0001213900-18-010846.txt : 20180813 0001213900-18-010846.hdr.sgml : 20180813 20180813171135 ACCESSION NUMBER: 0001213900-18-010846 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180813 DATE AS OF CHANGE: 20180813 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: 181013299 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 f10q0618_everglory.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, 2018

☐ 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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
(Do not check if smaller reporting company)		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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, 2018, 14,795,992 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, 2018 (unaudited) and December 31, 2017	1

	Condensed Consolidated Statements of Income and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2018 and 2017 (unaudited)	2

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017(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	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30

Item 4.	Controls and Procedures	30

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	31

Item 1A.	Risk Factors	31

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

Item 3.	Defaults Upon Senior Securities	31

Item 4.	Mine Safety Disclosure	31

Item 5.	Other Information	31

Item 6.	Exhibits	32

SIGNATURES		33

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

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. Dollars, except share and per share data or otherwise stated)

AS OF JUNE 30, 2018 (UNAUDITED) AND DECEMBER 31, 2017

	2018			2017
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	36,439		$	62,876
Accounts receivable, net		61,072			81,859
Inventories		64,418			56,182
Value added tax receivable		3,037			3,757
Other receivables and prepaid expenses		13,771			5,139
Advances on inventory purchases		9,858			3,028
Amounts due from related parties		-			265
Total Current Assets		188,595			213,106

INTANGIBLE ASSETS		6,290			5,995
PROPERTY AND EQUIPMENT, NET		26,305			25,891
TOTAL ASSETS	$	221,190		$	244,992

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES
Bank loans	$	34,768		$	37,730
Accounts payable		58,745			73,788
Accounts payable and other payables - related parties		4,448			4,675
Other payables and accrued liabilities		23,440			16,454
Derivative financial instruments		469			-
Value added and other taxes payable		245			6,052
Income tax payable		777			1,712
Total Current Liabilities		122,892			140,411

NONCURRENT LIABILITIES
Deferred tax liabilities		1,039			1,883
TOTAL LIABILITIES		123,931			142,294

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Stockholders’ equity:
Common stock $0.001 par value, authorized 50,000,000 shares, 14,795,992 and 14,795,992 shares issued and outstanding As of June 30, 2018 and December 31, 2017, respectively)		15			15
Additional paid-in capital		3,620			3,620
Retained earnings		98,786			95,195
Statutory reserve		17,794			17,794
Accumulated other comprehensive income		(48	)		2,585
Amounts due from related party		(21,589	)		(15,449	)
Total equity attributable to stockholders of the Company		98,578			103,760
Noncontrolling interest		(1,319	)		(1,062	)
Total Equity		97,259			102,698
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	221,190		$	244,992

See the accompanying notes to the condensed consolidated financial statements.

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES CONDENSED

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, 2018 AND 2017 (UNAUDITED)

	Three months ended						Six months ended
	June 30,						June 30,
	2018			2017			2018			2017
NET SALES	$	88,541		$	79,771		$	181,326		$	164,891
COST OF SALES		53,999			49,121			115,439			105,732

GROSS PROFIT		34,542			30,650			65,887			59,159

OPERATING EXPENSES
Selling expenses		22,590			20,223			44,817			39,968
General and administrative expenses		8,823			7,479			16,496			14,734
Total Operating Expenses		31,413			27,702			61,313			54,702

INCOME FROM OPERATIONS		3,129			2,948			4,574			4,457

OTHER INCOME (EXPENSES)
Interest income		370			282			696			539
Interest expense		(360	)		(318	)		(924	)		(645	)
Other income		865			523			1,001			1,100
Total Other Income, Net		875			487			773			994

INCOME BEFORE INCOME TAX EXPENSE		4,004			3,435			5,347			5,451
Income tax expense		(1,285	)		(833	)		(2,041	)		(2,050	)

NET INCOME		2,719			2,602			3,306			3,401

Net loss attributable to the non-controlling interest		57			86			285			261
NET INCOME ATTRIBUTABLE TO THE COMPANY		2,776			2,688			3,591			3,662

NET INCOME	$	2,719		$	2,602		$	3,306		$	3,401

Foreign currency translation (loss) gain		(6,091	)		1,063			(2,068	)		1,522
Unrealized gain (loss) of derivative contracts designated as cash flow hedge		(469	)		-			(469	)		-
COMPREHENSIVE INCOME (LOSS)		(3,841	)		3,665			769			4,923

Comprehensive income(loss) attributable to the non-controlling interest		(13	)		98			309			278
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$	(3,854	)	$	3,763		$	1,078		$	5,201

EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY’S STOCKHOLDERS
Basic and diluted	$	0.19		$	0.18		$	0.24		$	0.25
Weighted average number of shares outstanding Basic and diluted		14,795,992			14,792,836			14,795,992			14,791,240

See the accompanying notes to the condensed consolidated financial statements.

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. Dollars, except share and per share data or otherwise stated)

FOR THE SIX MONTHS ENDED JUNE 30, 2018 AND 2017 (UNAUDITED)

	2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	3,306		$	3,401
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		4,903			3,481
Loss from sale of property and equipment		6			5
Provision of bad debt allowance		-			688
Provision for obsolete inventories		1,626			4,105
Deferred income tax		(843	)		(1,744	)
Stock-based compensation		-			10
Changes in operating assets and liabilities
Accounts receivable		20,150			13,865
Inventories		(10,873	)		(11,750	)
Value added tax receivable		681			(1,446	)
Other receivables and prepaid expenses		(8,942	)		(673	)
Advances on inventory purchases		(7,145	)		(2,684	)
Amounts due from related parties		1,117			(161	)
Accounts payable		(14,296	)		(7,542	)
Accounts payable and other payables- related parties		(1,485	)		(818	)
Other payables and accrued liabilities		8,006			(1,353	)
Value added and other taxes payable		(5,924	)		(4,048	)
Income tax payable		(942	)		(753	)
Net cash used in operating activities		(10,655	)		(7,417	)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment		(6,295	)		(2,220	)
Net Cash (used in) provided by investing activities		(6,295	)		(2,220	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans		28,111			25,664
Repayment of bank loans		(30,533	)		(17,821	)
Repayment of loans from related party		2,556			482
Advances to related party		(8,734	)		(6,433	)
Net cash used in financing activities		(8,600	)		1,892

EFFECT OF EXCHANGE RATE CHANGES ON CASH		(887	)		310

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(26,437	)		(7,435	)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		62,876			45,288

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	36,439		$	37,853

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the period for:

Interest	$	924		$	645
Income taxes	$	3,016		$	3,120

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, 2018 AND 2017

(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”) and Ever-Glory Supply Chain Service Co., Limited (“Ever-Glory Supply Chain”). The Company’s retail operations are provided through its wholly- owned subsidiaries, Shanghai LA GO Fashion Company Limited (“Shanghai LA GO GO”), Jiangsu LA GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA 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, 2018, the condensed consolidated statements of income and comprehensive income (loss) for the three and six months ended June 30, 2018 and 2017, and condensed consolidated statements of cash flows for the six months ended June 30, 2018 and 2017. 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 8-03 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, 2018 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, 2017.

NOTE 2 SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

The Company recognizes revenue pursuant to Accounting Standards Codification 606 (“ASC 606”) Revenue from Contracts with Customers, the standard applies five step model (i) The standard applies to a company’s contracts with customers (ii) The unit of account for revenue recognition under the new standard is a performance obligation (a good or service) and the performance obligations will be accounted for separately if they are distinct (iii) The transaction price is determined based on the amount of consideration that a company expects to be entitled to from a customer (iv) The transaction price is allocated to all the separate performance obligations in an arrangement, and (v) Revenue will be recognized when an entity satisfies each performance obligation by transferring control of the promised goods or services to the customer. Goods or services can transfer at a point in time.

The Company operates in two segments – wholesale and retail.

The Company recognizes 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.

The Company recognizes retail sales 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.

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, net

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).

The fair value of forward exchange contracts is based on broker quotes, if available. If broker quotes are not available, then fair value is estimated by discounting the difference between the contractual forward price and the current forward price at the reporting date for the residual maturity of the contract using a risk-free interest rate based on government bonds.

At June 30, 2018, except for derivative financial instruments, the Company’s financial assets (all Level 1) consist of cash placed with financial institutions that management considers to be of a high quality.

At June 30, 2018, the Company has the following derivative financial instruments measured at their fair value using Level 2 quoted prices provided by banks. The fair value of forward foreign exchange contracts is determined using forward exchange market rates at the measurement date. The fair value of foreign currency swap contracts is determined by the variation of measurement date foreign exchange market rates and contract closing date predetermined foreign exchange rates.

The Company has adopted ASC 825-10 “Financial Instruments”, which allows an entity to choose to measure certain financial instruments and liabilities at fair value on a contract-by-contract basis. Subsequent fair value measurement for the financial instruments and liabilities an entity chooses to measure will be recognized in earnings.

Derivative Financial Instruments

From time to time, the Company uses derivative financial instruments to manage its exposure to foreign currency risks arising from operational activities or on certain existing assets and liabilities. The Company does not hold or issue derivative instruments for trading purposes. The Company may enter into forward foreign exchange contracts, foreign exchange options, or foreign exchange currency swap contracts to manage exposure to certain foreign currency operating transactions. These instruments may offset a portion of the foreign currency re-measurement gains or losses, or changes in fair value.

The Company may also enter into above similar derivative instruments to hedge the exposure to variability in the expected cash flows of forecasted transactions such as international sales or purchases that the Company expects to receive or commit to remit foreign currencies. In these cases, the Company designates these instruments as the cash flow hedges.

Derivative financial instruments are recognized initially at fair value and transaction costs are expensed immediately. Subsequent to initial recognition, derivative financial instruments are stated at fair value. The gain or loss on re-measurement to fair value is recognized immediately in earnings when such instruments are designated as fair value hedges or ineffective portion of cash flow hedges. The accumulated gain or loss from effective portions of cash flow hedges are recorded in accumulated other comprehensive income/(loss) (“AOCI”) until the hedged item is recognized in earnings. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively.

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, Ever-Glory HK and Ever-Glory Supply Chain 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 comprehensive income 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 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.

In June 2016, the FASB issued ASU No. 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which modifies the measurement of expected credit losses of certain financial instruments. This ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2019. 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, 2018 and December 31, 2017 consisted of the following:

	June 30, 2018		December 31, 2017
	(In thousands of U.S. Dollars)
Raw materials	$	4,655	$	2,148
Work-in-progress		21,226		8,852
Finished goods		38,537		45,182
Total inventories	$	64,418	$	56,182

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, 2018 and December 31, 2017.

	June 30, 2018		December 31, 2017
Bank	(In thousands of U.S. Dollars)
Industrial and Commercial Bank of China	$	16,610	$	21,504
Nanjing Bank		10,570		9,216
China Minsheng Banking		3,020		3,072
HSBC		1,548		2,402
Bank of China		1,510		-
Bank of Communications		1,510		1,536
	$	34,768	$	37,730

In December 2016, Goldenway entered into a line of credit agreement with Industrial and Commercial Bank of China, which allows the Company to borrow up to approximately $9.1 million (RMB60.0 million). These loans are collateralized by the Company’s property and equipment. As of June 30, 2018, Goldenway had borrowed $6.0 million (RMB 40.0 million) under this line of credit with an annual interest rate of 4.7% and due on various dates from November 2018 to January 2019. As of June 30, 2018, approximately $3.1 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, 2018, Ever-Glory Apparel had borrowed $10.6 million (RMB 70.0 million) under this line of credit with annual interest rates ranging from 4.57% to 4.70% and due on September 2018. As of June 30, 2018, approximately $7.5 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 $7.6 million (RMB 50.0 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, 2018, Goldenway had borrowed $0.8 million (RMB 5.0 million) under this line of credit with annual interest rates ranging from 4.37% to 4.54% and due on October 2018. As of June 30, 2018, approximately $6.8 million was unused and available under this line of credit.

In June 2018, Ever-Glory Apparel entered into a line of credit agreement for approximately $9.1 million (RMB 60.0 million) with Nanjing Bank and guaranteed by Jiangsu Ever-Glory, Mr. Kang and Goldenway. As of June 30, 2018, Ever-Glory Apparel had borrowed $7.6 million (RMB 50.0 million) from Nanjing Bank with an annual interest rates ranging from 4.6% to 4.7% and due on various dates from July to September 2018. As of June 30, 2018, approximately $1.5 million was unused and available under this line of credit.

In March 2017, 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, 2018, LA GO GO had borrowed $2.3 million (RMB15.0 million) from Nanjing Bank with an annual interest rate 5.0% and due on May 2019. As of June 30, 2018, approximately $0.7 million was unused and available under this line of credit.

In December 2017, LA GO GO entered into a line of credit agreement for approximately $3.0 million (RMB 20.0 million) with China Minsheng Bank and guaranteed by Ever-Glory Apparel and Mr. Kang. As of June 30, 2018, LA GO GO had borrowed $3.0 million (RMB 20.0 million) from China Minsheng Bank with an annual interest rate of 4.6% and due in June 2019.

In October 2017, Ever-Glory Apparel entered into a line of credit agreement for approximately $4.5 million (RMB30.0 million) with Bank of China and guaranteed by Jiangsu Ever-Glory. 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, 2018, Ever-Glory Apparel had borrowed $1.5 million (RMB10.0 million) under this line of credit with an annual interest rate of 4.35% and due in August 2018. As of June 30, 2018, approximately $3.0 million was unused and available under this line of credit.

In September 2017, LA GO GO entered into a line of credit agreement for approximately $3.3 million (RMB22.0 million) with the Bank of Communications and guaranteed by Jiangsu Ever-Glory, Ever-Glory Apparel and Mr. Kang. As of June 30, 2018, LA GO GO had borrowed $1.5 million (RMB10.0 million) from the Bank of Communications with an annual interest rate 4.57% and due on September 2018. As of June 30, 2018, approximately $1.8 million was unused and available under this line of credit.

In July 2017, 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, 2018, approximately $6.0 million was unused and available under this line of credit.

In December 2017, 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 $2.5 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 2018, Ever-Glory Apparel had borrowed $1.5 million from HSBC with an annual interest rate of 3.0% and due in October 2018, and collateralized by approximately $1.76 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, 2018, approximately $1.0 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, $0.3 million, $0.6 million for the three and six months ended June 30, 2018 and 2017, respectively.

NOTE 5 DERIVATIVE FINANCIAL INSTRUMENTS

Foreign currency swap contracts

The Company entered two foreign currency swap contracts with two banks during 2018. Due to the demand of financial management for daily operation, Ever-Glory Apparel entered into a foreign currency swap contract to exchange $6.0 million for equivalent RMB with Bank of China in May and entered into a foreign currency swap contract to exchange $3.0 million for equivalent RMB with Industrial and Commercial Bank of China in June. The terms of two foreign currency contracts are both six months. Ever-Glory Apparel and the banks swapped two currencies by same pre-determined exchange rate at the beginning and end of the contracts. During the period, the Company pays annual interest of 1.43% for the RMB received and receives 0 interest for the USD exchanged. If the Company failed to execute the exchange at the expiration of contracts, the banks would sell the USD at the market rate then the difference in RMB will be converted into bank loan for the Company. As of June 30, 2018, the fair value of principal amounts are included in other receivable ($9.0 million plus unrealized gain) and other payables (equivalent RMB payables) in the consolidated balance sheets, and unrealized gain of $0.27 million for the six months ended June 30, 2018 is recognized in the income from operations.

Forward foreign exchange contracts

To avoid foreign currency fluctuation on forecasted international sales and secure the profits on such revenues, the Company entered several forward foreign exchange contracts with banks from time to time. According to ASC 815-20-25, the Company designated above contracts as cash flow hedges. As of June 30, 2018, the Company had one outstanding forward foreign exchange contract (sell EUR dollars for RMB), with total notional amount of €0.42 million and two outstanding forward foreign exchange contracts (sell USD dollars for RMB), with total notional amount of $17.0 million according to the amounts of orders. These contracts have aggregate unrealized loss of $0.49 million in fair value recognized as derivatives financial instruments liabilities and accumulated other comprehensive income (loss) in the consolidated balance sheets.

As of December 31, 2017, the Company had five outstanding forward foreign exchange contracts (sell EUR dollars for RMB), with total notional amount of EUR€1.68 million (USD$2.0 million). The fair value of these contracts as of December 31, 2017 was loss of ($8,000), which is immaterial to the consolidated financial statements.

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 an income tax reduction from 15% to 9% valid through December 31, 2018.

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, off-shores income is exempted from income taxes.

Ever-Glory Supply Chain Service Co., Limited was incorporated in Hongkong, and under the current laws of Hongkong, are subject to income tax at the 16.5% statutory rate.

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, 2018 and 2017 was taxable in the following jurisdictions:

	Three months ended						Six months ended
	June 30,						June 30,
	2018			2017			2018			2017
	(In thousands of U.S. Dollars)
PRC	$	4,010		$	3,438		$	5,359		$	5,456
Others		(6	)		(3	)		(12	)		(5	)
	$	4,004		$	3,435		$	5,347		$	5,451

The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three and six months ended June 30, 2018 and 2017:

	Three months ended						Six months ended
	June 30,						June 30,
	2018			2017			2018			2017
PRC statutory rate		25.0	%		25.0	%		25.0	%		25.0	%
Net operating losses for which no deferred tax assets was recognized		9.1			-			13.2			12.6
Other		(2.0	)		(0.7	)		-			-
Effective income tax rate		32.1	%		24.3	%		38.2	%		37.6	%

Income tax expense for the three and six months ended June 30, 2018 and 2017 is as follows:

	Three months ended						Six months ended
	June 30,						June 30,
	2018			2017			2018			2017
Current	$	1,960		$	1,359		$	2,884		$	3,730
Deferred		(675	)		(526	)		(843	)		(1,680	)
Income tax expense	$	1,285		$	833		$	2,041		$	2,050

The Company’s deferred tax liabilities arise from differences between US GAAP and PRC tax accounting for certain revenue and expense items, including timing of deduction of losses from allowances.

