Business
Jerash Holdings Reports Fiscal 2021 Fourth Quarter and Full Year Financial Results; Provides Fiscal 2022 Outlook
FAIRFIELD, NJ / ACCESSWIRE / June 22, 2021 / Jerash Holdings (US), Inc. (NASDAQ:JRSH), a producer of high-quality textile goods for leading global brands,
About this update from Jerash Holdings (us), Inc.
[{"type":"text","content":"FAIRFIELD, NJ / ACCESSWIRE / June 22, 2021 / Jerash Holdings (US), Inc. (NASDAQ:JRSH), a producer of high-quality textile goods for leading global brands, today announced financial results for its fiscal 2021 fourth quarter and full year, ended March 31, 2021.Fourth Quarter Highlights - Fiscal 2021 Versus Fiscal 2020Revenue of $23.8 million, an increase of 65 percent, reflecting higher shipments and the addition of new customersGross profit of $4.7 million, an increase of 271 percent, due to higher revenue and gross marginGross margin of 19.6 percent, reflecting improved product mixNet income of $680,000 vs. a net loss of $742,000Comprehensive income attributable to Jerash Holdings (US), Inc. common stockholders of $656,000, or $0.06 per share, vs. a loss of $740,000, or $0.07 per shareFull Year Highlights - Fiscal 2021 Versus Fiscal 2020Revenue of $90.2 million, a decrease of 3 percent, primarily due to pandemic-related effects earlier in the fiscal yearGross profit of $16.0 million, a decrease of 11 percent, also primarily due to the pandemicGross margin of 17.7 percent, impacted by higher proportion of local orders at lower margins and effects of the pandemicNet income of $4.1 million vs. $6.5 millionComprehensive income attributable to Jerash Holdings (US), Inc. common stockholders of $4.1 million, or $0.37 per share, vs. $6.5 million or $0.57 per shareEnded fiscal 2021 with cash of $21.1 million and net working capital of $50.1 millionFiscal 2022 OutlookFiscal 2022 revenue expected to be in the range of $100 million to $102 millionFiscal 2022 first three quarters revenue expected to be at or near record levelsSam Choi, chairman and chief executive officer, said, \"Our fourth quarter results represent a strong recovery in a U.S. economy that is emerging from challenges related to the COVID-19 pandemic. Revenue and gross margin were ahead of expectations, reflecting robust shipments and improved product mix. Order momentum has continued thus far into fiscal 2022.\"We continue to anticipate that fiscal 2022 will reflect more typical customer patterns, with record revenue for the year, based on current ordering patterns. Our factories are fully booked until January 2022, with orders from our existing top global brand-name customers alone. Demand continues to indicate that we could produce revenue at or near record levels for th...