0001213900-16-015954.txt : 20160815 0001213900-16-015954.hdr.sgml : 20160815 20160815132455 ACCESSION NUMBER: 0001213900-16-015954 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160815 DATE AS OF CHANGE: 20160815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ever-Glory International Group, Inc. CENTRAL INDEX KEY: 0000943184 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 650548697 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34124 FILM NUMBER: 161831523 BUSINESS ADDRESS: STREET 1: EVER-GLORY COMMERCIAL CENTER STREET 2: 509 CHENGXIN RD JIANGNING DEVELOPMT ZONE CITY: NANJING, JIANGSU PROVINCE STATE: F4 ZIP: 000000 BUSINESS PHONE: 8625-5209-6875 MAIL ADDRESS: STREET 1: EVER-GLORY COMMERCIAL CENTER STREET 2: 509 CHENGXIN RD JIANGNING DEVELOPMT ZONE CITY: NANJING, JIANGSU PROVINCE STATE: F4 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: ever-glory international group, inc. DATE OF NAME CHANGE: 20051121 FORMER COMPANY: FORMER CONFORMED NAME: ANDEAN DEVELOPMENT CORP DATE OF NAME CHANGE: 19950329 10-Q 1 f10q0616_evergloryinter.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 0-28806

Ever-Glory International Group Inc.

(Exact name of registrant as specified in its charter)

Florida		65-0420146
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Ever-Glory Commercial Center,

509 Chengxin Road, Jiangning Development Zone,

Nanjing, Jiangsu Province,

People’s Republic of China

(Address of principal executive offices)

(8625) 5209-6831

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,”“accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. ☐

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 11, 2016, 14,787,940 shares of the Company’s common stock, $0.001 par value, were issued and outstanding.

EVER-GLORY INTERNATIONAL GROUP, INC.

FORM 10-Q

INDEX

		Page Number

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	1

	Condensed Consolidated Balance Sheets as of June 30, 2016 (unaudited) and December 31, 2015	1

	Condensed Consolidated Statements of Income and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2016 and 2015 (unaudited)	2

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2016 and 2015 (unaudited)	3

	Notes to the Condensed Consolidated Financial Statements (unaudited)	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28

Item 4.	Controls and Procedures	28

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	29

Item 1A.	Risk Factors	29

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 3.	Defaults Upon Senior Securities	29

Item 4.	Mine Safety Disclosure	29

Item 5.	Other Information	29

Item 6.	Exhibits	29

SIGNATURES		30

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this Quarterly Report on Form 10-Q, which are not historical facts, are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, whether expressed or implied, are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated, due to a number of factors, which include, but are not limited to:

	●	Competition within our industry;

	●	Seasonality of our sales;

	●	Success of our investments in new product development

	●	Our plans and ability to open new retail stores;

	●	Success of our acquired businesses;

	●	Our relationships with our major customers;

	●	The popularity of our products;

	●	Relationships with suppliers and cost of supplies;

	●	Financial and economic conditions in Asia, Japan, Europe and the U.S.;

	●	Anticipated effective tax rates in future years;

	●	Regulatory requirements affecting our business;

	●	Currency exchange rate fluctuations;

	●	Our future financing needs; and

	●	Our ability to obtain future financing on acceptable terms.

Forward-looking statements also include the assumptions underlying or relating to any of the foregoing or other such statements. When used in this report, the words “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “continue,” and similar expressions are generally intended to identify forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Readers should carefully review the factors described in the Section entitled “Risk Factors” on Form 10-K and other documents we file from time to time with the Securities and Exchange Commission (‘SEC’).

PART I. FINANCIAL INFORMATION

ITEM 1.

Financial Statements

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 JUNE 30, 2016 (UNAUDITED) AND DECEMBER 31, 2015

	2016			2015
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	27,475		$	22,702
Accounts receivable		62,233			87,527
Inventories		62,720			75,063
Value added tax receivable		5,215			2,736
Other receivables and prepaid expenses		4,899			3,840
Advances on inventory purchases		3,658			6,193
Amounts due from related parties		1,054			2,535
Total Current Assets		167,254			200,596

INTANGIBLE ASSETS		6,041			6,217
PROPERTY AND EQUIPMENT, NET		23,791			21,906
TOTAL ASSETS	$	197,086		$	228,719

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Bank loans	$	43,675		$	44,841
Accounts payable		44,240			66,118
Accounts payable and other payables - related parties		2,530			2,823
Other payables and accrued liabilities		16,949			22,221
Value added and other taxes payable		4,317			6,882
Income tax payable		1,701			4,052
Total Current Liabilities		113,412			146,937

NONCURRENT LIABILITIES
Deferred tax liabilities		2,910			2,992
TOTAL LIABILITIES		116,322			149,929

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
Stockholders' equity:
Preferred stock ($.001 par value, authorized 5,000,000 shares, no shares issued and outstanding)		-			-
Common stock ($.001 par value, authorized 50,000,000 shares, 14,787,940 and 14,785,868 shares issued and outstanding As of June 30, 2016 and December 31, 2015, respectively)		15			15
Additional paid-in capital		3,602			3,597
Retained earnings		81,223			78,439
Statutory reserve		15,327			15,327
Accumulated other comprehensive income		853			3,249
Amounts due from related party		(19,967	)		(21,776	)
Total equity attributable to stockholders of the Company		81,053			78,851
Noncontrolling interest		(289	)		(61	)
Total Equity		80,764			78,790
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	197,086		$	228,719

See the accompanying notes to the condensed consolidated financial statements.

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME 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, 2016 AND 2015 (UNAUDITED)

	Three months ended						Six months ended
	June 30,						June 30,
	2016			2015			2016			2015
NET SALES	$	80,676		$	75,727		$	172,369		$	173,630
COST OF SALES		53,961			45,679			117,311			112,974

GROSS PROFIT		26,715			30,048			55,058			60,656

OPERATING EXPENSES
Selling expenses		16,043			17,583			36,956			37,838
General and administrative expenses		7,316			7,606			14,265			14,520
Total Operating Expenses		23,359			25,189			51,221			52,358

INCOME FROM OPERATIONS		3,356			4,859			3,837			8,298

OTHER INCOME (EXPENSES)
Interest income		237			215			621			539
Interest expense		(334	)		(716	)		(931	)		(1,492	)
Other income		621			539			687			772
Total Other Income (Expenses)		524			38			377			(181	)

INCOME BEFORE INCOME TAX EXPENSE		3,880			4,897			4,214			8,117
Income tax expense		(828	)		(1,379	)		(1,662	)		(2,204	)

NET INCOME		3,052			3,518			2,552			5,913

Net loss attributable to the non-controlling interest		93			80			233			81
NET INCOME ATTRIBUTABLE TO THE COMPANY		3,145			3,598			2,785			5,994

NET INCOME	$	3,052		$	3,518		$	2,552		$	5,913

Foreign currency translation (loss) gain		(3,178	)		(127	)		(2,396	)		329
COMPREHENSIVE INCOME		(126	)		3,391			156			6,242

Comprehensive loss attributable to the non-controlling interest		85			80			228			81
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$	(41	)	$	3,471		$	384		$	6,323

EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY’S STOCKHOLDERS
Basic and diluted	$	0.21		$	0.24		$	0.19		$	0.41
Weighted average number of shares outstanding
Basic and diluted		14,787,302			14,784,094			14,786,589			14,784,094

See the accompanying notes to the condensed consolidated financial statements.

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 SIX MONTHS ENDED JUNE 30, 2016 AND 2015 (UNAUDITED)

	2016			2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	2,552		$	5,913
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		3,331			4,678
Recovering for doubtful accounts		-			(143	)
Provision for obsolete inventories		7,111			-
Deferred income tax		(14	)		3
Stock-based compensation		5			-
Changes in operating assets and liabilities
Accounts receivable		23,903			34,101
Inventories		3,901			(7,266	)
Value added tax receivable		(2,583	)		(1,333	)
Other receivables and prepaid expenses		(1,166	)		865
Advances on inventory purchases		2,434			1,055
Amounts due from related parties		1,092			186
Accounts payable		(20,847	)		(13,416	)
Accounts payable and other payables- related parties		(275	)		(1,074	)
Other payables and accrued liabilities		(4,852	)		(1,987	)
Value added and other taxes payable		(2,448	)		(779	)
Income tax payable		(2,297	)		(1,099	)
Net cash provided by operating activities		9,847			19,704

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment		(5,692	)		(5,438	)
Proceeds from sale of property and equipment		-			4
Purchase of intangible assets		-			(1,732	)
Acquisition of Yiduo net of cash acquired		-			(457	)
Net cash (used in) investing activities		(5,692	)		(7,623	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans		48,295			52,715
Repayment of bank loans		(48,521	)		(72,217	)
Repayment of loans from related party		1,836			2,444
Advances to related party		-			(815	)
Net cash provided by (used in) financing activities		1,610			(17,873	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH		(992	)		(91	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,773			(5,883	)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		22,702			34,134

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	27,475		$	28,251

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the period for:

Interest	$	931		$	1,492
Income taxes	$	4,442		$	3,301
SUPPLEMENTAL INFORMATION OF NONCASH INVESTING ACTIVITIES
Increase in intangible assets and non-controlling interests		-		$	233

See the accompanying notes to the condensed consolidated financial statements.

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 AND 2015

(UNAUDITED)

NOTE 1 BASIS OF PRESENTATION

Ever-Glory International Group, Inc. (the “Company”), together with its subsidiaries, is an apparel manufacturer, supplier and retailer in The People's Republic of China ("China or "PRC"), with a wholesale segment and a retail segment. The Company’s wholesale business consists of recognized brands for department and specialty stores located in China, Europe, Japan and the United States. The Company’s retail business consists of flagship stores and store-in-stores for the Company’s own-brand products.

The Company’s wholesale operations are provided primarily through the Company’s wholly-owned PRC subsidiaries, Goldenway Nanjing Garments Co. Ltd. (“Goldenway”), Nanjing Catch-Luck Garments Co. Ltd. (“Catch-Luck”), Nanjing New-Tailun Garments Co. Ltd (“New-Tailun”), Ever-Glory International Group Apparel Inc.(“Ever-Glory Apparel”), Chuzhou Huirui Garments Co. Ltd. (“Huirui”) and Nanjing Tai Xin Garments Trading Company Limited (“Tai Xin”), and the Company’s wholly-owned Samoa subsidiary, Ever-Glory International Group (HK) Ltd. (“Ever-Glory HK”). The Company’s retail operations are provided through its wholly- owned subsidiaries, Shanghai LA GO GO Fashion Company Limited (“Shanghai LA GO GO”), Jiangsu LA GO GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA GO GO Fashion Company Limited (“Tianjin LA GO GO”), Shanghai Ya Lan Fashion Company Limited (“Ya Lan”), Shanghai Yiduo Fashion Company Limited (“Shanghai Yiduo”) and Xizang He Meida Trading Company Limited (“He Meida”).

In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated balance sheet as of June 30, 2016, the condensed consolidated statements of income and comprehensive income (loss), and cash flows for the three and six months ended June 30, 2016 and 2015. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they have been condensed and do not include all of the information and footnotes required by GAAP for complete financial statements.

Wholesale revenues are generally higher in the third and fourth fiscal quarters, while retail revenues are generally higher in the first and fourth fiscal quarters. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results of operations to be expected for the full fiscal year. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

NOTE 2 SIGNIFICANT ACCOUNTING POLICIES

Financial Instruments

Management has estimated that the carrying amounts of non-related party financial instruments approximate their fair values due to their short-term maturities. The fair value of amounts due from (to) related parties is not practicable to estimate due to the related party nature of the underlying transactions.

Accounts Receivable

The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated risks by performing credit checks and actively pursuing past due accounts. An allowance for doubtful accounts is established and recorded based on management’s assessment of the credit history of its customers and current relationships with them. The Company writes off accounts receivable when amounts are deemed uncollectible.

Fair Value Accounting

Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

	Level 2	Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

	Level 3	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At June 30, 2016, the Company’s financial assets (all Level 1) consist of cash placed with financial institutions that management considers to be of a high quality.

As of June 30, 2016, the Company has a derivative liability subject to recurring fair value measurement (Level 3) with the change in fair value recognized in earnings (Note 5).

Foreign Currency Translation and Other Comprehensive Income

The reporting currency of the Company is the U.S. dollar. The functional currency of Ever-Glory, Perfect Dream and Ever-Glory HK is the U.S. dollar. The functional currency of Goldenway, New Tailun, Catch-luck, Ever-Glory Apparel, Shanghai LA GO GO, Jiangsu LA GO GO, Tianjin LA GO GO, Shanghai Yiduo, Ya Lan, He Meida, Huirui and Taixin is the Chinese RMB.

For subsidiaries whose functional currency is the RMB, all assets and liabilities were translated at the exchange rate at the balance sheet date; equity was translated at historical rates and items in the statement of income and comprehensive income (loss) were translated at the average rate for the period. Translation adjustments resulting from this process are included in accumulated other comprehensive income. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Items in the cash flow statement are translated at the average exchange rate for the period.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition in Revenue Recognition (Topic 605), and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This new standard is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted to the original effective date of December 15, 2016. The Company is currently evaluating this new standard and the potential impact this standard may have upon adoption.

In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations. The amendments are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. The effective date for this ASU is the same as the effective date for ASU 2014-09, Revenue from Contracts with Customers. The Company is currently assessing the potential impact of this ASU on its consolidated financial statements.

In July 2015, the FASB issued ASU No. 2015-11, Inventory: Simplifying the Measurement of Inventory. ASU 2015-11 simplifies the measurement of certain inventories. Under the new guidance, inventories are required to be measured at the lower of cost and net realizable value, the latter representing the estimated selling price in the ordinary course of business, reduced by costs of completion, disposal, and transportation. Under current guidance, inventories are required to be measured at the lower of cost or market, but depending upon specific circumstances, market could refer to replacement cost, net realizable value, or net realizable value reduced by a normal profit margin. The guidance is to be applied prospectively, is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. Management is currently assessing the potential impact of this ASU on its consolidated financial statements.

In September 2015, FASB issued ASU No. 2015-16 Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments. The amendments in ASU 2015-16 require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not been issued. The Company assessed that there is no significant impact to the consolidated financial statements on this update.

In February 2016, the FASB issued ASU No. 2016-02, Leases. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2018. The Company is currently assessing the impact of this ASU on its consolidated financial statements.

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s consolidated financial statements.

NOTE 3 INVENTORIES

Inventories at June 30, 2016 and December 31, 2015 consisted of the following:

	June 30, 2016			December 31, 2015
	(In thousands of U.S. Dollars)
Raw materials	$	1,886		$	2,819
Work-in-progress		22,877			22,090
Finished goods		57,089			69,692
		81,852			94,601
Less: allowance for obsolete inventories		(19,132	)		(19,538	)
Total inventories	$	62,720		$	75,063

NOTE 4 BANK LOANS

Bank loans represent amounts due to various banks and are generally due on demand or within one year. These loans can be renewed with the banks. Short term bank loans consisted of the following as of June 30, 2016 and December 31, 2015.

	June 30, 2016		December 31, 2015
Bank	(In thousands of U.S. Dollars)
Industrial and Commercial Bank of China	$	17,759	$	16,940
Nanjing Bank		7,901		13,951
China Everbright Bank		4,272		3,121
HSBC		3,737		3,129
Bank of Communications		3,010		3,080
China Minsheng Banking		3,010		3,080
Bank of China		2,631		-
China Citic Bank		1,355		-
Pin An Bank		-		1,540
	$	43,675	$	44,841

In January 2014, Goldenway entered into a line of credit agreement with Industrial and Commercial Bank of China, which allows the Company to borrow up to approximately $9.0 million (RMB60.0 million). These loans are collateralized by the Company’s property and equipment. As of June 30, 2016, Goldenway had borrowed $6.0 million (RMB40.0 million) under this line of credit with annual interest rates ranging from 4.4% - 4.5% and due on various dates from September to October 2016. As of June 30, 2016, approximately $3.0 million was unused and available under this line of credit.

In September 2015, Ever-Glory Apparel entered into a line of credit agreement for approximately $18.1 million (RMB120.0 million) with Industrial and Commercial Bank of China and collateralized by assets of Jiangsu Ever-Glory’s equity investee, Nanjing Knitting, under a collateral agreement executed among Ever-Glory Apparel, Nanjing Knitting and the bank. As of June 30, 2016, Ever-Glory Apparel had borrowed $11.7 million (RMB 78.0 million) under this line of credit with annual interest rate at 4.4% and due on various dates from July to December 2016. As of June 30, 2016, approximately $6.4 million was unused and available under this line of credit.

In June 2016, Goldenway entered into a line of credit agreement with Nanjing Bank, which allows the Company to borrow up to approximately $7.5 million (RMB50.0 million). These loans are guaranteed by Jiangsu Ever-Glory International Group Corp. (“Jiangsu Ever-Glory”), an entity controlled by Mr. Kang, the Company’s Chairman and Chief Executive Officer. These loans are also collateralized by the Company’s property and equipment. As of June 30, 2016, approximately $7.5 million was unused and available under this line of credit.

In June 2015, Ever-Glory Apparel entered into a line of credit agreement for approximately $9.0 million (RMB60.0 million) with Nanjing Bank and guaranteed by Jiangsu Ever-Glory, Mr. Kang and Goldenway. As of June 30, 2016, Ever-Glory Apparel had borrowed $3.0 million (RMB20.0 million) under this line of credit with annual interest rate of 5.0% and due on various dates from July to September 2016. Ever-Glory Apparel had also borrowed $2.6 million from Nanjing Bank with an annual interest rates ranging from 3.5% to 4.0% and due in October 2016, and collateralized by approximately $3.0 million of accounts receivable from our wholesale customers. As of June 30, 2016, approximately $3.4 million was unused and available under this line of credit.

In October 2015, LA GO GO entered into a revolving line of credit agreement with Nanjing Bank, which allows the Company to borrow up to approximately $3.0 million (RMB20.0 million). The line of credit is guaranteed by Mr. Kang and Goldenway. As of June 30, 2016, LA GO GO had borrowed $2.3 million (RMB15.0 million) under this line of credit with an annual interest rate of 5.0% and due in January 2017. As of June 30, 2016, approximately $0.7 million (RMB5.0 million) was unused and available under this line of credit.

In July 2015, Ever-Glory Apparel entered into a line of credit agreement for approximately $6.0 million (RMB40.0 million) with China Everbright Bank and guaranteed by Goldenway and Mr. Kang. These loans are also collateralized by Jiangsu Ever-Glory’s property. As of June 30, 2016, Ever-Glory Apparel had borrowed $4.3 million under this line of credit with annual interest rates ranging from 2.8% - 3.8% and due on various dates from July to November 2016, and collateralized by approximately $5.2 million of accounts receivable from wholesale customers. As of June 30, 2016, approximately $1.7 million was unused and available under this line of credit.

In January 2015, Ever-Glory Apparel and Goldenway collectively entered into a secured banking facility agreement for a combined revolving import facility, letter of credit, invoice financing facilities and a credit line for treasury products of up to $12.6 million with the Nanjing Branch of HSBC (China) Company Limited (“HSBC”). This agreement is guaranteed by the Company and Mr. Kang. As of June 30, 2016, Ever-Glory Apparel had borrowed $3.7 million from HSBC with an annual interest rates ranging from 1.1% - 3.0% and due in July 2016, and collateralized by approximately $4.3 million of accounts receivable from our wholesale customers. These bank loans are to be repaid upon receipt of payments from customers. As of June 30, 2016, approximately $8.9 million was unused and available under this line of credit.

In June 2014, LA GO GO entered into a line of credit agreement for approximately $5.0 million (RMB33.0 million) with the Bank of Communications and guaranteed by Jiangsu Ever-Glory, Ever-Glory Apparel and Mr. Kang. As of June 30, 2016, LA GO GO had borrowed $3.0 million (RMB20.0 million) from the Bank of Communications with annual interest rates ranging from 5.0% - 5.3% and due on various dates from August to November 2016. As of June 30, 2016, approximately $2.0 million was unused and available under this line of credit.

In December 2015, LA GO GO entered into a line of credit agreement for approximately $3.0 million (RMB20.0 million) with China Minsheng Banking and guaranteed by Ever-Glory Apparel and Mr. Kang. As of June 30, 2016, LA GO GO had borrowed $3.0 million (RMB20.0 million) from China Minsheng Banking with an annual interest rate of 4.6% and due in December 2016.