The Company has not recorded U.S. deferred income taxes on approximately $98.1 million of its non-U.S. subsidiaries’ undistributed earnings because such amounts are intended to be reinvested outside the United States indefinitely. The U.S. Tax Reform signed into law on December 22, 2017 significantly modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating the U.S. to a territorial tax system with a one-time transition tax on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes on certain foreign earnings. The Company measured the current and deferred taxes based on the provisions of the Tax legislation. After the Company’s measurement, no deferred tax expense (benefits) relating to the Tax Act changes for the period ended June 30, 2018.

NOTE 7 EARNINGS PER SHARE

The following demonstrates the calculation for earnings per share for the three and six months ended June 30, 2018 and 2017:

	Three months ended				Six months ended
	June 30,				June 30,
	2018		2017		2018		2017
Weighted average number of common shares – Basic and diluted		14,795,992		14,792,836		14,795,992		14,791,240
Earnings per share – Basic and diluted	$	0.19	$	0.18	$	0.24	$	0.25

NOTE 8 STOCKHOLDERS’ EQUITY

On February 28, 2017, the Company issued an aggregate of 2,542 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 2016. The shares were valued at $1.96 per share, which was the average market price of the common stock for the five days before the grant date.

On February 28, 2017, the Company issued an aggregate of 2,354 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 2016. The shares were valued at $2.14 per share, which was the average market price of the common stock for the five days before the grant date.

On October 19, 2017, the Company issued an aggregate of 3,156 shares of its common stock to two of the Company’s independent directors as compensation for their services in the first, second and third quarters of 2017. The shares were valued at $2.37 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-term 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, 2018 and 2017, the Company received $17,919, $51,541, $5,918 and $17,483 from the customers and paid $20,130, $39,318, $4,602 and $13,556 to Wubijia through the consignment, respectively. The net income (loss) of ($2,212), $12,223, $1,316 and $3,928 was recorded as other income (expenses) during the three and six months ended June 30, 2018 and 2017, 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, 2018 and 2017, the Company received $0, $0, $984 and $6,365 from the customers and paid $0, $0, $1,575 and $10,534 to Nanjing Knitting through the consignment, respectively. The net income (loss) of $0, $0, ($591) and ($4,170) was recorded as other income during the three and six months ended June 30, 2018 and 2017, respectively.

Other expenses due to Related Parties

Included in other expenses for the three and six months ended June 30, 2018 and 2017 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,
	2018		2017		2018		2017
	In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	-	$	12	$	-	$	23
Chuzhou Huarui		51		52		109		104
Kunshan Enjin		14		11		27		22
Total	$	65	$	75	$	136	$	149

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 $1.52 million, $1.85 million, $0.44 million and $0.60 million during the three and six months ended June 30, 2018 and 2017, respectively.

In addition, sub-contracts with related parties included in cost of sales for the three and six months ended June 30, 2018 and 2017 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(In thousands of U.S. Dollars)
Chuzhou huarui	$	1,006	$	990	$	1,873	$	2,000
Fengyang huarui		567		387		1,051		851
Nanjing Ever-Kyowa		326		77		675		820
Ever-Glory Vietnam		3,260		4,309		5,174		5,731
Ever-Glory Cambodia		-		188		-		224
EsCeLav		21		-		21		4
Jiangsu Ever-Glory		17		-		21		3
	$	5,197	$	5,951	$	8,815	$	9,633

Accounts Payable – Related Parties

The accounts payable to related parties at June 30, 2018 and December 31, 2017 are as follows:

	June 30, 2018		December 31, 2017
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	1,423		1,934
Fengyang Huarui		196		459
Nanjing Ever-Kyowa		1,017		900
Chuzhou Huarui		847		1,152
Esc’elav		-		6
Jiangsu Ever-Glory		28		110
Nanjing Knitting		937		114
Total	$	4,448	$	4,675

Amounts Due From Related Parties-current assets

The amounts due from related parties as of June 30, 2018 and December 31, 2017 are as follows:

	June 30, 2018		December 31, 2017
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	-	$	265
Total	$	-	$	265

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, 2018 and 2017, 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 $0, $0.3 million, $0.02 million and $0.1 million during the three and six months period ended June 30, 2018 and 2017, respectively. Jiangsu Ever-Glory purchased raw materials on the Company’s behalf and sold to the Company at a cost of $0.1 million, $0.1 million, $0.05 million and $0.05 million during the three and six months ended June 30, 2018 and 2017, 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 less 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, 2018 and December 31, 2017, Jiangsu Ever-Glory has provided guarantees for approximately $48.6 million (RMB 322 million) and $49.5 million (RMB 322.0 million) of lines of credit obtained by the Company, respectively. Jiangsu Ever-Glory 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 $31.0 million (RMB 205.5 million) and $31.6 million (RMB 205.5 million) as of June 30, 2018 and December 31, 2017, respectively. Mr. Kang has also provided a personal guarantee for $42.3 million (RMB 280.0 million) and $21.5 million (RMB 140.0 million) as of June 30, 2018 and December 31, 2017, respectively.

At December 31, 2017, $12.8 million (RMB 83.6 million) was outstanding due from Jiangsu Ever-Glory under the counter guarantee agreement. During the six months ended June 30, 2018, an additional $8.4 million (RMB 55.7 million) was provided to and $2.5 million (RMB 16.3 million) was received from Jiangsu Ever-Glory under the counter-guarantee. As of June 30, 2018, the amount of the counter-guarantee was $18.6 million (RMB 123.0 million) (the difference represents currency exchange adjustment of $0.1 million), which was 38.2% of the aggregate amount of lines of credit. The increase of the percentage in this quarter was mainly due to China’s credit tightening policy. Obtaining bank loan requires a higher guarantee deposit in this quarter. This amount plus accrued interest of $3.0 million have been classified as a reduction of equity, consistent with the guidance of SEC Staff Accounting Bulletins 4E and 4G. At June 30, 2018 and December 31, 2017, the amount classified as a reduction of equity was $21.6 million and $15.4 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, 2018 and 2017 was approximately $0.2 million, $0.4 million, $0.2 million and $0.4 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, 2018 and December 31, 2017 was $5.0 million and $5.2 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 months period ended June 30, 2018, the Company had one wholesale customer that represented approximately 8.97% of the Company’s revenues. For the three months periods ended June 30, 2018, the Company had two wholesale customers that represented approximately 9.68% and 6.60% of the Company’s revenues. For the six months periods ended June 30, 2017, the Company had one wholesale customer that represented approximately 11.3% of the Company’s revenues. For the three months periods ended June 30, 2017, the Company had two wholesale customers that represented approximately 11.0% and 10.6% of the Company’s revenues.

For the Company’s wholesale business during the three and six months ended June 30, 2018 and 2017, 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 31.4% and 31.2% of raw materials purchases during the three and six months ended June 30, 2018. For the Company’s retail business, the Company had one supplier that represented 22.8% and 29.0% of raw materials purchases during the three and six months ended June 30, 2017.

For the wholesale business, the Company relied on one manufacturer for 21.7% of purchased finished goods during the three months ended June 30, 2018 and relied on no manufacturer of purchased finished goods during the six months ended June 30, 2018. For the wholesale business, during the three months ended June 30, 2017, the Company relied on one manufactures for 36.9% of purchased finished goods. The Company relied on one manufacturer for 23.9% of purchased finished goods during the six months ended June 30, 2017.

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, 2018 and 2017.

The Company’s revenues for the three and six months ended June 30, 2018 and 2017 were earned in the following geographic areas:

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
	(In thousands of U.S. Dollars)
The People’s Republic of China	$	9,131	$	3,525	$	13,342	$	10,114
Hong Kong China		7,418		7,795		12,556		13,218
Germany		899		1,876		2,765		4,769
United Kingdom		2,881		2,287		5,099		5,575
Europe-Other		5,833		8,640		10,285		14,389
Japan		1,881		1,186		4,318		2,631
United States		10,771		7,696		15,705		10,614
Total wholesale business		38,814		33,005		64,070		61,310
Retail business		49,727		46,766		117,256		103,581
Total	$	88,541	$	79,771	$	181,326	$	164,891

NOTE 11 SEGMENTS

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

(a)

Wholesale segment

(b)

Retail segment

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Six months ended June 30, 2018
Segment profit or loss:
Net revenue from external customers	$	64,070		117,256		181,326
Income from operations	$	2,634		1,940		4,574
Interest income	$	663		33		696
Interest expense	$	782		142		924
Depreciation and amortization	$	602		4,301		4,903
Income tax expense	$	714		1,327		2,041
Segment assets:
Additions to property, plant and equipment		556		5,739		6,295
Total assets		91,483		129,707		221,190

Six months ended June 30, 2017
Segment profit or loss:
Net revenue from external customers	$	61,310		103,581		164,891
Income from operations	$	2,663		1,794		4,457
Interest income	$	498		41		539
Interest expense	$	470		175		645
Depreciation and amortization	$	552		2,929		3,481
Income tax expense	$	756		1,294		2,050
Segment assets:
Additions to property, plant and equipment		314		1,906		2,220
Total assets		87,294		107,013		194,307

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Three months ended June 30, 2018
Segment profit or loss:
Net revenue from external customers	$	38,814		49,727		88,541
Income from operations	$	1,538		1,591		3,129
Interest income	$	354		16		370
Interest expense	$	291		69		360
Depreciation and amortization	$	297		2,069		2,366
Income tax expense	$	481		804		1,285

Three months ended June 30, 2017
Segment profit or loss:
Net revenue from external customers	$	33,006		46,765		79,771
Income from operations	$	912		2,036		2,948
Interest income	$	263		19		282
Interest expense	$	226		92		318
Depreciation and amortization	$	285		955		1,240
Income tax expense	$	292		541		833

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, 2018 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 slow 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 requirement.

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”), Ever-Glory Supply Chain Service Co., Limited (“Ever-Glory Supply Chain”) 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”), 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, 2018, we had 1,417 stores (including store-in-stores), including 114stores opened and 97 stores closed in half year of 2018. We expect to open additional 200 to 250 stores in 2018.

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 2018.

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

The Company operates in two segments – wholesale and retail.

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 2018 and 2017 include the assumptions used to value tax liabilities, derivative financial instruments, the estimates of the allowance for deferred tax assets, and the accounts receivable allowance and inventory slow-moving and obsolete write-offs.

Recently Issued Accounting Pronouncements

Results of Operations for the three months ended June 30, 2018 and 2017

The following table summarizes our results of operations for the three months ended June 30, 2018 and 2017. 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,
	2018				2017
	(In thousands of U.S. dollars, except for percentages)
Sales	$	88,541	100.0	%	$	79,771	100.0	%
Gross Profit	$	34,542	39.0	%	$	30,650	38.4	%
Operating Expense	$	31,413	35.5	%	$	27,702	34.7	%
Income From Operations	$	3,129	3.5	%	$	2,948	3.7	%
Other Income (Expenses)	$	875	1.0	%	$	487	0.6	%
Income tax expense	$	1,285	1.5	%	$	833	1.0	%
Net Income	$	2,719	3.1	%	$	2,602	3.3	%

Revenue

The following table sets forth a breakdown of our total sales, by region, for the three months ended June 30, 2018 and 2017.

	2018		% of total sales			2017		% of total sales			Growth (Decrease) in 2018 compared with 2017
Wholesale business	(In thousands of U.S. dollars)					(In thousands of U.S. dollars)
Mainland China	$	9,131		10.3	%	$	3,525		4.4	%		159.0	%
Hong Kong China		7,418		8.4			7,795		9.8			(4.8	)
Germany		899		1.0			1,876		2.4			(52.1	)
United Kingdom		2,881		3.3			2,287		2.9			26.0
Europe-Other		5,833		6.6			8,640		10.8			(32.5	)
Japan		1,881		2.1			1,186		1.5			58.7
United States		10,771		12.1			7,696		9.6			40.0
Total Wholesale business		38,814		43.8			33,005		41.4			17.6
Retail business		49,727		56.2			46,766		58.6			6.3
Total sales	$	88,541		100.0	%	$	79,771		100.0	%		11.0	%

Sales for the three months ended June 30, 2018 were $88.5 million, an 11.0% increase compared with the three months ended June 30, 2017. This increase was primarily attributable to a 17.6% increase in sales in our wholesale business partially and an 6.3% increase in our retail business.

Sales generated from our wholesale business contributed 43.8% or $38.8 million of our total sales for the three months ended June 30, 2018, an 17.6% increase compared with $33.0 million in the three months ended June 30, 2017. This increase was primarily attributable to an increase in sales in Mainland China, United Kingdom, United States and Japan partially offset by a decrease in sales in Hong Kong, Germany and Europe-Other.

Sales generated from our retail business contributed 56.2% or $49.7 million of our total sales for the three months ended June 30, 2018, a 6.3% increase compared with 58.6% or $46.8 million in the three months ended June 30, 2017. This increase was primarily due to an increase 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, 2018 and 2017.

									Growth
									(Decrease) in 2018
	Three months ended June 30,								Compared
	2018				2017				with 2017
	(In thousands of U.S. dollars, except for percentages)
Net Sales for Wholesale Sales	$	38,814	100.0	%	$	33,005	100.0	%		17.6	%
Raw Materials		16,456	42.5			14,465	43.8			13.8
Labor		396	1.0			806	2.4			(50.9	)
Outsourced Production Costs		14,722	37.9			11,802	35.8			24.8
Other and Overhead		84	0.2			35	0.1			138.8
Total Cost of Sales for Wholesale		31,658	81.6			27,108	82.1			16.8
Gross Profit for Wholesale		7,156	18.4			5,897	17.9			21.3
Net Sales for Retail		49,727	100.0			46,766	100.0			6.3
Production Costs		13,984	28.1			12,458	26.6			12.3
Rent		8,357	16.8			9,555	20.4			(12.5	)
Total Cost of Sales for Retail		22,341	44.9			22,013	47.1			1.5
Gross Profit for Retail		27,386	55.1			24,753	52.9			10.6
Total Cost of Sales		53,999	61.0			49,121	61.6			9.9
Gross Profit	$	34,542	39.0	%	$	30,650	38.4	%		12.7	%

Raw material costs for our wholesale business were 42.5% of our total wholesale business sales in the three months ended June 30, 2018, compared with 43.8% in the three months ended June 30, 2017. The decrease was mainly due to lower raw material prices.

Labor costs for our wholesale business were 1.0% of our total wholesale business sales in the three months ended June 30, 2018, compared with 2.4% in the three months ended June 30, 2017. The marginal decrease was mainly due to a higher number of outsourced orders in 2018.

Outsourced production costs for our wholesale business for the three months ended June 30, 2018 increased 24.8% to $14.7 million from $11.8 million for the three months ended June 30, 2017. Outsourced production costs accounted for 37.9% of our total wholesale business sales in the three months ended June 30, 2018, a 2.1% increase from the three months ended June 30, 2017. 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 0.2% of our total wholesale business sales for the three months ended June 30, 2018, compared with 0.1% of total wholesale business sales for the three months ended June 30, 2017.

Wholesale business gross profit for the three months ended June 30, 2018 was $7.2 million compared with $5.9 million for the three months ended June 30, 2017. Gross profit accounted for 18.4% of our total wholesale sales for the three months ended June 30, 2018, compared with 17.9% for the three months ended June 30, 2017. The increase was mainly due to a decrease in raw material costs.

Production costs for our retail business were $14.0 million for the three months ended June 30, 2018 compared with $12.5 million during the three months ended June 30, 2017. Retail production costs accounted for 28.1% of our total retail sales in the three months ended June 30, 2018, compared with 26.6% for the three months ended June 30, 2017. The increase was due to increase in overall purchase costs.

Rent costs for our retail business for the three months ended June 30, 2018 were $8.4 million compared with $9.6 million for the three months ended June 30, 2017. Rent costs for our retail business accounted for 16.8% of our total retail sales for the three months ended June 30, 2018, compared with 20.4% for the three months ended June 30, 2017. 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, 2018 was $27.4 million and gross margin was 55.1%. Gross profit in our retail business for the three months ended June 30, 2017 was $24.8 million and gross margin was 52.9%.

Total cost of sales for the three months ended June 30, 2018 was $54.0 million, an 9.9% increase from $49.1 million for the three months ended June 30, 2017. Total cost of sales as a percentage of total sales for the three months ended June 30, 2018 was 61.0%, compared with 61.6% for the three months ended June 30, 2017. Gross margin for the three months ended June 30, 2018 was 39.0% compared with 38.4% for the three months ended June 30, 2017.

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 2018 Compared
	2018				2017				to 2017
	(In thousands of U.S. dollars, except for percentages)
Gross Profit	$	34,542	39.0	%	$	30,650	38.4	%		12.7	%
Operating Expenses:
Selling Expenses		22,590	25.5			20,223	25.3			11.7
General and Administrative Expenses		8,823	10.0			7,479	9.4			18.0
Total		31,413	35.5			27,702	34.7			13.4
Income from Operations	$	3,129	3.5	%	$	2,948	3.7	%		6.1	%

Selling expenses for the three months ended June 30, 2018 increased 11.7% to $22.6 million from $20.2 million for the three months ended June 30, 2017. The increase was attributable to the increased average salaries of retail employees, as well as increased store decoration and marketing expenses associated with the promotion of the retail brand.

