Ever-Glory International Group, Inc. (NASDAQ: EVK) announced its voluntary delisting from the NASDAQ Global Market following stockholder approval on December 18, 2022. The delisting, effective December 23, 2022, is due to the negative impact of COVID-19 on sales and high reporting costs under the Securities Exchange Act. The company's stock price fell from $6 to below $1, triggering non-compliance with NASDAQ's minimum bid price requirements. Trading will shift to OTC Pink as of December 27, 2022.
Ever-Glory International Group, Inc. (NASDAQ: EVK) reported Q3 2022 financial results, showing total sales of $106.4 million, up 12.7% year-over-year. The wholesale segment surged by 33.0% to $82.7 million, while retail sales fell 26.4% to $23.7 million. Gross profit dropped 30.9% to $16.0 million, with gross margin declining to 15.1%. The company reported a loss from operations of $6.1 million. As of September 30, 2022, cash reserves decreased to $32.2 million, with working capital of $41.6 million and bank loans of $63.4 million.
Ever-Glory International Group, a retailer of branded fashion apparel, will announce its third quarter 2022 financial results on November 14, 2022, before the U.S. market opens. A conference call will be held at 6:00 AM ET on the same day to discuss the results. Investors can participate by dialing in or accessing the webcast via the company's website. Ever-Glory, listed on NASDAQ as EVK, is a prominent player in the global apparel supply chain, serving various well-known brands.
Ever-Glory International Group, Inc. (NASDAQ: EVK) filed a preliminary proxy statement to solicit votes for the proposed termination of its common stock registration under the Exchange Act. This move could save the company approximately $500,000 annually and allow management to focus on operations while minimizing negative publicity. Concurrently, the Board authorized a stock repurchase program of up to $3.5 million to provide an exit for public stockholders, with shares to be repurchased through various means. The program may be suspended or discontinued at any time.
Ever-Glory International Group (NASDAQ: EVK) reported its Q2 2022 financial results, highlighting total sales of $63.8 million, a 5.4% increase year-over-year. The wholesale division surged by 60.5% to $42.4 million, while retail sales fell 37.3% to $21.4 million due to COVID-19 disruptions. Gross profit rose 11% to $20.4 million, with gross margins improving to 32%. Net income reached $2.4 million, marking a recovery from a loss in the previous year. As of June 30, 2022, cash and equivalents stood at $32.9 million, down from $56.6 million at the end of 2021.
Ever-Glory International Group, Inc. (NASDAQ: EVK) announced it will release its second quarter 2022 financial results on August 12, 2022, before U.S. trading opens. A conference call will occur at 8:00 AM ET on the same day, with dial-in options provided. Ever-Glory, based in Nanjing, China, specializes in branded fashion apparel and offers comprehensive apparel supply chain solutions. The company, listed on NASDAQ since December 31, 2015, operates several brands targeting middle-to-high end markets.
Ever-Glory International Group, Inc. (EVK) reported Q1 2022 results, showing total sales of $64.8 million, down 8.5% from Q1 2021. The retail division saw a significant decline of 26.7%, generating $34.9 million, attributed to weaker same-store sales and a reduction in store count to 848. Conversely, wholesale sales increased by 28.7% to $29.9 million, aided by demand in several markets. The company reported a net loss of $5.1 million, with a loss per share of $0.34. Total cash declined from $56.6 million to $41.7 million, reflecting operational challenges.
Ever-Glory International Group, Inc. (NASDAQ: EVK) will announce its first quarter 2022 financial results on May 13, 2022, before U.S. trading begins. An earnings conference call is scheduled for 8:00 AM ET on the same day. The company, based in Nanjing, China, specializes in branded fashion apparel and global supply chain solutions for mid-to-high-end garments. Ever-Glory is recognized as a pioneer in Chinese apparel on U.S. exchanges, with services including fabric development, sourcing, and logistics.
Ever-Glory International Group, Inc. (NASDAQ: EVK) reported its 2021 financial results, showing total sales of $331.0 million, a 23.8% increase from 2020. The wholesale division surged 57.8% to $184.9 million, while retail sales fell 2.7% to $146.1 million. Total gross profit rose 10.7% to $101.0 million, but gross margin decreased from 34.1% to 30.5%. Operating income dropped to ($0.5 million) from $4.1 million in 2020. The net loss decreased to ($0.09 million), with cash reserves declining to $56.6 million.
Ever-Glory International Group, Inc. (NASDAQ: EVK) will release its fourth quarter 2021 financial results on April 13, 2022, before U.S. market opening. A conference call led by management will take place at 8:00 AM ET. Interested parties can join the call by dialing +1-800-239-9838 or the international number 1-323-794-2551, using the conference ID 1990321. A webcast will also be available on Ever-Glory's investor relations website, with a replay accessible from April 13, 11:00 AM ET to April 20, 11:59 PM ET.