In March 2016, Ever-Glory Apparel entered into a line of credit agreement for approximately $3.8 million (RMB25.0 million) with Bank of China and guaranteed by Jiangsu Ever-Glory and Mr. Kang. These loans are also collateralized by assets of Jiangsu Ever-Glory’s equity investee, Chuzhou Huarui, under a collateral agreement executed by Ever-Glory Apparel, Chuzhou Huarui and Bank of China. As of June 30, 2016, Ever-Glory Apparel had borrowed $1.5 million (RMB10.0 million) under this line of credit with annual interest rate at 4.8% and due in October 2016, Ever-Glory Apparel had borrowed $1.1 million from Bank of China with an annual interest rate at 2.5% and due in August 2016, and collateralized by approximately $1.4 million of accounts receivable from our wholesale customers. These bank loans are to be repaid upon receipt of payments from customers. As of June 30, 2016, approximately $1.2 million was unused and available under this line of credit.

In December 2014, LA GO GO entered into a line of credit agreement for approximately $5.4 million (RMB36.0 million) with the China Citic Bank and guaranteed by Jiangsu Ever-Glory, Ever-Glory Apparel and Mr. Kang. As of June 30, 2016, LA GO GO had borrowed $1.4 million (RMB9.0 million) from the Bank of Communications with annual interest rate at 4.6% and due on December 2016. As of June 30, 2016, approximately $4.0 million was unused and available under this line of credit.

All loans have been repaid before or at maturity date.

Total interest expense on bank loans amounted to $0.3 million, $0.9 million, $0.7 million and $1.5 million for the three and six months ended June 30, 2016 and 2015, respectively.

NOTE 5 DERIVATIVE LIABILITY

As of June 30, 2016, the Company had three outstanding forward foreign exchange contracts (sell US dollars for RMB), with total notional amount of $9.5 million, and one outstanding forward foreign exchange contract (sell EUR dollars for RMB), with total notional amount of EUR0.65 million. As of December 31, 2015, the Company had four outstanding forward foreign exchange contracts (sell US dollars for RMB), with total notional amount of $11.1 million. The fair value of these contracts as of June 30, 2016 and December 31, 2015, as well as realized losses on these foreign currency derivative activities during 2015 and the six months ended June 30, 2016 were not significant.

NOTE 6 INCOME TAX

The Company’s operating subsidiaries are governed by the Income Tax Law of the PRC concerning Foreign Investment Enterprises and Foreign Enterprises and various local income tax laws (“the Income Tax Laws”).

All PRC subsidiaries, except for He Meida, are subject to income tax at the 25% statutory rate.

He Meida incorporated in Xizang (Tibet) Autonomous Region is subject to income tax at 15% statutory rate. The local government has implemented a income tax reduction from 15% to 9% valid through December 31, 2017.

Perfect Dream was incorporated in the British Virgin Islands (BVI), and under the current laws of the BVI dividends and capital gains arising from the Company’s investments in the BVI are not subject to income taxes.

Ever-Glory HK was incorporated in Samoa, and under the current laws of Samoa has no liabilities for income taxes.

Although the Company’s parent entity is a U.S. entity, the Company’s primary operations are through subsidiaries located in China, certain apparel manufacturing is performed outside of China in Southeast Asia, and sales are made globally. Therefore, the Company uses significant judgment to calculate and provide for income taxes in each of the tax jurisdictions in which it operates. In the ordinary course of the Company’s business, there are transactions and calculations undertaken whose ultimate tax outcome cannot be certain. Some of these uncertainties arise as a consequence of transfer pricing for transactions with the Company’s subsidiaries, potential challenges to nexus, value added estimates, and similar matters. In September 2009, the Company formed its subsidiary, Ever-Glory HK, domiciled in Samoa, in order to engage in certain limited import and export of apparel, fabric and accessories, as well as to efficiently address currency exchange matters with international transactions. Over the past few years, the operational matters handled by this subsidiary have expanded with respect to sub-contracting of certain manufacturing work outside of China, as well as to other operational matters with non-PRC customers and vendors. Additionally, over this time period, tax guidance, rules and positions taken by the PRC with respect to transfer pricing issues have evolved, and in certain cases, become more standardized. As part of the Company’s on-going process of evaluating its tax positions, the Company considered various factors as they relate to its Samoan subsidiary and as related to intercompany transactions. This evaluation resulted in a change in the Company’s estimate of exposure to potential unfavorable outcomes related to these uncertainties, and the Company recorded a tax liability of approximately $3.2 million as of December 31, 2013 based on the probability for such outcomes.

The Company and the PRC Tax Bureau have agreed that payments on the tax liability $3.2 million should be made by the Company prospectively over the next two to three years period. Approximately $2.3 million has been paid as of June 30, 2016. Beginning January 1, 2014, all net income generated from Ever-Glory HK has been reported as a taxable income at 25% tax rate in PRC.

The PRC’s Enterprise Income Tax Law imposes a 10% withholding income tax for dividends distributed by a foreign invested enterprise in PRC to its immediate holding company outside China; such distributions were exempted under the previous income tax law and regulations. A lower withholding tax rate will be applied if there is a tax treaty arrangement between mainland China and the jurisdiction of the foreign holding company. The foreign invested enterprise became subject to the withholding tax starting from January 1, 2008. Given that the undistributed profits of the Company's subsidiaries in China are intended to be retained in China for business development and expansion purposes, no withholding tax accrual has been made.

After the tax liability adjustment resulted from the reevaluation of the Company’s tax position (resulting in the company allocating substantially all of the earnings of the Samoan subsidiary to the PRC and reporting such earnings as taxable in the PRC), pre-tax income for the three and six months ended June 30, 2016 and 2015 was taxable in the following jurisdictions:

	Three months ended						Six months ended
	June 30,						June 30,
	2016			2015			2016			2015
	(In thousands of U.S. Dollars)
PRC	$	3,884		$	4,900		$	4,218		$	8,213
BVI		(1	)		(1	)		1			(91	)
Others		(3	)		(2	)		(5	)		(5	)
	$	3,880		$	4,897		$	4,214		$	8,117

The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three and six months ended June 30, 2016 and 2015:

	Three months ended						Six months ended
	June 30,						June 30,
	2016			2015			2016			2015
PRC statutory rate		25.0	%		25.0	%		25.0	%		25.0	%
Preferential tax treatment		-			(0.3	)		-			(0.7	)
Effect of foreign income tax rates		-			-			-			0.3
Net operating losses for which no deferred tax assets was recognized		-			-			14.4			-
Other		(3.7	)		3.5			-			2.6
Effective income tax rate		21.3	%		28.2	%		39.4	%		27.2	%

Income tax expense for the three and six months ended June 30, 2016 and 2015 is as follows:

	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016			2015
Current	$	640	$	1,245	$	1,744		$	2,184
Deferred		188		134		(82	)		20
Income tax expense	$	828	$	1,379	$	1,662		$	2,204

The Company has not recorded U.S. deferred income taxes on approximately $81.2 million of its non-U.S. subsidiaries’ undistributed earnings because such amounts are intended to be reinvested outside the United States indefinitely. If these earnings were repatriated to the United States, the Company would be required to accrue and pay U.S. federal income taxes and foreign withholding taxes, as adjusted for foreign tax credits. Determination of the amount of any unrecognized deferred income tax liability on these earnings is not practicable.

NOTE 7 EARNINGS PER SHARE

The following demonstrates the calculation for earnings per share for the three and six months ended June 30, 2016 and 2015:

	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016		2015
Weighted average number of common shares – Basic and diluted		14,787,302		14,784,094		14,786,589		14,784,094
Earnings per share – Basic and diluted	$	0.21	$	0.24	$	0.19	$	0.41

NOTE 8 STOCKHOLDERS’ EQUITY

On July 29, 2015, the Company issued an aggregate of 854 shares of its common stock to three of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2014. The shares were valued at $5.91 per share, which was the average market price of the common stock for the five days before the grant date.

On July 29, 2015, the Company issued an aggregate of 920 shares of its common stock to two of the Company’s independent directors as compensation for their services in the first and second quarters of 2015. The shares were valued at $5.39 per share, which was the average market price of the common stock for the five days before the grant date.

On April 29, 2016, the Company issued an aggregate of 2,072 shares of its common stock to two of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2015. The shares were valued at $2.43 per share, which was the average market price of the common stock for the five days before the grant date.

NOTE 9 RELATED PARTY TRANSACTIONS

Mr. Kang is the Company’s Chairman and Chief Executive Officer. Ever-Glory Enterprises (HK) Ltd. (Ever-Glory Enterprises) is the Company’s major shareholder. Mr. Xiaodong Yan was Ever-Glory Enterprises’ sole shareholder and sole director. Mr. Huake Kang, Mr. Kang’s son, acquired 83% interest of Ever-Glory Enterprises and became its sole director in 2014. All transactions associated with the following companies controlled by Mr. Kang or his son are considered to be related party transactions, and it is possible that the terms of these transactions may not be the same as those that would result from transactions between unrelated parties. All related party outstanding balances are short-tem in nature and are expected to be settled in cash.

Other income from Related Parties

Jiangsu Wubijia Trading Company Limited (“Wubijia”) is an entity engaged in high-grade home goods sales and is controlled by Mr. Kang. Wubijia has sold their home goods on consignment in certain Company’s retail stores since the third quarter of 2014. During the three and six months ended June 30, 2016 and 2015, the Company received $4,720, $11,255, $2,026 and $9,786 from the customers and paid $5,675, $10,285, $2,480 and $9,100 to Wubijia through the consignment, respectively. The net (loss) profit of ($955), $970, ($454) and $686 was recorded as other income (expenses) during the three and six months ended June 30, 2016 and 2015, respectively.

Nanjing Knitting Company Limited (“Nanjing Knitting”) is an entity engaged in knitted fabric products and knitting underwear sales and is controlled by Mr. Kang. Nanjing Knitting has sold their knitting underwear on consignment in some Company’s retail stores since the third quarter of 2015. During the three and six months ended June 30, 2016, the Company received $70,456 and $100,839 from the customers and paid $60,490 and $85,446 to Nanjing Knitting through the consignment, respectively. The net profit of $9,966 and $15,393 was recorded as other income during the three and six months ended June 30, 2016.

Included in other income for the three and six months ended June 30, 2016 and 2015 is rent income from EsC’Lav, the entity controlled by Mr. Kang under operating lease agreement with term though 2016. The rent income is $16,647, $32,433, $17,596 and $35,105 for the three and six months ended June 30, 2016 and 2015, respectively.

Other expenses due to Related Parties

Included in other expenses for the three and six months ended June 30, 2016 and 2015 are rent costs due to entities controlled by Mr. Kang under operating lease agreements as follows:

	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016		2015
	In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	12	$	13	$	24	$	26
Chuzhou Huarui		57		61		114		122
Kunshan Enjin		11		12		22		24
Total	$	80	$	86	$	160	$	172

The Company leases Jiangsu Ever-Glory's factory as the factory is in a location where there is a good supply of experienced workers. The Company leases Chuzhou Huarui and Kunshan Enjin's warehouse spaces because the locations are convenient for transportation and distribution.

Purchases from and Sub-contracts with Related Parties

The Company purchased raw materials from Nanjing Knitting totaling $0.14 million, $0.34 million, $0.51 million and $0.69 million during the three and six months ended June 30, 2016 and 2015, respectively.

In addition, Sub-contracts with related parties included in cost of sales for the three and six months ended June 30, 2016 and 2015 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(In thousands of U.S. Dollars)
Chuzhou huarui	$	1,370	$	1,461	$	3,694	$	2,493
Fengyang huarui		299		327		502		736
Nanjing Ever-Kyowa		522		314		995		587
Ever-Glory Vietnam		3,018		3,852		5,057		4,888
Ever-Glory Cambodia		757		68		2,095		372
EsCeLav		5		-		5		2
Shanghai Sea to Sky		-		1		-		259
Jiangsu Ever-Glory		-		26		51		26
	$	5,971	$	6,049	$	12,399	$	9,363

Accounts Payable – Related Parties

The accounts payable to related parties at June 30, 2016 and December 31, 2015 are as follows:

	June 30, 2016		December 31, 2015
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	1,109		2,003
Fengyang Huarui		-		84
Nanjing Ever-Kyowa		685		561
Chuzhou Huarui		610		175
Nanjing Knitting		126		-
Total	$	2,530	$	2,823

Amounts Due From Related Parties-current assets

The amounts due from related parties as of June30, 2016 and December 31, 2015 are as follows:

	June 30, 2016		December 31, 2015
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	628	$	2,412
Nanjing Knitting		-		106
Fengyang Huarui		257		-
Ever-Glory Cambodia		109		15
EsC'eLav		60		2
Total	$	1,054	$	2,535

As of June 30, 2016, the Company prepaid $0.26 million and $0.11 million to the sub-contractors, Fengyang Huarui and Ever-Glory Cambodia, respectively, for the next period’s subcontracting fees.

Jiangsu Ever-Glory is an entity engaged in importing/exporting, apparel-manufacture, real-estate development, car sales and other activities. Jiangsu Ever-Glory is controlled by Mr. Kang. During three and six months ended June 30, 2016 and 2015, the Company and Jiangsu Ever-Glory purchased raw materials on behalf of each other in order to obtain cheaper purchase prices. The Company purchased raw materials on Jiangsu Ever-Glory’s behalf and sold to Jiangsu Ever-Glory at a cost of $1.9 million and $3.0 million during the six-month period ended June 30, 2016 and 2015, respectively. Jiangsu Ever-Glory purchased raw materials on the Company’s behalf and sold to the Company at a cost of $0.3 million and $0.03 million during the six months ended June 30, 2016 and 2015, respectively.

Amounts Due From Related Party under Counter Guarantee Agreement

In March 2012, in consideration of the guarantees and collateral provided by Jiangsu Ever-Glory and Nanjing Knitting, the Company agreed to provide Jiangsu Ever-Glory a counter guarantee in the form of cash of not more than 70% of the maximum aggregate lines of credit obtained by the Company. Jiangsu Ever-Glory is obligated to return the full amount of the counter-guarantee funds provided upon expiration or termination of the underlying lines of credit and is to pay annual interest at the rate of 6.0% of amounts provided. As of June 30, 2016 and December 31, 2015, Jiangsu Ever-Glory has provided guarantees for approximately $54.8 million (RMB364 million) (2016) and $52.2 million (RMB339.0 million) (2015) of lines of credit obtained by the Company. Jiangsu Ever-Glory, Chuzhou Huarui and Nanjing Knitting have also provided their assets as collateral for certain of these lines of credit. The value of the collateral, as per appraisals obtained by the banks in connection with these lines of credit is approximately $31.0million (RMB206 million) (2016) and $22.8 million (RMB148.0 million) (2015) as of June 30, 2016 and December 31, 2015, respectively. Mr. Kang has also provided a personal guarantee for $40.1 million (RMB266.3 million).

As of December 31, 2015, $18.8 million (RMB122.0 million) was outstanding due from Jiangsu Ever-Glory under the counter guarantee agreement. During the six months ended June 30, 2016, repayment of $1.84 million (RMB12 million) was received from Jiangsu Ever-Glory under the counter-guarantee. As of June 30, 2016, the amount of the counter-guarantee was $16.6 million (RMB110 million) (the difference represents currency exchange adjustment of $0.4 million), which was 27.8% of the aggregate amount of lines of credit. This amount plus accrued interest of $3.38 million have been classified as a reduction of equity, consistent with the guidance of SEC Staff Accounting Bulletins 4E and 4G. At June 30, 2016 and 2015, the amount classified as a reduction of equity was $19.97 million and $21.78 million, respectively. Interest of 0.5% is charged on net amounts due from Jiangsu Ever-Glory at each month end. Since April 1, 2015, interest rate has changed to 0.41% as the bank benchmark interest rate decreased. Interest income for the three and six months ended June 30, 2016 and 2015 was approximately $0.2 million, $0.4 million , $0.2 million and $0.5 million, respectively.

NOTE 10 CONCENTRATIONS AND RISKS

The Company extends unsecured credit to its customers in the normal course of business and generally does not require collateral. As a result, management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. Based on management’s assessment of the amount of probable credit losses, if any, in existing accounts receivable. The allowance for doubtful accounts at June 30, 2016 and December 31, 2015 was $1.05 million and $2.18 million, respectively. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of accounts receivable. In the analysis, management primarily considers the age of the customer’s receivable and also considers the credit worthiness of the customer, the economic conditions in the customer’s industry, and general economic conditions and trends, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of accounts receivables are incorrect, adjustments to the allowance may be required, which would reduce profitability.

For the six-month period ended June 30, 2016, the Company had no wholesale customer that represented more than 10% of the Company’s revenues. For the three-month period ended June 30, 2016, the Company had two wholesale customers that represented approximately 12.4% and 10% of the Company’s revenues. For the six-month period ended June 30, 2015, the Company had two wholesale customers that represented approximately 13% and 11% of the Company’s revenues, respectively. For the three-month period ended June 30, 2015, the Company had one wholesale customer that represented approximately 10% of the Company’s revenues.

For the Company’s wholesale business during the three and six months ended June 30, 2016 and 2015, no supplier represented more than 10% of the total raw materials purchased.

For the Company’s retail business, the Company had one supplier that represented 11.9% and 10.5% of raw materials purchases during the three and six months ended June 30, 2016. The Company had no supplier that represented more than 10% of raw materials purchases during the three and six months ended June 30, 2015.

For the wholesale business, during the six months ended June 30, 2016, the Company relied on two manufacturers for 23.9% and 17.5% of purchased finished goods, respectively. For the wholesale business, during the six months ended June 30, 2015, the Company relied on two manufacturers for 23% and 12% of purchased finished goods, respectively. During the three months ended June 30, 2016, the Company relied on two manufacturers for 36.1% and 16.4% of purchased finished goods, respectively. During the three months ended June 30, 2015, the Company relied on two manufacturers for 35% and 13% of purchased finished goods, respectively.

For the retail business, the Company had no supplier that represented more than 10% of finished goods purchases during the three and six months ended June 30, 2016 and 2015.

The Company’s revenues for the three and six months ended June 30, 2016 and 2015 were earned in the following geographic areas:

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
	(In thousands of U.S. Dollars)
The People’s Republic of China	$	11,265	$	9,374	$	26,064	$	28,307
Germany		790		2,780		2,243		7,267
United Kingdom		3,831		3,828		6,419		6,981
Europe-Other		12,821		6,897		18,275		8,699
Japan		1,807		2,934		6,619		5,864
United States		7,294		3,979		10,738		5,948
Total wholesale business		37,808		29,792		70,358		63,066
Retail business		42,868		45,935		102,011		110,564
Total	$	80,676	$	75,727	$	172,369	$	173,630

NOTE 11 SEGMENTS

The Company reports financial and operating information in the following two segments:

(a) Wholesale segment

(b) Retail segment

The Company also provides general corporate services to its segments and these costs are reported as "corporate and others”:

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Six months ended June 30, 2016
Segment profit or loss:
Net revenue from external customers	$	70,358		102,011		172,369
Income from operations	$	3,449		388		3,837
Interest income	$	589		32		621
Interest expense	$	702		229		931
Depreciation and amortization	$	504		2,827		3,331
Income tax expense	$	842		820		1,662

Six months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers	$	63,066		110,564		173,630
Income from operations	$	3,585		4,713		8,298
Interest income	$	501		38		539
Interest expense	$	1,116		376		1,492
Depreciation and amortization	$	597		4,081		4,678
Income tax expense	$	871		1,333		2,204

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Three months ended June 30, 2016
Segment profit or loss:
Net revenue from external customers	$	37,808		42,868		80,676
Income from operations	$	1,644		1,712		3,356
Interest income	$	218		19		237
Interest expense	$	213		121		334
Depreciation and amortization	$	250		1,323		1,573
Income tax expense	$	417		411		828

Three months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers	$	29,792		45,935		75,727
Income from operations	$	1,753		3,106		4,859
Interest income	$	193		22		215
Interest expense	$	522		194		716
Depreciation and amortization	$	255		1,913		2,168
Income tax expense	$	416		963		1,379

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2016 should be read in conjunction with the Financial Statements and corresponding notes included in this Quarterly Report on Form 10-Q. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors and Special Note Regarding Forward-Looking Statements in this report. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” “target”, “forecast” and similar expressions to identify forward-looking statements.

Overview

Our Business

We are a retailer of branded fashion apparel and leading global apparel supply chain solution provider based in China. We are listed on the NASDAQ Global Market under the symbol of “EVK”.

