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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) announced the acquisition of a 71,000 square-foot apparel manufacturing facility in Amman, Jordan, for $2.7 million. This acquisition, part of a previously announced deal for MK Garments' manufacturing factory, is expected to close by November 2021. The CEO, Sam Choi, stated that the acquisition will reduce operational costs and enhance production capacity by 20%, as orders for the new facility have already been received. The acquisition will also provide flexibility for future business expansion.
Jerash Holdings (NASDAQ: JRSH) has announced a definitive agreement to acquire MK Garments MFG Co. in Jordan for approximately $2.8 million. This acquisition involves a 71,000 square-foot manufacturing facility that will enhance Jerash's production capacity by 20%, allowing for an additional 2.5 to 3.5 million garments annually. The transaction is expected to close in August 2021, with production commencing shortly after. The CEO stated that existing factories are booked through January 2022, indicating strong demand and growth prospects.
Jerash Holdings (NASDAQ:JRSH) reported strong financial results for the fourth quarter and fiscal year ending March 31, 2021. The fourth quarter revenue surged by 65% to $23.8 million, with gross profit increasing 271% to $4.7 million. Net income for the quarter was $680,000, reversing a loss from the previous year. For the full fiscal year, revenue decreased by 3% to $90.2 million, while net income dropped to $4.1 million from $6.5 million. The company expects fiscal 2022 revenue to reach between $100 million and $102 million, indicating a positive outlook with robust order momentum.
Jerash Holdings (JRSH) will announce its financial results for the fiscal year ending March 31, 2021, before the market opens on June 22, 2021. An investor conference call is scheduled for the same day at 9:00 a.m. ET, with dial-in options available for both domestic and international callers. The company specializes in manufacturing and exporting custom sports and outerwear for top global brands, employing around 4,400 people and maintaining production capacity of approximately 12 million pieces annually.
Jerash Holdings (US), Inc. (NASDAQ:JRSH) has announced a quarterly dividend of $0.05 per share, payable on June 2, 2021 to stockholders of record by May 25, 2021. The company specializes in manufacturing and exporting custom sports and outerwear for major brands like Walmart and New Balance. With production facilities that have a capacity of approximately 12 million pieces annually and a workforce of around 4,200 employees, Jerash aims to support its shareholders while expanding its operations.
Jerash Holdings (NASDAQ:JRSH) announced that CFO Gilbert Lee will present at the Sidoti Microcap Virtual Investor Conference on May 20, 2021, at 10:45 a.m. ET. The presentation will be available live online and archived on Jerash's website. The company specializes in manufacturing and exporting custom outerwear and sports apparel for prominent brands such as Walmart, Costco, and New Balance. Jerash operates several facilities with an annual capacity of approximately 12 million pieces and employs around 4,200 people.
Jerash Holdings (NASDAQ:JRSH) announced the construction of a new 189,000 square-foot housing facility in Jordan, aimed at accommodating its expanding multi-national workforce. This $8.2 million investment will replace an existing leased complex, resulting in annual savings of nearly $1 million in rent and utility costs. The project, anticipated to be completed by mid-2022, aligns with the company's growth strategy and environmental concerns, featuring solar panels and recycled water systems. Additionally, plans for a fifth manufacturing plant are underway on a nearby site.
Jerash Holdings (Nasdaq: JRSH) announced that CFO Gilbert Lee will attend the Q1 Virtual Investor Summit from March 23-25, 2021. The company will provide a presentation on March 24 at 3:30 PM ET, accessible on their investor relations website. Additionally, one-on-one investor meetings will be available throughout the day. The Investor Summit connects smallcap companies with investors, featuring 100 companies and over 300 institutional and retail investors.
Jerash Holdings (JRSH) reported a 38% year-over-year revenue growth for Q4 fiscal 2021, with revenue expectations exceeding $20 million. Third quarter revenue was $20.7 million, down 19% from the previous year, due to shipment delays impacted by COVID-19. The gross margin improved to 18% for Q4, from 8.7% a year ago. For fiscal 2022, Jerash projects revenues between $100-$102 million. The company is expanding production facilities and reported cash of $29.2 million as of December 31, 2020.
Jerash Holdings (NASDAQ:JRSH) announced a quarterly dividend of $0.05 per share, payable on or about February 23, 2021 to stockholders of record as of February 16, 2021. The company is a manufacturer of high-quality textile goods for brands like Walmart and New Balance, operating four factories and employing around 4,200 people. As of December 31, 2020, Jerash's annual production capacity was approximately 12 million pieces.
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