NEW YORK, March 31, 2021 /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 fourth quarter ended December 31, 2020.
Mr. Yihua Kang, Chairman,
President and Chief Executive Officer of Ever-Glory, said, "During
the fourth 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 fourth 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 54 stores during 2020, we operated a
nationwide network of 936 stores as of December 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 fourth 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."
Full year 2020 Financial
Results
Total sales for the full year of 2020 were
$267.4 million, a decrease of
30.2% from $383.1 million in the
full year of 2019. This decrease was primarily driven by
a 39.9% decrease in our wholesale business and a
20.1% decrease in retail business.
Sales for the Company's branded fashion apparel retail
division decreased by 20.1% to $150.1 million for the full year of
2020, compared with $187.9 million for the full year of
2019. This decrease was primarily due to a decrease in same store
sales. The Company had 936 retail stores as of December 31, 2020, compared with
1,101 retail stores as of December 31,
2019.
Sales for the Company's wholesale division decreased
by 39.9% to $117.2 million for
the full year of 2020, compared with $195.2 million for the full year of
2019. This decrease was primarily attributable to a decrease in
sales in Mainland China, Hong
Kong, Germany,
Europe-Other, Japan, United States and United Kingdom.
Total gross profit for the full year of
2020 decreased by 23.2% to $91.2 million, compared with $118.8 million for the full year of
2019. Total gross margin increased to 34.1% from 31.0% for the
full year of 2019.
Gross profit for the retail business decreased by
22.1% to $61.5 million for the
full year of 2020, compared with $78.9 million for the full year of
2019. Gross margin was 40.9%, compared to 42.0% for the full
year of 2019.
Gross profit for the wholesale business decreased by
25.4% to $29.7 million for the
full year of 2020, compared with $39.9 million for the full year of
2019. Gross margin increased to 25.4% from 20.4% for the full
year of 2019.
Selling expenses for the full year of
2020 decreased by 30.3% to $56.0 million, or 20.9% of total sales,
compared with $80.2 million, or
20.9% of total sales for the full year of 2019. The decrease
was attributable to lower retail sales.
General and administrative expenses for the full
year of 2020 decreased by 11.2% to $31.2 million, or 11.7% of total sales,
compared with $35.1 million, or
9.2% of total sales for the full year of 2019. The decrease
was mainly attributable to the decline in number of stores.
Income from operations for the
full year of 2020 increased by 19.5% to $4.1 million compared with $3.5 million for the full year of
2019.
Net income attributable to the Company
for the full year of 2020 was $3.3 million compared with $1.3 million for the full year of 2019.
Basic and diluted earnings per share were $0.22 for the full year of
2020 compared with $0.09 for the full year of 2019.
Balance Sheet
As of December 31, 2020,
Ever-Glory had approximately $81.9
million of cash and cash equivalents, compared with
approximately $48.6 million as
of December 31, 2019. Ever-Glory had
working capital of approximately $59.3
million as of December 31,
2020, and outstanding bank loans of approximately
$65.9 million as of December 31, 2020.
Conference Call
The Company will hold a conference call at 8:00 a.m. Eastern Time on March 31, 2020 (8:00
p.m. Beijing Time on March 31,
2020). Listeners can access the conference call by dialing
+1-800-289-0438 or + 1-323-794-2423 and using the access
code 3008303. 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 call will be available from 11:00 a.m. Eastern Time on March 31 through
11:59 p.m. Eastern Time on April
7 by calling +1-844-512-2921 or +1-412-317-6671 with pin
number 3008303.