General and administrative expenses for the three months ended June 30, 2018 increased 18.0% to $8.8 million from $7.5 million for the three months ended June 30, 2017.

Income from Operations

Income from operations for the three months ended June 30, 2018 increased 6.1% to $3.1 million from $2.9 million for the three months ended June 30, 2017. Income from operations for the three months ended June 30, 2018 accounted for 3.5% of our total sales, an 0.2% decrease compared with the three months ended June 30, 2017.

Interest Expense

Interest expense for the three months ended June 30, 2018 was $0.3 million, a 13.2% increase compared with the same period in 2017. The increase was due to the increased interest rate.

Income Tax Expenses

Income tax expense was $1.3 million and $0.8 million for the three months end June 30, 2018 and 2017, respectively.

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.

Ever-Glory Supply Chain Service Co., Limited was incorporated in Hongkong, and under the current laws of Hongkong, are subject to income tax at the 16.5% statutory rate.

Net Income

Net income for the three months ended June 30, 2018 was $2.7 million, a 4.5% increase compared with the same period in 2017. Our basic and diluted earnings per share were $0.19 and $0.18 for the three months ended June 30, 2018 and 2017, respectively.

Results of Operations for the six months ended June 30, 2018 and 2017

The following table summarizes our results of operations for the six months ended June 30, 2018 and 2017. 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,
	2018				2017
	(In thousands of U.S. Dollars, except for percentages)
Sales	$	181,326	100.0	%	$	164,891	100.0	%
Gross Profit		65,887	36.3			59,159	35.9
Operating Expense		61,313	33.8			54,702	33.2
Income From Operations		4,574	2.5			4,457	2.7
Other Income		773	0.4			994	0.6
Income tax expense		2,041	1.1			2,050	1.2
Net Income	$	3,306	1.8	%	$	3,401	2.1	%

Revenue

The following table sets forth a breakdown of our total sales, by region, for the six months ended June 30, 2018 and 2017.

	2018		% of total sales			2017		% of total sales			Growth (Decrease) in 2018 compared with 2017
Wholesale business	(In thousands of U.S. dollars)					(In thousands of U.S. dollars)
Mainland China	$	13,342		7.4	%	$	10,114		6.1	%		31.9	%
Hong Kong China		12,556		6.9			13,218		8.0			(5.0	)
Germany		2,765		1.5			4,769		2.9			(42.0	)
United Kingdom		5,099		2.8			5,575		3.4			(8.5	)
Europe-Other		10,286		5.7			14,389		8.7			(28.5	)
Japan		4,318		2.4			2,631		1.6			64.1
United States		15,704		8.6			10,614		6.4			48.0
Total Wholesale business		64,070		35.3			61,310		37.2			4.5
Retail business		117,256		64.7			103,581		62.8			13.2
Total sales	$	181,326		100.0	%	$	164,891		100.0	%		10.0	%

Sales for the six months ended June 30, 2018 were $181.3 million, an increase of 10.0% from the six months ended June 30, 2017. This increase was primarily attributable to an 4.5% increase in sales in our wholesale business and an 13.2% increase in our retail business.

Sales generated from our wholesale business contributed 35.3% or $64.1 million of our total sales for the six months ended June 30, 2018, an increase of 4.5% compared with $61.3 million in the six months ended June 30, 2017. This increase was primarily attributable to increased sales in Mainland China, Japan and the United States partially offset by decreased sales in Hong Kong China, Germany, United Kingdom and Europe-Other.

Sales generated from our retail business contributed 64.7% or $117.3 million of our total sales for the six months ended June 30, 2018, an increase of 13.2% compared with $103.6 million in the six months ended June 30, 2017. This increase was primarily due to an increase in same store sales.

Total retail store square footage and sales per square foot for the six months ended June 30, 2018 and 2017 are as follows:

	2018		2017
Total store square footage		1,421,156		1,357,746
Number of stores		1,417		1,362
Average store size, square feet		1,003		997
Total store sales (in thousands of U.S. dollars)	$	117,256	$	103,581
Sales per square foot	$	83	$	76

Same store sales and newly opened store sales for the six months ended June 30, 2018 and 2017 are as follows:

	2018		2017
	(In thousands of U.S. dollars)
Sales from stores opened for a full year	$	92,898	$	83,614
Sales from newly opened store sales	$	11,728	$	13,479
Sales from e-commerce platform	$	6,989	$	4,094
Other*	$	5,641	$	2,394
Total	$	117,256	$	103,581

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

We remodeled or relocated 206 stores in 2018, and 69 stores during the three months ended June 30, 2018. We plan to relocate or remodel 200-300 stores in 2018. 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 2017. 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, 2018 and 2017.

									Growth
									(Decrease) in 2018
	Six months ended June 30,								Compared
	2018				2017				with 2017
	(In thousands of U.S. dollars, except for percentages)
Net Sales for Wholesale Sales	$	64,071	100.0	%	$	61,310	100.0	%		4.5	%
Raw Materials		26,724	41.7			25,674	41.9			4.1
Labor		781	1.2			1,768	2.9			(55.8	)
Outsourced Production Costs		23,447	36.6			21,542	35.1			8.8
Other and Overhead		157	0.3			126	0.2			24.1
Total Cost of Sales for Wholesale		51,109	79.8			49,110	80.1			4.1
Gross Profit for Wholesale		12,962	20.2			12,200	19.9			6.2
Net Sales for Retail		117,255	100.0			103,581	100.0			13.2
Production Costs		40,055	34.2			31,687	30.6			26.4
Rent		24,275	20.7			24,935	24.1			(2.6	)
Total Cost of Sales for Retail		64,330	54.9			56,622	54.7			13.6
Gross Profit for Retail		52,925	45.1			46,959	45.3			12.7
Total Cost of Sales		115,439	63.7			105,732	64.1			9.2
Gross Profit	$	65,887	36.3	%	$	59,159	35.9	%		11.4	%

Raw material costs for our wholesale business were 41.7% of our total wholesale business sales in the six months ended June 30, 2018, compared with 41.9% in the six months ended June 30, 2017. The decrease was mainly due to lower cost of raw materials.

Labor costs for our wholesale business were 1.2% of our total wholesale business sales in the six months ended June 30, 2018, compared with 2.9% in the six months ended June 30, 2017. The marginal decrease was mainly due to a higher number of outsourced orders in 2018.

Outsourced production costs for our wholesale business were 36.6% of our total sales in the six months ended June 30, 2018, compared with 35.1% in the six months ended June 30, 2017.

Overhead and other expenses for our wholesale business accounted for 0.3% and 0.2% of our total sales for the six months ended June 30, 2018 and 2017, respectively.

Gross profit for our wholesale business for the six months ended June 30, 2018 was $13.0 million, an 6.2% increase compared with the six months ended June 30, 2017. As a percentage of total wholesale business sales, gross profit was 20.2% of our total wholesale business sales for the six months ended June 30, 2018, compared with 19.9% for the six months ended June 30, 2017. The increase was mainly due to decreased raw materials costs.

Production costs for our retail business for the six months ended June 30, 2018 were $40.1 million compared with $31.7 million for the six months ended June 30, 2017. As a percentage of our total retail sales, production costs were 34.2% of our total retail sales for the six months ended June 30, 2018, compared with 30.6% for the six months ended June 30, 2017. The increase was due to increase in overall purchase costs.

Rent costs for our retail business for the six months ended June 30, 2018 were $24.3 million compared with $24.9 million for the six months ended June 30, 2017. As a percentage of total retail sales, rent costs were 20.7% of our total retail sales for the six months ended June 30, 2018 compared with 24.1% for the six months ended June 30, 2017. The decrease was primarily attributable to lower rent at certain locations.

Gross profit for our retail business for the six months ended June 30, 2018 was $52.9 million compared with $47.0 million for the six months ended June 30, 2017. Gross margin for our retail business for the six months ended June 30, 2018 was 45.1% compared with 45.3% for the six months ended June 30, 2017.

Total cost of sales for the six months ended June 30, 2018 was $115.4 million, an 9.2% increase compared with the six months ended June 30, 2017. As a percentage of total sales, total costs were 63.7% of total sales for the six months ended June 30, 2018, compared with 64.1% for the six months ended June 30, 2016. Total gross margin for the six months ended June 30, 2018 was 36.3% compared with 35.9% for the six months ended June 30, 2017.

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 16.5% and 18.4% of raw material purchases for the six months ended June 30, 2018 and 2017, respectively. No one supplier provided more than 10.0% of our raw material purchases for the six months ended June 30, 2018 and 2017. For our retail business, purchases from our two largest suppliers represented approximately 55.1% and 32.2% of raw material purchases for the six months ended June 30, 2018 and 2017, respectively. One supplier provided approximately 31.2% and 22.8% of our total purchases for the six months ended June 30, 2018 and 2017, respectively. 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 28.9% and 45.6% of finished goods purchases for the six months ended June 30, 2018 and 2017, respectively. One contract manufacturer provided approximately 9.3% of our finished goods purchases for the six months ended June 30, 2018. One contract manufacturer provided approximately 23.9% of our finished goods purchases for the six months ended June 30, 2017, respectively. For our retail business, our five largest contract manufacturers represented approximately 16.4% and 10.7% of finished goods purchases for the six months ended June 30, 2018 and 2017, respectively. No manufacturer provided more than 10% of our finished goods purchases for the six months ended June 30, 2018 and 2017. 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 2018 Compared
	2018				2017				to 2017
	(In thousands of U.S. dollars, except for percentages)
Gross Profit	$	65,887	36.3	%	$	59,159	35.9	%		11.4	%
Operating Expenses:
Selling Expenses		44,817	24.7			39,968	24.2			12.1
General and Administrative Expenses		16,496	9.1			14,734	8.9			12.0
Total		61,313	33.8			54,702	33.2			12.1
Income from Operations	$	4,574	2.5	%	$	4,457	2.7	%		2.6	%

Selling expenses for the six months ended June 30, 2018 were $44.8 million, an 12.1% increase compared with the six months ended June 30, 2017. The increase was attributable to the increased bonus of retail employees, as well as increased store decoration and marketing expenses associated with the promotion of the retail brand.

General and administrative expenses for the six months ended June 30, 2018 were $16.5 million an 12.0% increase compared with the six months ended June 30, 2017. As a percentage of total sales, general and administrative expenses accounted for 9.1% of total sales for the six months ended June 30, 2018, compared with 8.9% of total sales for the six months ended June 30, 2017. The increase was mainly attributable to the increased average salaries.

Income from Operations

Income from operations for the six months ended June 30, 2018 was $4.6 million, an 2.6% increase from $4.5 million for the six months ended June 30, 2017. This decrease was due to increased expenses.

Interest Expense

Interest expense was $0.9 million and $0.6 million for the six months ended June 30, 2018 and 2017, respectively. The increase was due to the increased interest rate.

Income Tax Expenses

Income tax expense for the six months ended June 30, 2018 was $2.0 million, a 0.4% decrease compared to the same period of 2017. The decrease was primarily due to lower income before income tax expense.

Net Income

Net income for the six months ended June 30, 2018 was $3.3 million, a decrease of 2.8% compared with the same period in 2017. Basic and diluted earnings per share were $0.24 and $0.25 for the six months ended June 30, 2018 and 2017, respectively.

Summary of Cash Flows

Summary cash flows information for the six months ended June 30, 2018 and 2017 is as follows:

	2018			2017
	(In thousands of U.S. dollars)
Net cash used in operating activities	$	(10,655	)	$	(7,417	)
Net cash used in investing activities	$	(6,295	)	$	(2,220	)
Net cash provided by (used in) financing activities	$	(8,600	)	$	1,892

Net cash used in operating activities was $10.7 million for the six months ended June 30, 2018, compared with $7.4 million net cash used in operating activities during the six months ended June 30, 2017. The increase was primarily due to increase in inventory and decrease in accounts receivable.

Net cash used in investing activities was $6.3 million for the six months ended June 30, 2018, compared with $2.2 million used during the six months ended June 30, 2017. This increase was mainly due to the increased in purchase of property and equipment and remodeling expenditure in 2018.

Net cash used in financing activities was $8.6 million for the six months ended June 30, 2018, compared with $1.9 million net cash provided during the six months ended June 30, 2017. During the six months ended June 30, 2018, we repaid $30.5 million of bank loans and received bank loan proceeds of $28.1 million. Also, under the counter-guarantee agreement, we received $2.6 million from and $8.7 million paid to the related party during the six months ended June 30, 2018.

Liquidity and Capital Resources

As of June 30, 2018, we had cash and cash equivalents of $36.4 million, other current assets of $152.2 million and current liabilities of $122.9 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 loans have been repaid before or at maturity date.

Derivative Financial Instruments

Foreign currency swap contracts

The Company entered two foreign currency swap contracts with two banks during 2018. Due to the demand of financial management for daily operation, Ever-Glory Apparel entered into a foreign currency swap contract to exchange $6.0 million for equivalent RMB with Bank of China in May and entered into a foreign currency swap contract to exchange $3.0 million for equivalent RMB with Industrial and Commercial Bank of China in June. The terms of two foreign currency contracts are both six months. Ever-Glory Apparel and the banks swapped two currencies by same pre-determined exchange rate at the beginning and end of the contracts. During the period, the Company pays annual interest of 1.43% for the RMB received and receives 0 interest for the USD exchanged. If the Company failed to execute the exchange at the expiration of contracts, the banks would sell the USD at the market rate then the difference in RMB will be converted into bank loan for the Company. As of June 30, 2018, the fair value of principal amounts are included in other receivable ($9.0 million plus unrealized gain) and other payables (equivalent RMB payables) in the consolidated balance sheet, and unrealized gain of $0.27 million for the six months ended June 30, 2018 is recognized in the income from operations.

Forward foreign exchange contracts

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 year 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 year. 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, 2018, we had access to approximately $66.2 million in lines of credit, of which approximately $31.4 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 less 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 and its equity investee, Nanjing Knitting, under agreements executed between the Company, Jiangsu Ever-Glory, Nanjing Knitting, and the banks. The maximum aggregate lines of credit and available borrowings was approximately $48.6 million (RMB 322.0 million) and approximately $18.6 million (RMB 123.0 million) was provided to Jiangsu Ever-Glory as the counter guarantee as of June 30, 2018.

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, 2018, the market foreign exchange rate had increased to RMB 6.62 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, 2018 and 2017 was ($6.09) million, ($2.07) million, $1.06 million and $1.52 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

Not applicable.

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 its 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, 2018, 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, 2018. 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, 2017. As of June 30, 2018, 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, 2018, 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, 2017 filed with the SEC on March 28, 2018.

The proposed tariffs by the U.S. government and the potential of a trade war between the U.S. and China, and on a larger scale, internationally, may dampen global growth. If the U.S. government, in the future, subjects the services that we provide to proposed tariffs, our business operations and revenues may be negatively impacted.

The U.S. government has recently proposed, among other actions, imposing new or higher tariffs on specified products imported from China to penalize China for what it characterizes as unfair trade practices and China has responded by proposing new or higher tariffs on specified products imported from the United States. On July 6, 2018, the United States imposed 25% tariffs on $34 billion worth of Chinese goods as part of U.S. President Donald Trump's new tariffs policy, which then led China to respond with similar sized tariffs on U.S. products. Soon after on July 10, following an order from U.S. President Donald Trump, the U.S. Trade Representative (USTR) Office published a list of $200 billion in Chinese products to be subject to a newly proposed 10% tariff. China quickly responded to the announcement by blasting the proposed tariffs as “irrational” and “completely unacceptable. As such, we may have access to fewer business opportunities and our operation may be negatively impacted. Export to customers based in the U.S. accounts for approximately 6.0% of our revenue during the previous two fiscal years. We may suffer loss due to such trade war. In addition, future actions or escalations by either the United States or China that affect trade relations may cause global economic turmoil and potentially have a negative impact on our business and we cannot provide any assurances as to whether such actions will occur or the form that they may take.

Sustained tension between the United States and China over trade policies could significantly undermine the stability of the global and Chinese economy. Any prolonged slowdown in the Chinese or global economy may have a negative impact on our business, results of operations and financial condition, and continued turbulence in the international markets may adversely affect our ability to access the capital markets to meet liquidity needs.

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 13, 2018	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)

EX-31.1 2 f10q0618ex31-1_everglory.htm 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.

EXHIBIT 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Edward Yihua Kang, certify that:

1.	I have reviewed this quarterly report on Form 10-Q for the period ended June 30, 2018 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

5.	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: August 13, 2018

By:

/s/ Edward Yihua Kang

Edward Yihua Kang

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 f10q0618ex31-2_everglory.htm 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.

EXHIBIT 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Jiansong Wang, certify that:

1.	I have reviewed this quarterly report on Form 10-Q for the period ended June 30, 2018 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

5.	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: August 13, 2018

By:

/s/ Jiansong Wang

Jiansong Wang

Chief Finance Officer

(Principal Financial Officer)

EX-32.1 4 f10q0618ex32-1_everglory.htm CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002.

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, 2018 (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: August 13, 2018

By:

/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 f10q0618ex32-2_everglory.htm CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002.

