Esprit Holdings Limited — Earnings Release 2017

Jun 27, 2017

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.

==> picture [384 x 84] intentionally omitted <==

(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 2017 BY A LISTED SUBSIDIARY - EMERSON RADIO CORP.

This is not the announcement of the financial results of The Grande Holdings Limited (the “Company”). This announcement is made by the Company pursuant to the requirements of Rule 13.10B 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 26 June 2017 its annual results for the year ended 31 March 2017.

This announcement is made by the Company pursuant to the requirements of Rule 13.10B of the Listing Rules.

Emerson Radio Corp., a 56.3% 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 26 June 2017 its annual results for the year ended 31 March 2017.

The consolidated statements of operations for the year ended 31 March 2017 and the consolidated balance sheet as at 31 March 2017 of Emerson Radio Corp. and its subsidiaries are provided below:

1

EMERSON RADIO CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended 31 March 2017 and 2016

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

Net revenues : Net product sales Licensing revenue Net revenues Costs and expenses: Cost of sales Other operating costs and expenses Selling, general and administrative expenses Operating loss Other income : Interest income, net Loss before income taxes Provision (benefit) for income tax expense Net loss Net loss per share: Basic Diluted Weighted average shares outstanding: Basic Diluted	$	2017 17,635 3,616 21,251 16,277 199 5,101 21,577 (326) 261 (65) 172 (237) (0.01) (0.01) 27,115 27,115		$	2016 41,035 4,716 45,751 38,819 367 7,970 47,156 (1,405) 178 (1,227) (259) (968) (0.04) (0.04) 27,130 27,130
	$ $			$ $

2

EMERSON RADIO CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of 31 March 2017 and 2016

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

ASSETS Current Assets: Cash and cash equivalents Restricted cash Short term investments Trade accounts receivable, net Royalty receivable Inventory Prepaid purchases Prepaid expenses and other current assets Total Current Assets Property, plant and equipment, net Deferred tax assets, net Other assets Total Non-current Assets Total Assets LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Accounts payable and other current liabilities Due to affiliates Income tax payable Total Current Liabilities Non-current income tax payable Total Non-current Liabilities Total Liabilities Shareholders’ Equity: Series A Preferred shares – 10,000,000 shares authorized; 3,677 shares issued and outstanding; liquidation preference of $3,677,000 Common shares - $0.01 par value, 75,000,000 shares authorized; 52,965,797 shares issued at 31 March 2017 and 31 March 2016, respectively; 27,065,852 shares and 27,129,832 shares outstanding at 31 March 2017 and 31 March 2016, respectively Additional paid-in capital Accumulated deficit Treasury stock, at cost, (25,899,945 shares and 25,835,965 shares at 31 March 2017 and 31 March 2016 respectively) Total Shareholders’ Equity Total Liabilities and Shareholders’ Equity	2017 $ 27,471 --- 25,078 1,208 99 838 750 1,494 56,938 18 791 101 910 $ 57,848 756 --- 165 921 --- --- 921 3,310 529 79,792 (2,414) (24,290) 56,927 $ 57,848	2016
		$ 30,096 500 20,155 2,800 1,292 2,056 871 556
		58,326
		29 1,401 132
		1,562
		$ 59,888
		1,691 512 455
		2,658 ---
		---
		2,658
		3,310 529 79,792 (2,177) (24,224)
		57,230
		$ 59,888

3

The full text of Emerson Radio Corp.’s annual results for the year ended 31 March 2017 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 The Grande Holdings Limited Francis Hui Company Secretary

Hong Kong, 27 June 2017

As at the date of this announcement, the board of directors of the Company comprises three executive directors, namely, Mr. Duncan Hon Tak Kwong, Mr. Michael Andrew Barclay Binney and Mr. Manjit Singh Gill; one non-executive director, Mr. Eduard William Rudolf Helmuth Will; and three independent non-executive directors, namely, Mr. James Mailer, Mr. Lau Ho Kit, Ivan and Mr. Chen Xiaoping.

4