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
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In thousands of
U.S. Dollars, except share and per share data or otherwise
stated)
|
|
AS OF DECEMBER 31,
2020 AND 2019
|
|
|
|
2020
|
|
|
2019
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
81,865
|
|
|
$
|
48,551
|
|
|
Restricted
cash
|
|
|
39,858
|
|
|
|
2,204
|
|
|
Trading
securities
|
|
|
1,792
|
|
|
|
-
|
|
|
Accounts receivable,
net
|
|
|
53,285
|
|
|
|
78,053
|
|
|
Inventories
|
|
|
53,893
|
|
|
|
67,355
|
|
|
Advances on inventory
purchases
|
|
|
10,261
|
|
|
|
9,681
|
|
|
Value added tax
receivable
|
|
|
1,244
|
|
|
|
2,495
|
|
|
Other receivables and
prepaid expenses
|
|
|
5,479
|
|
|
|
5,293
|
|
|
Amounts due from
related parties
|
|
|
567
|
|
|
|
123
|
|
|
Total Current
Assets
|
|
|
248,244
|
|
|
|
213,755
|
|
|
|
|
|
|
|
|
|
|
|
NONCURRENT
ASSETS
|
|
|
|
|
|
|
|
|
|
Equity security
investment
|
|
|
3,932
|
|
|
|
-
|
|
|
Intangible assets,
net
|
|
|
4,794
|
|
|
|
4,729
|
|
|
Property and
equipment, net
|
|
|
32,164
|
|
|
|
28,812
|
|
|
Operating lease
right-of-use assets
|
|
|
41,690
|
|
|
|
53,379
|
|
|
Deferred tax
assets
|
|
|
902
|
|
|
|
996
|
|
|
Total Non-Current
Assets
|
|
|
83,482
|
|
|
|
87,916
|
|
|
TOTAL
ASSETS
|
|
$
|
331,726
|
|
|
$
|
301,671
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Bank loans
|
|
$
|
65,919
|
|
|
$
|
29,931
|
|
|
Accounts
payable
|
|
|
67,762
|
|
|
|
72,418
|
|
|
Accounts payable and
other payables – related parties
|
|
|
3,764
|
|
|
|
4,811
|
|
|
Other payables and
accrued liabilities
|
|
|
16,073
|
|
|
|
19,137
|
|
|
Value added and other
taxes payable
|
|
|
909
|
|
|
|
1,657
|
|
|
Income tax
payable
|
|
|
1,062
|
|
|
|
1,142
|
|
|
Current operating
lease liabilities
|
|
|
33,481
|
|
|
|
44,888
|
|
|
Total Current
Liabilities
|
|
|
188,970
|
|
|
|
173,984
|
|
|
|
|
|
|
|
|
|
|
|
NONCURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Non-current operating
lease liabilities
|
|
|
8,307
|
|
|
|
8,537
|
|
|
TOTAL
LIABILITIES
|
|
|
197,277
|
|
|
|
182,521
|
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES (Note 9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Common stock ($0.001
par value, authorized 50,000,000 shares, 14,809,160 and
14,801,770 shares issued and outstanding as of
December 31, 2020 and
December 31, 2019, respectively)
|
|
|
15
|
|
|
|
15
|
|
|
Additional paid-in
capital
|
|
|
3,650
|
|
|
|
3,640
|
|
|
Retained
earnings
|
|
|
109,171
|
|
|
|
106,328
|
|
|
Statutory
reserve
|
|
|
20,376
|
|
|
|
19,939
|
|
|
Accumulated other
comprehensive income (loss)
|
|
|
4,590
|
|
|
|
(4,330)
|
|
|
Amounts due from
related party
|
|
|
(3,353)
|
|
|
|
(4,932)
|
|
|
Total equity
attributable to stockholders of the Company
|
|
|
134,449
|
|
|
|
120,660
|
|
|
Noncontrolling
interest
|
|
|
-
|
|
|
|
(1,510)
|
|
|
Total
Equity
|
|
|
134,449
|
|
|
|
119,150
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
331,726
|
|
|
$
|
301,671
|
|
|
EVER-GLORY
INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
(In thousands of
U.S. Dollars, except share and per share data or otherwise
stated)
|
|
FOR THE YEARS
ENDED DECEMBER 31, 2020 AND 2019
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
SALES
|
|
$
|
267,354
|
|
|
$
|
383,101
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
SALES
|
|
|
176,141
|
|
|
|
264,330
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
|
91,213
|
|
|
|
118,771
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
55,894
|
|
|
|
80,180
|
|
|
General and
administrative expenses
|
|
|
31,176
|
|
|
|
35,123
|
|
|
Total operating
expenses
|
|
|
87,070
|
|
|
|
115,303
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
|
4,143
