Business
Jerash Holdings Provides Business Update
FAIRFIELD, NJ / ACCESSWIRE / March 25, 2020 / Jerash Holdings (US), Inc. (NASDAQ:JRSH) (the "Company" or "Jerash"), a producer of high-quality textile goods
About this update from Jerash Holdings (us), Inc.
[{"type":"text","content":"FAIRFIELD, NJ / ACCESSWIRE / March 25, 2020 / Jerash Holdings (US), Inc. (NASDAQ:JRSH) (the \"Company\" or \"Jerash\"), a producer of high-quality textile goods for leading global brands, today provided an update on its business operations. The country of Jordan has announced a shutdown of non-essential activities as part of its proactive national efforts to limit the spread of COVID-19.Jerash believes that much of its production work for the March quarter had been completed prior to the shutdown order, with its factories producing primarily for April shipments at the time the shutdown was implemented. The timing of revenue recognition may be affected for a limited number of pieces that were being prepared for transit in late March, and Jerash is evaluating possible options to address this issue.Jerash has maintained close contact with government officials during this period and taken a nationally recognized leadership role in implementing workplace safety actions to continue to protect its workforce. The Company continues to discuss closely with the government with regard to when its production can be re-opened.\"The Jordanian national government is drawing on best practices seen in other countries to mitigate the spread of COVID-19, including an early and aggressive shelter in place action that has been helpful in slowing the progression of cases in several countries,\" said Samuel Choi, Chairman and CEO of Jerash Holdings. \"We fully support these actions in the interest of safety for all Jordanians, our workforce, and their families. Jerash is doing its part to fully support and comply with these mandates, as well as take additional measures to ensure the safety and well-being of our employees during this challenge. Jerash has also been recognized by the Jordanian government as a model in workplace actions to protect against the spread of COVID-19, and we look forward to re-opening full production once the government provides clearance to do so.\"Jerash also stated that it is maintaining a strong balance sheet, which included $27.8 million in cash, $14.1 million of inventory prepared against existing customer purchase orders and accounts receivable of $10.0 million at December 31, 2019.\"We believe our balance sheet and efficient operations place Jerash on sound footing to adapt as needed during the global COVID-19 challenge...