We classify our businesses into two segments: Wholesale and Retail. Our wholesale business consists of wholesale-channel sales made principally to domestically and international recognized brands, and department stores located throughout Europe, the U.S., Japan and the People’s Republic of China (“PRC”). We focus on well-known, middle-to-high end casual wear, sportswear, and outerwear brands. Our retail business consists of retail-channel sales directly to consumers through retail stores located throughout the PRC as well as sales via online stores at Tmall, Dangdang mall, JD.com, VIP.com and etc.

Although we have our own manufacturing facilities, we currently outsource most of the manufacturing to our long-term contractors as part of our overall business strategy. We believe outsourcing allows us to maximize our production capacity and maintain flexibility while reducing capital expenditures and the costs of keeping skilled workers on production lines during low seasons. We oversee our long-term contractors with our advanced management solutions and inspect products manufactured by them to ensure that they meet our high quality control standards and timely delivery.

Wholesale Business

We conduct our original design manufacturing (“ODM”) operations through seven wholly owned subsidiaries which are located in the Nanjing Jiangning Economic and Technological Development Zone and Shang Fang Town in the Jiangning District in Nanjing, Jiangsu province, China, Chuzhou, Anhui province, China and Samoa: Ever-Glory International Group Apparel Inc. (“Ever-Glory Apparel”), Goldenway Nanjing Garments Company Limited (“Goldenway”), Nanjing New-Tailun Garments Company Limited (“New Tailun”), Nanjing Catch-Luck Garments Co., Ltd. (“Catch-Luck”), Chuzhou Huirui Garments Co., Ltd. (“Huirui), Nanjing Tai Xin Garments Trading Company Limited (“Tai Xin”) and Ever-Glory International Group (HK) Ltd. (“Ever-Glory HK”).

Retail Business

We conduct our retail operations through Shanghai LA GO GO Fashion Company Limited (“LA GO GO”), Jiangsu LA GO GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA GO GO Fashion Company Limited (“Tianjin LA GO GO”), Shanghai Ya Lan Fashion Company Limited (“Ya Lan”), 78% owned subsidiary Shanghai Yiduo Fashion Company Limited (“Shanghai Yiduo”) and Xizang He Meida Trading Company Limited (“He Meida”).

Business Objectives

Wholesale Business

We believe the enduring strength of our wholesale business is mainly due to our consistent emphasis on innovative and distinctive product designs that stand for exceptional styling and quality. We maintain long-term, satisfactory relationships with a portfolio of well-known and mid-class global brands.

The primary business objective for our wholesale segment is to expand our portfolio into higher-class brands, expand our customer base and improve our profit. We believe that our growth opportunities and continued investment initiatives include:

	●	Expanding our global sourcing network;

	●	Expanding our overseas low-cost manufacturing base (outside of mainland China);

	●	Focusing on high value-added products and continuing our strategy to produce mid-to-high end apparel;

	●	Continuing to emphasize product design and technology utilization;

	●	Seeking strategic acquisitions of international distributors that could enhance global sales and our distribution network; and

	●	Maintaining stable revenue increase in the markets while shifting focus to higher margin wholesale markets such as mainland China.

Retail Business

The business objectives for our retail segment are to establish leading brands of women’s apparel and to build a nationwide retail network in China. As of June 30, 2016, we had 1,275 stores (including store-in-stores), which included 145 stores that were opened and 29 stores that were closed in the first half of 2016.

We believe that our growth opportunities and continued investment initiatives include:

	●	Building our retail brand to be recognized as a major player in the mid-to-high end women’s apparel market in China;

	●	Expanding our retail network throughout China;

	●	Improving our retail stores’ efficiency and increasing same-store sales;

	●	Continuing to launch retail flagship stores in Tier-1 cities and increasing our penetration and coverage in Tier-2 and Tier-3 cities; and

	●	Becoming a multi-brand operator.

Seasonality of Business

Our business is affected by seasonal trends, with higher levels of wholesale sales in our third and fourth quarters and higher retail sales in our first and fourth quarters. These trends primarily result from the timing of seasonal wholesale shipments and holiday periods in the retail segment.

Collection Policy

Wholesale business

For our new customers, we generally require orders placed to be backed by letters of credit. For our long-term and established customers with good payment track records, we generally provide payment terms between 30 to 180 days following the delivery of finished goods.

Retail business

For store-in-store shops, we generally receive payments from the stores between 60 to 90 days following the date of the register receipt. For our own flagship stores, we receive payments on the same day of the register receipt. For sales from e-commerce platforms such as Tmall, Dangdang mall, JD.com, VIP.com and etc., we generally receive payments between 5 to 15 days following the date of the register receipt.

Global Economic Uncertainty

Our business is dependent on consumer demand for our products. We believe that the significant uncertainty in the global economy and the slowdown of economies in the United States and Europe have increased our clients’ sensitivity to the cost of our products. We have experienced continued pricing pressure. If the global economic environment continues to be weak, these worsening economic conditions could have a negative impact on our sales growth and operating margins in our wholesale segment in 2016.

In addition, economic conditions in the United States and other foreign markets in which we operate could substantially affect our sales profitability, cash position and collection of accounts receivable. Global credit and capital markets have experienced unprecedented volatility and disruption. Business credit and liquidity have tightened in much of the world. Some of our suppliers and customers may face credit issues and could experience cash flow problems and other financial hardships. These factors currently have not had an impact on the timeliness of receivable collections from our customers. We cannot predict at this time how this situation will develop and whether accounts receivable may need to be allowed for or written off in the coming quarters.

Despite the various risks and uncertainties associated with the current global economy, we believe our core strengths will continue to allow us to execute our strategy for long-term sustainable growth in revenue, net income and operating cash flow.

Summary of Critical Accounting Policies

We have identified critical accounting policies that, as a result of judgments, uncertainties, uniqueness and complexities of the underlying accounting standards and operation involved could result in material changes to our financial position or results of operations under different conditions or using different assumptions.

Revenue Recognition

We recognize wholesale revenue from product sales, net of value-added taxes, upon delivery for local sales and upon shipment of the products for export sales, at such time title passes to the customer provided however that (i) there are no uncertainties regarding customer acceptance (ii) persuasive evidence of an arrangement exists (iii) the sales price is fixed and determinable, and (iv) collectability is deemed probable. We recognize wholesale revenue from manufacturing fees charged to buyers for the assembly of garments from materials provided by the buyers upon completion of the manufacturing process and shipment of the products for export sales, provided that (i) there are no uncertainties regarding customer acceptance (ii) persuasive evidence of an arrangement exists (iii) the sales price is fixed and determinable, and (iv) collectability is deemed probable. Retail sales are recorded net of promotional discounts, rebates, and return allowances. Retail store sales are recognized at the time of the register receipt. Retail online sales are recognized when products are shipped and customers receive the products because we retain a portion of the risk of loss on these sales during transit.

Estimates and Assumptions

In preparing our consolidated financial statements, we use estimates and assumptions that affect the reported amounts and disclosures. Our estimates are often based on complex judgments, probabilities and assumptions that we believe to be reasonable, but that are inherently uncertain and unpredictable. We are also subject to other risks and uncertainties that may cause actual results to differ from estimated amounts. Significant estimates in 2016 and 2015 include the assumptions used to value warrants and the estimates of the allowance for deferred tax assets.

Recently Issued Accounting Pronouncements

Results of Operations for the three months ended June 30, 2016 and 2015

The following table summarizes our results of operations for the three months ended June 30, 2016 and 2015. The table and the discussion below should be read in conjunction with our condensed consolidated financial statements and the notes thereto appearing elsewhere in this report.

	Three Months Ended June 30,
	2016				2015
	(In thousands of U.S. dollars, except for percentages)
Sales	$	80,676	100.0	%	$	75,727	100.0	%
Gross Profit	$	26,715	33.1	%	$	30,048	39.7	%
Operating Expense	$	23,359	29.0	%	$	25,189	33.3	%
Income From Operations	$	3,356	4.2	%	$	4,859	6.4	%
Other Income (Expenses)	$	524	0.6	%	$	38	0.1	%
Income tax expense	$	828	1.0	%	$	1,379	1.8	%
Net Income	$	3,052	3.8	%	$	3,518	4.6	%

Revenue

The following table sets forth a breakdown of our total sales, by region, for the three months ended June 30, 2016 and 2015.

	2016		% of total sales			2015		% of total sales			Growth (Decrease) in 2016 compared with 2015
Wholesale business	(In thousands of U.S. dollars)					(In thousands of U.S. dollars)
The People’s Republic of China	$	11,265		14.0	%	$	9,374		12.4	%		20.2	%
Germany		790		1.0			2,780		3.7			(71.6	)
United Kingdom		3,831		4.7			3,828		5.0			0.1
Europe-Other		12,821		15.9			6,897		9.1			85.9
Japan		1,807		2.2			2,934		3.9			(38.4	)
United States		7,294		9.1			3,979		5.2			83.3
Total Wholesale business		37,808		46.9			29,792		39.3			26.9
Retail business		42,868		53.1			45,935		60.7			(6.7	)
Total sales	$	80,676		100.0	%	$	75,727		100.0	%		6.5	%

Sales for the three months ended June 30, 2016 were $80.7 million, a 6.5% increase compared with the three months ended June 30, 2015. This increase was primarily attributable to a 26.9% increase in sales in our wholesale business partially offset by a 6.7% decrease in our retail business.

Sales generated from our wholesale business contributed 46.9% or $37.8 million of our total sales for the three months ended June 30, 2016, a 26.9% increase compared with $29.8 million in the three months ended June 30, 2015. This increase was primarily attributable to an increase in sales in PRC, Europe-Other and United States partially offset by a decrease in sales in Germany and Japan.

Sales generated from our retail business contributed 53.1% or $42.9 million of our total sales for the three months ended June 30, 2016, a 6.7% decrease compared with 60.7% or $45.9 million in the three months ended June 30, 2016. This decrease was primarily due to a decrease in same store sales.

Costs and Expenses

Cost of Sales and Gross Margin

Cost of goods sold includes the direct raw material cost, direct labor cost, and manufacturing overhead including depreciation of production equipment and rent, consistent with the revenue earned. Cost of goods sold excludes warehousing costs, which historically have not been significant.

The following table sets forth the components of our cost of sales and gross profit both in amounts and as a percentage of total sales for the three months ended June 30, 2016 and 2015.

									Growth
									(Decrease) in 2016
	Three months ended June 30,								Compared
	2016				2015				with 2015
	(In thousands of U.S. dollars, except for percentages)
Net Sales for Wholesale Sales	$	37,808	100.0	%	$	29,792	100.0	%		26.9	%
Raw Materials		16,852	44.6			13,501	45.3			24.8
Labor		1,383	3.7			1,472	4.9			(6.0	)
Outsourced Production Costs		13,363	35.3			8,433	28.3			58.5
Other and Overhead		119	0.3			141	0.5			(15.6	)
Total Cost of Sales for Wholesale		31,717	83.9			23,547	79.0			34.7
Gross Profit for Wholesale		6,091	16.1			6,245	21.0			(2.5	)
Net Sales for Retail		42,868	100.0			45,935	100.0			(6.7	)
Production Costs		12,669	29.6			11,380	24.8			11.3
Rent		9,575	22.3			10,752	23.4			(10.9	)
Total Cost of Sales for Retail		22,244	51.9			22,132	48.2			0.5
Gross Profit for Retail		20,624	48.1			23,803	51.8			(13.4	)
Total Cost of Sales		53,961	66.9			45,679	60.3			18.1
Gross Profit	$	26,715	33.1	%	$	30,048	39.7	%		(11.1	)%

Raw material costs for our wholesale business were 44.6% of our total wholesale business sales in the three months ended June 30, 2016, compared with 45.3% in the three months ended June 30, 2015. The decrease was mainly due to lower raw material prices.

Labor costs for our wholesale business were 3.7% of our total wholesale business sales in the three months ended June 30, 2016, compared with 4.9% in the three months ended June 30, 2015. The marginal decrease was mainly due to a higher number of outsourced orders in 2016.

Outsourced production costs for our wholesale business for the three months ended June 30, 2016 increased 58.5% to $13.4 million from $8.4 million for the three months ended June 30, 2015. Outsourced production costs accounted for 35.3% of our total wholesale business sales in the three months ended June 30, 2016, a 7.0% increase from the three months ended June 30, 2015. This increase was primarily attributable to higher average employee salaries at our outsourced manufacturing factories.

Overhead and other expenses for our wholesale business accounted for 0.3% of our total wholesale business sales for the three months ended June 30, 2016, compared with 0.5% of total wholesale business sales for the three months ended June 30, 2015.

Wholesale business gross profit for the three months ended June 30, 2016 was $6.1 million compared with $6.2 million for the three months ended June 30, 2015. Gross profit accounted for 16.1% of our total wholesale sales for the three months ended June 30, 2016, compared with 21.0% for the three months ended June 30, 2015. The decrease was mainly due to an increase in outsourced manufacturing costs.

Production costs for our retail business were $12.7 million for the three months ended June 30, 2016 compared with $11.4 million during the three months ended June 30, 2015. Retail production costs accounted for 29.6% of our total retail sales in the three months ended June 30, 2016, compared with 24.8% for the three months ended June 30, 2015. The increase was due to increased in discounts on our out-of-season products in the three months ended June 30, 2016 compared with the same period of the prior year.

Rent costs for our retail business for the three months ended June 30, 2016 were $9.6 million compared with $10.8 million for the three months ended June 30, 2015. Rent costs for our retail business accounted for 22.3% of our total retail sales for the three months ended June 30, 2016, compared with 23.4% for the three months ended June 30, 2015. The decrease was primarily attributable to lower variable rent charged at certain locations.

Gross profit in our retail business for the three months ended June 30, 2016 was $20.6 million and gross margin was 48.1%. Gross profit in our retail business for the three months ended June 30, 2015 was $23.8 million and gross margin was 51.8%.

Total cost of sales for the three months ended June 30, 2016 was $54.0 million, an 18.1% increase from $45.7 million for the three months ended June 30, 2015. Total cost of sales as a percentage of total sales for the three months ended June 30, 2016 was 66.9%, compared with 60.3% for the three months ended June 30, 2015. Gross margin for the three months ended June 30, 2016 was 33.1% compared with 39.7% for the three months ended June 30, 2015.

Selling, General and Administrative Expenses

Our selling expenses consist primarily of local transportation, unloading charges, product inspection charges, salaries for retail staff and decoration and marketing expenses associated with our retail business.

Our general and administrative expenses include administrative salaries, office expense, certain depreciation and amortization charges, repairs and maintenance, legal and professional fees, warehousing costs and other expenses that are not directly attributable to our revenues.

Costs of our distribution network that are excluded from cost of sales consist of local transportation and unloading charges and product inspection charges. Accordingly our gross profit amounts may not be comparable to those of other companies who include these amounts in cost of sales.

	Three Months Ended June 30,								Increase (Decrease) in 2016 Compared
	2016				2015				to 2015
	(In thousands of U.S. dollars, except for percentages)
Gross Profit	$	26,715	33.1	%	$	30,048	39.7	%		(11.1	)%
Operating Expenses:
Selling Expenses		16,043	19.9			17,583	23.2			(8.8	)
General and Administrative Expenses		7,316	9.1			7,606	10.0			(3.8	)
Total		23,359	29.0			25,189	33.3			(7.3	)
Income from Operations	$	3,356	4.2	%	$	4,859	6.4	%		(30.9	)%

Selling expenses for the three months ended June 30, 2016 decreased 8.8% to $16.0 million from $17.6 million for the three months ended June 30, 2015. The decrease was attributable to lower retail sales and a decrease in store management expense.

General and administrative expenses for the three months ended June 30, 2016 decreased 3.8% to $7.3 million from $7.6 million for the three months ended June 30, 2015.

Income from Operations

Income from operations for the three months ended June 30, 2016 decreased 30.9% to $3.4 million from $4.9 million for the three months ended June 30, 2015. Income from operations for the three months ended June 30, 2016 accounted for 4.2% of our total sales, a 2.3% decrease compared with the three months ended June 30, 2015 as a result of decreased gross profit.

Interest Expense

Interest expense for the three months ended June 30, 2016 was $0.3 million, a 53.4% decrease compared with the same period in 2015. The decrease was due to the decreased interest rate.

Income Tax Expenses

Income tax expense for the three months ended June 30, 2016 was $0.8 million, a decrease of 40% compared to the same period of 2015. The decrease was primarily due to decreased profits of our business.

Our PRC subsidiaries are governed by the Income Tax Law of the PRC concerning Foreign Investment Enterprises and Foreign Enterprises and various local income tax laws. Each of our consolidated entities files its own separate income tax return.

All PRC subsidiaries, except for He Meida, are subject to the 25% income tax rate.

He Meida incorporated in Xizang (Tibet) Autonomous Region is subject to income tax at the 15% statutory rate. The local government has implemented an income tax reduction from 15% to 9% valid through December 31, 2017.

Perfect Dream Limited was incorporated in the British Virgin Islands (BVI), and under the current laws of BVI dividends and capital gains arising from the Company’s investments in the BVI are not subject to income taxes.

Ever-Glory International Group (HK) Ltd was incorporated in Samoa on September 15, 2009, and has no liabilities for income tax.

Although the Company’s parent entity is a US entity, the Company’s primary operations are through subsidiaries located in China, certain apparel manufacturing is performed outside of China in Southeast Asia, sales are made globally, and the Company has other subsidiary operations in Hong Kong and Samoa. Therefore, the Company uses significant judgment to calculate and provide for income taxes in each of the tax jurisdictions in which it operates. In the ordinary course of the Company’s business, there are transactions and calculations undertaken whose ultimate tax outcome cannot be certain. Some of these uncertainties arise as a consequence of transfer pricing for transactions with the Company’s subsidiaries, potential challenges to nexus, value added estimates, and similar matters. In September 2009, the Company formed its subsidiary, Ever-Glory Hong Kong, domiciled in Samoa, in order to engage in certain limited import and export of apparel, fabric and accessories, as well as to efficiently address currency exchange matters with international transactions. Over the past few years, the operational matters handled by this subsidiary have expanded with respect to sub-contracting of certain manufacturing work outside of China, as well as to other operational matters with non-PRC customers and vendors. Additionally, over this time period, tax guidance, rules and positions taken by the PRC with respect to transfer pricing issues have evolved, and in certain cases, become more standardized. As part of the Company’s on-going process of evaluating our tax positions, the Company considered various factors as they relate to its Samoan subsidiary and as related to intercompany transactions. This evaluation resulted in a change in the Company’s estimate of exposure to potential unfavorable outcomes related to these uncertainties, and the Company recorded a tax liability of approximately $3.2 million as of December 31, 2013 based on the probability for such outcomes.

Ever-Glory International Group Inc. was incorporated in the United States and has incurred net operating losses for income tax purposes through June 30, 2016. The net operating loss carry forwards for the United States income taxes may be available to reduce future years’ taxable income. These carry forwards will expire, if not utilized, through 2035. Management believes that the realization of the benefits from these losses is uncertain due to our limited operating history and continuing losses for the United States income tax purposes. Accordingly, we provided a 100% valuation allowance on the deferred tax asset to reduce the asset to zero.

Net Income

Net income for the three months ended June 30, 2016 was $3.1 million, a 13.2% decrease compared with the same period in 2015. Our basic and diluted earnings per share were $0.21 and $0.24 for the three months ended June 30, 2016 and 2015, respectively.

Results of Operations for the six months ended June 30, 2016 and 2015

The following table summarizes our results of operations for the six months ended June 30, 2016 and 2015. The table and the discussion below should be read in conjunction with the consolidated financial statements and the notes thereto appearing elsewhere in this report.

	Six Months Ended June 30,
	2016				2015
	(in thousands of U.S. Dollars, except for percentages)
Sales	$	172,369	100.0	%	$	173,630		100.0	%
Gross Profit		55,058	31.9			60,656		34.9
Operating Expense		51,221	29.7			52,358		30.2
Income From Operations		3,837	2.2			8,298		4.8
Other Income (Expenses)		377	0.2			(181	)	(0.1	)
Income tax expense		1,662	1.0			2,204		1.3
Net Income	$	2,552	1.5	%	$	5,913		3.4	%

Revenue

The following table sets forth a breakdown of our total sales, by region, for the six months ended June 30, 2016 and 2015.