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, 2018 (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: August 13, 2018

By:

/s/ Jiansong Wang

Jiansong Wang

Chief Finance Officer

(Principal Financial Officer)

EX-101.INS 6 evk-20180630.xml XBRL INSTANCE FILE 0000943184 evk:JiangsuEverGloryMember 2012-03-31 0000943184 evk:JiangsuEverGloryMember 2012-03-01 2012-03-31 0000943184 evk:BankOfCommunicationsMember evk:LaGoGoMember 2014-06-30 0000943184 evk:IndustrialAndCommercialBankOfChinaMember evk:EverGloryApparelMember 2015-09-30 0000943184 evk:NanjingBankMember evk:GoldenwayMember 2016-06-30 0000943184 evk:NanjingBankMember evk:EverGloryApparelMember 2016-06-30 0000943184 2016-12-31 0000943184 evk:IndustrialAndCommercialBankOfChinaMember evk:GoldenwayMember 2016-12-31 0000943184 evk:TwoIndependentDirectorsMember 2017-02-28 0000943184 evk:TwoIndependentDirectorsOneMember 2017-02-28 0000943184 evk:TwoIndependentDirectorsMember 2017-02-01 2017-02-28 0000943184 evk:TwoIndependentDirectorsOneMember 2017-02-01 2017-02-28 0000943184 evk:NanjingBankMember evk:LaGoGoMember 2017-03-31 0000943184 2017-04-01 2017-06-30 0000943184 evk:JiangsuEverGloryMember 2017-04-01 2017-06-30 0000943184 evk:EscelavMember 2017-04-01 2017-06-30 0000943184 evk:WholesaleSegmentMember 2017-04-01 2017-06-30 0000943184 evk:RetailSegmentMember 2017-04-01 2017-06-30 0000943184 evk:NanjingEverKyowaMember 2017-04-01 2017-06-30 0000943184 evk:EverGloryVietnamMember 2017-04-01 2017-06-30 0000943184 evk:EverGloryCambodiaMember 2017-04-01 2017-06-30 0000943184 country:CN 2017-04-01 2017-06-30 0000943184 evk:WholesaleBusinessMember 2017-04-01 2017-06-30 0000943184 evk:RetailBusinessMember 2017-04-01 2017-06-30 0000943184 evk:KunshanEnjinMember 2017-04-01 2017-06-30 0000943184 evk:NanjingKnittingMember 2017-04-01 2017-06-30 0000943184 evk:ChuzhouHuaruiMember 2017-04-01 2017-06-30 0000943184 evk:FengyangHuaruiMember 2017-04-01 2017-06-30 0000943184 country:DE 2017-04-01 2017-06-30 0000943184 evk:EuropeOtherMember 2017-04-01 2017-06-30 0000943184 country:JP 2017-04-01 2017-06-30 0000943184 country:US 2017-04-01 2017-06-30 0000943184 country:GB 2017-04-01 2017-06-30 0000943184 evk:JiangsuwubijiaMember 2017-04-01 2017-06-30 0000943184 evk:ChinaMember 2017-04-01 2017-06-30 0000943184 evk:HongKongChinaMember 2017-04-01 2017-06-30 0000943184 evk:WholesaleBusinessMember us-gaap:SalesRevenueNetMember 2017-04-01 2017-06-30 0000943184 evk:WholesaleBusinessMember us-gaap:PublicUtilitiesInventoryRawMaterialsMember 2017-04-01 2017-06-30 0000943184 evk:RetailBusinessMember evk:RawMaterialSuppliersMember 2017-04-01 2017-06-30 0000943184 evk:WholesaleBusinessMember evk:FinishedGoodsMember 2017-04-01 2017-06-30 0000943184 evk:WholesaleBusinessOneMember us-gaap:SalesRevenueNetMember 2017-04-01 2017-06-30 0000943184 country:CN 2017-04-01 2017-06-30 0000943184 evk:OthersJurisdictionsMember 2017-04-01 2017-06-30 0000943184 evk:RetailBusinessOneMember evk:FinishedGoodsMember 2017-04-01 2017-06-30 0000943184 2017-01-01 2017-06-30 0000943184 evk:JiangsuEverGloryMember 2017-01-01 2017-06-30 0000943184 evk:EscelavMember 2017-01-01 2017-06-30 0000943184 evk:WholesaleSegmentMember 2017-01-01 2017-06-30 0000943184 evk:RetailSegmentMember 2017-01-01 2017-06-30 0000943184 evk:NanjingEverKyowaMember 2017-01-01 2017-06-30 0000943184 evk:EverGloryVietnamMember 2017-01-01 2017-06-30 0000943184 evk:EverGloryCambodiaMember 2017-01-01 2017-06-30 0000943184 country:CN 2017-01-01 2017-06-30 0000943184 evk:WholesaleBusinessMember 2017-01-01 2017-06-30 0000943184 evk:RetailBusinessMember 2017-01-01 2017-06-30 0000943184 evk:KunshanEnjinMember 2017-01-01 2017-06-30 0000943184 evk:NanjingKnittingMember 2017-01-01 2017-06-30 0000943184 evk:ChuzhouHuaruiMember 2017-01-01 2017-06-30 0000943184 evk:FengyangHuaruiMember 2017-01-01 2017-06-30 0000943184 country:DE 2017-01-01 2017-06-30 0000943184 evk:EuropeOtherMember 2017-01-01 2017-06-30 0000943184 country:JP 2017-01-01 2017-06-30 0000943184 country:US 2017-01-01 2017-06-30 0000943184 country:GB 2017-01-01 2017-06-30 0000943184 evk:JiangsuwubijiaMember 2017-01-01 2017-06-30 0000943184 evk:ChinaMember 2017-01-01 2017-06-30 0000943184 evk:HongKongChinaMember 2017-01-01 2017-06-30 0000943184 evk:WholesaleBusinessMember us-gaap:SalesRevenueNetMember 2017-01-01 2017-06-30 0000943184 evk:WholesaleBusinessMember us-gaap:PublicUtilitiesInventoryRawMaterialsMember 2017-01-01 2017-06-30 0000943184 evk:RetailBusinessMember evk:RawMaterialSuppliersMember 2017-01-01 2017-06-30 0000943184 evk:WholesaleBusinessMember evk:FinishedGoodsMember 2017-01-01 2017-06-30 0000943184 country:CN 2017-01-01 2017-06-30 0000943184 evk:OthersJurisdictionsMember 2017-01-01 2017-06-30 0000943184 evk:RetailBusinessOneMember evk:FinishedGoodsMember 2017-01-01 2017-06-30 0000943184 2017-06-30 0000943184 evk:WholesaleSegmentMember 2017-06-30 0000943184 evk:RetailSegmentMember 2017-06-30 0000943184 evk:ChinaEverbrightBankMember evk:EverGloryApparelMember 2017-07-31 0000943184 evk:BankOfCommunicationsMember evk:LaGoGoMember 2017-09-30 0000943184 evk:TwoIndependentDirectorsOneMember 2017-10-19 0000943184 evk:TwoIndependentDirectorsOneMember 2017-10-01 2017-10-19 0000943184 evk:BankOfChinaMember evk:EverGloryApparelMember 2017-10-31 0000943184 2017-01-01 2017-12-31 0000943184 evk:JiangsuEverGloryMember 2017-01-01 2017-12-31 0000943184 evk:NanjingKnittingMember 2017-01-01 2017-12-31 0000943184 evk:EdwardYihuaKangMember 2017-01-01 2017-12-31 0000943184 2017-12-31 0000943184 evk:JiangsuEverGloryMember 2017-12-31 0000943184 evk:EscelavMember 2017-12-31 0000943184 evk:NanjingEverKyowaMember 2017-12-31 0000943184 evk:EverGloryVietnamMember 2017-12-31 0000943184 evk:NanjingKnittingMember 2017-12-31 0000943184 evk:ChuzhouHuaruiMember 2017-12-31 0000943184 evk:FengyangHuaruiMember 2017-12-31 0000943184 evk:NanjingBankMember 2017-12-31 0000943184 evk:IndustrialAndCommercialBankOfChinaMember 2017-12-31 0000943184 evk:BankOfCommunicationsMember 2017-12-31 0000943184 evk:ChinaMinshengBankingMember 2017-12-31 0000943184 evk:ChinaMinshengBankingMember evk:LaGoGoMember 2017-12-31 0000943184 evk:BankOfChinaMember 2017-12-31 0000943184 evk:HsbcMember 2017-12-31 0000943184 evk:HongKongAndShanghaiBankMember evk:EverGloryApparelMember 2017-12-31 0000943184 2018-04-01 2018-06-30 0000943184 evk:JiangsuEverGloryMember 2018-04-01 2018-06-30 0000943184 evk:EscelavMember 2018-04-01 2018-06-30 0000943184 evk:WholesaleSegmentMember 2018-04-01 2018-06-30 0000943184 evk:RetailSegmentMember 2018-04-01 2018-06-30 0000943184 evk:NanjingEverKyowaMember 2018-04-01 2018-06-30 0000943184 evk:EverGloryVietnamMember 2018-04-01 2018-06-30 0000943184 evk:EverGloryCambodiaMember 2018-04-01 2018-06-30 0000943184 country:CN 2018-04-01 2018-06-30 0000943184 evk:WholesaleBusinessMember 2018-04-01 2018-06-30 0000943184 evk:RetailBusinessMember 2018-04-01 2018-06-30 0000943184 evk:KunshanEnjinMember 2018-04-01 2018-06-30 0000943184 evk:NanjingKnittingMember 2018-04-01 2018-06-30 0000943184 evk:ChuzhouHuaruiMember 2018-04-01 2018-06-30 0000943184 evk:FengyangHuaruiMember 2018-04-01 2018-06-30 0000943184 country:DE 2018-04-01 2018-06-30 0000943184 evk:EuropeOtherMember 2018-04-01 2018-06-30 0000943184 country:JP 2018-04-01 2018-06-30 0000943184 country:US 2018-04-01 2018-06-30 0000943184 country:GB 2018-04-01 2018-06-30 0000943184 evk:JiangsuwubijiaMember 2018-04-01 2018-06-30 0000943184 evk:ChinaMember 2018-04-01 2018-06-30 0000943184 evk:HongKongChinaMember 2018-04-01 2018-06-30 0000943184 evk:WholesaleBusinessMember us-gaap:SalesRevenueNetMember 2018-04-01 2018-06-30 0000943184 evk:WholesaleBusinessMember us-gaap:PublicUtilitiesInventoryRawMaterialsMember 2018-04-01 2018-06-30 0000943184 evk:RetailBusinessMember evk:RawMaterialSuppliersMember 2018-04-01 2018-06-30 0000943184 evk:WholesaleBusinessMember evk:FinishedGoodsMember 2018-04-01 2018-06-30 0000943184 evk:WholesaleBusinessOneMember us-gaap:SalesRevenueNetMember 2018-04-01 2018-06-30 0000943184 country:CN 2018-04-01 2018-06-30 0000943184 evk:OthersJurisdictionsMember 2018-04-01 2018-06-30 0000943184 evk:RetailBusinessOneMember evk:FinishedGoodsMember 2018-04-01 2018-06-30 0000943184 2018-01-01 2018-06-30 0000943184 evk:JiangsuEverGloryMember 2018-01-01 2018-06-30 0000943184 evk:BankOfCommunicationsMember evk:LaGoGoMember 2018-01-01 2018-06-30 0000943184 evk:IndustrialAndCommercialBankOfChinaMember evk:EverGloryApparelMember 2018-01-01 2018-06-30 0000943184 evk:NanjingBankMember evk:GoldenwayMember 2018-01-01 2018-06-30 0000943184 evk:NanjingBankMember evk:EverGloryApparelMember 2018-01-01 2018-06-30 0000943184 evk:IndustrialAndCommercialBankOfChinaMember evk:GoldenwayMember 2018-01-01 2018-06-30 0000943184 evk:NanjingBankMember evk:LaGoGoMember 2018-01-01 2018-06-30 0000943184 evk:EscelavMember 2018-01-01 2018-06-30 0000943184 evk:WholesaleSegmentMember 2018-01-01 2018-06-30 0000943184 evk:RetailSegmentMember 2018-01-01 2018-06-30 0000943184 evk:NanjingEverKyowaMember 2018-01-01 2018-06-30 0000943184 evk:EverGloryVietnamMember 2018-01-01 2018-06-30 0000943184 evk:EverGloryCambodiaMember 2018-01-01 2018-06-30 0000943184 country:CN 2018-01-01 2018-06-30 0000943184 evk:WholesaleBusinessMember 2018-01-01 2018-06-30 0000943184 evk:RetailBusinessMember 2018-01-01 2018-06-30 0000943184 evk:KunshanEnjinMember 2018-01-01 2018-06-30 0000943184 evk:NanjingKnittingMember 2018-01-01 2018-06-30 0000943184 evk:ChuzhouHuaruiMember 2018-01-01 2018-06-30 0000943184 evk:FengyangHuaruiMember 2018-01-01 2018-06-30 0000943184 country:DE 2018-01-01 2018-06-30 0000943184 evk:EuropeOtherMember 2018-01-01 2018-06-30 0000943184 country:JP 2018-01-01 2018-06-30 0000943184 country:US 2018-01-01 2018-06-30 0000943184 country:GB 2018-01-01 2018-06-30 0000943184 evk:JiangsuwubijiaMember 2018-01-01 2018-06-30 0000943184 evk:ChinaMember 2018-01-01 2018-06-30 0000943184 evk:HongKongChinaMember 2018-01-01 2018-06-30 0000943184 evk:WholesaleBusinessMember us-gaap:SalesRevenueNetMember 2018-01-01 2018-06-30 0000943184 evk:WholesaleBusinessMember us-gaap:PublicUtilitiesInventoryRawMaterialsMember 2018-01-01 2018-06-30 0000943184 evk:RetailBusinessMember evk:RawMaterialSuppliersMember 2018-01-01 2018-06-30 0000943184 evk:WholesaleBusinessMember evk:FinishedGoodsMember 2018-01-01 2018-06-30 0000943184 country:CN 2018-01-01 2018-06-30 0000943184 evk:OthersJurisdictionsMember 2018-01-01 2018-06-30 0000943184 evk:RetailBusinessOneMember evk:FinishedGoodsMember 2018-01-01 2018-06-30 0000943184 evk:BankOfChinaMember evk:EverGloryApparelMember 2018-01-01 2018-06-30 0000943184 evk:EdwardYihuaKangMember 2018-01-01 2018-06-30 0000943184 evk:ChinaMinshengBankingMember evk:LaGoGoMember 2018-01-01 2018-06-30 0000943184 evk:HongKongAndShanghaiBankMember evk:EverGloryApparelMember 2018-01-01 2018-06-30 0000943184 srt:MinimumMember 2018-01-01 2018-06-30 0000943184 srt:MaximumMember 2018-01-01 2018-06-30 0000943184 evk:EverGloryEnterprisesMember 2018-01-01 2018-06-30 0000943184 evk:JiangsuEverGloryMember evk:CounterGuaranteeMember 2018-01-01 2018-06-30 0000943184 srt:SubsidiariesMember 2018-01-01 2018-06-30 0000943184 evk:XizangTibetMember 2018-01-01 2018-06-30 0000943184 evk:IndustrialAndCommercialBankOfChinaMember evk:EverGloryApparelMember srt:MinimumMember 2018-01-01 2018-06-30 0000943184 evk:IndustrialAndCommercialBankOfChinaMember evk:EverGloryApparelMember srt:MaximumMember 2018-01-01 2018-06-30 0000943184 evk:NanjingBankMember evk:GoldenwayMember srt:MinimumMember 2018-01-01 2018-06-30 0000943184 evk:NanjingBankMember evk:GoldenwayMember srt:MaximumMember 2018-01-01 2018-06-30 0000943184 evk:EverGloryApparelMember srt:MinimumMember evk:NanjingBankMember 2018-01-01 2018-06-30 0000943184 evk:EverGloryApparelMember srt:MaximumMember evk:NanjingBankMember 2018-01-01 2018-06-30 0000943184 country:HK 2018-01-01 2018-06-30 0000943184 2018-06-30 0000943184 evk:JiangsuEverGloryMember 2018-06-30 0000943184 evk:BankOfCommunicationsMember evk:LaGoGoMember 2018-06-30 0000943184 evk:IndustrialAndCommercialBankOfChinaMember evk:EverGloryApparelMember 2018-06-30 0000943184 evk:NanjingBankMember evk:GoldenwayMember 2018-06-30 0000943184 evk:NanjingBankMember evk:EverGloryApparelMember 2018-06-30 0000943184 evk:IndustrialAndCommercialBankOfChinaMember evk:GoldenwayMember 2018-06-30 0000943184 evk:NanjingBankMember evk:LaGoGoMember 2018-06-30 0000943184 evk:EscelavMember 2018-06-30 0000943184 evk:WholesaleSegmentMember 2018-06-30 0000943184 evk:RetailSegmentMember 2018-06-30 0000943184 evk:NanjingEverKyowaMember 2018-06-30 0000943184 evk:EverGloryVietnamMember 2018-06-30 0000943184 evk:NanjingKnittingMember 2018-06-30 0000943184 evk:ChuzhouHuaruiMember 2018-06-30 0000943184 evk:FengyangHuaruiMember 2018-06-30 0000943184 evk:ChinaEverbrightBankMember evk:EverGloryApparelMember 2018-06-30 0000943184 evk:BankOfChinaMember evk:EverGloryApparelMember 2018-06-30 0000943184 evk:NanjingBankMember 2018-06-30 0000943184 evk:IndustrialAndCommercialBankOfChinaMember 2018-06-30 0000943184 evk:BankOfCommunicationsMember 2018-06-30 0000943184 evk:ChinaMinshengBankingMember 2018-06-30 0000943184 evk:ChinaMinshengBankingMember evk:LaGoGoMember 2018-06-30 0000943184 evk:BankOfChinaMember 2018-06-30 0000943184 evk:HsbcMember 2018-06-30 0000943184 evk:HongKongAndShanghaiBankMember evk:EverGloryApparelMember 2018-06-30 0000943184 2018-08-11 xbrli:shares iso4217:USD iso4217:USDxbrli:shares iso4217:CNY xbrli:pure iso4217:EUR evk:Contracts evk:Customers evk:Suppliers evk:Segment Ever-Glory International Group, Inc. 0000943184 EVK false --12-31 10-Q 2018-06-30 2018 Q2 Smaller Reporting Company 14795992

