Operating income in the third quarter was $2.1 million, or 10.5% of sales, up 16.9% from operating income of $1.8 million, or 11.5% of sales, during the same quarter a year ago.
Interest expenses for the third quarter of 2007 were $0.7 million, compared to $0.1 million in the year-ago period. The increase was primarily due to non-cash expenses related to the private placement of secured convertible notes and warrants in August 2007.
Net income for the third quarter of 2007 was $1.3 million, or $0.02 per diluted share, compared with net income of $1.6 million, or $0.01 per diluted share, in the same quarter of 2006.
Adjusting net income to exclude non-cash expenses related to the convertible notes and warrants, non-GAAP net income was $1.9 million, or $0.02 per fully diluted share, in the third quarter of 2007, up 19.0% from the third quarter the prior year.
Including the acquisitions of New-Tailun and Catch-Luck and outsourced production, total annual production capacity is approximately 8 million garment pieces, up from 2.85 million garment pieces at the end of 2006.
The increase was related to the Company's new factory and corporate headquarters in the Nanjing Jiangning Economic and Technological Development Zone in Nanjing, higher levels of outsourced production and the acquisitions of New- Tailun and Nanjing Catch-Luck.
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Ever-Glory International Group Inc