NANJING, China, May 15, 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 first quarter
ended March 31, 2020.
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."
"During the first 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 2 stores during 2020, we operated a
nationwide network of 1,038 stores as of March 31, 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 first 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."
First Quarter 2020 Financial
Results
Total sales for the first quarter of 2020 were
$58.4 million, a decrease of
33.7% from $88.0 million in the first
quarter of 2019. This decrease was primarily driven by a 20.7%
decrease in our wholesale business and a 39.7%
decrease in our retail business.
Sales for the Company's wholesale
division decreased by 20.7% to $22.3 million for the first quarter of 2020,
compared with $28.1 million for the
first quarter of 2019. This decrease was primarily attributable to
decreased sales in Mainland China, Germany, other European markets and
Japan partially offset for
increased sales in Hong Kong,
the United States and the
United Kingdom.
Sales for the Company's branded fashion apparel retail
division decreased by 39.7% to $36.1
million for the first quarter of 2020, compared with
$59.9 million for the first quarter
of 2019. This decrease was primarily due to a decrease in
same-store sales. The Company had 1,038 retail stores as of
March 31, 2020, compared with
1,315 retail stores as of March 31,
2019.
Total gross profit for the first quarter of
2020 decreased by 45.4% to $16.0
million, compared with $29.4
million for the first quarter of 2019. Total gross margin
decreased to 27.5% from 33.4% for the first quarter of 2019.
Gross profit for the wholesale
business increased by 46.7% to $3.5 million for the first quarter of 2020,
compared with $6.6 million for the
first quarter of 2019. Gross margin decreased to 15.7% from 23.3%
for the first quarter of 2019.
Gross profit for the retail business decreased by
45.0% to $12.5 million for the first
quarter of 2020, compared with $22.8
million for the first quarter of 2019. Gross margin was
34.8%, compared to 38.1% for the first quarter of 2019.
Selling expenses for the first quarter of
2020 decreased by 35.8% to $13.5
million, or 23.1% of total sales, compared with $21.0 million, or 23.9% of total sales for
the first quarter of 2019. The decrease was attributable to the
decreased sales.
General and administrative expenses for the first
quarter of 2020 decreased by 23.2% to $5.8 million, or 9.9% of total
sales, compared with $7.5
million, or 8.6% of total sales for the first quarter
of 2019. The decrease was mainly attributable to the decreased
office expenses.
(Loss) Income from operations for the first
quarter of 2020 decreased by 493.0% to ($3.2) million compared with $0.8 million for the first quarter of
2019.
Net loss attributable to the
Company for the first quarter of 2020 was
$2.7 million compared with
$0.5 million for the first quarter of
2019. Basic and diluted loss per share were $0.18 for the first quarter of
2020 compared with basic and diluted earnings per share of
$0.04 for the first quarter of 2019.
Balance Sheet
As of March 31, 2020, Ever-Glory had approximately
$70.0 million of cash and cash
equivalents, compared with approximately $48.6 million as of December 31, 2019. Ever-Glory had working capital
of approximately $49.3 million as of
March 31, 2020, and outstanding bank loans of approximately
$26.1 million as of March 31, 2020.
Conference Call
The Company will hold a conference call at 8:00 a.m. Eastern Time on May 15, 2020 (8:00
p.m. Beijing Time on May 15,
2020). Listeners can access the conference call by dialing
+1-800-263-0877 or + 1-646-828-8143 and using the access code
2134878. 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
15 through 11:59 p.m. Eastern
Time on May 22, by dialing
+1-844-512-2921 or +1-412-317-6671 and using the access code
2134878.
