Esprit Holdings Limited — Earnings Release 2013

Jul 22, 2013

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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(Provisional Liquidators Appointed)

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)

(Stock Code: 186)

ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2013 BY A LISTED SUBSIDIARY - EMERSON RADIO CORP.

This is not the announcement of the financial results of The Grande Holdings Limited (Provisional Liquidators Appointed) (the “Company”). This announcement is made by the Company pursuant to the requirements of Rule 13.09(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) to provide shareholders of the Company and the public with information of the financial results of a listed subsidiary of the Company, Emerson Radio Corp., which has announced on 16 July 2013 its annual results for the year ended 31 March 2013.

This announcement is made by the Company pursuant to the requirements of Rule 13.09(1) of the Listing Rules.

Emerson Radio Corp., a 56% owned subsidiary of the Company, having its shares listed on the NYSE Alternext of United States of America (formerly the American Stock Exchange of United States of America), has announced on 16 July 2013 its annual results for the year ended 31 March 2013.

The consolidated statements of operations for the year ended 31 March 2013 and the consolidated balance sheet as at 31 March 2013 of Emerson Radio Corp. and its subsidiaries are provided below:

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EMERSON RADIO CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For The Years Ended 31 March 2013 and 2012

(In thousands of U.S. dollars, except share data)

2013 Net revenues: Net product sales ...................................................................................... 121,628 Licensing revenue ..................................................................................... 6,768 Net revenues ............................................................................................. $ 128,396 Costs and expenses: Cost of sales .............................................................................................. 108,631 Other operating costs and expenses.......................................................... 1,355 Selling, general and administrative expenses ........................................... 7,759 Impairment of trademark .......................................................................... 1,326 119,071 Operating income.................................................................................... 9,325 Other income: Realized gain on sale of marketable securities ......................................... --- Gain on sale of building............................................................................ --- Interest income, net ................................................................................... 340 Income before income taxes.................................................................... 9,665 Provision for income taxes ....................................................................... 3,666 Net income............................................................................................... $ 5,999 Basic net income per share: 0.22 Diluted net income per share : 0.22 Weighted average shares outstanding: Basic ......................................................................................................... 27,130 Diluted ...................................................................................................... 27,130			2012 156,975 6,276 163,251 142,270 1,352 7,764 --- 151,386 11,865 828 347 70 13,110 2,476 10,634 0.39 0.39 27,130 27,130
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EMERSON RADIO CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of 31 March 2013 and 2012

(In thousands of U.S. dollars, except share data)

2013 ASSETS Current Assets: Cash and cash equivalents .............................................................................. $ 21,412 Restricted cash ................................................................................................ 70 Short term investments ................................................................................... 45,235 Accounts receivable, net ................................................................................. 7,883 Other receivables ............................................................................................ 969 Due from affiliates .......................................................................................... 1 Inventory, net .................................................................................................. 3,454 Prepaid expenses and other current assets ...................................................... 1,873 Deferred tax assets .......................................................................................... 1,685 Total Current Assets .................................................................................... 82,582 Property, plant, and equipment, net ................................................................. 258 Trademarks, net ............................................................................................... 219 Deferred tax assets ........................................................................................... 1,121 Other assets ...................................................................................................... 104 Total Assets ................................................................................................ $ 84,284 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Current maturities of long-term borrowings ................................................... 43 Accounts payable and other current liabilities ................................................ 7,790 Due to affiliates .............................................................................................. --- Accrued sales returns ...................................................................................... 965 Income taxes payable ...................................................................................... 1,281 Total Current Liabilities .............................................................................. 10,079 Long-term borrowings ..................................................................................... 30 Deferred tax liabilities ..................................................................................... 194 Total Liabilities............................................................................................ 10,303 Shareholders’ Equity: Preferred shares — 10,000,000 shares authorized; 3,677 shares issued and outstanding; liquidation preference of $3,677,000................................. 3,310 Common shares — $0.01 par value, 75,000,000 shares authorized; 52,965,797 shares issued and 27,129,832 shares outstanding at 31 March 2013 and 31 March 2012 .................................................................. 529 Additional paid-in capital ............................................................................... 98,785 Accumulated other comprehensive loss.......................................................... --- Accumulated deficit ........................................................................................ (4,419) Treasury stock, at cost, 25,835,965 shares...................................................... (24,224) Total Shareholders’ Equity ..................................................................... 73,981 Total Liabilities and Shareholders’ Equity .............................................. $ 84,284		2013		2012
				$ 44,960 215 --- 12,134 1,193 1 11,269 2,873 2,304 74,949 260 1,545 1,668 262 $ 78,684 64 9,152 11 1,201 107 10,535 72 177 10,784 3,310 529 98,785 (82) (10,418) (24,224) 67,900 $ 78,684

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The full text of Emerson Radio Corp.’s annual results for the year ended 31 March 2013 has been posted on the Company’s website at http://www.grandeholdings.com and on the website of The Stock Exchange of Hong Kong Limited at http://www.hkexnews.hk, as an overseas regulatory announcement, for the information of the Company’s shareholders.

For and on behalf of For and on behalf of The Grande Holdings Limited The Grande Holdings Limited (Provisional Liquidators Appointed) (Provisional Liquidators Appointed) Fok Hei Yu Ho Wing On, Christopher and Director Roderick John Sutton Joint and Several Provisional Liquidators who act without personal liabilities

Hong Kong, 22 July 2013

On the basis of the information available from the previous announcements made by the Company, the Board comprises Mr. Ho Wing On Christopher as the sole executive director.

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