QualityStocks would like to highlight Ever-Glory International Group Inc. (AMEX: EVK). The Company is a leading apparel supply chain manager and retailer in China. Ever-Glory is the first Chinese apparel Company listed on the American Stock Exchange (now called NYSE Amex), and has a focus on middle-to-high grade casual wear, outerwear, and sportswear brands.
In the company’s news yesterday,
Ever-Glory International Group Inc. reported its financial results for the second quarter ended June 30, 2011, reflecting increased sales in its retail and wholesale businesses.
During the second quarter of 2011, Ever-Glory reported an 85 percent increase in net sales to $42.9 million compared to $23.1 million in the second quarter of 2010.
Second quarter net income was $2.3 million, or $0.15 per diluted share, an increase of 182.1 percent from $0.8 million, or $0.05 per diluted share, in the second quarter of 2010.
Second quarter 2011 gross profit was $10.4 million, an increase of 129.7 percent compared to the same period in 2010. Gross margin increased 4.6 percent to 24.1 percent in the second quarter of 2011 compared to 19.5 percent in the second quarter of 2010.
As of June 30, 2011, Ever-Glory had approximately $10.7 million of cash and cash equivalents, compared to approximately $3.7 million as of December 31, 2010. The company had working capital of approximately $29.6 million as of June 30, 2011, and outstanding bank loans of approximately $21.0 million.
The company also reported that total number of LA GO GO stores in China increased from 293 at the end of 2010 to 368 stores as of June 30, 2011. Ever-Glory plans on opening an additional 80-100 new stores in 2011.
“In 2011, we plan to continue to develop LA GO GO through perfecting design styles, improving store management efficiency and opening more stores in desired locations,” Yi Hua Kang, Ever-Glory CEO, president and chairman stated in the press release. “We are confident that, through these measures, we can enhance same-store sales, expand LA GO GO’s market penetration and increase its brand influence in China.”
For the third quarter of 2011, the company anticipates sales to remain relatively flat, offering guidance of total net sales between $42.0 million and $52.0 million and net income of $2.0 million to $2.5 million. For full year 2011, Ever-Glory anticipates total net sales between $180 million and $215 million and net income between $7.3 million and $9.0 million.
About QualityStocks
QualityStocks, based in Scottsdale, Arizona, is a free service that collects data from hundreds of Small-Cap and Micro-Cap online Investment Newsletters into one Daily Newsletter Report. QualityStocks is dedicated to assisting emerging public companies with their investor communication efforts and connecting subscribers with companies that have huge potential to succeed in the short and long-term future.
To sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net
Please see disclaimer on QualityStocks website: http://Disclaimer.QualityStocks.net
Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
