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NANJING, China, May15, 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 firstquarter ended March31, 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 firstquarter 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 2020Financial Results Total salesfor the first quarter of 2020were $58.4million, a decrease of 33.7% from $88.0 million in the first quarter of 2019. This decrease was primarily driven by a20.7% decrease in our wholesalebusinessanda39.7% decrease in our retailbusiness. Salesfor the Company's wholesale divisiondecreased 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 1,038retail stores as of March 31, 2020, compared with 1,315retail stores as of March 31, 2019. Total gross profit for the first quarter of 2020decreased by45.4% 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 profitfor the wholesale businessincreasedby 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 businessdecreased 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 to38.1% for the first quarter of 2019. Selling expensesfor the first quarter of 2020decreased by 35.8% to $13.5 million, or 23.1% of total sales, compared with $21.0 million, or 23.9% of total salesfor the first quarter of 2019. The decrease was attributable to the decreased sales. General and administrative expensesfor the first quarter of 2020decreased by 23.2% to $5.8 million, or 9.9% of total sales,compared with $7.5 million, or 8.6% of total salesfor the first quarter of 2019. The decrease was mainly attributable to the decreased office expenses. (Loss) Income from operationsfor the first quarter of 2020decreased by 493.0% to ($3.2)million compared with $0.8million for the first quarter of 2019. Net loss attributableto the Companyfor the first quarter of 2020was $2.7million compared with $0.5 million for the first quarter of 2019. Basic and diluted loss per share were $0.18for the first quarter of 2020compared with basic and diluted earnings per share of $0.04 for the first quarter of 2019. Balance Sheet As of March31, 2020, Ever-Glory had approximately $70.0 million of cash and cash equivalents, compared with approximately $48.6million as of December 31, 2019. Ever-Glory had working capital of approximately $49.3 million as of March31, 2020, and outstanding bank loans of approximately $26.1million 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 +1-800-263-0877or + 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 15through 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 COMPREHENSIVELOSS (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 MONTHSENDED March 31, 2020 AND 2019 (Unaudited) Additional Retained Earnings Accumulatedother Amountsdue from Totalequityattributabletostockholders Non- Common Stock paid-in Statutory Comprehensive related of the controlling Total Shares Amount capital Unrestricted reserve loss party Company Interest equity Balance at January1, 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 March31,2020 14,804,832 $ 15 $ 3,645 $ 103,627 $ 19,939 $ (5,770) $ (4,147) $ 117,309 (1,504) $ 115,805 Additional Retained Earnings Accumulatedother Amountsdue from Totalequityattributabletostockholders 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 March31, 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 SOURCE Ever-Glory International Group, Inc. Related Links http://www.everglorygroup.com

Answer: Ever-Glory Reports First Quarter 2020 Financial Results