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 MARCH 31,
2020 AND DECEMBER 31, 2019 (UNAUDITED)
|
|
|
|
2020
|
|
|
2019
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
70,036
|
|
|
$
|
48,551
|
|
|
Accounts receivable,
net
|
|
|
42,265
|
|
|
|
78,053
|
|
|
Inventories
|
|
|
52,152
|
|
|
|
67,355
|
|
|
Advances on inventory
purchases
|
|
|
1,248
|
|
|
|
2,495
|
|
|
Value added tax
receivable
|
|
|
6,961
|
|
|
|
7,497
|
|
|
Other receivables and
prepaid expenses
|
|
|
6,723
|
|
|
|
9,681
|
|
|
Amounts due from
related parties
|
|
|
102
|
|
|
|
123
|
|
|
Total Current
Assets
|
|
|
179,487
|
|
|
|
213,755
|
|
|
|
|
|
|
|
|
|
|
|
NONCURRENT
ASSETS
|
|
|
|
|
|
|
|
|
|
Intangible assets,
net
|
|
|
4,529
|
|
|
|
4,729
|
|
|
Property and
equipment, net
|
|
|
26,886
|
|
|
|
28,812
|
|
|
Operating lease
right-of-use assets
|
|
|
42,583
|
|
|
|
53,379
|
|
|
Deferred tax
assets
|
|
|
878
|
|
|
|
996
|
|
|
Total Non-Current
Assets
|
|
|
74,876
|
|
|
|
87,916
|
|
|
TOTAL
ASSETS
|
|
$
|
254,363
|
|
|
$
|
301,671
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Bank loans
|
|
$
|
26,104
|
|
|
$
|
29,931
|
|
|
Accounts
payable
|
|
|
52,173
|
|
|
|
72,418
|
|
|
Accounts payable and
other payables – related parties
|
|
|
3,889
|
|
|
|
4,811
|
|
|
Other payables and
accrued liabilities
|
|
|
13,033
|
|
|
|
19,137
|
|
|
Value added and other
taxes payable
|
|
|
598
|
|
|
|
1,657
|
|
|
Income tax
payable
|
|
|
121
|
|
|
|
1,142
|
|
|
Current operating
lease liabilities
|
|
|
34,315
|
|
|
|
44,888
|
|
|
Total Current
Liabilities
|
|
|
130,233
|
|
|
|
173,984
|
|
|
|
|
|
|
|
|
|
|
|
NONCURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Non-current operating
lease liabilities
|
|
|
8,325
|
|
|
|
8,537
|
|
|
TOTAL
LIABILITIES
|
|
|
138,558
|
|
|
|
182,521
|
|
|
|
|
|
|
|
|
|
|
|
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, 14,804,832 and
14,801,770 shares issued and outstanding As of
March 31, 2020 and December
31, 2019, respectively)
|
|
|
15
|
|
|
|
15
|
|
|
Additional paid-in
capital
|
|
|
3,645
|
|
|
|
3,640
|
|
|
Retained
earnings
|
|
|
103,627
|
|
|
|
106,328
|
|
|
Statutory
reserve
|
|
|
19,939
|
|
|
|
19,939
|
|
|
Accumulated other
comprehensive loss
|
|
|
(5,770)
|
|
|
|
(4,330)
|
|
|
Amounts due from
related party
|
|
|
(4,147)
|
|
|
|
(4,932)
|
|
|
Total equity
attributable to stockholders of the Company
|
|
|
117,309
|
|
|
|
120,660
|
|
|
Noncontrolling
interest
|
|
|
(1,504)
|
|
|
|
(1,510)
|
|
|
Total
Equity
|
|
|
115,805
|
|
|
|
119,150
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
254,363
|
|
|
$
|
301,671
|
|
|
EVER-GLORY
INTERNATIONAL GROUP, INC. AND SUBSIDIARIES CONDENSED
|
|
CONSOLIDATED
STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE LOSS
(INCOME)
|
|
(In thousands of
U.S. Dollars, except share and per share data or otherwise
stated)
|
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2020 AND 2019 (UNAUDITED)
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
SALES
|
|
$
|
58,355
|
|
|
$
|
87,956
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
SALES
|
|
|
42,317
|
|
|
|
58,598
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
|
16,038
|
|
|
|
29,358
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
13,478
|
|
|
|
21,008
|
|
|
General and
administrative expenses
|
|
|
5,785
|
|
|
|
7,529
|
|
|
Total operating
expenses
|
|
|
19,263
|
|
|
|
28,537
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM
OPERATIONS
|
|
|
(3,225)
|
|
|
|
821
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
277
|
|
|
|
207
|
|
|
Interest
expense
|
|
|
(341)
|
|
|
|
(363)
|
|
|
Other income
(expense), net
|
|
|
818
|
|
|
|
(295)
|
|
|
Total other income
(expense), net
|
|
|
754
|
|
|
|
(451)
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME
BEFORE INCOME TAX
|
|
|
(2,471)
|
|
|
|
370
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
|
|
(227)
|
|
|
|
(825)
|
|
|
|
|
|
|
|
|
|
|
|
NET
LOSS
|
|
|
(2,698)
|
|
|
|
(455)
|
|
|
Net (income) loss
attributable to the non-controlling interest
|
|
|
(3)
|
|
|
|
(66)
|
|
|
NET LOSS
ATTRIBUTABLE TO THE COMPANY
|
|
$
|
(2,701)
|
|
|
$
|
(521)
|
|
|
|
|
|
|
|
|
|
|
|
NET
LOSS
|
|
$
|
(2,698)
|
|
|
$
|
(455)
|
|
|
Foreign currency
translation gain (loss)
|
|
|
(1,437)
|
|
|
|
4,006
|
|
|
COMPREHENSIVE
(LOSS) INCOME
|
|
$
|
(4,135)
|
|
|
$
|
3,551
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to the noncontrolling interest
|
|
|
6
|
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
(LOSS) INCOME ATTRIBUTABLE TO THE COMPANY
|
|
$
|
(4,129)
|
|
|
$
|
3,651
|
|
|
EARNINGS (LOSS)