|
|
|
|
3,468
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
1,014
|
|
|
|
1,003
|
|
|
Interest
expense
|
|
|
(2,345)
|
|
|
|
(1,222)
|
|
|
Loss on
deconsolidation of a subsidiary
|
|
|
(1,085)
|
|
|
|
-
|
|
|
Gain from changes in
fair values of investments
|
|
|
950
|
|
|
|
-
|
|
|
Government
subsidy
|
|
|
1,235
|
|
|
|
1,809
|
|
|
Other
income
|
|
|
1,830
|
|
|
|
723
|
|
|
Total other
income
|
|
|
1,599
|
|
|
|
2,313
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE
INCOME TAX EXPENSE
|
|
|
5,742
|
|
|
|
5,781
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
|
|
(2,469)
|
|
|
|
(4,562)
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
|
3,273
|
|
|
|
1,219
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (income)
attributable to the non-controlling interest
|
|
|
7
|
|
|
|
51
|
|
|
NET INCOME
ATTRIBUTABLE TO THE COMPANY
|
|
$
|
3,280
|
|
|
$
|
1,270
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
3,273
|
|
|
$
|
1,219
|
|
|
Foreign currency
translation income (loss)
|
|
|
8,920
|
|
|
|
(660)
|
|
|
COMPREHENSIVE
INCOME
|
|
$
|
12,193
|
|
|
$
|
559
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss)
income attributable to the noncontrolling interest
|
|
|
7
|
|
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
INCOME ATTRIBUTABLE TO THE COMPANY
|
|
$
|
12,200
|
|
|
$
|
610
|
|
|
EARNINGS PER SHARE
ATTRIBUTABLE TO THE COMPANY'S
STOCKHOLDERS:
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
0.22
|
|
|
$
|
0.09
|
|
|
Weighted average
number of shares outstanding Basic and diluted
|
|
|
14,806,778
|
|
|
|
14,801,770
|
|
|
EVER-GLORY
INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF EQUITY
|
|
(In thousands of
U.S. Dollars, except share and per share data or otherwise
stated)
|
|
FOR THE
YEARS ENDED DECEMBER 31, 2020 AND 2019
|
|
|
|
|
|
|
|
|
|
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
|
|
|
3,572
|
|
|
|
-
|
|
|
|
13
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13
|
|
|
|
|
|
|
|
13
|
|
|
Net income
(loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,270
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,270
|
|
|
|
(51)
|
|
|
|
1,219
|
|
|
Transfer to
reserve
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(856)
|
|
|
|
856
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
Net cash paid to
related party
under
counter
guarantee
agreement
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,422
|
|
|
|
5,422
|
|
|
|
-
|
|
|
|
5,422
|
|
|
Foreign
currency
translation
(loss) gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(752)
|
|
|
|
|
|
|
|
(752)
|
|
|
|
92
|
|
|
|
(660)
|
|
|
Balance at
December 31,
2019
|
|
|
14,801,770
|
|
|
$
|
15
|
|
|
$
|
3,640
|
|
|
$
|
106,328
|
|
|
$
|
19,939
|
|
|
$
|
(4,330)
|
|
|
$
|
(4,932)
|
|
|
$
|
120,660
|
|
|
$
|
(1,510)
|
|
|
$
|
119,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for
compensation
|
|
|
7,390
|
|
|
|
-
|
|
|
|
10
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
|
|
|
|
|
10
|
|
|
Net income
(loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,280
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,280
|
|
|
|
(7)
|
|
|
|
3,273
|
|
|
Transfer to
reserve
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(437)
|
|
|
|
437
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
Net cash paid to
related party
under
counter
guarantee
agreement
(Note 11)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,579
|
|
|
|
1,579
|
|
|
|
-
|
|
|
|
1,579
|
|
|
Deconsolidation
of Yiduo
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,517
|
|
|
|
1,517
|
|
|
Foreign
currency
translation
gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,920
|
|
|
|
|
|
|
|
8,920
|
|
|
|
-
|
|
|
|
