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Ever-Glory Reports Second Quarter 2020 Financial Resultsnew

Add: 2020   Update: 2020/08/18

 

 

Ever-Glory Reports Second Quarter 2020 Financial Results

NANJING, China, May 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.

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 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)

 

 

 

 

 

 

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 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

 

 

 

 

 

 

 

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) 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

 

 

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