PER SHARE:
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.18)
|
|
|
$
|
(0.04)
|
|
|
Weighted average
number of shares outstanding Basic and diluted
|
|
|
14,804,832
|
|
|
|
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
MONTHS ENDED March 31, 2020 AND 2019
(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
|
|
|
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-based
compensation
|
|
|
3,062
|
|
|
|
0.003
|
|
|
|
5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5
|
|
|
|
|
|
|
|
5
|
|
|
Net income
(loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,701)
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,701)
|
|
|
|
3
|
|
|
|
(2,698)
|
|
|
Net cash received
(paid) to related
party under
counter guarantee
agreement
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
785
|
|
|
|
785
|
|
|
|
-
|
|
|
|
785
|
|
|
Foreign currency
translation income
(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
|
|
|
|
|
|
|
|
|
|
|
|
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-based
compensation
|
|
|
1,942
|
|
|
|
0.004
|
|
|
|
8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8
|
|
|
|
|
|
|
|
8
|
|
|
Net (loss)
income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(521)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(521)
|
|
|
|
66
|
|
|
|
(455)
|
|
|
Net cash received
(paid) to related
party under
counter guarantee
agreement
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,101
|
|
|
|
1,101
|
|
|
|
-
|
|
|
|
1,101
|
|
|
Foreign currency
translation income
(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
|
|
|
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, 2020 AND 2019 (UNAUDITED)
|
|
|
|
|
2020
|
|
2019
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
Net loss
|
|
$
|
(2,698)
|
|
$
|
(455)
|
|
Adjustments to
reconcile net loss to cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,587
|
|
|
2,225
|
|
Gain on disposal of
intangible assets
|
|
|
(268)
|
|
|
-
|
|
Loss from sale of
property and equipment
|
|
|
102
|
|
|
52
|
|
Provision of bad debt
allowance
|
|
|
278
|
|
|
-
|
|
Provision for
obsolete inventories
|
|
|
4,204
|
|
|
1,824
|
|
Deferred income
tax
|
|
|
104
|
|
|
(145)
|
|
Stock-based
compensation
|
|
|
5
|
|
|
8
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
34,906
|
|
|
31,027
|
|
Inventories
|
|
|
10,303
|
|
|
10,557
|
|
Value added tax
receivable
|
|
|
210
|
|
|
1,406
|
|
Other receivables and
prepaid expenses
|
|
|
364
|
|
|
3,975
|
|
Advances on inventory
purchases
|
|
|
2,855
|
|
|
490
|
|
Amounts due from
related parties
|
|
|
142
|
|
|
103
|
|
Accounts
payable
|
|
|
(19,864)
|
|
|
(26,505)
|
|
Accounts payable and
other payables- related parties
|
|
|
(1,038)
|
|
|
(741)
|
|
Other payables and
accrued liabilities
|
|
|
(5,587)
|
|
|
(9,565)
|
|
Value added and other
taxes payable
|
|
|
(31)
|
|
|
(2,788)
|
|
Income tax
payable
|
|
|
(1,019)
|
|
|
(327)
|
|
Net cash provided by
operating activities
|
|
|
24,555
|
|
|
11,141
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(78)
|
|
|
(2,131)
|
|
Disposal of
intangible assets
|
|
|
353
|
|
|
-
|
|
Net cash provided by
(used in) investing activities
|
|
|
275
|
|
|
(2,131)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
11,464
|
|
|
6,029
|
|
Repayment of bank
loans
|
|
|
(14,884)
|
|
|
(7,408)
|
|
Repayment of counter
guarantee from related party
|
|
|
748
|
|
|
3,488
|
|
Advances to related
party
|
|
|
-
|
|
|
(2,163)
|
|
Net cash provided by
(used in) financing activities
|
|
|
(2,672)
|
|
|
(54)
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH
|
|
|
1,497
|
|
|
1,908
|
|
|
|
|
|
|
|
|
NET INCREASE IN
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH
|
|
|
23,655
|
|
|
10,864
|
|
|
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT BEGINNING
OF PERIOD
|
|
|
48,551
|
|
|
47,012
|
|
|
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF
PERIOD
|
|
$
|
72,206
|
|
$
|
57,876
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash reported within
their
consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
|
70,036
|
|
|
47,012
|
|
Restricted cash
(booked in other receivables and prepaid expenses)
|
|
|
2,170
|
|
|
-
|
|
|
$
|
72,206
|
|
$
|
47,012
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during
the period for:
|
|
|
|
|
|
|
|
Interest
|
|
$
|
341
|
|
$
|
363
|
|
Income
taxes
|
|
$
|
1,218
|
|
$
|
126
|
View original
content:http://www.prnewswire.com/news-releases/ever-glory-reports-first-quarter-2020-financial-results-301060011.html
SOURCE Ever-Glory International Group, Inc.