Business
Jerash Holdings Reports Record Results for the Fiscal 2022 First Quarter, Increases Revenue Guidance for Full Fiscal Year
FAIRFIELD, NJ / ACCESSWIRE / August 11, 2021 / Jerash Holdings (US), Inc. (NASDAQ:JRSH), which manufactures and exports custom, ready-made, sports and
About this update from Jerash Holdings (us), Inc.
[{"type":"text","content":"FAIRFIELD, NJ / ACCESSWIRE / August 11, 2021 / Jerash Holdings (US), Inc. (NASDAQ:JRSH), which manufactures and exports custom, ready-made, sports and outerwear for leading global brands, today announced financial results for its fiscal 2022 first quarter, ended June 30, 2021.Financial Highlights - Fiscal 2022 First Quarter Versus Fiscal 2021 First QuarterRevenue of $29.9 million, an increase of 59.8 percent, reflecting higher shipmentsGross profit of $5.6 million, an increase of 84.5 percent, due to higher revenue and gross marginGross margin of 18.8 percent vs. 16.3 percent, reflecting improved product mix and higher sales volumesComprehensive income attributable to Jerash Holdings (US), Inc.'s common stockholders of $2.0 million, or $0.17 per share, vs. approximately $813,000, or $0.07 per shareFiscal 2022 GuidanceFiscal 2022 revenue expected to be in the range of $115 million to $120 million vs. $90.2 million for fiscal 2021Revenue for fiscal 2022 expected to be at record levelsFiscal 2022 second quarter revenue expected to exceed $40 millionSam Choi, chairman and chief executive officer, said, \"Our fiscal 2022 first quarter results demonstrated excellent progress, with strong performance in revenue and margin. Revenue and gross profit were at record levels for the first quarter, reflecting an increase in shipments to our largest customers as a result of strong demand amid the reopening of the U.S. economy, as well as an improved mix of products sold.\"We continue to advance our plans to increase capacity and secure additional space to meet our customers' needs,\" Choi said. \"We anticipate our momentum to continue well into fiscal 2022. All of our existing factories in Jordan are fully booked through January 2022, with orders from existing top global brand-name customers alone. These customers already are placing orders that are expected to fully book the newest facility we acquired through January 2022 as well. As a result, we have increased our fiscal 2022 revenue outlook to reflect our robust momentum and expanded capacity.\"Fiscal 2022 First Quarter ResultsFiscal 2022 first quarter revenue rose by 59.8 percent to $29.9 million from $18.7 million in the same period last year, primarily due to higher shipments to the company's largest customers as a result of stronger demand amid a reopening of the U.S. economy.Gross pro...