Business
Jerash Holdings Reports Financial Results for Fiscal 2023 Fourth Quarter and Full Year
FAIRFIELD, NJ / ACCESSWIRE / June 27, 2023 / Jerash Holdings (US), Inc. (NASDAQ:JRSH) (the "Company" or "Jerash"), which manufactures and exports custom,
About this update from Jerash Holdings (us), Inc.
[{"type":"text","content":"FAIRFIELD, NJ / ACCESSWIRE / June 27, 2023 / Jerash Holdings (US), Inc. (NASDAQ:JRSH) (the \"Company\" or \"Jerash\"), which manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands, today announced financial results for its fiscal 2023 fourth quarter and full year, ended March 31, 2023.Fiscal 2023 Fourth Quarter ResultsFiscal 2023 fourth-quarter revenue was $23.8 million, down 23.2 percent from $30.9 million in the same period last year, primarily due to lower sales from two major U.S. customers. Revenue also was negatively impacted by approximately $3 million of orders, with shipments being deferred by customers to the fiscal 2024 first quarter.Gross profit was $2.5 million for the fiscal 2023 fourth quarter, compared with $4.7 million in the same quarter last year. Gross margin for the most recent fourth quarter decreased to 10.3 percent, from 15.1 percent in the same period last year. The decrease in gross margin was primarily driven by a lower proportion of U.S. orders and a product mix shift.Operating expenses totaled $4.3 million in the fiscal 2023 fourth quarter, compared with $4.6 million in the same period last year. The slight decrease was due to smaller stock-based compensation expenses in fiscal 2023.Operating loss was $1.8 million for the fiscal 2023 fourth quarter, compared with operating income of $126,000 for the same period last year.Total other expenses were $86,000 in the fiscal 2023 fourth quarter, compared with total other income of $148,000 in the last year's fourth quarter. Interest expenses were $268,000 in the fiscal 2023 fourth quarter, compared with $63,000 for the same quarter last year.Income tax expenses for fiscal 2023 fourth quarter were $68,000, compared with $405,000 in the same period last year.Net loss was $2.0 million, or $0.16 per share, for the fiscal 2023 fourth quarter, compared with a net loss of $131,000, or $0.01 per share, in the same period last year.\"Revenue and gross margin for the 2023 fourth quarter continued to be impacted by fewer orders from our two major U.S. customers, as well as a shift in product mix to lower margin items. We also are comparing against a particularly strong revenue quarter a year ago,\" said Sam Choi, Jerash's chairman and chief executive officer. \"The retail sector continues to face a weak economic environment, as...