45288000

37853000

62876000

36439000

3000

6000

81859000

61072000

56182000

64418000

3757000

3037000

5139000

13771000

3028000

9858000

265000

213106000

188595000

5995000

6290000

25891000

26305000

194307000

87294000

107013000

244992000

221190000

91483000

129707000

37730000

34768000

73788000

58745000

4675000

110000

6000

900000

1934000

114000

1152000

459000

4448000

28000

1017000

1423000

937000

847000

196000

16454000

23440000

469000

6052000

245000

1712000

777000

140411000

122892000

1883000

1039000

142294000

123931000

15000

3620000

95195000

98786000

17794000

2585000

-48000

15449000

21589000

103760000

98578000

-1062000

-1319000

102698000

97259000

244992000

221190000

0.001

50000000

14795992

79771000

33006000

46765000

33005000

46766000

1876000

8640000

1186000

7696000

2287000

3525000

7795000

164891000

61310000

103581000

61310000

103581000

4769000

14389000

2631000

10614000

5575000

10114000

13218000

88541000

38814000

49727000

38814000

49727000

899000

5833000

1881000

10771000

2881000

9131000

7418000

181326000

64070000

117256000

64070000

117256000

2765000

10285000

4318000

15705000

5099000

13342000

12556000

49121000

105732000

53999000

115439000

30650000

59159000

34542000

65887000

20223000

39968000

22590000

44817000

7479000

14734000

8823000

16496000

27702000

54702000

31413000

61313000

2948000

912000

2036000

4457000

2663000

1794000

3129000

1538000

1591000

4574000

2634000

1940000

282000

263000

19000

539000

498000

41000

370000

354000

16000

696000

663000

33000

318000

226000

92000

645000

470000

175000

360000

291000

69000

924000

782000

142000

523000

1100000

865000

1001000

487000

994000

875000

773000

3435000

3438000

-3000

5451000

5456000

-5000

4004000

4010000

-6000

5347000

5359000

-12000

833000

292000

541000

2050000

756000

1294000

1285000

481000

804000

2041000

714000

1327000

2602000

3401000

2719000

3306000

-86000

-261000

-57000

-285000

2688000

-591000

1316000

3662000

-4170000

3928000

2776000

-2212000

3591000

12223000

1063000

1522000

-6091000

-2068000

-469000

3665000

4923000

-3841000

769000

-98000

-278000

13000

-309000

3763000

5201000

-3854000

1078000

0.18

0.25

0.19

0.24

14792836

14791240

14795992

1240000

285000

955000

3481000

552000

2929000

2366000

297000

2069000

4903000

602000

4301000

-5000

-6000

688000

4105000

1626000

-1744000

-843000

10000

-13865000

-20150000

11750000

10873000

1446000

-681000

673000

8942000

2684000

7145000

161000

-1117000

-7542000

-14296000

-818000

-1485000

-1353000

8006000

-4048000

-5924000

-753000

-942000

-7417000

-10655000

2220000

6295000

-2220000

-6295000

25664000

28111000

17821000

30533000

482000

2556000

6433000

8734000

1892000

-8600000

310000

-887000

-7435000

-26437000

645000

924000

3120000

3016000

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 1 BASIS OF PRESENTATION<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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”) and Ever-Glory Supply Chain Service Co., Limited (“Ever-Glory Supply Chain”).  The Company’s retail operations are provided through its wholly- owned subsidiaries, Shanghai LA GO Fashion Company Limited (“Shanghai LA GO GO”), Jiangsu LA GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA 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”).<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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, 2018, the condensed consolidated statements of income and comprehensive income (loss) for the three and six months ended June 30, 2018 and 2017, and condensed consolidated statements of cash flows for the six months ended June 30, 2018 and 2017. 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 8-03 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.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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, 2018 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, 2017.</div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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 9 RELATED PARTY TRANSACTIONS <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">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-term in nature and are expected to be settled in cash. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">Other income from Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">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, 2018 and 2017, the Company received $17,919, $51,541, $5,918 and $17,483 from the customers and paid $20,130, $39,318, $4,602 and $13,556 to Wubijia through the consignment, respectively. The net income (loss) of ($2,212), $12,223, $1,316 and $3,928 was recorded as other income (expenses) during the three and six months ended June 30, 2018 and 2017, respectively.   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">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, 2018 and 2017, the Company received $0, $0, $984 and $6,365 from the customers and paid $0, $0, $1,575 and $10,534 to Nanjing Knitting through the consignment, respectively. The net income (loss) of $0, $0, ($591) and ($4,170) was recorded as other income during the three and six months ended June 30, 2018 and 2017, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">Other expenses due to Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">Included in other expenses for the three and six months ended June 30, 2018 and 2017 are rent costs due to entities controlled by Mr. Kang under operating lease agreements as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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 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 style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="6">Three months ended</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="6">Six months ended</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6">June 30,</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6">June 30,</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2018</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2017</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2018</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2017</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="14">In thousands of U.S. Dollars)</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 815px; text-align: left; font-stretch: normal;">Jiangsu Ever-Glory</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;">-</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;">12</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">-</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">23</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Chuzhou Huarui</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">51</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">52</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">109</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">104</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">Kunshan Enjin</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">14</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">11</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">27</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">22</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;">Total</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">65</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">75</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">136</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">149</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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 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="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">    <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">Purchases from and Sub-contracts with Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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 purchased raw materials from Nanjing Knitting totaling $1.52 million, $1.85 million, $0.44 million and $0.60 million during the three and six months ended June 30, 2018 and 2017, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">In addition, sub-contracts with related parties included in cost of sales for the three and six months ended June 30, 2018 and 2017 are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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 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 style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6">Three Months Ended June 30,</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6">Six Months Ended  June 30,</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2018</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2017</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2018</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2017</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="14">(In thousands of U.S. Dollars)</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 815px; text-align: left; font-stretch: normal;">Chuzhou huarui</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;">1,006</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;">990</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">1,873</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">2,000</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Fengyang huarui</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">567</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">387</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">1,051</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">851</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Nanjing Ever-Kyowa</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">326</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">77</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">675</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">820</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Ever-Glory Vietnam</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">3,260</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">4,309</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">5,174</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">5,731</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Ever-Glory Cambodia</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">-</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">188</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">-</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">224</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">EsCeLav</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">21</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">-</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">21</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">4</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">Jiangsu Ever-Glory</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">17</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">-</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">21</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">3</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">5,197</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">5,951</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">8,815</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">9,633</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">Accounts Payable – Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">The accounts payable to related parties at June 30, 2018 and December 31, 2017 are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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 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 style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">June 30, 2018</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">December 31, 2017</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6">(In thousands of  U.S. Dollars)</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 1191px; text-align: left; font-stretch: normal;">Ever-Glory Vietnam</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;">1,423</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">1,934</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Fengyang Huarui</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">196</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">459</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Nanjing Ever-Kyowa</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">1,017</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">900</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Chuzhou Huarui</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">847</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">1,152</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Esc’elav</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">-</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">6</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Jiangsu Ever-Glory</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">28</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">110</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">Nanjing Knitting</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">937</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">114</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; padding-left: 10pt; font-stretch: normal;">Total</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">4,448</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">4,675</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">Amounts Due From Related Parties-current assets <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">The amounts due from related parties as of June 30, 2018 and December 31, 2017 are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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 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 style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">June 30, 2018</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">December 31, 2017</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6">(In thousands of  U.S. Dollars)</td> <td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 1191px; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">Jiangsu Ever-Glory</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">-</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; padding-bottom: 1.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">265</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; padding-left: 10pt; font-stretch: normal;">Total</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">-</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">265</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">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, 2018 and 2017, 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 $0, $0.3 million, $0.02 million and $0.1 million during the three and six months period ended June 30, 2018 and 2017, respectively. Jiangsu Ever-Glory purchased raw materials on the Company’s behalf and sold to the Company at a cost of $0.1 million, $0.1 million, $0.05 million and $0.05 million during the three and six months ended June 30, 2018 and 2017, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">    <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">Amounts Due From Related Party under Counter Guarantee Agreement <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">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 less 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, 2018 and December 31, 2017, Jiangsu Ever-Glory has provided guarantees for approximately $48.6 million (RMB 322 million) and $49.5 million (RMB 322.0 million) of lines of credit obtained by the Company, respectively. Jiangsu Ever-Glory 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 $31.0 million (RMB 205.5 million) and $31.6 million (RMB 205.5 million) as of June 30, 2018 and December 31, 2017, respectively. Mr. Kang has also provided a personal guarantee for $42.3 million (RMB 280.0 million) and $21.5 million (RMB 140.0 million) as of June 30, 2018 and December 31, 2017, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">At December 31, 2017, $12.8 million (RMB 83.6 million) was outstanding due from Jiangsu Ever-Glory under the counter guarantee agreement. During the six months ended June 30, 2018, an additional $8.4 million (RMB 55.7 million) was provided to and $2.5 million (RMB 16.3 million) was received from Jiangsu Ever-Glory under the counter-guarantee. As of June 30, 2018, the amount of the counter-guarantee was $18.6 million (RMB 123.0 million) (the difference represents currency exchange adjustment of $0.1 million), which was 38.2% of the aggregate amount of lines of credit. The increase of the percentage in this quarter was mainly due to China’s credit tightening policy. Obtaining bank loan requires a higher guarantee deposit in this quarter. This amount plus accrued interest of $3.0 million have been classified as a reduction of equity, consistent with the guidance of SEC Staff Accounting Bulletins 4E and 4G. At June 30, 2018 and December 31, 2017, the amount classified as a reduction of equity was $21.6 million and $15.4 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, 2018 and 2017 was approximately $0.2 million, $0.4 million, $0.2 million and $0.4 million, respectively. </div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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 11 SEGMENTS<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">The Company reports financial and operating information in the following two segments:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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 style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="text-align: justify; vertical-align: top;"><td style="width: 0px;"></td><td style="width: 0.25in; text-align: left;">(a)</td><td style="text-align: justify;">Wholesale segment</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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 style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="text-align: justify; vertical-align: top;"><td style="width: 0px;"></td><td style="width: 0.25in; text-align: left;">(b)</td><td style="text-align: justify;">Retail segment</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;">  <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; widows: 1; 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="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, 2018</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 style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" 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;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">64,070</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">117,256</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">181,326</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,634</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;">1,940</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;">4,574</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;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">663</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">33</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">696</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">782</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;">142</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;">924</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;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">602</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,301</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,903</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">714</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;">1,327</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;">2,041</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Segment assets:</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;">Additions to property, plant and equipment</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;">556</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;">5,739</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;">6,295</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;">Total assets</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;">91,483</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;">129,707</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;">221,190</td><td style="text-align: left; padding-bottom: 4pt;"> </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;"> </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="font-weight: bold;">Six months ended June 30, 2017</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; 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: #cceeff;"><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;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">61,310</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">103,581</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">164,891</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,663</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;">1,794</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;">4,457</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;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">498</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">41</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">539</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">470</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;">175</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;">645</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;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">552</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,929</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,481</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">756</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;">1,294</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;">2,050</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Segment assets:</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;">Additions to property, plant and equipment</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;">314</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;">1,906</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;">2,220</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;">Total assets</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;">87,294</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;">107,013</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;">194,307</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;"> <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; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Wholesale segment</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Retail segment</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Total</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="10">(In thousands of U.S. Dollars)</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Three months ended June 30, 2018</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="10"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Segment profit or loss:</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;" colspan="2"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;" colspan="2"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;" colspan="2"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1003px; font-stretch: normal;">Net revenue from external customers</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">38,814</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">49,727</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">88,541</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Income from operations</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">1,538</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">1,591</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">3,129</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Interest income</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">354</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">16</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">370</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Interest expense</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">291</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">69</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">360</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Depreciation and amortization</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">297</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">2,069</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">2,366</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Income tax expense</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">481</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">804</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">1,285</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Three months ended June 30, 2017</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Segment profit or loss:</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Net revenue from external customers</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">33,006</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">46,765</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">79,771</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Income from operations</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">912</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">2,036</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">2,948</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Interest income</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">263</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">19</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">282</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Interest expense</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">226</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">92</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">318</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Depreciation and amortization</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">285</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">955</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">1,240</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Income tax expense</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">292</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">541</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">833</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr></table></div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Financial Instruments<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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.</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; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="6">Three months ended</td><td style="font: bold 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="6">Six months ended</td><td style="font: bold 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6">June 30,</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6">June 30,</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">2018</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">2017</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">2018</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">2017</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="14">In thousands of U.S. Dollars)</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 815px; text-align: left; font-size-adjust: none; font-stretch: normal;">Jiangsu Ever-Glory</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-size-adjust: none; font-stretch: normal;">-</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-size-adjust: none; font-stretch: normal;">12</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-size-adjust: none; font-stretch: normal;">-</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-size-adjust: none; font-stretch: normal;">23</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Chuzhou Huarui</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">51</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">52</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">109</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">104</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;">Kunshan Enjin</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">14</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">11</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">27</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">22</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;">Total</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">65</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">75</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">136</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">149</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td></tr></table></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; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6">Three Months Ended June 30,</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6">Six Months Ended  June 30,</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">2018</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">2017</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">2018</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">2017</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="14">(In thousands of U.S. Dollars)</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 815px; text-align: left; font-size-adjust: none; font-stretch: normal;">Chuzhou huarui</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-size-adjust: none; font-stretch: normal;">1,006</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-size-adjust: none; font-stretch: normal;">990</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-size-adjust: none; font-stretch: normal;">1,873</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-size-adjust: none; font-stretch: normal;">2,000</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Fengyang huarui</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">567</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">387</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">1,051</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">851</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Nanjing Ever-Kyowa</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">326</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">77</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">675</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">820</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Ever-Glory Vietnam</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">3,260</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">4,309</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">5,174</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">5,731</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Ever-Glory Cambodia</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">-</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">188</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">-</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">224</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">EsCeLav</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">21</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">-</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">21</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">4</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;">Jiangsu Ever-Glory</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">17</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">-</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">21</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">3</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">5,197</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">5,951</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">8,815</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">9,633</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td></tr></table></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; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">June 30, 2018</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">December 31, 2017</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1191px; text-align: left; font-size-adjust: none; font-stretch: normal;">Ever-Glory Vietnam</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-size-adjust: none; font-stretch: normal;">1,423</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-size-adjust: none; font-stretch: normal;">1,934</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Fengyang Huarui</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">196</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">459</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Nanjing Ever-Kyowa</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">1,017</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">900</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Chuzhou Huarui</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">847</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">1,152</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">Esc’elav</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">-</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">6</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Jiangsu Ever-Glory</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">28</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">110</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;">Nanjing Knitting</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">937</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">114</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; padding-left: 10pt; font-size-adjust: none; font-stretch: normal;">Total</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">4,448</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">4,675</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td></tr></table></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; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">June 30, 2018</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2">December 31, 2017</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1191px; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;">Jiangsu Ever-Glory</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">-</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">265</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; padding-left: 10pt; font-size-adjust: none; font-stretch: normal;">Total</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">-</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">265</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td></tr></table></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; widows: 1; 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="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, 2018</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 style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" 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;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">64,070</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">117,256</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">181,326</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,634</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;">1,940</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;">4,574</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;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">663</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">33</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">696</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">782</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;">142</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;">924</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;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">602</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,301</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,903</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">714</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;">1,327</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;">2,041</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Segment assets:</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;">Additions to property, plant and equipment</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;">556</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;">5,739</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;">6,295</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;">Total assets</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;">91,483</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;">129,707</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;">221,190</td><td style="text-align: left; padding-bottom: 4pt;"> </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;"> </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="font-weight: bold;">Six months ended June 30, 2017</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; 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: #cceeff;"><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;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">61,310</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">103,581</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">164,891</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,663</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;">1,794</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;">4,457</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;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">498</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">41</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">539</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">470</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;">175</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;">645</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;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">552</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,929</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,481</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">756</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;">1,294</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;">2,050</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Segment assets:</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;">Additions to property, plant and equipment</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;">314</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;">1,906</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;">2,220</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;">Total assets</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;">87,294</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;">107,013</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;">194,307</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 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;"> <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; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Wholesale segment</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Retail segment</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Total</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="10">(In thousands of U.S. Dollars)</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Three months ended June 30, 2018</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="10"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Segment profit or loss:</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;" colspan="2"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;" colspan="2"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;" colspan="2"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1003px; font-stretch: normal;">Net revenue from external customers</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">38,814</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">49,727</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">88,541</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Income from operations</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">1,538</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">1,591</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">3,129</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Interest income</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">354</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">16</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">370</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Interest expense</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">291</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">69</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">360</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Depreciation and amortization</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">297</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">2,069</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">2,366</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Income tax expense</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">481</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">804</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">1,285</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Three months ended June 30, 2017</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Segment profit or loss:</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Net revenue from external customers</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">33,006</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">46,765</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">79,771</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Income from operations</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">912</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">2,036</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">2,948</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Interest income</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">263</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">19</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">282</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Interest expense</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">226</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">92</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">318</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Depreciation and amortization</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">285</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">955</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">1,240</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Income tax expense</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">292</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">541</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;">833</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td></tr></table></div>

2148000

4655000

8852000

21226000

45182000

38537000

37730000

9216000

21504000

1536000

3072000

2402000

34768000

10570000

16610000

1510000

3020000

1510000

1548000

4900000

33000000

18100000

120000000

800000

5000000

9100000

60000000

9100000

60000000

3000000

20000000

6000000

40000000

3300000

22000000

4500000

30000000

3000000

20000000

2500000

1500000

10000000

10600000

70000000

7600000

50000000

7600000

50000000

6000000

40000000

2300000

15000000

1500000

10000000

3000000

20000000

1760000

1800000

7500000

6800000

1500000

3100000

700000

6000000

3000000

1000000

0.0457

0.047

0.050

0.0435

0.046

0.030

0.0457

0.0470

0.0437

0.0454

0.046

0.047

September 2018.

