Welcome to our dedicated page for Jerash Holdings (US) news (Ticker: JRSH), a resource for investors and traders seeking the latest updates and insights on Jerash Holdings (US) stock.
Jerash Holdings (US), Inc. (symbol: JRSH) is a prominent manufacturer and exporter of customized, ready-made sportswear and outerwear, catering to globally recognized brand-name retailers. Founded in 2016 and headquartered in Fairfield, New Jersey, Jerash operates through its extensive production facilities located in Jordan.
The company offers a diversified product line that includes jackets, polo shirts, t-shirts, pants, and shorts, all made from high-quality knitted fabric. Jerash’s clientele features a roster of prestigious retailers such as Walmart, Costco, Sears, Hanes, Columbia, Land's End, VF Corporation (including brands like The North Face, Timberland, and Vans), New Balance, G-III (licensor for Calvin Klein, Tommy Hilfiger, DKNY, and Guess), American Eagle, and Skechers.
Jerash consistently strives to achieve significant milestones and maintain a robust financial condition. Notably, their joint venture with Busana Apparel Group is making headway, targeting geographical diversification for global brands to Jordan, leveraging duty-free agreements. The venture is anticipated to commence production in the latter half of the current fiscal year. Additionally, Jerash is engaging with a leading entity in sustainable textile dyeing technology to introduce environment-friendly processes that significantly reduce water and carbon footprints.
Despite recent economic challenges, including a decline in fiscal 2023 fourth-quarter revenue by 23.2% to $23.8 million, Jerash remains resilient. Factors such as the decreased orders from major U.S. customers and shipment deferrals have impacted revenue. However, the company’s proactive measures, such as diversifying its customer base and developing newly acquired property, underscore its commitment to growth and adaptation.
For financial stability, Jerash reported $19.4 million in cash and restricted cash, with $42.8 million in net working capital as of March 31, 2023. Their consistent performance is also reflected in regular quarterly dividends and share repurchase programs.
Looking ahead, Jerash aims to fortify its market position through innovative collaborations, sustainable practices, and expanding its high-profile customer base.
Jerash Holdings (NASDAQ:JRSH) has finalized the acquisition of Mustafa and Kamal Ashraf Trading Company (MK Garments) for approximately $2.8 million. The deal involves a 71,000 square-foot manufacturing facility in Amman, Jordan, which Jerash took over in August 2021. The acquisition enables Jerash to retain 500 employees and start production immediately for its major clients, expanding its capacity in the apparel sector. Jerash is known for manufacturing sportswear and outerwear, serving several top global brands.
Jerash Holdings (NASDAQ:JRSH) has announced a public offering of 1,000,000 shares at $7.00 per share, alongside 400,000 shares being sold by a stockholder. The offering, expected to close on October 4, 2021, includes a 30-day option for underwriters to purchase an additional 210,000 shares. Proceeds will fund expansion of production capacity and working capital. The company will not receive proceeds from the stockholder sale. This follows SEC registration statements effective from May 31, 2019, and August 23, 2021.
Jerash Holdings (NASDAQ:JRSH) announced a proposed underwritten public offering of its common stock in collaboration with Merlotte Enterprise Limited. The offering's terms are subject to market conditions, and there is no assurance on its completion or size. D.A. Davidson & Co. and Lake Street Capital Markets are the joint book-running managers. Additionally, a 30-day option for over-allotments is expected. This is part of a shelf registration effective since May 31, 2019. Forward-looking statements highlight risks associated with the offering and potential impacts on financial needs.
Jerash Holdings (NASDAQ:JRSH) held its annual stockholder meeting on September 15, 2021, where all proposed items were approved. This includes the election of five directors: Sam Choi, Kitty Yang, Ibrahim Saif, Bill Korn, and Mak Chi Yan, who will serve one-year terms until the 2022 annual meeting. Additionally, stockholders ratified Friedman LLP as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2022. The company, known for manufacturing and exporting outerwear for major global brands, employs around 5,000 people.
Jerash Holdings (NASDAQ:JRSH) announced that CFO Gilbert Lee will participate in the Lake Street Capital Management's Best Ideas Growth Conference on September 15, 2021. The event will be held virtually, enabling one-on-one meetings with investors. An investor presentation will be available on the company's investor relations website. Jerash specializes in manufacturing and exporting custom sports and outerwear for major global brands such as Walmart and New Balance, employing around 5,000 people with an annual production capacity of 12 million pieces.
Jerash Holdings (JRSH) reported strong results for its fiscal 2022 first quarter, ending June 30, 2021, with a revenue of $29.9 million, up 59.8% year-over-year. Gross profit surged 84.5% to $5.6 million, improving gross margin to 18.8%. Comprehensive income reached $2.0 million or $0.17 per share, compared to $813,000 or $0.07 per share in the prior year. Fiscal 2022 revenue guidance is raised to $115 million to $120 million, supported by increased demand and capacity. However, risks related to the Delta variant of COVID-19 could impact operations.
Jerash Holdings (NASDAQ:JRSH) has announced a quarterly dividend of $0.05 per share, payable on or about August 24, 2021 to shareholders on record as of August 17, 2021. The company specializes in the manufacturing and export of custom sports and outerwear for major global brands, employing approximately 4,500 people across its facilities, with an annual capacity of 12 million pieces. This move reflects Jerash's commitment to delivering value to its shareholders while maintaining its position in the apparel industry.
Jerash Holdings (NASDAQ:JRSH) announced it will release its fiscal 2022 first-quarter financial results on August 11, 2021, before market open. The results will cover the period ending on June 30, 2021. An investor conference call will be held the same day at 9:00 a.m. ET, with a domestic dial-in number of 877-407-9210. The company produces custom and ready-made sports and outerwear for major brands, employing around 4,500 people and having an annual production capacity of 12 million pieces.
Jerash Holdings (NASDAQ:JRSH) is set to exceed its goal of hiring 500 workers at its Al-Hasa facility by year-end 2021, focusing primarily on women and Syrian refugees. This initiative, in collaboration with Jordan's Ministry of Labor, aims to reduce unemployment in remote areas with rates up to 70%. The Jordanian government supports this effort by covering employee wages and providing rent-free facility use until December 2022. Currently, over 300 employees work at the facility, which also offers free healthcare and childcare services.
Jerash Holdings (Nasdaq:JRSH) will have its CFO, Gilbert Lee, present at the D.A. Davidson Bison Select Conference on August 4, 2021, at 11 a.m. ET. The presentation will be accessible live through their website, and it will also be archived for later viewing. Jerash Holdings specializes in manufacturing custom, ready-made sports and outerwear for major brands including Walmart and New Balance. The company operates four factories and employs about 4,500 people, with an annual production capacity of approximately 12 million pieces.
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