	2016		% of total sales			2015		% of total sales			Growth (Decrease) in 2016 compared with 2015
Wholesale business	(In thousands of U.S. dollars)					(In thousands of U.S. dollars)
The People’s Republic of China	$	26,064		15.1	%	$	28,307		16.3	%		(7.9	)%
Germany		2,243		1.3			7,267		4.2			(69.1	)
United Kingdom		6,419		3.7			6,981		4.0			(8.0	)
Europe-Other		18,275		10.6			8,699		5.0			110.1
Japan		6,619		3.8			5,864		3.4			12.9
United States		10,738		6.2			5,948		3.4			80.5
Total Wholesale business		70,358		40.8			63,066		36.3			11.6
Retail business		102,011		59.2			110,564		63.7			(7.7	)
Total sales	$	172,369		100.0	%	$	173,630		100.0	%		(0.7	)%

Sales for the six months ended June 30, 2016 were $172.4 million, a decrease of 0.7% from the six months ended June 30, 2015. This decrease was primarily attributable to a 7.7% decrease in sales in our retail business partially offset for an 11.6% sales increase in our wholesale business.

Sales generated from our wholesale business contributed 40.8% or $70.4 million of our total sales for the six months ended June 30, 2016, an increase of 11.6% compared with $63.1 million in the six months ended June 30, 2015. This increase was primarily attributable to increased sales in Europe-Other, Japan and the United States partially offset by decreased sales in PRC, Germany and United Kingdom.

Sales generated from our retail business contributed 59.2% or $102.0 million of our total sales for the six months ended June 30, 2016, a decrease of 7.7% compared with $110.6 million in the six months ended June 30, 2015. This decrease was primarily due to a decrease in same store sales.

Total retail store square footage and sales per square foot for the six months ended June 30, 2016 and 2015 are as follows:

	2016		2015
Total store square footage		1,262,879		1,175,825
Number of stores		1,275		1,204
Average store size, square feet		990		977
Total store sales (in thousands of U.S. dollars)	$	102,011	$	110,564
Sales per square foot	$	81	$	94

Same store sales and newly opened store sales for the six months ended June 30, 2016 and 2015 are as follows:

	2016		2015
	(In thousands of U.S. dollars)
Sales from stores opened for a full year	$	78,133	$	68,237
Sales from newly opened store sales	$	12,276	$	34,010
Sales from e-commerce platform	$	6,749	$	5,274
Other*	$	4,853	$	3,043
Total	$	102,011	$	110,564

*Primarily sales from stores that were closed in the current reporting period.

We remodeled or relocated 216 stores in 2015, and 97 stores during the six months ended June 30, 2016.We plan to relocate or remodel an aggregate of 150-200 stores in 2016. Remodels and relocations typically drive incremental same-store sales growth. A relocation typically results in an improved, more visible and accessible location, and usually includes increased square footage. We believe we will continue to have opportunities for additional remodels and relocations beyond 2015. Same-store sales are calculated based upon stores that were open at least 12 full fiscal months in each reporting period and remain open at the end of each reporting period.

Costs and Expenses

Cost of Sales and Gross Margin

The following table sets forth the components of our cost of sales and gross profit both in amounts and as a percentage of total sales for the six months ended June 30, 2016 and 2015.

									Growth
									(Decrease) in 2016
	Six months ended June 30,								Compared
	2016				2015				with 2015
	(In thousands of U.S. dollars, except for percentages)
Net Sales for Wholesale Sales	$	70,358	100.0	%	$	63,066	100.0	%		11.6	%
Raw Materials		30,484	43.3			27,566	43.7			10.6
Labor		2,622	3.7			2,855	4.5			(8.2	)
Outsourced Production Costs		24,677	35.1			18,964	30.1			30.1
Other and Overhead		246	0.3			280	0.4			(12.1	)
Total Cost of Sales for Wholesale		58,029	82.5			49,666	78.8			16.8
Gross Profit for Wholesale		12,329	17.5			13,400	21.2			(8.0	)
Net Sales for Retail		102,011	100.0			110,564	100.0			(7.7	)
Production Costs		34,026	33.4			30,550	27.6			11.4
Rent		25,256	24.8			32,758	29.6			(22.9	)
Total Cost of Sales for Retail		59,282	58.1			63,309	57.3			(6.4	)
Gross Profit for Retail		42,729	41.9			47,255	42.7			(9.6	)
Total Cost of Sales		117,311	68.1			112,974	65.1			3.8
Gross Profit	$	55,058	31.9	%	$	60,656	34.9	%		(9.2	)%

Raw material costs for our wholesale business were 43.3% of our total wholesale business sales in the six months ended June 30, 2016, compared with 43.7% in the six months ended June 30, 2015. The decrease was mainly due to lower raw materials prices.

Labor costs for our wholesale business were 3.7% of our total wholesale business sales in the six months ended June 30, 2016, compared with 4.5% in the six months ended June 30, 2015. The marginal decrease was mainly due to a higher number of outsourced orders in 2016.

Outsourced manufacturing costs for our wholesale business were 35.1% of our total sales in the six months ended June 30, 2016, compared with 30.1% in the six months ended June 30, 2015. This increase was primarily attributable to increased average salaries of the employees at our outsourced manufacturing factories.

Overhead and other expenses for our wholesale business accounted for 0.3% and 0.4% of our total sales for the six months ended June 30, 2016 and 2015, respectively.

Gross profit for our wholesale business for the six months ended June 30, 2016 was $12.3 million, an 8.0% decrease compared with the six months ended June 30, 2015. As a percentage of total wholesale business sales, gross profit was 17.5% of our total wholesale business sales for the six months ended June 30, 2016, compared with 21.2% for the six months ended June 30, 2015. The decrease was mainly due to increased outsourced manufacturing costs.

Production costs for our retail business for the six months ended June 30, 2016 were $34.0 million compared with $30.6 million for the six months ended June 30, 2015. As a percentage of our total retail sales, production costs were 33.4% of our total retail sales for the six months ended June 30, 2016, compared with 27.6% for the six months ended June 30, 2015. The increase was due to the increased discounts on our out-of-season products in the three months ended June 30, 2016 compared with the same period of the prior year.

Rent costs for our retail business for the six months ended June 30, 2016 were $25.3 million compared with $32.8 million for the six months ended June 30, 2015. As a percentage of total retail sales, rent costs were 24.8% of our total retail sales for the six month ended June 30, 2016 compared with 29.6% for the six months ended June 30, 2015. The decrease was primarily attributable to lower rent at certain locations.

Gross profit for our retail business for the six months ended June 30, 2016 was $42.7 million compared with $47.3 million for the six months ended June 30, 2015. Gross margin for our retail business for the six months ended June 30, 2016 was 41.9% compared with 42.7% for the six months ended June 30, 2015

Total cost of sales for the six months ended June 30, 2016 was $117.3 million, a 3.8% increase compared with the six months ended June 30, 2015. As a percentage of total sales, total costs were 68.1% of total sales for the six months ended June 30, 2016, compared with 65.1% for the six months ended June 30, 2015. Total gross margin for the six months ended June 30, 2016 was 31.9% compared with 34.9% for the six months ended June 30, 2015.

We purchase the majority of our raw materials directly from numerous local fabric and accessories suppliers. For our wholesale business, purchases from our five largest suppliers represented approximately 16.7% and 16.0% of raw material purchases for the six months ended June 30, 2016 and 2015, respectively. No one supplier provided more than 10.0% of our raw material purchases for the six months ended June 30, 2016 and 2015. For our retail business, purchases from our five largest suppliers represented approximately 33.7% and 26.8% of raw material purchases for the six months ended June 30, 2016 and 2015, respectively. One supplier provided approximately 10.5% of our total purchases for the six months ended June 30, 2016. No one supplier provided more than 10% of our total purchases for the six months ended June 30, 2015. We have not experienced difficulty in obtaining raw materials essential to our business, and we believe we maintain good relationships with our suppliers.

We also purchase finished goods from contract manufacturers. For our wholesale business, purchases from our five largest contract manufacturers represented approximately 64.1 and 49.8% of finished goods purchases for the six months ended June 30, 2016 and 2015, respectively. Two contract manufacturers provided approximately 23.9% and 17.5% of our finished goods purchases for the six months ended June 30, 2016, respectively. Two contract manufacturers provided approximately 23.1% and 11.8% of our finished goods purchases for the six months ended June 30, 2015, respectively. For our retail business, our five largest contract manufacturers represented approximately 16.2% and 19.5% of finished goods purchases for the six months ended June 30, 2016 and 2015, respectively. No manufacturer provided more than 10% of our finished goods purchases for the six months ended June 30, 2016 and 2015. We have not experienced difficulty in obtaining finished products from our contract manufacturers and we believe we maintain good relationships with our contract manufacturers.

Selling, General and Administrative Expenses

Costs of our distribution network that are excluded from cost of sales consist of local transportation and unloading charges, and product inspection charges. Accordingly our gross profit amounts may not be comparable to those of other companies who include these amounts in costs of sales.

	Six months ended June 30,								Increase (Decrease) in 2016 Compared
	2016				2015				to 2015
	(In thousands of U.S. dollars, except for percentages)
Gross Profit	$	55,058	31.9	%	$	60,656	34.9	%		(9.2	)%
Operating Expenses:
Selling Expenses		36,956	21.4			37,838	21.8			(2.3	)
General and Administrative Expenses		14,265	8.3			14,520	8.4			(1.8	)
Total		51,221	29.7			52,358	30.2			(2.2	)
Income from Operations	$	3,837	2.2	%	$	8,298	4.8	%		(53.8	)%

Selling expenses for the six months ended June 30, 2016 were $37.0 million, a 2.3% decrease compared with the six months ended June 30, 2015. The decrease was attributable to lower retail sales and a decrease in store management expense.

General and administrative expenses for the six months ended June 30, 2016 were $14.3 million a 1.8% decrease compared with the six months ended June 30, 2015. As a percentage of total sales, general and administrative expenses accounted for 8.3% of total sales for the six months ended June 30, 2016, compared with 8.4% of total sales for the six months ended June 30, 2015.

Income from Operations

Income from operations for the six months ended June 30, 2016 was $3.8 million, a 53.8% decrease from $8.3 million for the six months ended June 30, 2015. This decrease was due to decreased gross profit.

Interest Expense

Interest expense was $0.9 million and $1.5 million for the six months ended June 30, 2016 and 2015, respectively. The decrease was due to the decreased bank loans and interest rate.

Income Tax Expenses

Income tax expense for the six months ended June 30, 2016 was $1.7 million, a 24.6% decrease compared to the same period of 2015. The decrease was primarily due to lower business profits.

Net Income

Net income for the six months ended June 30, 2016 was $2.6 million, a decrease of 56.8% compared with the same period in 2015. Our diluted earnings per share were $0.19 and $0.41 for the six months ended June 30, 2016 and 2015, respectively.

Summary of Cash Flows

Summary cash flows information for the six months ended June 30, 2016 and 2015 is as follows:

	2016			2015
	(In thousands of U.S. dollars)
Net cash provided by operating activities	$	9,847		$	19,704
Net cash used in investing activities	$	(5,692	)	$	(7,623	)
Net cash provided by (used in) financing activities	$	1,610		$	(17,873	)

Net cash provided by operating activities was $9.85 million for the six months ended June 30, 2016, compared with $19.70 million during the six months ended June 30, 2015. The decrease was primarily due to decrease in inventory and net income.

Net cash used in investing activities was $5.7 million for the six months ended June 30, 2016, compared with $7.6 million during the six months ended June 30, 2015. This decrease was mainly due to the purchase of land use right for our retail logistics center in the six months ended June 30, 2015 and no such activities in the same period of 2016.

Net cash provided by financing activities was $1.61 million for the six months ended June 30, 2016, compared with $17.9 million net cash used during the six months ended June 30, 2015. During the six months ended June 30, 2016, we repaid $48.5 million of bank loans and received bank loan proceeds of $48.3 million. Also, under the counter-guarantee agreement, we received $1.8 million from the related party during the six months ended June 30, 2016.

Liquidity and Capital Resources

As of June 30, 2016, we had cash and cash equivalents of $27.5 million, other current assets of $139.8 million and current liabilities of $113.4 million. We presently finance our operations primarily from cash flows from operations and bank loans and we anticipate that these will continue to be our primary sources of funds to finance our short-term cash needs.

Bank Loans

All bank loans are used to fund our daily operations.

DERIVATIVE LIABILITY

Capital Commitments

We have a continuing program for the purpose of improving our manufacturing facilities and extending our retail stores. We anticipate that cash flows from operations and borrowings from banks will be used to pay for these capital commitments.

Uses of Liquidity

Our cash requirements for the next twelve months will be primarily to fund daily operations and the growth of our business, some of this being used to fund new stores.

Sources of Liquidity

Our primary sources of liquidity for our short-term cash needs are expected to be from cash flows generated from operations, and cash equivalents currently on hand. We believe that we will be able to borrow additional funds if necessary.

We believe our cash flows from operations together with our cash and cash equivalents currently on hand will be sufficient to meet our needs for working capital, capital expenditure and other commitments for the next twelve months. No assurance can be made that additional financing will be available to us if required, and adequate funds may not be available on terms acceptable to us. If funding is insufficient at any time in the future, we will develop or enhance our products or services and expand our business through our own cash flows from operations.

As of June 30, 2016, we had access to approximately $82.4 million in lines of credit, of which approximately $38.8 million was unused and available. These credit facilities do not include any covenants. We have agreed to provide Jiangsu Ever-Glory a counter-guarantee of not more than 70% of the maximum aggregate lines of credit and borrowings guaranteed by Jiangsu Ever-Glory and collateralized by the assets of Jiangsu Ever-Glory under agreements executed between the Company, Jiangsu Ever-Glory and the banks. The maximum aggregate lines of credit and available borrowings was approximately $54.8 million (RMB364 million) and approximately $16.6 (RMB110 million) was provided to Jiangsu Ever-Glory as the counter guarantee as of June 30, 2016.

Foreign Currency Translation Risk

Our operations are, for the most part, located in the PRC, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility in foreign exchange rates between the United States dollar and the Chinese RMB. Most of our sales are in dollars. During 2003 and 2004, the exchange rate of RMB to the dollar remained constant at RMB 8.26 to the dollar. On July 21, 2005, the Chinese government adjusted the exchange rate from RMB 8.26 to 8.09 to the dollar. From that time, the RMB continued to appreciate against the U.S. dollar. As of June 30, 2016, the market foreign exchange rate had increased to RMB 6.64 to one U.S. dollar. We are continuously negotiating price adjustments with most of our customers based on the daily market foreign exchange rates, which we believe will reduce our exposure to exchange rate fluctuations in the future, and will pass some of the increased cost to our customers.

In addition, the financial statements of Goldenway, New-Tailun, Catch-Luck, Ever-Glory Apparel, Taixin, He Meida, Huirui, Shanghai LA GO GO, Yalan, Shanghai Yiduo, Tianjin LA GO GO and Jiangsu LA GO GO (whose functional currency is RMB) are translated into US dollars using the closing rate method. The balance sheet items are translated into US dollars using the exchange rates at the respective balance sheet dates. The capital and various reserves are translated at historical exchange rates prevailing at the time of the transactions while income and expenses items are translated at the average exchange rate for the period. All translation adjustments are included in accumulated other comprehensive income in the statement of equity. The foreign currency translation gain (loss) for the three and six months ended June 30, 2016 and 2015 was ($3.17) million, ($2.39) million, ($0.13) million and $0.33 million, respectively.

OFF-BALANCE SHEET ARRANGEMENTS

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our investors.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our financial instruments consist of cash and cash equivalents, trade accounts receivable, accounts payable, bank loans and long-term obligations. We consider investments in highly-liquid instruments purchased with a remaining maturity of 90 days or less from the date of purchase to be cash equivalents.

Interest Rates: Our exposure to market risk for changes in interest rates relates primarily to our short-term investments and short-term obligations; thus, fluctuations in interest rates would not have a material impact on the fair value of these securities. On June 30, 2016, we had $27.5 million in cash and cash equivalents. A hypothetical 5% increase or decrease in either the short term or long term interest rates would not have any material impact on our earnings or loss, or the fair market value or cash flows of these instruments.

Foreign Exchange Rates: We pay our suppliers and employees in Chinese RMB, however, most of our wholesale customers are located in the U.S., Japan and Europe and we generate sales from them in U.S. Dollars, Euros and British Pounds. Accordingly, our business has substantial exposure to changes in exchange rates between and among the Chinese RMB, the U.S. Dollar, the Euro and the British Pound. In the last decade, the RMB was initially pegged at RMB 8.26 to one U.S. Dollar. On July 21, 2005 it was revalued to 8.09 per U.S. Dollar. Following the removal of the peg to the U.S. Dollar and pressure from the United States, the People’s Bank of China also announced that the RMB would be pegged to a basket of foreign currencies, rather than being strictly tied to the U.S. Dollar, and would be allowed to float trade within a narrow 0.3% daily band against this basket of currencies. The PRC government has stated that the basket is dominated by the U.S. Dollar, Euro, Japanese Yen and South Korean Won, with a smaller proportion made up of the British Pound, Thai Baht, Russian Ruble, Australian Dollar, Canadian Dollar and Singapore Dollar. There can be no assurance that the relationship between the RMB and these currencies will remain stable over time, especially in light of the significant political pressure on the Chinese government to permit the free flotation of the RMB, which could result in greater and more frequent fluctuations in the exchange rate between the RMB, the U.S. Dollar and the Euro. On June 30, 2016, the exchange rate between the RMB and U.S. Dollar was RMB 6.64 to one U.S. Dollar. For additional discussion regarding our foreign currency risk, see the section titled Risk Factors in the Annual Report on Form 10-K for our fiscal year ended December 31, 2015. Fluctuation in the value of Chinese RMB relative to other currencies may have a material adverse effect on our business and/or an investment in our shares.

ITEM 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended ( the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures. As of June 30, 2016, the end of the fiscal quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and our chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not operating effectively as of June 30, 2016. Our disclosure controls and procedures were not effective because of certain “material weaknesses” described in the “Management’s Annual Report on Internal Control over Financial Reporting” section in Item 9 of our annual report for fiscal year ended December 31, 2015. As of June 30, 2016, we had not completed the remediation of these material weaknesses.

Limitations on the Effectiveness of Disclosure Controls. Readers are cautioned that our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any control design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

Our management has worked, and will continue to work to improve our internal controls over financial reporting. During the six months ended June 30, 2016, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

We know of no pending legal proceedings to which we are a party which is material or potentially material, either individually or in the aggregate. We are from time to time, during the normal course of our business operations, subject to various litigation claims and legal disputes. We do not believe that the ultimate disposition of any of these matters will have a material adverse effect on our financial position, results of operations or liquidity.

ITEM 1A.

RISK FACTORS

There has been no material change in the information provided in Item 1A of Form 10-K Annual Report for the year ended December 31, 2015 filed with the SEC on March 28, 2016.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.

MINE SAFETY DISCLOSURE

Not applicable.

ITEM 5.

OTHER INFORMATION

None.

ITEM 6.

EXHIBITS

The following exhibits are filed herewith:

Exhibit No.		Description

31.1		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

August 15, 2016	EVER-GLORY INTERNATIONAL GROUP, INC.

	By:	/s/ Edward Yihua Kang
		Edward Yihua Kang
		Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ Jiansong Wang
		Jiansong Wang
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EXHIBIT INDEX

Exhibit No.		Description

31.1		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

EX-31.1 2 f10q0616ex31i_everglory.htm CERTIFICATION

EXHIBIT 31.1

I, Edward Yihua Kang, certify that:

	1.	I have reviewed this quarterly report on Form 10-Q for the period ended June 30, 2016 of Ever-Glory International Group, Inc.;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: Aug 15, 2016

/s/ Edward Yihua Kang

Edward Yihua Kang

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 f10q0616ex31ii_everglory.htm CERTIFICATION

EXHIBIT 31.2

I, Jiansong Wang, certify that:

	1.	I have reviewed this quarterly report on Form 10-Q for the period ended June 30, 2016 of Ever-Glory International Group, Inc.;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: Aug 15, 2016

/s/ Jiansong Wang

Jiansong Wang

Chief Finance Officer

(Principal Financial Officer)

EX-32.1 4 f10q0616ex32i_everglory.htm CERTIFICATION

EXHIBIT 32.1

Certification Pursuant To

Section 906 of Sarbanes-Oxley Act of 2002

I, Edward Yihua Kang, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

	1.	The Quarterly report on Form 10-Q of the Company for the fiscal quarter ended June 30, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (U.S.C. 78m or 78o(d)); and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: Aug 15, 2016

/s/ Edward Yihua Kang

Edward Yihua Kang

Chief Executive Officer

(Principal Executive Officer)

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of a separate disclosure document.