October 2018.

July to September 2018.

November 2018 to January 2019.

May 2019.

August 2018.

June 2019.

October 2018.

300000

600000

300000

900000

2000 1680000 420000 17000000 5 1

0.0143

8000000

9000000

270000

490000

0.250

0.25

0.09

0.15

0.165

0.126 0.091 0.132

-0.007

-0.020

0.243

0.376

0.321

0.382

1359000

3730000

1960000

2884000

-526000

-1680000

-675000

-843000

0.10

2017-12-31

98100000

The statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017.

2542

2354

3156

1.96

2.14

2.37

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

75000

12000

11000

52000

149000

23000

22000

104000

65000

14000

51000

136000

27000

109000

5951000

77000

4309000

188000

990000

387000

9633000

3000

4000

820000

5731000

224000

2000000

851000

5197000

17000

21000

326000

3260000

1006000

567000

8815000

21000

675000

5174000

1873000

1051000

0.83

984000

5918000

6365000

17483000

17919000

51541000

1575000

4602000

10534000

13556000

20130000

39318000

20000

440000

100000

600000

1520000

300000

1850000

50000

100000

0.70

0.060

49500000 322000000 21500000 140000000 48600000 322000000 42300000 280000000 12800000 83600000 8400000 55700000 2500000 16300000

31600000

205500000

31000000

205500000

18600000 123000000

100000

0.382 3000000 15400000 21600000

0.005

0.0041

200000

400000

5200000

5100000

0.110

0.10

0.228

0.369

0.106

0.10

0.113

0.10

0.290

0.239

0.10

0.0968

0.10

0.314

0.217

0.0660

0.10

0.0897

0.10

0.312

0.10

2 2 1 2 2 1 1 1 1 1 1 1 1

2220000

314000

1906000

6295000

556000

5739000

EX-101.SCH 7 evk-20180630.xsd XBRL SCHEMA FILE 001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Consolidated Statements of Income And Comprehensive Income (Loss) (Unaudited) link:presentationLink link:definitionLink link:calculationLink 005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Basis of Presentation link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Inventories link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Bank Loans link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Derivative Financial Instruments link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Income Tax link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Earnings Per Share link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Stockholders' Equity link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Concentrations and Risks link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Segments link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Significant Accounting Policies (Policies) link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Inventories (Tables) link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Bank Loans (Tables) link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Income Tax (Tables) link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Earnings Per Share (Tables) link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Related Party Transactions (Tables) link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Concentrations and Risks (Tables) link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Segments (Tables) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - Inventories (Details) link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - Bank Loans (Details) link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - Bank Loans (Details Textual) link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - Derivative Financial Instruments (Details) link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - Income Tax (Details) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - Income Tax (Details 1) link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - Income Tax (Details 2) link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - Income Tax (Details Textual) link:presentationLink link:definitionLink link:calculationLink 033 - Disclosure - Earnings Per Share (Details) link:presentationLink link:definitionLink link:calculationLink 034 - Disclosure - Stockholders' Equity (Details) link:presentationLink link:definitionLink link:calculationLink 035 - Disclosure - Related Party Transactions (Details) link:presentationLink link:definitionLink link:calculationLink 036 - Disclosure - Related Party Transactions (Details 1) link:presentationLink link:definitionLink link:calculationLink 037 - Disclosure - Related Party Transactions (Details 2) link:presentationLink link:definitionLink link:calculationLink 038 - Disclosure - Related Party Transactions (Details 3) link:presentationLink link:definitionLink link:calculationLink 039 - Disclosure - Related Party Transactions (Details Textual) link:presentationLink link:definitionLink link:calculationLink 040 - Disclosure - Concentrations and Risks (Details) link:presentationLink link:definitionLink link:calculationLink 041 - Disclosure - Concentrations and Risks (Details Textual) link:presentationLink link:definitionLink link:calculationLink 042 - Disclosure - Segments (Details) link:presentationLink link:definitionLink link:calculationLink 043 - Disclosure - Segments (Details Textual) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 evk-20180630_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 evk-20180630_def.xml XBRL DEFINITION FILE EX-101.LAB 10 evk-20180630_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 Trading Symbol 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 Statement of Financial Position [Abstract] Statement of Financial Position [Abstract] Assets [Abstract] Total assets: ASSETS Assets, Current [Abstract] CURRENT ASSETS Cash and Cash Equivalents, at Carrying Value 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, net 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 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 Assets Total Consolidated assets TOTAL 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 Derivative Liability, Current Derivative financial instruments Accrual For Taxes Other Than Income Taxes, Current Value added and other taxes payable Taxes Payable, 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: Common Stock, Value, Issued Common stock ($.001 par value, authorized 50,000,000 shares, 14,792,836 and 14,787,940 shares issued and outstanding As of March 31, 2017 and December 31, 2016, respectively) Common stock $0.001 par value, authorized 50,000,000 shares, 14,795,992 and 14,795,992 shares issued and outstanding As of June 30, 2018 and December 31, 2017, 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 Sub-contractors fees 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 Beginning Balance Ending Balance Liabilities and Equity TOTAL LIABILITIES AND EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 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 Income Statement [Abstract] Income Statement [Abstract] Revenues Revenues NET SALES Net revenue from external customers Revenues Cost of Revenue 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 (Loss) from operations INCOME FROM OPERATIONS INCOME FROM OPERATIONS Income from operations Nonoperating Income (Expense) [Abstract] OTHER INCOME (EXPENSES) OTHER INCOME (EXPENSE) Investment Income, Interest Interest income Other Nonoperating Expense Interest expense Interest expense Other Nonoperating Income Other income Nonoperating Income (Expense) Total other income(expense) Total Other Income, Net 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 (LOSS) INCOME Net income NET INCOME Net (loss) income Net income (loss) 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 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 profit (loss) Net profit Net income Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Foreign currency translation (loss) gain Foreign currency translation income Unrealized Gain (Loss) on Derivatives Unrealized gain (loss) of derivative contracts designated as cash flow hedge Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY COMPREHENSIVE INCOME (LOSS) Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive loss attributable to the noncontrolling interest Comprehensive loss attributable to the non-controlling interest Comprehensive income(loss) attributable to the non-controlling interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent COMPREHENSIVE INCOME COMPREHENSIVE INCOME (LOSS) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY Earnings Per Share, Basic and Diluted [Abstract] EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS Basic and diluted earnings per share 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 Basic and diluted Earnings per share - Basic and diluted Earnings Per Share, Basic and Diluted, Total Earnings per share - basic and diluted 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 Weighted average number of shares outstanding 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: Adjustments to reconcile net (loss) 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 Gain (Loss) on Disposition of Property Plant Equipment Loss from sale of property and equipment Loss from sale of property and equipment Provision for Doubtful Accounts Provision of bad debt allowance Inventory Write-down Provision for obsolete inventories Inventory write-down 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 Share-based Compensation, Total Stock-based compensation Increase (Decrease) In Operating Capital [Abstract] Changes in operating assets and liabilities Increase (Decrease) in Operating Capital Changes in operating assets and liabilities 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 Amounts due from related parties Increase (Decrease) in 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 used in 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 Net Cash Provided By (Used In) Investing Activities Net cash used in investing activities Net Cash (used in) provided by investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES Proceeds From Bank Debt Proceeds from bank loans Repayments Of Bank Debt Repayment of bank loans Repayment of bank loans Proceeds from (Repayments of) Related Party Debt 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 used in financing activities Effect of Exchange Rate on Cash and Cash Equivalents 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: Cash Paid During Period [Abstract] Cash paid during the period for: Interest Paid, Net Interest Income Taxes Paid, Net Income taxes paid Income taxes Basis of Presentation [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of Accounting [Text Block] BASIS OF PRESENTATION Significant Accounting Policies [Abstract] Revenue Recognition Accounting Policies [Abstract] Significant Accounting Policies [Text Block] SIGNIFICANT ACCOUNTING POLICIES Inventories [Abstract] Inventory Disclosure [Abstract] Inventory Disclosure [Text Block] INVENTORIES Inventories Bank Loans [Abstract] Debt Disclosure [Text Block] BANK LOANS Derivative Financial Instruments [Abstract] Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Text Block] DERIVATIVE FINANCIAL INSTRUMENTS Income Tax [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] INCOME TAX Earnings Per Share [Abstract] EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS: EARNINGS PER SHARE: 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 Revenue Recognition, Policy [Policy Text Block] Revenue Recognition Fair Value Of Financial Instruments, Policy [Policy Text Block] Financial Instruments Receivables, Policy [Policy Text Block] Accounts Receivable, net Fair Value Measurement, Policy [Policy Text Block] Fair Value Accounting Derivatives, Reporting of Derivative Activity [Policy Text Block] Derivative Financial Instruments 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 inventories Schedule Of Debt [Table Text Block] Schedule of short-term bank loans Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] Schedule of pre-tax income in jurisdictions Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] Schedule 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 income tax expense Schedule Of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of demonstrates calculation for earnings per share Other Expenses Due To Related Parties [Table Text Block] Schedule 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] Schedule of sub-contracts with related parties Purchases from, and Sub-contracts with Related Parties. Accounts Payable Related Parties [Table Text Block] Schedule of accounts payable to related parties Accounts Payable - Related Parties. Amounts Due From Related Party Current Assets [Table Text Block] Schedule 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] Schedule of Company's revenues as per geographic areas Schedule Of Segment Reporting Information, By Segment [Table Text Block] Summary of financial and operating information Inventory, Raw Materials Raw materials Inventory, Work In Process Work-in-progress Inventory, Finished Goods, Gross Finished goods 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 Minsheng Banking [Member] China Minsheng Bank [Member] China Minsheng Banking [Member[ China Minsheng Banking. Hsbc [Member] HSBC [Member] Bank Of China [Member] Bank of China [Member] Bank of China. Bank Of Communications [Member] Bank of Communications [Member] Bank of Communications. Line Of Credit Facility [Line Items] Line of Credit Facility [Line Items] Short-Term Debt [Abstract] Schedule of short term bank loans Bank Loans Bank loans Shanghai Pudong Development Bank [Member] Shanghai Pudong Development Bank [Member] Shanghai Pudong Development 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. Everbright Bank [Member] Bank of Everbright [Member] Everbright bank. Huaxia Bank [Member] Huaxia Bank [Member] HuaXia Bank. China Citic Bank [Member] China Citic Bank [Member] Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] Goldenway [Member] Goldenway [Member] Goldenway. Ever Glory Apparel [Member] Ever-Glory Apparel [Member] Ever-Glory Apparel. La Go Go [Member] LA GO GO [Member] LA GO GO. New Tailun [Member] New-Tailun [Member] New Tailun. Ever Glory Apparel And Perfect Dream [Member] Ever-Glory Apparel and Goldenway [Member] Ever-Glory Apparel and Goldenway. Related Party [Axis] Related Party Transactions, by Related Party [Axis] EX-101.PRE 11 evk-20180630_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, 2018	Aug. 11, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Ever-Glory International Group, Inc.
Entity Central Index Key	0000943184
Trading Symbol	EVK
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		14,795,992

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 36,439	$ 62,876
Accounts receivable, net	61,072	81,859
Inventories	64,418	56,182
Value added tax receivable	3,037	3,757
Other receivables and prepaid expenses	13,771	5,139
Advances on inventory purchases	9,858	3,028
Amounts due from related parties		265
Total Current Assets	188,595	213,106
INTANGIBLE ASSETS	6,290	5,995
PROPERTY AND EQUIPMENT, NET	26,305	25,891
TOTAL ASSETS	221,190	244,992
CURRENT LIABILITIES
Bank loans	34,768	37,730
Accounts payable	58,745	73,788
Accounts payable and other payables - related parties	4,448	4,675
Other payables and accrued liabilities	23,440	16,454
Derivative financial instruments	469
Value added and other taxes payable	245	6,052
Income tax payable	777	1,712
Total Current Liabilities	122,892	140,411
NONCURRENT LIABILITIES
Deferred tax liabilities	1,039	1,883
TOTAL LIABILITIES	123,931	142,294
COMMITMENTS AND CONTINGENCIES
Stockholders' equity:
Common stock $0.001 par value, authorized 50,000,000 shares, 14,795,992 and 14,795,992 shares issued and outstanding As of June 30, 2018 and December 31, 2017, respectively)	15	15
Additional paid-in capital	3,620	3,620
Retained earnings	98,786	95,195
Statutory reserve	17,794	17,794
Accumulated other comprehensive income	(48)	2,585
Amounts due from related party	(21,589)	(15,449)
Total equity attributable to stockholders of the Company	98,578	103,760
Noncontrolling interest	(1,319)	(1,062)
Total Equity	97,259	102,698
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 221,190	$ 244,992

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	14,795,992	14,795,992
Common stock, shares outstanding	14,795,992	14,795,992

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
NET SALES	$ 88,541	$ 79,771	$ 181,326	$ 164,891
COST OF SALES	53,999	49,121	115,439	105,732
GROSS PROFIT	34,542	30,650	65,887	59,159
OPERATING EXPENSES
Selling expenses	22,590	20,223	44,817	39,968
General and administrative expenses	8,823	7,479	16,496	14,734
Total Operating Expenses	31,413	27,702	61,313	54,702
INCOME FROM OPERATIONS	3,129	2,948	4,574	4,457
OTHER INCOME (EXPENSES)
Interest income	370	282	696	539
Interest expense	(360)	(318)	(924)	(645)
Other income	865	523	1,001	1,100
Total Other Income, Net	875	487	773	994
INCOME BEFORE INCOME TAX EXPENSE	4,004	3,435	5,347	5,451
Income tax expense	(1,285)	(833)	(2,041)	(2,050)
NET INCOME	2,719	2,602	3,306	3,401
Net loss attributable to the non-controlling interest	57	86	285	261
NET INCOME ATTRIBUTABLE TO THE COMPANY	2,776	2,688	3,591	3,662
NET INCOME	2,719	2,602	3,306	3,401
Foreign currency translation (loss) gain	(6,091)	1,063	(2,068)	1,522
Unrealized gain (loss) of derivative contracts designated as cash flow hedge	(469)		(469)
COMPREHENSIVE INCOME (LOSS)	(3,841)	3,665	769	4,923
Comprehensive income(loss) attributable to the non-controlling interest	(13)	98	309	278
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (3,854)	$ 3,763	$ 1,078	$ 5,201
EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS
Basic and diluted	$ 0.19	$ 0.18	$ 0.24	$ 0.25
Weighted average number of shares outstanding Basic and diluted	14,795,992	14,792,836	14,795,992	14,791,240

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 3,306	$ 3,401
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	4,903	3,481
Loss from sale of property and equipment	6	5
Provision of bad debt allowance		688
Provision for obsolete inventories	1,626	4,105
Deferred income tax	(843)	(1,744)
Stock-based compensation		10
Changes in operating assets and liabilities
Changes in operating assets and liabilities
Accounts receivable	20,150	13,865
Inventories	(10,873)	(11,750)
Value added tax receivable	681	(1,446)
Other receivables and prepaid expenses	(8,942)	(673)
Advances on inventory purchases	(7,145)	(2,684)
Amounts due from related parties	1,117	(161)
Accounts payable	(14,296)	(7,542)
Accounts payable and other payables- related parties	(1,485)	(818)
Other payables and accrued liabilities	8,006	(1,353)
Value added and other taxes payable	(5,924)	(4,048)
Income tax payable	(942)	(753)
Net cash used in operating activities	(10,655)	(7,417)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(6,295)	(2,220)
Net Cash (used in) provided by investing activities	(6,295)	(2,220)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans	28,111	25,664
Repayment of bank loans	(30,533)	(17,821)
Repayment of loans from related party	2,556	482
Advances to related party	(8,734)	(6,433)
Net cash used in financing activities	(8,600)	1,892
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(887)	310
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(26,437)	(7,435)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	62,876	45,288
CASH AND CASH EQUIVALENTS AT END OF PERIOD	36,439	37,853
Cash paid during the period for:
Interest	924	645
Income taxes	$ 3,016	$ 3,120

XML 17 R6.htm IDEA: XBRL DOCUMENT

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2018
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”) and Ever-Glory Supply Chain Service Co., Limited (“Ever-Glory Supply Chain”). The Company’s retail operations are provided through its wholly- owned subsidiaries, Shanghai LA GO Fashion Company Limited (“Shanghai LA GO GO”), Jiangsu LA GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA 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, 2018, the condensed consolidated statements of income and comprehensive income (loss) for the three and six months ended June 30, 2018 and 2017, and condensed consolidated statements of cash flows for the six months ended June 30, 2018 and 2017. 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 8-03 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, 2018 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, 2017.

