|
|
(1,384)
|
|
|
$
|
98,734
|
|
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 THREE
MONTHS ENDED MARCH 31, 2019 AND 2018 (UNAUDITED)
|
|
|
|
2019
|
|
|
2018
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(455)
|
|
|
$
|
587
|
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
2,225
|
|
|
|
2,537
|
|
Loss from sale of
property and equipment
|
|
|
52
|
|
|
|
4
|
|
Provision for
obsolete inventories
|
|
|
1,824
|
|
|
|
1,626
|
|
Deferred income
tax
|
|
|
(145)
|
|
|
|
(234)
|
|
Stock-based
compensation
|
|
|
8
|
|
|
|
-
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
31,027
|
|
|
|
28,466
|
|
Inventories
|
|
|
10,557
|
|
|
|
(129)
|
|
Value added tax
receivable
|
|
|
1,406
|
|
|
|
1,895
|
|
Other receivables and
prepaid expenses
|
|
|
3,975
|
|
|
|
832
|
|
Advances on inventory
purchases
|
|
|
490
|
|
|
|
(1,175)
|
|
Amounts due from
related parties
|
|
|
103
|
|
|
|
(165)
|
|
Accounts
payable
|
|
|
(26,505)
|
|
|
|
(17,944)
|
|
Accounts payable and
other payables- related parties
|
|
|
(741)
|
|
|
|
(653)
|
|
Other payables and
accrued liabilities
|
|
|
(9,565)
|
|
|
|
(5,182)
|
|
Value added and other
taxes payable
|
|
|
(2,788)
|
|
|
|
(1,988)
|
|
Income tax
payable
|
|
|
(327)
|
|
|
|
(670)
|
|
Net cash provided by
operating activities
|
|
|
11,141
|
|
|
|
7,807
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(2,131)
|
|
|
|
(2,552)
|
|
Net cash used in
investing activities
|
|
|
(2,131)
|
|
|
|
(2,552)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
6,029
|
|
|
|
17,346
|
|
Repayment of bank
loans
|
|
|
(7,408)
|
|
|
|
(14,780)
|
|
Repayment of loans
from related party
|
|
|
3,488
|
|
|
|
-
|
|
Advances to related
party
|
|
|
(2,163)
|
|
|
|
(7,692)
|
|
Net cash used in
financing activities
|
|
|
(54)
|
|
|
|
(5,126)
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH
|
|
|
1,908
|
|
|
|
2,172
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS
|
|
|
10,864
|
|
|
|
2,301
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
|
|
47,012
|
|
|
|
62,876
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
|
$
|
57,876
|
|
|
$
|
65,177
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during
the period for:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
363
|
|
|
$
|
564
|
|
Income
taxes
|
|
$
|
126
|
|
|
$
|
1,938
|
|
View original
content:http://www.prnewswire.com/news-releases/ever-glory-reports-first-quarter-2019-financial-results-300849590.html
SOURCE Ever-Glory International Group, Inc.