EX-32.2 5 f10q0616ex32ii_everglory.htm CERTIFICATION

EXHIBIT 32.2

Certification Pursuant To

Section 906 of Sarbanes-Oxley Act of 2002

I, Jiansong Wang, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

	1.	The Quarterly report on Form 10-Q of the Company for the fiscal quarter ended June 30, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (U.S.C. 78m or 78o(d)); and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: Aug 15, 2016

/s/ Jiansong Wang

Jiansong Wang

Chief Finance Officer

(Principal Financial Officer)

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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE 3 INVENTORIES<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Inventories at June 30, 2016 and December 31, 2015 consisted of the following:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30,  2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,  2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of U.S. Dollars)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Raw materials</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">1,886</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">2,819</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Work-in-progress</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">22,877</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">22,090</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Finished goods</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">57,089</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">69,692</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">81,852</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">94,601</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Less: allowance for obsolete inventories</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(19,132</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(19,538</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt; padding-left: 10pt;">Total inventories</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">62,720</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">75,063</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table>

<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">NOTE 9 RELATED PARTY TRANSACTIONS <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Mr. Kang is the Company’s Chairman and Chief Executive Officer. Ever-Glory Enterprises (HK) Ltd. (Ever-Glory Enterprises) is the Company’s major shareholder. Mr. Xiaodong Yan was Ever-Glory Enterprises’ sole shareholder and sole director. Mr. Huake Kang, Mr. Kang’s son, acquired 83% interest of Ever-Glory Enterprises and became its sole director in 2014. All transactions associated with the following companies controlled by Mr. Kang or his son are considered to be related party transactions, and it is possible that the terms of these transactions may not be the same as those that would result from transactions between unrelated parties. All related party outstanding balances are short-tem in nature and are expected to be settled in cash. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Other income from Related Parties <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 36pt;">   <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Jiangsu Wubijia Trading Company Limited (“Wubijia”) is an entity engaged in high-grade home goods sales and is controlled by Mr. Kang. Wubijia has sold their home goods on consignment in certain Company’s retail stores since the third quarter of 2014. During the three and six months ended June 30, 2016 and 2015, the Company received $4,720, $11,255, $2,026 and $9,786 from the customers and paid $5,675, $10,285, $2,480 and $9,100 to Wubijia through the consignment, respectively. The net (loss) profit of ($955), $970, ($454) and $686 was recorded as other income (expenses) during the three and six months ended June 30, 2016 and 2015, respectively.   <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Nanjing Knitting Company Limited (“Nanjing Knitting”) is an entity engaged in knitted fabric products and knitting underwear sales and is controlled by Mr. Kang. Nanjing Knitting has sold their knitting underwear on consignment in some Company’s retail stores since the third quarter of 2015. During the three and six months ended June 30, 2016, the Company received $70,456 and $100,839 from the customers and paid $60,490 and $85,446 to Nanjing Knitting through the consignment, respectively. The net profit of $9,966 and $15,393 was recorded as other income during the three and six months ended June 30, 2016. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 36pt;">  <div>Included in other income for the three and six months ended June 30, 2016 and 2015 is rent income from EsC’Lav, the entity controlled by Mr. Kang under operating lease agreement with term though 2016. The rent income is $16,647, $32,433, $17,596 and $35,105 for the three and six months ended June 30, 2016 and 2015, respectively.</div> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Other expenses due to Related Parties <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Included in other expenses for the three and six months ended June 30, 2016 and 2015 are rent costs due to entities controlled by Mr. Kang under operating lease agreements as follows: <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">   <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="6">Three months ended</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="6">Six months ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="6">June 30,</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="6">June 30,</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="14">In thousands of U.S. Dollars)</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px; text-align: left;">Jiangsu Ever-Glory</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">12</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">13</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">24</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">26</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Chuzhou Huarui</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">57</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">61</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">114</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">122</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt;">Kunshan Enjin</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">11</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">12</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">22</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">24</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4pt;">Total</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">80</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">86</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">160</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">172</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> </tr> </table> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The Company leases Jiangsu Ever-Glory's factory as the factory is in a location where there is a good supply of experienced workers. The Company leases Chuzhou Huarui and Kunshan Enjin's warehouse spaces because the locations are convenient for transportation and distribution. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">   <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Purchases from and Sub-contracts with Related Parties <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The Company purchased raw materials from Nanjing Knitting totaling $0.14 million, $0.34 million, $0.51 million and $0.69 million during the three and six months ended June 30, 2016 and 2015, respectively. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">In addition, Sub-contracts with related parties included in cost of sales for the three and six months ended June 30, 2016 and 2015 are as follows: <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">  <div> </div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="6">Three Months Ended June 30,</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="6">Six Months Ended  June 30,</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="14">(In thousands of U.S. Dollars)</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px; text-align: left;">Chuzhou huarui</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">1,370</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">1,461</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">3,694</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">2,493</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Fengyang huarui</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">299</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">327</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">502</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">736</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Nanjing Ever-Kyowa</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">522</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">314</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">995</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">587</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Ever-Glory Vietnam</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,018</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,852</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,057</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,888</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Ever-Glory Cambodia</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">757</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">68</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,095</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">372</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>EsCeLav</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Shanghai Sea to Sky</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">259</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Jiangsu Ever-Glory</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">26</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">51</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">26</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">5,971</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">6,049</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">12,399</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">9,363</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> </tr> </table> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">Accounts Payable – Related Parties <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">The accounts payable to related parties at June 30, 2016 and December 31, 2015 are as follows: <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">June 30, 2016</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">December 31, 2015</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="6">(In thousands of  U.S. Dollars)</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Ever-Glory Vietnam</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">1,109</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 141px; text-align: right;">2,003</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Fengyang Huarui</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">84</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Nanjing Ever-Kyowa</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">685</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">561</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Chuzhou Huarui</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">610</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">175</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt;">Nanjing Knitting</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">126</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4pt; padding-left: 10pt;">Total</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">2,530</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">2,823</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> </tr> </table> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;">   <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">Amounts Due From Related Parties-current assets <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">The amounts due from related parties as of June30, 2016 and December 31, 2015 are as follows: <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;">  <div>Nanjing Knitting</div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">June 30, 2016</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">December 31, 2015</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="6">(In thousands of  U.S. Dollars)</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Jiangsu Ever-Glory</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">628</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">2,412</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">106</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Fengyang Huarui</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">257</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Ever-Glory Cambodia</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">109</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 1.5pt;">EsC'eLav</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">60</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: left;"> </td> <td style="border-bottom: 1.5pt solid black; text-align: right;">2</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4pt; padding-left: 10pt;">Total</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">1,054</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: 4pt double black; text-align: left;">$</td> <td style="border-bottom: 4pt double black; text-align: right;">2,535</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> </tr> </table> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">As of June 30, 2016, the Company prepaid $0.26 million and $0.11 million to the sub-contractors, Fengyang Huarui and Ever-Glory Cambodia, respectively, for the next period’s subcontracting fees. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Jiangsu Ever-Glory is an entity engaged in importing/exporting, apparel-manufacture, real-estate development, car sales and other activities. Jiangsu Ever-Glory is controlled by Mr. Kang. During three and six months ended June 30, 2016 and 2015, the Company and Jiangsu Ever-Glory purchased raw materials on behalf of each other in order to obtain cheaper purchase prices.  The Company purchased raw materials on Jiangsu Ever-Glory’s behalf and sold to Jiangsu Ever-Glory at a cost of $1.9 million and $3.0 million during the six-month period ended June 30, 2016 and 2015, respectively. Jiangsu Ever-Glory purchased raw materials on the Company’s behalf and sold to the Company at a cost of $0.3 million and $0.03 million during the six months ended June 30, 2016 and 2015, respectively. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">   <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">Amounts Due From Related Party under Counter Guarantee Agreement <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">In March 2012, in consideration of the guarantees and collateral provided by Jiangsu Ever-Glory and Nanjing Knitting, the Company agreed to provide Jiangsu Ever-Glory a counter guarantee in the form of cash of not more than 70% of the maximum aggregate lines of credit obtained by the Company. Jiangsu Ever-Glory is obligated to return the full amount of the counter-guarantee funds provided upon expiration or termination of the underlying lines of credit and is to pay annual interest at the rate of 6.0% of amounts provided. As of June 30, 2016 and December 31, 2015, Jiangsu Ever-Glory has provided guarantees for approximately $54.8 million (RMB364 million) (2016) and $52.2 million (RMB339.0 million) (2015) of lines of credit obtained by the Company. Jiangsu Ever-Glory, Chuzhou Huarui and Nanjing Knitting have also provided their assets as collateral for certain of these lines of credit. The value of the collateral, as per appraisals obtained by the banks in connection with these lines of credit is approximately $31.0million (RMB206 million) (2016) and $22.8 million (RMB148.0 million) (2015) as of June 30, 2016 and December 31, 2015, respectively.  Mr. Kang has also provided a personal guarantee for $40.1 million (RMB266.3 million). <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">As of December 31, 2015, $18.8 million (RMB122.0 million) was outstanding due from Jiangsu Ever-Glory under the counter guarantee agreement. During the six months ended June 30, 2016, repayment of $1.84 million (RMB12 million) was received from Jiangsu Ever-Glory under the counter-guarantee. As of June 30, 2016, the amount of the counter-guarantee was $16.6 million (RMB110 million) (the difference represents currency exchange adjustment of $0.4 million), which was 27.8% of the aggregate amount of lines of credit. This amount plus accrued interest of $3.38 million have been classified as a reduction of equity, consistent with the guidance of SEC Staff Accounting Bulletins 4E and 4G. At June 30, 2016 and 2015, the amount classified as a reduction of equity was $19.97 million and $21.78 million, respectively. Interest of 0.5% is charged on net amounts due from Jiangsu Ever-Glory at each month end. Since April 1, 2015, interest rate has changed to 0.41% as the bank benchmark interest rate decreased. Interest income for the three and six months ended June 30, 2016 and 2015 was approximately $0.2 million, $0.4 million , $0.2 million and $0.5 million, respectively. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">

<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE 10 CONCENTRATIONS AND RISKS<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company extends unsecured credit to its customers in the normal course of business and generally does not require collateral. As a result, management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. Based on management’s assessment of the amount of probable credit losses, if any, in existing accounts receivable. The allowance for doubtful accounts at June 30, 2016 and December 31, 2015 was $1.05 million and $2.18 million, respectively. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of accounts receivable. In the analysis, management primarily considers the age of the customer’s receivable and also considers the credit worthiness of the customer, the economic conditions in the customer’s industry, and general economic conditions and trends, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts.  If judgments regarding the collectability of accounts receivables are incorrect, adjustments to the allowance may be required, which would reduce profitability.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For the six-month period ended June 30, 2016, the Company had no wholesale customer that represented more than 10% of the Company’s revenues. For the three-month period ended June 30, 2016, the Company had two wholesale customers that represented approximately 12.4% and 10% of the Company’s revenues. For the six-month period ended June 30, 2015, the Company had two wholesale customers that represented approximately 13% and 11% of the Company’s revenues, respectively. For the three-month period ended June 30, 2015, the Company had one wholesale customer that represented approximately 10% of the Company’s revenues.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For the Company’s wholesale business during the three and six months ended June 30, 2016 and 2015, no supplier represented more than 10% of the total raw materials purchased.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For the Company’s retail business, the Company had one supplier that represented 11.9% and 10.5% of raw materials purchases during the three and six months ended June 30, 2016. The Company had no supplier that represented more than 10% of raw materials purchases during the three and six months ended June 30, 2015.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For the wholesale business, during the six months ended June 30, 2016, the Company relied on two manufacturers for 23.9% and 17.5% of purchased finished goods, respectively. For the wholesale business, during the six months ended June 30, 2015, the Company relied on two manufacturers for 23% and 12% of purchased finished goods, respectively. During the three months ended June 30, 2016, the Company relied on two manufacturers for 36.1% and 16.4% of purchased finished goods, respectively. During the three months ended June 30, 2015, the Company relied on two manufacturers for 35% and 13% of purchased finished goods, respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For the retail business, the Company had no supplier that represented more than 10% of finished goods purchases during the three and six months ended June 30, 2016 and 2015.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company’s revenues for the three and six months ended June 30, 2016 and 2015 were earned in the following geographic areas:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended  June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six months ended  June 30,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14">(In thousands of U.S. Dollars)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">The People’s Republic of China</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">11,265</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">9,374</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">26,064</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">28,307</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Germany</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">790</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,780</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,243</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,267</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">United Kingdom</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,831</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,828</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,419</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,981</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Europe-Other</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">12,821</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,897</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">18,275</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">8,699</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Japan</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,807</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,934</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,619</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,864</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">United States</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">7,294</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,979</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">10,738</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">5,948</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;">Total wholesale business</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">37,808</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">29,792</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">70,358</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">63,066</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Retail business</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">42,868</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">45,935</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">102,011</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">110,564</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt; font-weight: bold;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">80,676</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">75,727</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">172,369</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">173,630</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE 11 SEGMENTS<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company reports financial and operating information in the following two segments:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">(a)  Wholesale segment<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">(b)  Retail segment<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company also provides general corporate services to its segments and these costs are reported as "corporate and others”:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Wholesale segment</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Retail segment</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">(In thousands of U.S. Dollars)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Six months ended June 30, 2016</td><td> </td><td style="text-align: center;" colspan="10"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Segment profit or loss:</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">70,358</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">102,011</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">172,369</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,449</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">388</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,837</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">589</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">32</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">621</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">702</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">229</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">931</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">504</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,827</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,331</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">842</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">820</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,662</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Six months ended June 30, 2015</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; font-weight: bold;">Segment profit or loss:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">63,066</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">110,564</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">173,630</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,585</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,713</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,298</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">501</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">38</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">539</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,116</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">376</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,492</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">597</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,081</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,678</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">871</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,333</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,204</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Wholesale segment</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Retail segment</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">(In thousands of U.S. Dollars)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Three months ended June 30, 2016</td><td> </td><td style="text-align: center;" colspan="10"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Segment profit or loss:</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">37,808</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">42,868</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">80,676</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,644</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,712</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,356</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">218</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">19</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">237</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">213</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">121</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">334</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">250</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,323</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,573</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">417</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">411</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">828</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Three months ended June 30, 2015</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; font-weight: bold;">Segment profit or loss:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">29,792</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">45,935</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">75,727</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,753</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,106</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,859</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">193</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">22</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">215</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">522</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">194</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">716</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">255</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,913</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,168</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">416</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">963</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,379</td></tr></table></div>

<div><table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30,  2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,  2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of U.S. Dollars)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Raw materials</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">1,886</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">2,819</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Work-in-progress</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">22,877</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">22,090</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Finished goods</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">57,089</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">69,692</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">81,852</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">94,601</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Less: allowance for obsolete inventories</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(19,132</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(19,538</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt; padding-left: 10pt;">Total inventories</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">62,720</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">75,063</td><td style="text-align: left; padding-bottom: 4pt;"></td></tr></table></div>

<table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center;" colspan="6">Three months ended</td><td> </td><td> </td><td style="text-align: center;" colspan="6">Six months ended</td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14">In thousands of U.S. Dollars)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">Jiangsu Ever-Glory</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">12</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">13</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">24</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">26</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Chuzhou Huarui</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">57</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">61</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">114</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">122</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Kunshan Enjin</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">12</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">22</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">24</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">80</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">86</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">160</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">172</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="6">Three Months Ended June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="6">Six Months Ended  June 30,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="14">(In thousands of U.S. Dollars)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">Chuzhou huarui</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">1,370</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">1,461</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">3,694</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">2,493</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Fengyang huarui</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">299</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">327</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">502</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">736</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Nanjing Ever-Kyowa</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">522</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">314</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">995</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">587</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Ever-Glory Vietnam</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,018</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,852</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,057</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4,888</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Ever-Glory Cambodia</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">757</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">68</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,095</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">372</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>EsCeLav</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Shanghai Sea to Sky</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">259</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Jiangsu Ever-Glory</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom: 1.5pt solid black; text-align: left;"> </td><td style="border-bottom: 1.5pt solid black; text-align: right;">-</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom: 1.5pt solid black; text-align: left;"> </td><td style="border-bottom: 1.5pt solid black; text-align: right;">26</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom: 1.5pt solid black; text-align: left;"> </td><td style="border-bottom: 1.5pt solid black; text-align: right;">51</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom: 1.5pt solid black; text-align: left;"> </td><td style="border-bottom: 1.5pt solid black; text-align: right;">26</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom: 4pt double black; text-align: left;">$</td><td style="border-bottom: 4pt double black; text-align: right;">5,971</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom: 4pt double black; text-align: left;">$</td><td style="border-bottom: 4pt double black; text-align: right;">6,049</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom: 4pt double black; text-align: left;">$</td><td style="border-bottom: 4pt double black; text-align: right;">12,399</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom: 4pt double black; text-align: left;">$</td><td style="border-bottom: 4pt double black; text-align: right;">9,363</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Ever-Glory Vietnam</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">1,109</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">2,003</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Fengyang Huarui</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">84</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Nanjing Ever-Kyowa</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">685</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">561</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Chuzhou Huarui</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">610</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">175</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Nanjing Knitting</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom: 1.5pt solid black; text-align: left;"> </td><td style="border-bottom: 1.5pt solid black; text-align: right;">126</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom: 1.5pt solid black; text-align: left;"> </td><td style="border-bottom: 1.5pt solid black; text-align: right;">-</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; padding-left: 10pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom: 4pt double black; text-align: left;">$</td><td style="border-bottom: 4pt double black; text-align: right;">2,530</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom: 4pt double black; text-align: left;">$</td><td style="border-bottom: 4pt double black; text-align: right;">2,823</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Jiangsu Ever-Glory</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">628</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">2,412</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Nanjing Knitting</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">106</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Fengyang Huarui</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">257</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Ever-Glory Cambodia</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">109</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">15</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">EsC'eLav</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom: 1.5pt solid black; text-align: left;"> </td><td style="border-bottom: 1.5pt solid black; text-align: right;">60</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom: 1.5pt solid black; text-align: left;"> </td><td style="border-bottom: 1.5pt solid black; text-align: right;">2</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; padding-left: 10pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom: 4pt double black; text-align: left;">$</td><td style="border-bottom: 4pt double black; text-align: right;">1,054</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom: 4pt double black; text-align: left;">$</td><td style="border-bottom: 4pt double black; text-align: right;">2,535</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;">

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Wholesale segment</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Retail segment</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">(In thousands of U.S. Dollars)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Six months ended June 30, 2016</td><td> </td><td style="text-align: center;" colspan="10"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Segment profit or loss:</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">70,358</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">102,011</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">172,369</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,449</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">388</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,837</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">589</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">32</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">621</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">702</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">229</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">931</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">504</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,827</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,331</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">842</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">820</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,662</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Six months ended June 30, 2015</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; font-weight: bold;">Segment profit or loss:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">63,066</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">110,564</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">173,630</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,585</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,713</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,298</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">501</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">38</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">539</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,116</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">376</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,492</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">597</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,081</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,678</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">871</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,333</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,204</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Wholesale segment</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Retail segment</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">(In thousands of U.S. Dollars)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Three months ended June 30, 2016</td><td> </td><td style="text-align: center;" colspan="10"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Segment profit or loss:</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">37,808</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">42,868</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">80,676</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,644</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,712</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,356</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">218</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">19</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">237</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">213</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">121</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">334</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">250</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,323</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,573</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">417</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">411</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">828</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Three months ended June 30, 2015</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; font-weight: bold;">Segment profit or loss:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">29,792</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">45,935</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">75,727</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,753</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,106</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,859</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">193</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">22</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">215</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">522</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">194</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">716</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">255</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,913</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,168</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">416</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">963</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,379</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table></div>

2819000

1886000

22090000

22877000

69692000

57089000

94601000

81852000

19538000

19132000

60000000

9000000

5000000

33000000

5400000

36000000

12600000

9000000

60000000

40000000

6000000

18100000

120000000

3000000

20000000

3000000

20000000

3800000

25000000

7500000

50000000

6000000

40000000

3000000

20000000

1400000

9000000

3700000

3000000

20000000

4300000

11700000

78000000

2300000

15000000

3000000

20000000

1500000

10000000

0.046

0.044

0.050

0.046

0.048

0.053

0.050

0.044

0.045

0.035

0.040

0.011

0.030

0.028

0.038

September to October 2016

August to November 2016

December 2016

July 2016

July to September 2016

July to November 2016

July to December 2016

January 2017

December 2016

October 2016

3000000

2000000

4000000

8900000

3400000

1700000

6400000

700000

5000000

1200000

7500000

2600000 1100000 0.050 0.025

22800000

148000000

4300000

31000000

206000000

3000000

5200000

1400000

11100000 9500000 650000

0.250

0.25

-0.003

-0.007

0.003

0.144

0.035

0.026

-0.037

0.282

0.272

0.213

0.394

1245000

2184000

640000

1744000

3200000

0.15

0.09

2017-12-31

2300000

0.10

81200000

854

920

2072

5.91

5.39

2.43

Five days before the grant date. Five days before the grant date. Five days before the grant date.