8,920
|
|
|
Balance at
December 31,
2020
|
|
|
14,809,160
|
|
|
$
|
15
|
|
|
$
|
3,650
|
|
|
$
|
109,171
|
|
|
$
|
20,376
|
|
|
$
|
4,590
|
|
|
$
|
(3,353)
|
|
|
$
|
134,449
|
|
|
$
|
-
|
|
|
$
|
134,449
|
|
|
EVER-GLORY
INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(In thousands of
U.S. Dollars, except share and per share data or otherwise
stated)
|
|
FOR THE YEARS
ENDED DECEMBER 31, 2020 AND 2019
|
|
|
|
2020
|
|
|
2019
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net income
|
|
$
|
3,273
|
|
|
$
|
1,219
|
|
|
Adjustments to
reconcile net (loss) income to cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
5,291
|
|
|
|
8,239
|
|
|
Loss from sale of
property and equipment
|
|
|
209
|
|
|
|
9
|
|
|
Loss on
deconsolidation of a subsidiary
|
|
|
1,085
|
|
|
|
-
|
|
|
Provision of bad debt
allowance
|
|
|
1,117
|
|
|
|
1,062
|
|
|
Provision for
obsolete inventories
|
|
|
6,753
|
|
|
|
2,804
|
|
|
Changes in fair value
of trading securities
|
|
|
(131)
|
|
|
|
-
|
|
|
Changes in fair value
of investment
|
|
|
(819)
|
|
|
|
-
|
|
|
Deferred income
tax
|
|
|
154
|
|
|
|
(1,472)
|
|
|
Stock-based
compensation
|
|
|
10
|
|
|
|
12
|
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
27,173
|
|
|
|
6,652
|
|
|
Inventories
|
|
|
10,161
|
|
|
|
(5,145)
|
|
|
Value added tax
receivable
|
|
|
1,336
|
|
|
|
1,077
|
|
|
Other receivables and
prepaid expenses
|
|
|
(135)
|
|
|
|
2,394
|
|
|
Advances on inventory
purchases
|
|
|
(28)
|
|
|
|
(3,395)
|
|
|
Amounts due from
related parties
|
|
|
(480)
|
|
|
|
67
|
|
|
Accounts
payable
|
|
|
(9,316)
|
|
|
|
(2,305)
|
|
|
Accounts payable and
other payables- related parties
|
|
|
(1,145)
|
|
|
|
176
|
|
|
Other payables and
accrued liabilities
|
|
|
(3,098)
|
|
|
|
(4,052)
|
|
|
Value added and other
taxes payable
|
|
|
(806)
|
|
|
|
(2,948)
|
|
|
Income tax
payable
|
|
|
(148)
|
|
|
|
(409)
|
|
|
Net cash provided by
operating activities
|
|
|
40,456
|
|
|
|
3,985
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(6,354)
|
|
|
|
(8,675)
|
|
|
Purchases of trading
securities
|
|
|
(2,644)
|
|
|
|
-
|
|
|
Proceeds from trading
securities
|
|
|
979
|
|
|
|
-
|
|
|
Investment in a
partnership
|
|
|
(2,936)
|
|
|
|
-
|
|
|
Net cash used in
investing activities
|
|
|
(10,955)
|
|
|
|
(8,675)
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
90,729
|
|
|
|
59,528
|
|
|
Repayment of bank
loans
|
|
|
(58,658)
|
|
|
|
(58,665)
|
|
|
Net collection
(advance) of amounts due from related party (equity)
|
|
|
1,848
|
|
|
|
5,254
|
|
|
Net cash provided by
financing activities
|
|
|
33,919
|
|
|
|
6,117
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH
|
|
|
7,548
|
|
|
|
2,316
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|
|
70,968
|
|
|
|
3,743
|
|
|
|
|
|
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF
PERIOD
|
|
|
50,755
|
|
|
|
47,012
|
|
|
|
|
|
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
|
|
$
|
121,723
|
|
|
$
|
50,755
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash reported within
their
consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
|
81,865
|
|
|
|
48,551
|
|
|
Restricted
cash
|
|
|
39,858
|
|
|
|
2,204
|
|
|
|
$
|
121,723
|
|
|
$
|
50,755
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|
Net asset
(liabilities) derecognized due to deconsolidation of a
subsidiary
|
|
|
1,164
|
|
|
|
-
|
|
|
Cash paid during
the period for:
|
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
2,345
|
|
|
$
|
1,222
|
|
|
Income
taxes
|
|
$
|
2,469
|
|
|
$
|
6,327
|
|
View original
content:http://www.prnewswire.com/news-releases/ever-glory-reports-fourth-quarter-2020-financial-results-301259338.html
SOURCE Ever-Glory International Group, Inc.