XML 18 R7.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

The Company operates in two segments – wholesale and retail.

Financial Instruments

Accounts Receivable, net

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).

Derivative Financial Instruments

Foreign Currency Translation and Other Comprehensive Income

Recently Issued Accounting Pronouncements

XML 19 R8.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Jun. 30, 2018

Inventories [Abstract]

INVENTORIES

NOTE 3 INVENTORIES

Inventories at June 30, 2018 and December 31, 2017 consisted of the following:

	June 30, 2018		December 31, 2017
	(In thousands of U.S. Dollars)
Raw materials	$	4,655	$	2,148
Work-in-progress		21,226		8,852
Finished goods		38,537		45,182
Total inventories	$	64,418	$	56,182

XML 20 R9.htm IDEA: XBRL DOCUMENT

Bank Loans

6 Months Ended

Jun. 30, 2018

Bank Loans [Abstract]

BANK LOANS

NOTE 4 BANK LOANS

	June 30, 2018		December 31, 2017
Bank	(In thousands of U.S. Dollars)
Industrial and Commercial Bank of China	$	16,610	$	21,504
Nanjing Bank		10,570		9,216
China Minsheng Banking		3,020		3,072
HSBC		1,548		2,402
Bank of China		1,510		-
Bank of Communications		1,510		1,536
	$	34,768	$	37,730

All loans have been repaid before or at maturity date.

Total interest expense on bank loans amounted to $0.3 million, $0.9 million, $0.3 million, $0.6 million for the three and six months ended June 30, 2018 and 2017, respectively.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2018
Derivative Financial Instruments [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 5 DERIVATIVE FINANCIAL INSTRUMENTS Foreign currency swap contracts The Company entered two foreign currency swap contracts with two banks during 2018. Due to the demand of financial management for daily operation, Ever-Glory Apparel entered into a foreign currency swap contract to exchange $6.0 million for equivalent RMB with Bank of China in May and entered into a foreign currency swap contract to exchange $3.0 million for equivalent RMB with Industrial and Commercial Bank of China in June. The terms of two foreign currency contracts are both six months. Ever-Glory Apparel and the banks swapped two currencies by same pre-determined exchange rate at the beginning and end of the contracts. During the period, the Company pays annual interest of 1.43% for the RMB received and receives 0 interest for the USD exchanged. If the Company failed to execute the exchange at the expiration of contracts, the banks would sell the USD at the market rate then the difference in RMB will be converted into bank loan for the Company. As of June 30, 2018, the fair value of principal amounts are included in other receivable ($9.0 million plus unrealized gain) and other payables (equivalent RMB payables) in the consolidated balance sheets, and unrealized gain of $0.27 million for the six months ended June 30, 2018 is recognized in the income from operations. Forward foreign exchange contracts To avoid foreign currency fluctuation on forecasted international sales and secure the profits on such revenues, the Company entered several forward foreign exchange contracts with banks from time to time. According to ASC 815-20-25, the Company designated above contracts as cash flow hedges. As of June 30, 2018, the Company had one outstanding forward foreign exchange contract (sell EUR dollars for RMB), with total notional amount of €0.42 million and two outstanding forward foreign exchange contracts (sell USD dollars for RMB), with total notional amount of $17.0 million according to the amounts of orders. These contracts have aggregate unrealized loss of $0.49 million in fair value recognized as derivatives financial instruments liabilities and accumulated other comprehensive income (loss) in the consolidated balance sheets. As of December 31, 2017, the Company had five outstanding forward foreign exchange contracts (sell EUR dollars for RMB), with total notional amount of EUR€1.68 million (USD$2.0 million). The fair value of these contracts as of December 31, 2017 was loss of ($8,000), which is immaterial to the consolidated financial statements.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Income Tax

6 Months Ended

Jun. 30, 2018

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, off-shores income is exempted from income taxes.

Ever-Glory Supply Chain Service Co., Limited was incorporated in Hongkong, and under the current laws of Hongkong, are subject to income tax at the 16.5% statutory rate.

	Three months ended						Six months ended
	June 30,						June 30,
	2018			2017			2018			2017
	(In thousands of U.S. Dollars)
PRC	$	4,010		$	3,438		$	5,359		$	5,456
Others		(6	)		(3	)		(12	)		(5	)
	$	4,004		$	3,435		$	5,347		$	5,451

The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three and six months ended June 30, 2018 and 2017:

	Three months ended						Six months ended
	June 30,						June 30,
	2018			2017			2018			2017
PRC statutory rate		25.0	%		25.0	%		25.0	%		25.0	%
Net operating losses for which no deferred tax assets was recognized		9.1			-			13.2			12.6
Other		(2.0	)		(0.7	)		-			-
Effective income tax rate		32.1	%		24.3	%		38.2	%		37.6	%

Income tax expense for the three and six months ended June 30, 2018 and 2017 is as follows:

	Three months ended						Six months ended
	June 30,						June 30,
	2018			2017			2018			2017
Current	$	1,960		$	1,359		$	2,884		$	3,730
Deferred		(675	)		(526	)		(843	)		(1,680	)
Income tax expense	$	1,285		$	833		$	2,041		$	2,050

The Company’s deferred tax liabilities arise from differences between US GAAP and PRC tax accounting for certain revenue and expense items, including timing of deduction of losses from allowances.

XML 23 R12.htm IDEA: XBRL DOCUMENT

Earnings Per Share

6 Months Ended

Jun. 30, 2018

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, 2018 and 2017:

	Three months ended				Six months ended
	June 30,				June 30,
	2018		2017		2018		2017
Weighted average number of common shares – Basic and diluted		14,795,992		14,792,836		14,795,992		14,791,240
Earnings per share – Basic and diluted	$	0.19	$	0.18	$	0.24	$	0.25

XML 24 R13.htm IDEA: XBRL DOCUMENT

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2018
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 8 STOCKHOLDERS’ EQUITY On February 28, 2017, the Company issued an aggregate of 2,542 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 2016. The shares were valued at $1.96 per share, which was the average market price of the common stock for the five days before the grant date. On February 28, 2017, the Company issued an aggregate of 2,354 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 2016. The shares were valued at $2.14 per share, which was the average market price of the common stock for the five days before the grant date. On October 19, 2017, the Company issued an aggregate of 3,156 shares of its common stock to two of the Company’s independent directors as compensation for their services in the first, second and third quarters of 2017. The shares were valued at $2.37 per share, which was the average market price of the common stock for the five days before the grant date.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Jun. 30, 2018

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, 2018 and 2017 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,
	2018		2017		2018		2017
	In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	-	$	12	$	-	$	23
Chuzhou Huarui		51		52		109		104
Kunshan Enjin		14		11		27		22
Total	$	65	$	75	$	136	$	149

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, 2018 and 2017 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(In thousands of U.S. Dollars)
Chuzhou huarui	$	1,006	$	990	$	1,873	$	2,000
Fengyang huarui		567		387		1,051		851
Nanjing Ever-Kyowa		326		77		675		820
Ever-Glory Vietnam		3,260		4,309		5,174		5,731
Ever-Glory Cambodia		-		188		-		224
EsCeLav		21		-		21		4
Jiangsu Ever-Glory		17		-		21		3
	$	5,197	$	5,951	$	8,815	$	9,633

Accounts Payable – Related Parties

The accounts payable to related parties at June 30, 2018 and December 31, 2017 are as follows:

	June 30, 2018		December 31, 2017
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	1,423		1,934
Fengyang Huarui		196		459
Nanjing Ever-Kyowa		1,017		900
Chuzhou Huarui		847		1,152
Esc’elav		-		6
Jiangsu Ever-Glory		28		110
Nanjing Knitting		937		114
Total	$	4,448	$	4,675

Amounts Due From Related Parties-current assets

The amounts due from related parties as of June 30, 2018 and December 31, 2017 are as follows:

	June 30, 2018		December 31, 2017
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	-	$	265
Total	$	-	$	265

Amounts Due From Related Party under Counter Guarantee Agreement

XML 26 R15.htm IDEA: XBRL DOCUMENT

Concentrations and Risks

6 Months Ended

Jun. 30, 2018

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, 2018 and 2017, 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, 2018 and 2017.

The Company’s revenues for the three and six months ended June 30, 2018 and 2017 were earned in the following geographic areas:

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
	(In thousands of U.S. Dollars)
The People’s Republic of China	$	9,131	$	3,525	$	13,342	$	10,114
Hong Kong China		7,418		7,795		12,556		13,218
Germany		899		1,876		2,765		4,769
United Kingdom		2,881		2,287		5,099		5,575
Europe-Other		5,833		8,640		10,285		14,389
Japan		1,881		1,186		4,318		2,631
United States		10,771		7,696		15,705		10,614
Total wholesale business		38,814		33,005		64,070		61,310
Retail business		49,727		46,766		117,256		103,581
Total	$	88,541	$	79,771	$	181,326	$	164,891

XML 27 R16.htm IDEA: XBRL DOCUMENT

Segments

6 Months Ended

Jun. 30, 2018

Segments [Abstract]

SEGMENTS

NOTE 11 SEGMENTS

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

(a)

Wholesale segment

(b)

Retail segment

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Six months ended June 30, 2018
Segment profit or loss:
Net revenue from external customers	$	64,070		117,256		181,326
Income from operations	$	2,634		1,940		4,574
Interest income	$	663		33		696
Interest expense	$	782		142		924
Depreciation and amortization	$	602		4,301		4,903
Income tax expense	$	714		1,327		2,041
Segment assets:
Additions to property, plant and equipment		556		5,739		6,295
Total assets		91,483		129,707		221,190

Six months ended June 30, 2017
Segment profit or loss:
Net revenue from external customers	$	61,310		103,581		164,891
Income from operations	$	2,663		1,794		4,457
Interest income	$	498		41		539
Interest expense	$	470		175		645
Depreciation and amortization	$	552		2,929		3,481
Income tax expense	$	756		1,294		2,050
Segment assets:
Additions to property, plant and equipment		314		1,906		2,220
Total assets		87,294		107,013		194,307

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Three months ended June 30, 2018
Segment profit or loss:
Net revenue from external customers	$	38,814		49,727		88,541
Income from operations	$	1,538		1,591		3,129
Interest income	$	354		16		370
Interest expense	$	291		69		360
Depreciation and amortization	$	297		2,069		2,366
Income tax expense	$	481		804		1,285

Three months ended June 30, 2017
Segment profit or loss:
Net revenue from external customers	$	33,006		46,765		79,771
Income from operations	$	912		2,036		2,948
Interest income	$	263		19		282
Interest expense	$	226		92		318
Depreciation and amortization	$	285		955		1,240
Income tax expense	$	292		541		833

XML 28 R17.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Significant Accounting Policies [Abstract]

Revenue Recognition

Revenue Recognition

The Company operates in two segments – wholesale and retail.

Financial Instruments

Financial Instruments

Accounts Receivable, net

Accounts Receivable, net

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).

Derivative Financial Instruments

Derivative Financial Instruments

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, 2018

Inventories [Abstract]

Schedule of inventories

	June 30, 2018		December 31, 2017
	(In thousands of U.S. Dollars)
Raw materials	$	4,655	$	2,148
Work-in-progress		21,226		8,852
Finished goods		38,537		45,182
Total inventories	$	64,418	$	56,182

XML 30 R19.htm IDEA: XBRL DOCUMENT

Bank Loans (Tables)

6 Months Ended

Jun. 30, 2018

Bank Loans [Abstract]

Schedule of short-term bank loans

	June 30, 2018		December 31, 2017
Bank	(In thousands of U.S. Dollars)
Industrial and Commercial Bank of China	$	16,610	$	21,504
Nanjing Bank		10,570		9,216
China Minsheng Banking		3,020		3,072
HSBC		1,548		2,402
Bank of China		1,510		-
Bank of Communications		1,510		1,536
	$	34,768	$	37,730

XML 31 R20.htm IDEA: XBRL DOCUMENT

Income Tax (Tables)

6 Months Ended

Jun. 30, 2018

Income Tax [Abstract]

Schedule of pre-tax income in jurisdictions

	Three months ended						Six months ended
	June 30,						June 30,
	2018			2017			2018			2017
	(In thousands of U.S. Dollars)
PRC	$	4,010		$	3,438		$	5,359		$	5,456
Others		(6	)		(3	)		(12	)		(5	)
	$	4,004		$	3,435		$	5,347		$	5,451

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

	Three months ended						Six months ended
	June 30,						June 30,
	2018			2017			2018			2017
PRC statutory rate		25.0	%		25.0	%		25.0	%		25.0	%
Net operating losses for which no deferred tax assets was recognized		9.1			-			13.2			12.6
Other		(2.0	)		(0.7	)		-			-
Effective income tax rate		32.1	%		24.3	%		38.2	%		37.6	%

Schedule of income tax expense

	Three months ended						Six months ended
	June 30,						June 30,
	2018			2017			2018			2017
Current	$	1,960		$	1,359		$	2,884		$	3,730
Deferred		(675	)		(526	)		(843	)		(1,680	)
Income tax expense	$	1,285		$	833		$	2,041		$	2,050

XML 32 R21.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Schedule of demonstrates calculation for earnings per share

	Three months ended				Six months ended
	June 30,				June 30,
	2018		2017		2018		2017
Weighted average number of common shares – Basic and diluted		14,795,992		14,792,836		14,795,992		14,791,240
Earnings per share – Basic and diluted	$	0.19	$	0.18	$	0.24	$	0.25

XML 33 R22.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2018

Schedule of other expenses due to related parties

	Three months ended				Six months ended
	June 30,				June 30,
	2018		2017		2018		2017
	In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	-	$	12	$	-	$	23
Chuzhou Huarui		51		52		109		104
Kunshan Enjin		14		11		27		22
Total	$	65	$	75	$	136	$	149

Schedule of sub-contracts with related parties

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(In thousands of U.S. Dollars)
Chuzhou huarui	$	1,006	$	990	$	1,873	$	2,000
Fengyang huarui		567		387		1,051		851
Nanjing Ever-Kyowa		326		77		675		820
Ever-Glory Vietnam		3,260		4,309		5,174		5,731
Ever-Glory Cambodia		-		188		-		224
EsCeLav		21		-		21		4
Jiangsu Ever-Glory		17		-		21		3
	$	5,197	$	5,951	$	8,815	$	9,633

Schedule of accounts payable to related parties

	June 30, 2018		December 31, 2017
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	1,423		1,934
Fengyang Huarui		196		459
Nanjing Ever-Kyowa		1,017		900
Chuzhou Huarui		847		1,152
Esc’elav		-		6
Jiangsu Ever-Glory		28		110
Nanjing Knitting		937		114
Total	$	4,448	$	4,675

Schedule of amounts due from related party current assets

	June 30, 2018		December 31, 2017
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	-	$	265
Total	$	-	$	265

XML 34 R23.htm IDEA: XBRL DOCUMENT

Concentrations and Risks (Tables)

6 Months Ended

Jun. 30, 2018

Concentrations and Risks [Abstract]

Schedule of Company's revenues as per geographic areas

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
	(In thousands of U.S. Dollars)
The People’s Republic of China	$	9,131	$	3,525	$	13,342	$	10,114
Hong Kong China		7,418		7,795		12,556		13,218
Germany		899		1,876		2,765		4,769
United Kingdom		2,881		2,287		5,099		5,575
Europe-Other		5,833		8,640		10,285		14,389
Japan		1,881		1,186		4,318		2,631
United States		10,771		7,696		15,705		10,614
Total wholesale business		38,814		33,005		64,070		61,310
Retail business		49,727		46,766		117,256		103,581
Total	$	88,541	$	79,771	$	181,326	$	164,891

XML 35 R24.htm IDEA: XBRL DOCUMENT

Segments (Tables)

6 Months Ended

Jun. 30, 2018

Segments [Abstract]

Summary of financial and operating information

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Six months ended June 30, 2018
Segment profit or loss:
Net revenue from external customers	$	64,070		117,256		181,326
Income from operations	$	2,634		1,940		4,574
Interest income	$	663		33		696
Interest expense	$	782		142		924
Depreciation and amortization	$	602		4,301		4,903
Income tax expense	$	714		1,327		2,041
Segment assets:
Additions to property, plant and equipment		556		5,739		6,295
Total assets		91,483		129,707		221,190

Six months ended June 30, 2017
Segment profit or loss:
Net revenue from external customers	$	61,310		103,581		164,891
Income from operations	$	2,663		1,794		4,457
Interest income	$	498		41		539
Interest expense	$	470		175		645
Depreciation and amortization	$	552		2,929		3,481
Income tax expense	$	756		1,294		2,050
Segment assets:
Additions to property, plant and equipment		314		1,906		2,220
Total assets		87,294		107,013		194,307

	Wholesale segment		Retail segment		Total
	(In thousands of U.S. Dollars)
Three months ended June 30, 2018
Segment profit or loss:
Net revenue from external customers	$	38,814		49,727		88,541
Income from operations	$	1,538		1,591		3,129
Interest income	$	354		16		370
Interest expense	$	291		69		360
Depreciation and amortization	$	297		2,069		2,366
Income tax expense	$	481		804		1,285