86000

13000

12000

61000

172000

26000

24000

122000

80000

12000

11000

57000

160000

24000

22000

114000

6049000

1461000

314000

3852000

68000

327000

26000

1000

9363000

2493000

2000

587000

4888000

372000

736000

26000

259000

5971000

1370000

5000

522000

3018000

757000

299000

12399000

3694000

5000

995000

5057000

2095000

502000

51000

0.83

2026000

9786000

70456000

4720000

100839000

11255000

2480000

9100000

60490000

5675000

85446000

10285000

3598000

-454000

5994000

686000

3145000

9966000

-955000

2785000

15393000

970000

510000

3000000

690000

140000

1900000

340000

30000

300000

0.70

0.06

54800000 364000000 40100000 266300000 18800000 122000000 16600000 110000000 1840000 12000000 0.278

4000000

3380000 21780000 19970000

0.005

0.0041

200000

500000

200000

400000

17596000

35105000

16647000

32433000

52200000

339000000

2180000

1050000

0.10

0.35

0.13

0.10

0.11

0.10

0.23

0.12

0.10

0.13

0.105

0.10

0.361

0.164

0.10

0.124

0.10

0.239

0.175

0.10

0.119

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evk-20160630_lab.xml XBRL LABEL FILE Document and Entity Information [Abstract] Document and Entity Information [Abstract] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Amendment Flag Amendment Flag Current Fiscal Year End Date Current Fiscal Year End Date Document Type Document Type Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Entity Filer Category Entity Filer Category Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Balance Sheets [Abstract] Statement of Financial Position [Abstract] Assets [Abstract] Total assets: ASSETS Assets, Current [Abstract] CURRENT ASSETS Cash and Cash Equivalents Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value, Total CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD Accounts Receivable, Net, Current Accounts receivable Accounts Receivable, Net, Current, Total Inventory, Net Inventories Total inventories Value Added Tax Receivable, Current Value added tax receivable Prepaid Expense and Other Assets, Current Other receivables and prepaid expenses Prepaid Expense and Other Assets, Current, Total Advances On Inventory Purchases Advances on inventory purchases Due From Related Parties, Current Amounts due from related party, Total Amounts due from related parties Due from Related Parties, Current, Total Total Assets, Current Total Current Assets Total Current Assets Finite-Lived Intangible Assets, Net INTANGIBLE ASSETS Land use rights, net Intangible assets Property, Plant and Equipment, Net PROPERTY AND EQUIPMENT, NET Property and equipment, net Property, Plant and Equipment, Net, Beginning Balance Property, Plant and Equipment, Net, Ending Balance Total Assets Total Consolidated assets TOTAL ASSETS Liabilities and Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities, Current [Abstract] CURRENT LIABILITIES Short-Term Bank Loans and Notes Payable Bank loans Accounts Payable, Current Accounts payable Accounts Payable, Current, Total Accounts Payable, Related Parties, Current Total Accounts payable and other payables - related parties Accounts Payable and Other Accrued Liabilities, Current Other payables and accrued liabilities Accrual For Taxes Other Than Income Taxes, Current Value added and other taxes payable Accrued Income Taxes, Current Income tax payable Liabilities, Current Total Current Liabilities Total Current Liabilities Liabilities, Noncurrent [Abstract] NONCURRENT LIABILITIES Deferred Tax Liabilities, Net, Noncurrent Deferred tax liabilities Liabilities TOTAL LIABILITIES TOTAL LIABILITIES Commitments and Contingencies COMMITMENTS AND CONTINGENCIES Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] STOCKHOLDERS' EQUITY Stockholders Equity Attributable To Parent [Abstract] Stockholders' equity: Preferred Stock, Value, Issued Preferred stock ($.001 par value, authorized 5,000,000 shares, no shares issued and outstanding) Preferred Stock, Value, Issued, Total Preferred Stock, Value, Issued, Beginning Balance Preferred Stock, Value, Issued, Ending Balance Common Stock, Value, Issued Common stock ($.001 par value, authorized 50,000,000 shares, 14,787,940 and 14,785,868 shares issued and outstanding As of June 30, 2016 and December 31, 2015, respectively) Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Additional Paid In Capital Additional paid-in capital Additional Paid in Capital, Total Additional Paid in Capital, Beginning Balance Additional Paid in Capital, Ending Balance Retained Earnings (Accumulated Deficit) Retained earnings Retained Earnings (Accumulated Deficit), Total Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Statutory Accounting Practices, Statutory Capital and Surplus, Balance Statutory reserve Accumulated Other Comprehensive Income (Loss), Net Of Tax Accumulated other comprehensive income Accumulated Other Comprehensive Income (Loss), Net of Tax, Total Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance Due from Related Parties Amounts due from related party Amounts due from related party Stockholders' Equity Attributable to Parent Total equity attributable to stockholders of the Company Beginning Balance Ending Balance Stockholders' Equity Attributable to Noncontrolling Interest Noncontrolling interest Noncontrolling interest Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total Equity Liabilities and Equity TOTAL LIABILITIES AND EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Preferred Stock, Par Or Stated Value Per Share Preferred stock, par value Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Issued, Total Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Preferred Stock, Shares Outstanding, Beginning Balance Preferred Stock, Shares Outstanding, Ending Balance Common Stock, Par Or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common stock, shares outstanding Common Stock, Shares, Outstanding, Beginning Balance Common Stock, Shares, Outstanding, Ending Balance Consolidated Statements Of Comprehensive Income [Abstract] Income Statement [Abstract] Net Sales Total NET SALES Total net sales Net revenue from external customers Cost Of Goods and Services Sold COST OF SALES Cost of Goods and Services Sold, Total COST OF SALES Gross Profit GROSS PROFIT GROSS PROFIT Operating Expenses [Abstract] OPERATING EXPENSES Selling Expense Selling expenses General and Administrative Expense General and administrative expenses General and Administrative Expense, Total Operating Expenses Total operating expenses Total Operating Expenses Operating Income (Loss) Income from operations INCOME FROM OPERATIONS INCOME FROM OPERATIONS Nonoperating Income (Expense) [Abstract] OTHER INCOME (EXPENSES) Investment Income, Interest Interest income Interest Expense, Debt Interest expense Interest Expense, Debt, Total Interest expense Other Nonoperating Income Other income Nonoperating Income (Expense) Total other income(expense) Total Other Income (Expenses) Income (Loss) From Continuing Operations Before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total Pre-tax income INCOME BEFORE INCOME TAX EXPENSE INCOME BEFORE INCOME TAX EXPENSE Income Tax Expense (Benefit) Income tax expense INCOME TAX EXPENSE Tax liability Income tax expense Income tax expense Net Income (Loss), Including Portion Attributable to Noncontrolling Interest NET INCOME NET INCOME Net income Net Income (Loss) Attributable to Noncontrolling Interest Net (income) loss attributable to the non-controlling interest Net (income) loss attributable to the non-controlling interest Net loss attributable to the non-controlling interest Net Income (Loss) Attributable to Parent Net income (loss) NET INCOME NET INCOME ATTRIBUTABLE TO THE COMPANY Net income Net profit Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net Of Tax Foreign currency translation gain (loss) Foreign currency translation (loss) gain Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent COMPREHENSIVE INCOME COMPREHENSIVE INCOME Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive (income) loss attributable to the noncontrolling interest Comprehensive loss attributable to the non-controlling interest Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest COMPREHENSIVE INCOME COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY Earnings Per Share [Abstract] EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS Earnings Per Share, Basic and Diluted, Total Earnings per share - basic and diluted Basic and diluted Earnings Per Share, Basic and Diluted, Total Earnings per share - Basic and diluted Weighted Average Number of Shares Outstanding, Diluted [Abstract] Weighted average number of shares outstanding Weighted Average Number Of Shares Outstanding, Basic and Diluted Weighted average number of common shares- Basic and diluted Weighted average number of shares outstanding Basic and diluted Weighted average number of common shares - Basic and diluted Consolidated Statements of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net income to cash provided by operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Depreciation and amortization Depreciation, Depletion and Amortization, Total Depreciation and amortization Provision for Doubtful Accounts Recovering for doubtful accounts Provision Recovery For Obsolete Inventories Provision for obsolete inventories Provision (recovery) for obsolete inventories. Deferred Income Tax Expense (Benefit), Total Deferred Deferred income tax Deferred Income Tax Expense (Benefit), Total Deferred income tax Share-based Compensation Stock-based compensation Increase (Decrease) In Operating Capital [Abstract] Changes in operating assets and liabilities Increase (Decrease) In Accounts Receivable Accounts receivable Accounts receivable Increase (Decrease) In Inventories Inventories Increase (Decrease) in Inventories, Total Inventories Increase (Decrease) In Other Receivables Value added tax receivable Value added tax receivable Increase (Decrease) In Prepaid Expense and Other Assets Other receivables and prepaid expenses Increase (Decrease) in Prepaid Expense and Other Assets, Total Other receivables and prepaid expenses Increase (Decrease) In Other Current Assets Advances on inventory purchases Advances on inventory purchases Increase (Decrease) In Due From Related Parties, Current Amounts due from related parties Increase (Decrease) in Due from Related Parties, Current, Total Amounts due from related parties Increase (Decrease) In Accounts Payable, Trade Accounts payable Accounts payable Increase (Decrease) In Accounts Payable, Related Parties Accounts payable and other payables- related parties Accounts payable and other payables- related parties Increase (Decrease) In Accounts Payable and Accrued Liabilities Other payables and accrued liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities, Total Other payables and accrued liabilities Increase (Decrease) In Other Accounts Payable Value added and other taxes payable Value added and other taxes payable Increase (Decrease) In Income Taxes Payable Income tax payable Income tax payable Net Cash Provided By (Used In) Operating Activities Net cash (used in) provided by operating activities Net cash provided by operating activities Net Cash Provided By (Used In) Investing Activities [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES Purchase Of Property and Equipment Additions to property, plant and equipment Purchases of property and equipment Payments to Acquire Property, Plant, and Equipment, Total Purchases of property and equipment Proceeds from Sale of Property, Plant, and Equipment Proceeds from sale of property and equipment Payments to Acquire Intangible Assets Purchase of intangible assets Purchase of intangible assets Payments to Acquire Businesses, Net of Cash Acquired Acquisition of Yiduo net of cash acquired Acquisition of Yiduo net of cash acquired Net Cash Provided By (Used In) Investing Activities Net cash used in investing activities Net cash (used in) investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES Proceeds From Bank Debt Proceeds from bank loans Proceeds from bank loans Repayments Of Bank Debt Repayment of bank loans Repayment of bank loans Repayments of Related Party Debt Repayment of loans from related party Repayment of loans from related party Payments To Fund Long-Term Loans To Related Parties Advances to related party Advances to related party Net Cash Provided By (Used In) Financing Activities Net cash provided by financing activities Net cash provided by (used in) financing activities Effect Of Exchange Rate On Cash and Cash Equivalents, Continuing Operations EFFECT OF EXCHANGE RATE CHANGES ON CASH Cash and Cash Equivalents, Period Increase (Decrease) NET INCREASE IN CASH AND CASH EQUIVALENTS NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Supplemental Cash Flow Information [Abstract] SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Supplemental Cash Flow Elements [Abstract] Cash paid during the period for: Interest Interest Paid Interest Income Taxes Paid Income taxes paid Income taxes Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] SUPPLEMENTAL INFORMATION OF NONCASH INVESTING ACTIVITIES Noncash or Part Noncash Acquisition, Intangible Assets Acquired Increase in intangible assets and non-controlling interests Basis of Presentation [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation Of Financial Statements Disclosure and Significant Accounting Policies [Text Block] BASIS OF PRESENTATION Significant Accounting Policies [Abstract] Accounting Policies [Abstract] Significant Accounting Policies [Text Block] SIGNIFICANT ACCOUNTING POLICIES Inventories [Abstract] Inventory Disclosure [Abstract] Inventory Disclosure [Text Block] Inventories Bank Loans [Abstract] Loans Payable [Abstract] Debt Disclosure [Text Block] BANK LOANS Derivative Liability [Abstract] Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Text Block] DERIVATIVE LIABILITY Income Tax [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] INCOME TAX Earnings Per Share [Text Block] EARNINGS PER SHARE Stockholders' Equity [Abstract] Stockholders' Equity Note [Abstract] Stockholders' Equity Note Disclosure [Text Block] STOCKHOLDERS' EQUITY Related Party Transactions [Abstract] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] RELATED PARTY TRANSACTIONS Concentrations and Risks [Abstract] Concentrations and Risks [Abstract] Concentration Risk Disclosure [Text Block] CONCENTRATIONS AND RISKS Segments [Abstract] Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] Segment Reporting Disclosure [Text Block] SEGMENTS Fair Value Of Financial Instruments, Policy [Policy Text Block] Financial Instruments Receivables, Policy [Policy Text Block] Accounts Receivable Fair Value Measurement, Policy [Policy Text Block] Fair Value Accounting Foreign Currency Transactions and Translations Policy [Policy Text Block] Foreign Currency Translation and Other Comprehensive Income New Accounting Pronouncements, Policy [Policy Text Block] Recently Issued Accounting Pronouncements Schedule Of Inventory, Current [Table Text Block] Schedule of inventory Schedule Of Debt [Table Text Block] Schedule of bank loans Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] Summary of pre-tax income in jurisdictions Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] Summary of reconciliation of PRC statutory rates to the Company's effective tax rate Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Schedule of components of income tax expense Schedule Of Earnings Per Share, Basic and Diluted [Table Text Block] Summary of basic and diluted earnings per share Other Expenses Due To Related Parties [Table Text Block] Summary of other expenses due to related parties Tabular Discloure of other expenses due to related parties Purchases From and Sub Contracts With Related Parties [Table Text Block] Summary of sub-contracts with related parties Purchases from, and Sub-contracts with Related Parties. Accounts Payable Related Parties [Table Text Block] Summary of accounts payable - related parties Accounts Payable - Related Parties. Amounts Due From Related Party Current Assets [Table Text Block] Summary of amounts due from related party current assets Amounts due from related party current assets. Reconciliation Of Revenue From Segments To Consolidated [Table Text Block] Company's revenues as per geographic areas Schedule Of Segment Reporting Information, By Segment [Table Text Block] Summary of financial and operating information Inventory, Net [Abstract] Schedule of inventory Inventory, Raw Materials Raw materials Inventory, Work In Process Work-in-progress Inventory, Finished Goods Finished goods Inventory, Gross Inventory gross Inventory gross Inventory Adjustments Less: allowance for obsolete inventories Less: allowance for obsolete inventories Line Of Credit Facility [Table] Line of Credit Facility [Table] Lender Name [Axis] Lender Name [Axis] Line Of Credit Facility, Lender [Domain] Line of Credit Facility, Lender [Domain] Industrial and Commercial Bank Of China [Member] Industrial and Commercial Bank of China [Member] Industrial and Commercial Bank of China. Nanjing Bank [Member] Nanjing Bank [Member] Nanjing Bank. China Everbright Bank [Member] China Everbright Bank [Member] China ever bright bank. Hong Kong and Shanghai Bank [Member] The Hong Kong and Shanghai Bank [Member] HSBC [Member] The Hong Kong and Shanghai Bank. Bank Of Communications [Member] Bank of Communications [Member] Bank of Communications. China Minsheng Banking [Member] China Minsheng Banking [Member] China Minsheng Banking. Bank Of China [Member] Bank of China [Member] Bank of China [Member] Bank of China. China Citic Bank [Member] China Citic Bank. Pin An Bank [Member] Pin An Bank [Member] Pin an Bank. Line Of Credit Facility [Line Items] Line of Credit Facility [Line Items] Short-Term Debt [Abstract] Schedule of bank loans Shanghai Pudong Development Bank [Member] Shanghai Pudong Development Bank [Member] Shanghai Pudong Development Bank. Ping An Bank [Member] Ping An Bank [Member] Ping An Bank. Huaxia Bank [Member] Huaxia Bank [Member] HuaXia Bank. Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] Goldenway [Member] Goldenway [Member] Goldenway. EX-101.PRE 11 evk-20160630_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Aug. 11, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Ever-Glory International Group, Inc.
Entity Central Index Key	0000943184
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		14,787,940

XML 13 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 27,475	$ 22,702
Accounts receivable	62,233	87,527
Inventories	62,720	75,063
Value added tax receivable	5,215	2,736
Other receivables and prepaid expenses	4,899	3,840
Advances on inventory purchases	3,658	6,193
Amounts due from related parties	1,054	2,535
Total Current Assets	167,254	200,596
INTANGIBLE ASSETS	6,041	6,217
PROPERTY AND EQUIPMENT, NET	23,791	21,906
TOTAL ASSETS	197,086	228,719
CURRENT LIABILITIES
Bank loans	43,675	44,841
Accounts payable	44,240	66,118
Accounts payable and other payables - related parties	2,530	2,823
Other payables and accrued liabilities	16,949	22,221
Value added and other taxes payable	4,317	6,882
Income tax payable	1,701	4,052
Total Current Liabilities	113,412	146,937
NONCURRENT LIABILITIES
Deferred tax liabilities	2,910	2,992
TOTAL LIABILITIES	116,322	149,929
COMMITMENTS AND CONTINGENCIES
Stockholders' equity:
Preferred stock ($.001 par value, authorized 5,000,000 shares, no shares issued and outstanding)
Common stock ($.001 par value, authorized 50,000,000 shares, 14,787,940 and 14,785,868 shares issued and outstanding As of June 30, 2016 and December 31, 2015, respectively)	15	15
Additional paid-in capital	3,602	3,597
Retained earnings	81,223	78,439
Statutory reserve	15,327	15,327
Accumulated other comprehensive income	853	3,249
Amounts due from related party	(19,967)	(21,776)
Total equity attributable to stockholders of the Company	81,053	78,851
Noncontrolling interest	(289)	(61)
Total Equity	80,764	78,790
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 197,086	$ 228,719

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Balance Sheets [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	14,787,940	14,785,868
Common stock, shares outstanding	14,787,940	14,785,868

XML 15 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements Of Income And Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statements Of Comprehensive Income [Abstract]
NET SALES	$ 80,676	$ 75,727	$ 172,369	$ 173,630
COST OF SALES	53,961	45,679	117,311	112,974
GROSS PROFIT	26,715	30,048	55,058	60,656
OPERATING EXPENSES
Selling expenses	16,043	17,583	36,956	37,838
General and administrative expenses	7,316	7,606	14,265	14,520
Total Operating Expenses	23,359	25,189	51,221	52,358
INCOME FROM OPERATIONS	3,356	4,859	3,837	8,298
OTHER INCOME (EXPENSES)
Interest income	237	215	621	539
Interest expense	(334)	(716)	(931)	(1,492)
Other income	621	539	687	772
Total Other Income (Expenses)	524	38	377	(181)
INCOME BEFORE INCOME TAX EXPENSE	3,880	4,897	4,214	8,117
Income tax expense	(828)	(1,379)	(1,662)	(2,204)
NET INCOME	3,052	3,518	2,552	5,913
Net loss attributable to the non-controlling interest	93	80	233	81
NET INCOME ATTRIBUTABLE TO THE COMPANY	3,145	3,598	2,785	5,994
NET INCOME	3,052	3,518	2,552	5,913
Foreign currency translation (loss) gain	(3,178)	(127)	(2,396)	329
COMPREHENSIVE INCOME	(126)	3,391	156	6,242
Comprehensive loss attributable to the non-controlling interest	85	80	228	81
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (41)	$ 3,471	$ 384	$ 6,323
EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS
Basic and diluted	$ 0.21	$ 0.24	$ 0.19	$ 0.41
Weighted average number of shares outstanding
Weighted average number of shares outstanding Basic and diluted	14,787,302	14,784,094	14,786,589	14,784,094

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,552	$ 5,913
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	3,331	4,678
Recovering for doubtful accounts		(143)
Provision for obsolete inventories	7,111
Deferred income tax	(14)	3
Stock-based compensation	5
Changes in operating assets and liabilities
Accounts receivable	23,903	34,101
Inventories	3,901	(7,266)
Value added tax receivable	(2,583)	(1,333)
Other receivables and prepaid expenses	(1,166)	865
Advances on inventory purchases	2,434	1,055
Amounts due from related parties	1,092	186
Accounts payable	(20,847)	(13,416)
Accounts payable and other payables- related parties	(275)	(1,074)
Other payables and accrued liabilities	(4,852)	(1,987)
Value added and other taxes payable	(2,448)	(779)
Income tax payable	(2,297)	(1,099)
Net cash provided by operating activities	9,847	19,704
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(5,692)	(5,438)
Proceeds from sale of property and equipment		4
Purchase of intangible assets		(1,732)
Acquisition of Yiduo net of cash acquired		(457)
Net cash (used in) investing activities	(5,692)	(7,623)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans	48,295	52,715
Repayment of bank loans	(48,521)	(72,217)
Repayment of loans from related party	1,836	2,444
Advances to related party		(815)
Net cash provided by (used in) financing activities	1,610	(17,873)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(992)	(91)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	4,773	(5,883)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	22,702	34,134
CASH AND CASH EQUIVALENTS AT END OF PERIOD	27,475	28,251
Cash paid during the period for:
Interest	931	1,492
Income taxes	4,442	3,301
SUPPLEMENTAL INFORMATION OF NONCASH INVESTING ACTIVITIES
Increase in intangible assets and non-controlling interests		$ 233

XML 17 R6.htm IDEA: XBRL DOCUMENT

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2016
Basis of Presentation [Abstract]
BASIS OF PRESENTATION	NOTE 1 BASIS OF PRESENTATION Ever-Glory International Group, Inc. (the “Company”), together with its subsidiaries, is an apparel manufacturer, supplier and retailer in The People's Republic of China ("China or "PRC"), with a wholesale segment and a retail segment. The Company’s wholesale business consists of recognized brands for department and specialty stores located in China, Europe, Japan and the United States. The Company’s retail business consists of flagship stores and store-in-stores for the Company’s own-brand products. The Company’s wholesale operations are provided primarily through the Company’s wholly-owned PRC subsidiaries, Goldenway Nanjing Garments Co. Ltd. (“Goldenway”), Nanjing Catch-Luck Garments Co. Ltd. (“Catch-Luck”), Nanjing New-Tailun Garments Co. Ltd (“New-Tailun”), Ever-Glory International Group Apparel Inc.(“Ever-Glory Apparel”), Chuzhou Huirui Garments Co. Ltd. (“Huirui”) and Nanjing Tai Xin Garments Trading Company Limited (“Tai Xin”), and the Company’s wholly-owned Samoa subsidiary, Ever-Glory International Group (HK) Ltd. (“Ever-Glory HK”). The Company’s retail operations are provided through its wholly- owned subsidiaries, Shanghai LA GO GO Fashion Company Limited (“Shanghai LA GO GO”), Jiangsu LA GO GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA GO GO Fashion Company Limited (“Tianjin LA GO GO”), Shanghai Ya Lan Fashion Company Limited (“Ya Lan”), Shanghai Yiduo Fashion Company Limited (“Shanghai Yiduo”) and Xizang He Meida Trading Company Limited (“He Meida”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated balance sheet as of June 30, 2016, the condensed consolidated statements of income and comprehensive income (loss), and cash flows for the three and six months ended June 30, 2016 and 2015. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they have been condensed and do not include all of the information and footnotes required by GAAP for complete financial statements. Wholesale revenues are generally higher in the third and fourth fiscal quarters, while retail revenues are generally higher in the first and fourth fiscal quarters. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results of operations to be expected for the full fiscal year. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

XML 18 R7.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

6 Months Ended

Jun. 30, 2016

Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 SIGNIFICANT ACCOUNTING POLICIES

Financial Instruments

Accounts Receivable

Fair Value Accounting

Level 1

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

	Level 2	Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

	Level 3	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At June 30, 2016, the Company’s financial assets (all Level 1) consist of cash placed with financial institutions that management considers to be of a high quality.

As of June 30, 2016, the Company has a derivative liability subject to recurring fair value measurement (Level 3) with the change in fair value recognized in earnings (Note 5).

Foreign Currency Translation and Other Comprehensive Income

Recently Issued Accounting Pronouncements

XML 19 R8.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Jun. 30, 2016

Inventories [Abstract]

Inventories

NOTE 3 INVENTORIES

Inventories at June 30, 2016 and December 31, 2015 consisted of the following:

	June 30, 2016			December 31, 2015
	(In thousands of U.S. Dollars)
Raw materials	$	1,886		$	2,819
Work-in-progress		22,877			22,090
Finished goods		57,089			69,692
		81,852			94,601
Less: allowance for obsolete inventories		(19,132	)		(19,538	)
Total inventories	$	62,720		$	75,063

XML 20 R9.htm IDEA: XBRL DOCUMENT

Bank Loans

6 Months Ended

Jun. 30, 2016

Bank Loans [Abstract]

BANK LOANS

NOTE 4 BANK LOANS

	June 30, 2016		December 31, 2015
Bank	(In thousands of U.S. Dollars)
Industrial and Commercial Bank of China	$	17,759	$	16,940
Nanjing Bank		7,901		13,951
China Everbright Bank		4,272		3,121
HSBC		3,737		3,129
Bank of Communications		3,010		3,080
China Minsheng Banking		3,010		3,080
Bank of China		2,631		-
China Citic Bank		1,355		-
Pin An Bank		-		1,540
	$	43,675	$	44,841

All loans have been repaid before or at maturity date.

Total interest expense on bank loans amounted to $0.3 million, $0.9 million, $0.7 million and $1.5 million for the three and six months ended June 30, 2016 and 2015, respectively.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Derivative Liability	6 Months Ended
Derivative Liability	Jun. 30, 2016
Derivative Liability [Abstract]
DERIVATIVE LIABILITY	NOTE 5 DERIVATIVE LIABILITY As of June 30, 2016, the Company had three outstanding forward foreign exchange contracts (sell US dollars for RMB), with total notional amount of $9.5 million, and one outstanding forward foreign exchange contract (sell EUR dollars for RMB), with total notional amount of EUR0.65 million. As of December 31, 2015, the Company had four outstanding forward foreign exchange contracts (sell US dollars for RMB), with total notional amount of $11.1 million. The fair value of these contracts as of June 30, 2016 and December 31, 2015, as well as realized losses on these foreign currency derivative activities during 2015 and the six months ended June 30, 2016 were not significant.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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XML 22 R11.htm IDEA: XBRL DOCUMENT

Income Tax

6 Months Ended

Jun. 30, 2016

Income Tax [Abstract]

INCOME TAX

NOTE 6 INCOME TAX

All PRC subsidiaries, except for He Meida, are subject to income tax at the 25% statutory rate.

Ever-Glory HK was incorporated in Samoa, and under the current laws of Samoa has no liabilities for income taxes.

	Three months ended						Six months ended
	June 30,						June 30,
	2016			2015			2016			2015
	(In thousands of U.S. Dollars)
PRC	$	3,884		$	4,900		$	4,218		$	8,213
BVI		(1	)		(1	)		1			(91	)
Others		(3	)		(2	)		(5	)		(5	)
	$	3,880		$	4,897		$	4,214		$	8,117

The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three and six months ended June 30, 2016 and 2015:

	Three months ended						Six months ended
	June 30,						June 30,
	2016			2015			2016			2015
PRC statutory rate		25.0	%		25.0	%		25.0	%		25.0	%
Preferential tax treatment		-			(0.3	)		-			(0.7	)
Effect of foreign income tax rates		-			-			-			0.3
Net operating losses for which no deferred tax assets was recognized		-			-			14.4			-
Other		(3.7	)		3.5			-			2.6
Effective income tax rate		21.3	%		28.2	%		39.4	%		27.2	%

Income tax expense for the three and six months ended June 30, 2016 and 2015 is as follows:

	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016			2015
Current	$	640	$	1,245	$	1,744		$	2,184
Deferred		188		134		(82	)		20
Income tax expense	$	828	$	1,379	$	1,662		$	2,204

XML 23 R12.htm IDEA: XBRL DOCUMENT

Earnings Per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 7 EARNINGS PER SHARE

The following demonstrates the calculation for earnings per share for the three and six months ended June 30, 2016 and 2015:

	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016		2015
Weighted average number of common shares – Basic and diluted		14,787,302		14,784,094		14,786,589		14,784,094
Earnings per share – Basic and diluted	$	0.21	$	0.24	$	0.19	$	0.41

XML 24 R13.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

6 Months Ended

Jun. 30, 2016

Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 8 STOCKHOLDERS’ EQUITY

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

XML 25 R14.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Jun. 30, 2016

RELATED PARTY TRANSACTIONS

NOTE 9 RELATED PARTY TRANSACTIONS

Other income from Related Parties

Other expenses due to Related Parties

Included in other expenses for the three and six months ended June 30, 2016 and 2015 are rent costs due to entities controlled by Mr. Kang under operating lease agreements as follows:

	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016		2015
	In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	12	$	13	$	24	$	26
Chuzhou Huarui		57		61		114		122
Kunshan Enjin		11		12		22		24
Total	$	80	$	86	$	160	$	172

Purchases from and Sub-contracts with Related Parties

In addition, Sub-contracts with related parties included in cost of sales for the three and six months ended June 30, 2016 and 2015 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(In thousands of U.S. Dollars)
Chuzhou huarui	$	1,370	$	1,461	$	3,694	$	2,493
Fengyang huarui		299		327		502		736
Nanjing Ever-Kyowa		522		314		995		587
Ever-Glory Vietnam		3,018		3,852		5,057		4,888
Ever-Glory Cambodia		757		68		2,095		372
EsCeLav		5		-		5	2
Shanghai Sea to Sky		-		1		-		259
Jiangsu Ever-Glory		-		26		51		26
	$	5,971	$	6,049	$	12,399	$	9,363

Accounts Payable – Related Parties

The accounts payable to related parties at June 30, 2016 and December 31, 2015 are as follows:

	June 30, 2016		December 31, 2015
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	1,109		2,003
Fengyang Huarui		-		84
Nanjing Ever-Kyowa		685		561
Chuzhou Huarui		610		175
Nanjing Knitting		126		-
Total	$	2,530	$	2,823

Amounts Due From Related Parties-current assets

The amounts due from related parties as of June30, 2016 and December 31, 2015 are as follows:

Nanjing Knitting

	June 30, 2016		December 31, 2015
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	628	$	2,412
	-		106
Fengyang Huarui		257		-
Ever-Glory Cambodia		109		15
EsC'eLav		60		2
Total	$	1,054	$	2,535

As of June 30, 2016, the Company prepaid $0.26 million and $0.11 million to the sub-contractors, Fengyang Huarui and Ever-Glory Cambodia, respectively, for the next period’s subcontracting fees.

Amounts Due From Related Party under Counter Guarantee Agreement

XML 26 R15.htm IDEA: XBRL DOCUMENT

Concentrations and Risks

6 Months Ended

Jun. 30, 2016

Concentrations and Risks [Abstract]

CONCENTRATIONS AND RISKS

NOTE 10 CONCENTRATIONS AND RISKS

For the Company’s wholesale business during the three and six months ended June 30, 2016 and 2015, no supplier represented more than 10% of the total raw materials purchased.

For the retail business, the Company had no supplier that represented more than 10% of finished goods purchases during the three and six months ended June 30, 2016 and 2015.

The Company’s revenues for the three and six months ended June 30, 2016 and 2015 were earned in the following geographic areas:

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
	(In thousands of U.S. Dollars)
The People’s Republic of China	$	11,265	$	9,374	$	26,064	$	28,307
Germany		790		2,780		2,243		7,267
United Kingdom		3,831		3,828		6,419		6,981
Europe-Other		12,821		6,897		18,275		8,699
Japan		1,807		2,934		6,619		5,864
United States		7,294		3,979		10,738		5,948
Total wholesale business		37,808		29,792		70,358		63,066
Retail business		42,868		45,935		102,011		110,564
Total	$	80,676	$	75,727	$	172,369	$	173,630

XML 27 R16.htm IDEA: XBRL DOCUMENT

Segments

6 Months Ended

Jun. 30, 2016

Segments [Abstract]

SEGMENTS

NOTE 11 SEGMENTS

The Company reports financial and operating information in the following two segments:

(a) Wholesale segment

(b) Retail segment

The Company also provides general corporate services to its segments and these costs are reported as "corporate and others”:

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Six months ended June 30, 2016
Segment profit or loss:
Net revenue from external customers	$	70,358		102,011		172,369
Income from operations	$	3,449		388		3,837
Interest income	$	589		32		621
Interest expense	$	702		229		931
Depreciation and amortization	$	504		2,827		3,331
Income tax expense	$	842		820		1,662

Six months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers	$	63,066		110,564		173,630
Income from operations	$	3,585		4,713		8,298
Interest income	$	501		38		539
Interest expense	$	1,116		376		1,492
Depreciation and amortization	$	597		4,081		4,678
Income tax expense	$	871		1,333		2,204

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Three months ended June 30, 2016
Segment profit or loss:
Net revenue from external customers	$	37,808		42,868		80,676
Income from operations	$	1,644		1,712		3,356
Interest income	$	218		19		237
Interest expense	$	213		121		334
Depreciation and amortization	$	250		1,323		1,573
Income tax expense	$	417		411		828

Three months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers	$	29,792		45,935		75,727
Income from operations	$	1,753		3,106		4,859
Interest income	$	193		22		215
Interest expense	$	522		194		716
Depreciation and amortization	$	255		1,913		2,168
Income tax expense	$	416		963		1,379

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

XML 28 R17.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2016

Significant Accounting Policies [Abstract]

Financial Instruments

Financial Instruments

Accounts Receivable

Accounts Receivable

Fair Value Accounting

Fair Value Accounting

Level 1

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

	Level 2	Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

	Level 3	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At June 30, 2016, the Company’s financial assets (all Level 1) consist of cash placed with financial institutions that management considers to be of a high quality.

As of June 30, 2016, the Company has a derivative liability subject to recurring fair value measurement (Level 3) with the change in fair value recognized in earnings (Note 5).

Foreign Currency Translation and Other Comprehensive Income

Foreign Currency Translation and Other Comprehensive Income

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

- Definition

Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.

+ References + Details

XML 29 R18.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

6 Months Ended

Jun. 30, 2016

Inventories [Abstract]

Schedule of inventory

	June 30, 2016			December 31, 2015
	(In thousands of U.S. Dollars)
Raw materials	$	1,886		$	2,819
Work-in-progress		22,877			22,090
Finished goods		57,089			69,692
		81,852			94,601
Less: allowance for obsolete inventories		(19,132	)		(19,538	)
Total inventories	$	62,720		$	75,063

XML 30 R19.htm IDEA: XBRL DOCUMENT

Bank Loans (Tables)

6 Months Ended

Jun. 30, 2016

Bank Loans [Abstract]

Schedule of bank loans

	June 30, 2016		December 31, 2015
Bank	(In thousands of U.S. Dollars)
Industrial and Commercial Bank of China	$	17,759	$	16,940
Nanjing Bank		7,901		13,951
China Everbright Bank		4,272		3,121
HSBC		3,737		3,129
Bank of Communications		3,010		3,080
China Minsheng Banking		3,010		3,080
Bank of China		2,631		-
China Citic Bank		1,355		-
Pin An Bank		-		1,540
	$	43,675	$	44,841

XML 31 R20.htm IDEA: XBRL DOCUMENT

Income Tax (Tables)

6 Months Ended

Jun. 30, 2016

Income Tax [Abstract]

Summary of pre-tax income in jurisdictions

	Three months ended						Six months ended
	June 30,						June 30,
	2016			2015			2016			2015
	(In thousands of U.S. Dollars)
PRC	$	3,884		$	4,900		$	4,218		$	8,213
BVI		(1	)		(1	)		1			(91	)
Others		(3	)		(2	)		(5	)		(5	)
	$	3,880		$	4,897		$	4,214		$	8,117

Summary of reconciliation of PRC statutory rates to the Company's effective tax rate

	Three months ended						Six months ended
	June 30,						June 30,
	2016			2015			2016			2015
PRC statutory rate		25.0	%		25.0	%		25.0	%		25.0	%
Preferential tax treatment		-			(0.3	)		-			(0.7	)
Effect of foreign income tax rates		-			-			-			0.3
Net operating losses for which no deferred tax assets was recognized		-			-			14.4			-
Other		(3.7	)		3.5			-			2.6
Effective income tax rate		21.3	%		28.2	%		39.4	%		27.2	%

Schedule of components of income tax expense

	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016			2015
Current	$	640	$	1,245	$	1,744		$	2,184
Deferred		188		134		(82	)		20
Income tax expense	$	828	$	1,379	$	1,662		$	2,204

XML 32 R21.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Summary of basic and diluted earnings per share

	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016		2015
Weighted average number of common shares – Basic and diluted		14,787,302		14,784,094		14,786,589		14,784,094
Earnings per share – Basic and diluted	$	0.21	$	0.24	$	0.19	$	0.41

XML 33 R22.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2016

Summary of other expenses due to related parties

	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016		2015
	In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	12	$	13	$	24	$	26
Chuzhou Huarui		57		61		114		122
Kunshan Enjin		11		12		22		24
Total	$	80	$	86	$	160	$	172

Summary of sub-contracts with related parties

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(In thousands of U.S. Dollars)
Chuzhou huarui	$	1,370	$	1,461	$	3,694	$	2,493
Fengyang huarui		299		327		502		736
Nanjing Ever-Kyowa		522		314		995		587
Ever-Glory Vietnam		3,018		3,852		5,057		4,888
Ever-Glory Cambodia		757		68		2,095		372
EsCeLav		5		-		5		2
Shanghai Sea to Sky		-		1		-		259
Jiangsu Ever-Glory		-		26		51		26
	$	5,971	$	6,049	$	12,399	$	9,363

Summary of accounts payable - related parties

	June 30, 2016		December 31, 2015
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	1,109		2,003
Fengyang Huarui		-		84
Nanjing Ever-Kyowa		685		561
Chuzhou Huarui		610		175
Nanjing Knitting		126		-
Total	$	2,530	$	2,823

Summary of amounts due from related party current assets

	June 30, 2016		December 31, 2015
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	628	$	2,412
Nanjing Knitting		-		106
Fengyang Huarui		257		-
Ever-Glory Cambodia		109		15
EsC'eLav		60		2
Total	$	1,054	$	2,535

XML 34 R23.htm IDEA: XBRL DOCUMENT

Concentrations and Risks (Tables)

6 Months Ended

Jun. 30, 2016

Concentrations and Risks [Abstract]

Company's revenues as per geographic areas

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
	(In thousands of U.S. Dollars)
The People’s Republic of China	$	11,265	$	9,374	$	26,064	$	28,307
Germany		790		2,780		2,243		7,267
United Kingdom		3,831		3,828		6,419		6,981
Europe-Other		12,821		6,897		18,275		8,699
Japan		1,807		2,934		6,619		5,864
United States		7,294		3,979		10,738		5,948
Total wholesale business		37,808		29,792		70,358		63,066
Retail business		42,868		45,935		102,011		110,564
Total	$	80,676	$	75,727	$	172,369	$	173,630

XML 35 R24.htm IDEA: XBRL DOCUMENT

Segments (Tables)

6 Months Ended

Jun. 30, 2016

Segments [Abstract]

Summary of financial and operating information

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Six months ended June 30, 2016
Segment profit or loss:
Net revenue from external customers	$	70,358		102,011		172,369
Income from operations	$	3,449		388		3,837
Interest income	$	589		32		621
Interest expense	$	702		229		931
Depreciation and amortization	$	504		2,827		3,331
Income tax expense	$	842		820		1,662

Six months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers	$	63,066		110,564		173,630
Income from operations	$	3,585		4,713		8,298
Interest income	$	501		38		539
Interest expense	$	1,116		376		1,492
Depreciation and amortization	$	597		4,081		4,678
Income tax expense	$	871		1,333		2,204

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Three months ended June 30, 2016
Segment profit or loss:
Net revenue from external customers	$	37,808		42,868		80,676
Income from operations	$	1,644		1,712		3,356
Interest income	$	218		19		237
Interest expense	$	213		121		334
Depreciation and amortization	$	250		1,323		1,573
Income tax expense	$	417		411		828

Three months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers	$	29,792		45,935		75,727
Income from operations	$	1,753		3,106		4,859
Interest income	$	193		22		215
Interest expense	$	522		194		716
Depreciation and amortization	$	255		1,913		2,168
Income tax expense	$	416		963		1,379

XML 36 R25.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of inventory
Raw materials	$ 1,886	$ 2,819
Work-in-progress	22,877	22,090
Finished goods	57,089	69,692
Inventory gross	81,852	94,601
Less: allowance for obsolete inventories	(19,132)	(19,538)
Total inventories	$ 62,720	$ 75,063