Three months ended June 30, 2017
Segment profit or loss:
Net revenue from external customers	$	33,006		46,765		79,771
Income from operations	$	912		2,036		2,948
Interest income	$	263		19		282
Interest expense	$	226		92		318
Depreciation and amortization	$	285		955		1,240
Income tax expense	$	292		541		833

XML 36 R25.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Inventories [Abstract]
Raw materials	$ 4,655	$ 2,148
Work-in-progress	21,226	8,852
Finished goods	38,537	45,182
Total inventories	$ 64,418	$ 56,182

XML 37 R26.htm IDEA: XBRL DOCUMENT

Bank Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of short term bank loans
Bank loans	$ 34,768	$ 37,730
Industrial and Commercial Bank of China [Member]
Schedule of short term bank loans
Bank loans	16,610	21,504
Nanjing Bank [Member]
Schedule of short term bank loans
Bank loans	10,570	9,216
China Minsheng Banking [Member[
Schedule of short term bank loans
Bank loans	3,020	3,072
HSBC [Member]
Schedule of short term bank loans
Bank loans	1,548	2,402
Bank of China [Member]
Schedule of short term bank loans
Bank loans	1,510
Bank of Communications [Member]
Schedule of short term bank loans
Bank loans	$ 1,510	$ 1,536

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, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 CNY (¥)	Oct. 31, 2017 USD ($)	Oct. 31, 2017 CNY (¥)	Sep. 30, 2017 USD ($)	Sep. 30, 2017 CNY (¥)	Jul. 31, 2017 USD ($)	Jul. 31, 2017 CNY (¥)	Mar. 31, 2017 USD ($)	Mar. 31, 2017 CNY (¥)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Jun. 30, 2016 USD ($)	Jun. 30, 2016 CNY (¥)	Sep. 30, 2015 USD ($)	Sep. 30, 2015 CNY (¥)	Jun. 30, 2014 USD ($)	Jun. 30, 2014 CNY (¥)
Bank Loans (Textual)
Interest expense on bank loans	$ 300	$ 300	$ 900	$ 600
Nanjing Bank [Member] \| Goldenway [Member]
Bank Loans (Textual)
Line of credit agreement amount	7,600		7,600		¥ 50.0													$ 800	¥ 5.0
Unused line of credit	6,800		$ 6,800
Due date of revolving line of credit agreement			October 2018.
Nanjing Bank [Member] \| Goldenway [Member] \| Minimum [Member]
Bank Loans (Textual)
Line of credit annual interest rates			4.37%
Nanjing Bank [Member] \| Goldenway [Member] \| Maximum [Member]
Bank Loans (Textual)
Line of credit annual interest rates			4.54%
Nanjing Bank [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement amount	7,600		$ 7,600		50.0													$ 9,100	¥ 60.0
Unused line of credit	1,500		$ 1,500
Due date of revolving line of credit agreement			July to September 2018.
Nanjing Bank [Member] \| Ever-Glory Apparel [Member] \| Minimum [Member]
Bank Loans (Textual)
Line of credit annual interest rates			4.60%
Nanjing Bank [Member] \| Ever-Glory Apparel [Member] \| Maximum [Member]
Bank Loans (Textual)
Line of credit annual interest rates			4.70%
Nanjing Bank [Member] \| LA GO GO [Member]
Bank Loans (Textual)
Line of credit agreement amount	2,300		$ 2,300		15.0									$ 3,000	¥ 20.0
Unused line of credit	700		$ 700
Line of credit annual interest rates			5.00%
Due date of revolving line of credit agreement			May 2019.
Industrial and Commercial Bank of China [Member] \| Goldenway [Member]
Bank Loans (Textual)
Line of credit agreement amount	6,000		$ 6,000		40.0											$ 9,100	¥ 60.0
Unused line of credit	3,100		$ 3,100
Line of credit annual interest rates			4.70%
Due date of revolving line of credit agreement			November 2018 to January 2019.
Industrial and Commercial Bank of China [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement amount	10,600		$ 10,600		70.0															$ 18,100	¥ 120.0
Unused line of credit	7,500		$ 7,500
Due date of revolving line of credit agreement			September 2018.
Industrial and Commercial Bank of China [Member] \| Ever-Glory Apparel [Member] \| Minimum [Member]
Bank Loans (Textual)
Line of credit annual interest rates			4.57%
Industrial and Commercial Bank of China [Member] \| Ever-Glory Apparel [Member] \| Maximum [Member]
Bank Loans (Textual)
Line of credit annual interest rates			4.70%
China Everbright Bank [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement amount												$ 6,000	¥ 40.0
Unused line of credit	6,000		$ 6,000
Bank of Communications [Member] \| LA GO GO [Member]
Bank Loans (Textual)
Line of credit agreement amount	1,500		1,500		10.0					$ 3,300	¥ 22.0											$ 4,900	¥ 33.0
Unused line of credit	1,800		$ 1,800
Line of credit annual interest rates			4.57%
Due date of revolving line of credit agreement			September 2018.
Bank of China [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement amount	1,500		$ 1,500		10.0			$ 4,500	¥ 30.0
Unused line of credit	3,000		$ 3,000
Line of credit annual interest rates			4.35%
Due date of revolving line of credit agreement			August 2018.
HSBC [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement amount	1,760		$ 1,760			$ 2,500
Unused line of credit	1,000		$ 1,000
Line of credit annual interest rates			3.00%
Due date of revolving line of credit agreement			October 2018.
China Minsheng Bank [Member] \| LA GO GO [Member]
Bank Loans (Textual)
Line of credit agreement amount	$ 3,000		$ 3,000		¥ 20.0	$ 3,000	¥ 20.0
Line of credit annual interest rates			4.60%
Due date of revolving line of credit agreement			June 2019.

XML 39 R28.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments (Details) € in Thousands, ¥ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018 USD ($) Contracts	Dec. 31, 2017 USD ($) Contracts	Jun. 30, 2018 EUR (€) Contracts	Dec. 31, 2017 CNY (¥) Contracts	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)
Cash and cash equivalents	$ 36,439,000	$ 62,876,000			$ 37,853,000	$ 45,288,000
Derivative notional amount	$ 17,000,000	$ 2,000	€ 420	¥ 1,680
Number of foreign exchange contracts \| Contracts	1	5	1	5
Annual interest rate	1.43%		1.43%
Fair value of principal amounts	$ 9,000,000	$ 8,000,000
Unrealized gain	270,000
Aggregate unrealized loss	490,000
Interest received	0
Ever-Glory Apparel [Member] \| Bank of China [Member]
Cash and cash equivalents	6,000
Ever-Glory Apparel [Member] \| Industrial and Commercial Bank of China [Member]
Cash and cash equivalents	$ 3,000

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary of Pre-tax income in jurisdictions
Pre-tax income	$ 4,004	$ 3,435	$ 5,347	$ 5,451
PRC [Member]
Summary of Pre-tax income in jurisdictions
Pre-tax income	4,010	3,438	5,359	5,456
Others [Member]
Summary of Pre-tax income in jurisdictions
Pre-tax income	$ (6)	$ (3)	$ (12)	$ (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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
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%
Net operating losses for which no deferred tax assets was recognized	9.10%		13.20%	12.60%
Other	(2.00%)	(0.70%)
Effective income tax rate	32.10%	24.30%	38.20%	37.60%

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary of income tax expense
Current	$ 1,960	$ 1,359	$ 2,884	$ 3,730
Deferred	(675)	(526)	(843)	(1,680)
Income tax expense	$ 1,285	$ 833	$ 2,041	$ 2,050

XML 43 R32.htm IDEA: XBRL DOCUMENT

Income Tax (Details Textual) $ in Millions	6 Months Ended
Income Tax (Details Textual) $ in Millions	Jun. 30, 2018 USD ($)
Income Tax (Textual)
Tax Expiration	Dec. 31, 2017
Income tax, description	The statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017.
PRC [Member]
Income Tax (Textual)
Effective income tax reduction, percent	10.00%
PRC statutory rate	25.00%
HK [ Member]
Income Tax (Textual)
PRC statutory rate	16.50%
Xizang (Tibet) [Member]
Income Tax (Textual)
PRC statutory rate	15.00%
Non-U.S. subsidiaries [Member]
Income Tax (Textual)
U.S. deferred income taxes	$ 98.1
Minimum [Member]
Income Tax (Textual)
PRC statutory rate	9.00%
Maximum [Member]
Income Tax (Textual)
PRC statutory rate	15.00%

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Basic and diluted earnings per share
Weighted average number of common shares - Basic and diluted	14,795,992	14,792,836	14,795,992	14,791,240
Earnings per share - Basic and diluted	$ 0.19	$ 0.18	$ 0.24	$ 0.25

XML 45 R34.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details) - $ / shares	1 Months Ended
Stockholders' Equity (Details) - $ / shares	Oct. 19, 2017	Feb. 28, 2017
Two independent directors [Member]
Stockholders' Equity (Textual)
Common stock shares issued to independent directors		2,542
Common stock issued at five days average market price		$ 1.96
Number of days used to calculation average market price of common stock		Five days before the grant date.
Two independent directors one [Member]
Stockholders' Equity (Textual)
Common stock shares issued to independent directors	3,156	2,354
Common stock issued at five days average market price	$ 2.37	$ 2.14
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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary of other expenses due to related parties
Total	$ 65	$ 75	$ 136	$ 149
Jiangsu Ever-Glory [Member]
Summary of other expenses due to related parties
Total		12		23
Chuzhou Huarui [Member]
Summary of other expenses due to related parties
Total	51	52	109	104
Kunshan Enjin [Member]
Summary of other expenses due to related parties
Total	$ 14	$ 11	$ 27	$ 22

XML 47 R36.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary of sub-contracts with related parties
Total	$ 5,197	$ 5,951	$ 8,815	$ 9,633
Chuzhou huarui [Member]
Summary of sub-contracts with related parties
Total	1,006	990	1,873	2,000
Fengyang huarui [Member]
Summary of sub-contracts with related parties
Total	567	387	1,051	851
Nanjing Ever-Kyowa [Member]
Summary of sub-contracts with related parties
Total	326	77	675	820
Ever-Glory Vietnam [Member]
Summary of sub-contracts with related parties
Total	3,260	4,309	5,174	5,731
Ever-Glory Cambodia [Member]
Summary of sub-contracts with related parties
Total		188		224
EsCeLav [Member]
Summary of sub-contracts with related parties
Total	21		21	4
Jiangsu Ever-Glory [Member]
Summary of sub-contracts with related parties
Total	$ 17		$ 21	$ 3

XML 48 R37.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details 2) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Summary of accounts payable - related parties
Total	$ 4,448	$ 4,675
Ever-Glory Vietnam [Member]
Summary of accounts payable - related parties
Total	1,423	1,934
Fengyang Huarui [Member]
Summary of accounts payable - related parties
Total	196	459
Nanjing Ever-Kyowa [Member]
Summary of accounts payable - related parties
Total	1,017	900
Chuzhou Huarui [Member]
Summary of accounts payable - related parties
Total	847	1,152
Esc'elav [Member]
Summary of accounts payable - related parties
Total		6
Jiangsu Ever-Glory [Member]
Summary of accounts payable - related parties
Total	28	110
Nanjing Knitting [Member]
Summary of accounts payable - related parties
Total	$ 937	$ 114

XML 49 R38.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details 3) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Summary of amounts due from related parties
Total		$ 265
Jiangsu Ever-Glory [Member]
Summary of amounts due from related parties
Total		$ 265

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, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2018 CNY (¥)	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 CNY (¥)	Jun. 30, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Related Party Transactions (Textual)
Net income (loss)		$ 2,776	$ 2,688	$ 3,591		$ 3,662
Ever-Glory Enterprises [Member]
Related Party Transactions (Textual)
Acquired interest				83.00%	83.00%
Jiangsu Ever-Glory [Member]
Related Party Transactions (Textual)
Purchase of raw material		0	20	$ 300		100
Company sold raw materials		100	50	100		50
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				48,600	¥ 322.0		$ 49,500	¥ 322.0
Counter guaranty provided by parent company on lines of credit		8,400		8,400			12,800		¥ 55.7	¥ 83.6
Received amount of counter guaranty on lines of credit		2,500		2,500					¥ 16.3
Accrued interest				3,000
Value of equity reduction		$ 21,600		$ 21,600			15,400
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		$ 400	200	$ 400		200
Jiangsu Ever-Glory [Member] \| Counter-guarantee [Member]
Related Party Transactions (Textual)
Amount of Guarantee reduced				18,600	¥ 123.0
Currency exchange adjustment				$ 100
Percentage of reduced guarantee				38.20%	38.20%
Nanjing Knitting [Member]
Related Party Transactions (Textual)
Other income from related parties		0	984	$ 0		6,365
Amount paid through the consignment		0	1,575	0		10,534
Net income (loss)		0	(591)	0		(4,170)
Purchase of raw material		1,520	440	1,850		600
Line of credit facility, collateral amount				31,000	¥ 205.5		31,600	205.5
Mr. Kang [Member]
Related Party Transactions (Textual)
Guarantee on lines of credit				42,300	¥ 280.0		$ 21,500	¥ 140.0
Jiangsu Wubijia [Member]
Related Party Transactions (Textual)
Other income from related parties		17,919	5,918	51,541		17,483
Amount paid through the consignment		20,130	4,602	39,318		13,556
Net income (loss)		$ (2,212)	$ 1,316	$ 12,223		$ 3,928

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Concentration Risk [Line Items]
Revenues	$ 88,541	$ 79,771	$ 181,326	$ 164,891
Total wholesale business [Member]
Concentration Risk [Line Items]
Revenues	38,814	33,005	64,070	61,310
Retail business [Member]
Concentration Risk [Line Items]
Revenues	49,727	46,766	117,256	103,581
The People's Republic of China [Member]
Concentration Risk [Line Items]
Revenues	9,131	3,525	13,342	10,114
Hong Kong China [Member]
Concentration Risk [Line Items]
Revenues	7,418	7,795	12,556	13,218
Germany [Member]
Concentration Risk [Line Items]
Revenues	899	1,876	2,765	4,769
United Kingdom [Member]
Concentration Risk [Line Items]
Revenues	2,881	2,287	5,099	5,575
Europe-Other [Member]
Concentration Risk [Line Items]
Revenues	5,833	8,640	10,285	14,389
Japan [Member]
Concentration Risk [Line Items]
Revenues	1,881	1,186	4,318	2,631
United States [Member]
Concentration Risk [Line Items]
Revenues	$ 10,771	$ 7,696	$ 15,705	$ 10,614

XML 52 R41.htm IDEA: XBRL DOCUMENT

Concentrations and Risks (Details Textual) $ in Millions	3 Months Ended		6 Months Ended
Concentrations and Risks (Details Textual) $ in Millions	Jun. 30, 2018 USD ($) Customers Suppliers	Jun. 30, 2017 Customers Suppliers	Jun. 30, 2018 USD ($) Customers Suppliers	Jun. 30, 2017 Customers Suppliers	Dec. 31, 2017 USD ($)
Concentrations and Risks (Textual)
Allowance for doubtful accounts \| $	$ 5.1		$ 5.1		$ 5.2
Wholesale business customer [Member] \| Revenues [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	9.68%	11.00%	8.97%	11.30%
Number of wholesale customer \| Customers	2	2	1	1
Wholesale business customer [Member] \| Raw materials [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Wholesale business customer [Member] \| Finished goods [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	21.70%	36.90%		23.90%
Number of raw material suppliers \| Suppliers	1	1		1
Wholesale business customer one [Member] \| Revenues [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	6.60%	10.60%
Number of wholesale customer \| Customers	2	2
Retail business [Member] \| Raw material suppliers [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	31.40%	22.80%	31.20%	29.00%
Number of raw material suppliers \| Suppliers	1	1	1	1
Retail Business One [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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment profit or loss:
Net revenue from external customers	$ 88,541	$ 79,771	$ 181,326	$ 164,891
Income from operations	3,129	2,948	4,574	4,457
Interest income	370	282	696	539
Interest expense	360	318	924	645
Depreciation and amortization	2,366	1,240	4,903	3,481
Income tax expense	1,285	833	2,041	2,050
Segment assets:
Additions to property, plant and equipment			6,295	2,220
Total assets	221,190	194,307	221,190	194,307	$ 244,992
Wholesale segment [Member]
Segment profit or loss:
Net revenue from external customers	38,814	33,006	64,070	61,310
Income from operations	1,538	912	2,634	2,663
Interest income	354	263	663	498
Interest expense	291	226	782	470
Depreciation and amortization	297	285	602	552
Income tax expense	481	292	714	756
Segment assets:
Additions to property, plant and equipment			556	314
Total assets	91,483	87,294	91,483	87,294
Retail segment [Member]
Segment profit or loss:
Net revenue from external customers	49,727	46,765	117,256	103,581
Income from operations	1,591	2,036	1,940	1,794
Interest income	16	19	33	41
Interest expense	69	92	142	175
Depreciation and amortization	2,069	955	4,301	2,929
Income tax expense	804	541	1,327	1,294
Segment assets:
Additions to property, plant and equipment			5,739	1,906
Total assets	$ 129,707	$ 107,013	$ 129,707	$ 107,013

XML 54 R43.htm IDEA: XBRL DOCUMENT

Segments (Details Textual)	6 Months Ended
Segments (Details Textual)	Jun. 30, 2018 Segment
Segments (Textual)
Number of segments	2

EXCEL 55 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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�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end