XML 37 R26.htm IDEA: XBRL DOCUMENT

Bank Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of bank loans
Bank loans	$ 43,675	$ 44,841
Industrial and Commercial Bank of China [Member]
Schedule of bank loans
Bank loans	17,759	16,940
Nanjing Bank [Member]
Schedule of bank loans
Bank loans	7,901	13,951
China Everbright Bank [Member]
Schedule of bank loans
Bank loans	4,272	3,121
HSBC [Member]
Schedule of bank loans
Bank loans	3,737	3,129
Bank of Communications [Member]
Schedule of bank loans
Bank loans	3,010	3,080
China Minsheng Banking [Member]
Schedule of bank loans
Bank loans	3,010	3,080
Bank of China [Member]
Schedule of bank loans
Bank loans	2,631
China Citic Bank [Member]
Schedule of bank loans
Bank loans	1,355
Pin An Bank [Member]
Schedule of bank loans
Bank loans		$ 1,540

XML 38 R27.htm IDEA: XBRL DOCUMENT

Bank Loans (Details Textual) $ in Thousands, ¥ in Millions	3 Months Ended		6 Months Ended
Bank Loans (Details Textual) $ in Thousands, ¥ in Millions	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 CNY (¥)	Mar. 31, 2016 USD ($)	Mar. 31, 2016 CNY (¥)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CNY (¥)	Oct. 31, 2015 USD ($)	Oct. 31, 2015 CNY (¥)	Sep. 30, 2015 USD ($)	Sep. 30, 2015 CNY (¥)	Jul. 31, 2015 USD ($)	Jul. 31, 2015 CNY (¥)	Jun. 30, 2015 CNY (¥)	Jan. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY (¥)	Jun. 30, 2014 USD ($)	Jun. 30, 2014 CNY (¥)	Jan. 31, 2014 USD ($)	Jan. 31, 2014 CNY (¥)
Bank Loans (Textual)
Interest			$ 931	$ 1,492
Bank Loan [Member]
Bank Loans (Textual)
Interest	$ 300	$ 900	700	1,500
Ever-Glory Apparel [Member] \| China Everbright Bank [Member]
Bank Loans (Textual)
Line of credit agreement														$ 6,000	¥ 40.0
Revolving line of credit agreement, amount borrowed	4,300		$ 4,300
Due date of revolving line of credit agreement			July to November 2016
Revolving line of credit agreement, unused capacity	1,700		$ 1,700
Revolving line of credit agreement, collateral amount			$ 5,200
Ever-Glory Apparel [Member] \| China Everbright Bank [Member] \| Minimum [Member]
Bank Loans (Textual)
Effective interest rate during the period			2.80%
Ever-Glory Apparel [Member] \| China Everbright Bank [Member] \| Maximum [Member]
Bank Loans (Textual)
Effective interest rate during the period			3.80%
Nanjing Bank [Member] \| Goldenway [Member]
Bank Loans (Textual)
Line of credit agreement	7,500		$ 7,500		¥ 50.0
Revolving line of credit agreement, unused capacity	7,500		7,500
Nanjing Bank [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement		$ 9,000		$ 9,000												¥ 60.0
Revolving line of credit agreement, amount borrowed	3,000		$ 3,000		20.0
Due date of revolving line of credit agreement			July to September 2016
Revolving line of credit agreement, unused capacity	3,400		$ 3,400
Aggregate revolving line of credit agreement, additional borrowings			$ 2,600
Line of credit interest rate on additional borrowing			5.00%
Revolving line of credit agreement, collateral amount			$ 3,000
Nanjing Bank [Member] \| Ever-Glory Apparel [Member] \| Minimum [Member]
Bank Loans (Textual)
Effective interest rate during the period			3.50%
Nanjing Bank [Member] \| Ever-Glory Apparel [Member] \| Maximum [Member]
Bank Loans (Textual)
Effective interest rate during the period			4.00%
Nanjing Bank [Member] \| LA GO GO [Member]
Bank Loans (Textual)
Line of credit agreement										$ 3,000	¥ 20.0
Revolving line of credit agreement, amount borrowed	2,300		$ 2,300		15.0
Effective interest rate during the period			5.00%
Due date of revolving line of credit agreement			January 2017
Revolving line of credit agreement, unused capacity	700		$ 700		5.0
Industrial and Commercial Bank of China [Member] \| Goldenway [Member]
Bank Loans (Textual)
Line of credit agreement																						$ 9,000	¥ 60.0
Revolving line of credit agreement, amount borrowed	6,000		$ 6,000		40.0
Due date of revolving line of credit agreement			September to October 2016
Revolving line of credit agreement, unused capacity	3,000		$ 3,000
Industrial and Commercial Bank of China [Member] \| Goldenway [Member] \| Minimum [Member]
Bank Loans (Textual)
Effective interest rate during the period			4.40%
Industrial and Commercial Bank of China [Member] \| Goldenway [Member] \| Maximum [Member]
Bank Loans (Textual)
Effective interest rate during the period			4.50%
Industrial and Commercial Bank of China [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement												$ 18,100	¥ 120.0
Revolving line of credit agreement, amount borrowed	11,700		$ 11,700		78.0
Effective interest rate during the period			4.40%
Due date of revolving line of credit agreement			July to December 2016
Revolving line of credit agreement, unused capacity	6,400		$ 6,400
Bank of Communications [Member] \| LA GO GO [Member]
Bank Loans (Textual)
Line of credit agreement																				$ 5,000	¥ 33.0
Revolving line of credit agreement, amount borrowed	3,000		$ 3,000		20.0
Due date of revolving line of credit agreement			August to November 2016
Revolving line of credit agreement, unused capacity	2,000		$ 2,000
Bank of Communications [Member] \| LA GO GO [Member] \| Minimum [Member]
Bank Loans (Textual)
Effective interest rate during the period			5.00%
Bank of Communications [Member] \| LA GO GO [Member] \| Maximum [Member]
Bank Loans (Textual)
Effective interest rate during the period			5.30%
Bank of China [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement						$ 3,800	¥ 25.0
Revolving line of credit agreement, amount borrowed	1,500		$ 1,500		10.0
Effective interest rate during the period			4.80%
Due date of revolving line of credit agreement			October 2016
Revolving line of credit agreement, unused capacity	1,200		$ 1,200
Aggregate revolving line of credit agreement, additional borrowings			$ 1,100
Line of credit interest rate on additional borrowing			2.50%
Revolving line of credit agreement, collateral amount			$ 1,400
HSBC [Member] \| Ever-Glory Apparel and Goldenway [Member]
Bank Loans (Textual)
Line of credit agreement																	$ 12,600
Revolving line of credit agreement, amount borrowed	3,700		$ 3,700
Due date of revolving line of credit agreement			July 2016
Revolving line of credit agreement, unused capacity	8,900		$ 8,900
Revolving line of credit agreement, collateral amount			$ 4,300
HSBC [Member] \| Ever-Glory Apparel and Goldenway [Member] \| Minimum [Member]
Bank Loans (Textual)
Effective interest rate during the period			1.10%
HSBC [Member] \| Ever-Glory Apparel and Goldenway [Member] \| Maximum [Member]
Bank Loans (Textual)
Effective interest rate during the period			3.00%
China Minsheng Banking [Member] \| LA GO GO [Member]
Bank Loans (Textual)
Line of credit agreement								$ 3,000	¥ 20.0
Revolving line of credit agreement, amount borrowed	3,000		$ 3,000		20.0
Effective interest rate during the period			4.60%
Due date of revolving line of credit agreement			December 2016
China Citic Bank [Member] \| LA GO GO [Member]
Bank Loans (Textual)
Line of credit agreement																		$ 5,400	¥ 36.0
Revolving line of credit agreement, amount borrowed	1,400		$ 1,400		¥ 9.0
Effective interest rate during the period			4.60%
Due date of revolving line of credit agreement			December 2016
Revolving line of credit agreement, unused capacity	$ 4,000		$ 4,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

Derivative Liability (Details) ¥ in Thousands, $ in Millions	Jun. 30, 2016 USD ($)	Jun. 30, 2016 CNY (¥)	Dec. 31, 2015 USD ($)
Derivative Liability (Textual)
Derivative notional amount	$ 9.5	¥ 650	$ 11.1

XML 40 R29.htm IDEA: XBRL DOCUMENT

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summary of Pre-tax income in jurisdictions
Pre-tax income	$ 3,880	$ 4,897	$ 4,214	$ 8,117
PRC [Member]
Summary of Pre-tax income in jurisdictions
Pre-tax income	3,884	4,900	4,218	8,213
BVI [Member]
Summary of Pre-tax income in jurisdictions
Pre-tax income	(1)	(1)	1	(91)
Others [Member]
Summary of Pre-tax income in jurisdictions
Pre-tax income	$ (3)	$ (2)	$ (5)	$ (5)

XML 41 R30.htm IDEA: XBRL DOCUMENT

Income Tax (Details 1) - PRC [Member]	3 Months Ended		6 Months Ended
Income Tax (Details 1) - PRC [Member]	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summary of reconciliation of PRC statutory rates to the company's effective tax rate
PRC statutory rate	25.00%	25.00%	25.00%	25.00%
Preferential tax treatment		(0.30%)		(0.70%)
Effect of foreign income tax rates				0.30%
Net operating losses for which no deferred tax assets was recognized			14.40%
Other	(3.70%)	3.50%		2.60%
Effective income tax rate	21.30%	28.20%	39.40%	27.20%

XML 42 R31.htm IDEA: XBRL DOCUMENT

Income Tax (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Tax (Details 2) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summary of components of income tax expense
Current	$ 640	$ 1,245	$ 1,744	$ 2,184
Deferred	188	134	(14)	3
Income tax expense	$ 828	$ 1,379	$ 1,662	$ 2,204

XML 43 R32.htm IDEA: XBRL DOCUMENT

Income Tax (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Tax (Details Textual) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax (Textual)
Tax Expiration			Dec. 31, 2017
Income tax rate for dividends distribution			10.00%
Non-U.S. subsidiaries [Member]
Income Tax (Textual)
U.S. deferred income taxes			$ 81.2
Minimum [Member]
Income Tax (Textual)
Effective income tax reduction, Percent			9.00%
Maximum [Member]
Income Tax (Textual)
Effective income tax reduction, Percent			15.00%
PRC [Member]
Income Tax (Textual)
PRC statutory rate	25.00%	25.00%	25.00%	25.00%
Tax liability	$ 3.2		$ 3.2
Income taxes paid			$ 2.3
HK [ Member]
Income Tax (Textual)
PRC statutory rate			25.00%

XML 44 R33.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Details) - $ / shares	3 Months Ended		6 Months Ended
Earnings Per Share (Details) - $ / shares	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Basic and diluted earnings per share
Weighted average number of common shares - Basic and diluted	14,787,302	14,784,094	14,786,589	14,784,094
Earnings per share - Basic and diluted	$ 0.21	$ 0.24	$ 0.19	$ 0.41

XML 45 R34.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details) - $ / shares	1 Months Ended
Stockholders' Equity (Details) - $ / shares	Apr. 29, 2016	Jul. 29, 2015
Three Independent Directors [Member]
Stockholders' Equity (Textual)
Common stock shares issued to independent directors		854
Common stock issued at five days average market price		$ 5.91
Number of days used to calculation average market price of common stock		Five days before the grant date.
Two Independence Directors [Member]
Stockholders' Equity (Textual)
Common stock shares issued to independent directors	2,072	920
Common stock issued at five days average market price	$ 2.43	$ 5.39
Number of days used to calculation average market price of common stock	Five days before the grant date.	Five days before the grant date.

XML 46 R35.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summary of other expenses due to related parties
Total	$ 80	$ 86	$ 160	$ 172
Jiangsu Ever-Glory [Member]
Summary of other expenses due to related parties
Total	12	13	24	26
Chuzhou Huarui [Member]
Summary of other expenses due to related parties
Total	57	61	114	122
Kunshan Enjin [Member]
Summary of other expenses due to related parties
Total	$ 11	$ 12	$ 22	$ 24

XML 47 R36.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summary of sub-contracts with related parties
Total	$ 5,971	$ 6,049	$ 12,399	$ 9,363
Chuzhou huarui [Member]
Summary of sub-contracts with related parties
Total	1,370	1,461	3,694	2,493
Fengyang huarui [Member]
Summary of sub-contracts with related parties
Total	299	327	502	736
Nanjing Ever-Kyowa [Member]
Summary of sub-contracts with related parties
Total	522	314	995	587
Ever-Glory Vietnam [Member]
Summary of sub-contracts with related parties
Total	3,018	3,852	5,057	4,888
Ever-Glory Cambodia [Member]
Summary of sub-contracts with related parties
Total	757	68	2,095	372
EsCeLav [Member]
Summary of sub-contracts with related parties
Total	5		5	2
Shanghai sea to sky [Member]
Summary of sub-contracts with related parties
Total		1		259
Jiangsu Ever-Glory [Member]
Summary of sub-contracts with related parties
Total		$ 26	$ 51	$ 26

XML 48 R37.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details 2) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Summary of accounts payable - related parties
Total	$ 2,530	$ 2,823
Ever-Glory Vietnam [Member]
Summary of accounts payable - related parties
Total	1,109	2,003
Fengyang Huarui [Member]
Summary of accounts payable - related parties
Total		84
Nanjing Ever-Kyowa [Member]
Summary of accounts payable - related parties
Total	685	561
Chuzhou Huarui [Member]
Summary of accounts payable - related parties
Total	610	175
Nanjing Knitting [Member]
Summary of accounts payable - related parties
Total	$ 126

XML 49 R38.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details 3) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Summary of amounts due from related parties
Total	$ 1,054	$ 2,535
Jiangsu Ever-Glory [Member]
Summary of amounts due from related parties
Total	628	2,412
Nanjing Knitting [Member]
Summary of amounts due from related parties
Total		106
Fengyang Huarui [Member]
Summary of amounts due from related parties
Total	257
Ever-Glory Cambodia [Member]
Summary of amounts due from related parties
Total	109	15
EsC'eLav [Member]
Summary of amounts due from related parties
Total	$ 60	$ 2

XML 50 R39.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Textual) $ in Thousands, ¥ in Millions	1 Months Ended	3 Months Ended		6 Months Ended			12 Months Ended
	Mar. 31, 2012	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2016 CNY (¥)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CNY (¥)	Jun. 30, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Related Party Transactions (Textual)
Other income expenses		$ 3,145	$ 3,598	$ 2,785		$ 5,994
Amounts due from related party		19,967		19,967			$ 21,776
Sub-contracts with related parties		5,971	6,049	12,399		9,363
Edward Yihua Kang [Member]
Related Party Transactions (Textual)
Guarantee on lines of credit				40,100	¥ 266.3
Jiangsu Wubijia [Member]
Related Party Transactions (Textual)
Other income from Related Parties		4,720	2,026	11,255		9,786
Amount paid through the consignment		5,675	2,480	10,285		9,100
Other income expenses		(955)	(454)	970		686
Nanjing Knitting [Member]
Related Party Transactions (Textual)
Other income from Related Parties		70,456		100,839
Amount paid through the consignment		60,490		85,446
Other income expenses		9,966		15,393
Purchase of raw material		140	510	340		690
Line of credit facility, collateral amount				31,000	206.0		22,800	¥ 148.0
EsC'eLav [Member]
Related Party Transactions (Textual)
Sub-contracts with related parties		5		5		2
Rent income		16,647	17,596	32,433		35,105
Ever-Glory Cambodia [Member]
Related Party Transactions (Textual)
Amounts due from related party		110		110
Sub-contracts with related parties		757	68	2,095		372
Fengyang huarui [Member]
Related Party Transactions (Textual)
Amounts due from related party		260		260
Sub-contracts with related parties		299	327	502		736
Jiangsu Ever-Glory [Member]
Related Party Transactions (Textual)
Purchase of raw material				1,900		3,000
Company sold raw materials				300		30
Minimum percentage counter-guaranty on lines of credit	70.00%
Line of credit facility, Interest rate at expiration or termination	6.00%
Guarantee on lines of credit				54,800	364.0
Counter guaranty provided by parent company on lines of credit		16,600		16,600			18,800		¥ 110.0	¥ 122.0
Repayment received under counter guarantee				$ 1,840	¥ 12.0
Percentage of reduced guarantee				27.80%	27.80%
Currency exchange adjustment				$ 4,000
Amount acquired interest				3,380
Value of equity redemption		$ 19,970	21,780	$ 19,970		21,780
Interest charged on net amounts due				0.50%	0.50%
Bank interest rate		0.41%		0.41%					0.41%
Interest income payable to related party		$ 200	$ 200	$ 400		$ 500
Lines of credit obtained by the Company							$ 52,200			¥ 339.0
Ever Glory Enterprises [Member]
Related Party Transactions (Textual)
Acquired interest				83.00%	83.00%

XML 51 R40.htm IDEA: XBRL DOCUMENT

Concentrations and Risks (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Concentrations and Risks (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues earned in geographic areas
Total	$ 80,676	$ 75,727	$ 172,369	$ 173,630
The People's Republic of China [Member]
Revenues earned in geographic areas
Total	11,265	9,374	26,064	28,307
Germany [Member]
Revenues earned in geographic areas
Total	790	2,780	2,243	7,267
United Kingdom [Member]
Revenues earned in geographic areas
Total	3,831	3,828	6,419	6,981
Europe-Other [Member]
Revenues earned in geographic areas
Total	12,821	6,897	18,275	8,699
Japan [Member]
Revenues earned in geographic areas
Total	1,807	2,934	6,619	5,864
United States [Member]
Revenues earned in geographic areas
Total	7,294	3,979	10,738	5,948
Total wholesale business [Member]
Revenues earned in geographic areas
Total	37,808	29,792	70,358	63,066
Retail Business [Member]
Revenues earned in geographic areas
Total	$ 42,868	$ 45,935	$ 102,011	$ 110,564

XML 52 R41.htm IDEA: XBRL DOCUMENT

Concentrations and Risks (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
Concentrations and Risks (Details Textual) $ in Thousands	Jun. 30, 2016 USD ($) Customer	Jun. 30, 2015 Customer	Jun. 30, 2016 USD ($) WholesaleCustomer RawMaterialSuppliers	Jun. 30, 2015 WholesaleCustomer RawMaterialSuppliers	Dec. 31, 2015 USD ($)
Concentrations and Risks (Textual)
Allowance for doubtful accounts \| $	$ 1,050		$ 1,050		$ 2,180
Revenues [Member]
Concentrations and Risks (Textual)
Number of wholesale customer \| WholesaleCustomer			1	2
Wholesale Customer One [Member] \| Revenues [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	12.40%		10.00%	13.00%
Number of wholesale customer	2
Wholesale Customer Two [Member] \| Revenues [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	10.00%	10.00%		11.00%
Number of wholesale customer	2
Wholesale Business [Member] \| Raw Materials [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Wholesale Business [Member] \| Finished Goods [Member] \| Manufacturer One [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	36.10%	35.00%	23.90%	23.00%
Wholesale Business [Member] \| Finished Goods [Member] \| Manufacturer Two [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	16.40%	13.00%	17.50%	12.00%
Number of wholesale customer		2
Retail Business [Member] \| Raw Materials [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage			11.90%	10.50%
Number of raw material supplier \| RawMaterialSuppliers			1	1
Retail Business [Member] \| Finished Goods [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%

XML 53 R42.htm IDEA: XBRL DOCUMENT

Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summary of segment profit or loss:
Net revenue from external customers	$ 80,676	$ 75,727	$ 172,369	$ 173,630
Income from operations	3,356	4,859	3,837	8,298
Interest income	237	215	621	539
Interest expense	334	716	931	1,492
Depreciation and amortization	1,573	2,168	3,331	4,678
Income tax expense	828	1,379	1,662	2,204
Wholesale segment [Member]
Summary of segment profit or loss:
Net revenue from external customers	37,808	29,792	70,358	63,066
Income from operations	1,644	1,753	3,449	3,585
Interest income	218	193	589	501
Interest expense	213	522	702	1,116
Depreciation and amortization	250	255	504	597
Income tax expense	417	416	842	871
Retail segment [Member]
Summary of segment profit or loss:
Net revenue from external customers	42,868	45,935	102,011	110,564
Income from operations	1,712	3,106	388	4,713
Interest income	19	22	32	38
Interest expense	121	194	229	376
Depreciation and amortization	1,323	1,913	2,827	4,081
Income tax expense	$ 411	$ 963	$ 820	$ 1,333

XML 54 R43.htm IDEA: XBRL DOCUMENT

Segments (Details Textual)	6 Months Ended
Segments (Details Textual)	Jun. 30, 2016 Segments
Segments (Textual)
Number of reportable segments	2

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