Business
Jerash Holdings Reports Results for Fiscal 2022 Third Quarter; Increases Revenue Guidance for Fourth Quarter
FAIRFIELD, NJ / ACCESSWIRE / February 10, 2022 / Jerash Holdings (US), Inc. ("Jerash") (NASDAQ:JRSH), which manufactures and exports custom, ready-made
About this update from Jerash Holdings (us), Inc.
[{"type":"text","content":"FAIRFIELD, NJ / ACCESSWIRE / February 10, 2022 / Jerash Holdings (US), Inc. (\"Jerash\") (NASDAQ:JRSH), which manufactures and exports custom, ready-made sportswear and outerwear for leading global brands, today announced financial results for its fiscal 2022 third quarter, ended December 31, 2021.Financial Highlights - Fiscal 2022 Third Quarter Versus Fiscal 2021 Third QuarterRecord revenue of $36.8 million, an increase of 78.2 percent.Gross profit of $6.9 million, an increase of 186.7 percent.Gross margin of 18.8 percent, vs. 11.7 percent.Net income of $1.7 million, or $0.13 per diluted share, vs. $94,000, or $0.01 per diluted share.Fiscal 2022 Fourth Quarter Revenue GuidanceFiscal 2022 fourth quarter revenue is expected to be in the range of $29 million to $31 million, vs. $23.8 million in fiscal 2021 fourth quarter.\"Continued strong demand from our global brand customers, along with our expanded manufacturing capacity, resulted in a significantly greater number of shipments during the third quarter,\" said Sam Choi, Jerash's chairman and chief executive officer. \"As a result, we reported record high third quarter revenue, along with sharply increased profitability that, in part, reflected increased orders from higher margin, branded products.\"Our strong performance is also attributable to a loyal, dedicated and highly skilled workforce, including approximately 500 new employees who joined Jerash from our recently acquired operation, MK Garments,\" said Choi. \"It is gratifying that our progress is continuing and highly visible, with our existing factories in Jordan essentially booked through July 2022, and inquiries coming in from new customers that market quality global brands.\"Early in the third quarter, Jerash announced it had completed the acquisition of MK Garments, which operates a 71,000 square-foot manufacturing facility. The company assumed production at the facility in August 2021 and retained its employees.Gilbert Lee, chief financial officer of Jerash, added, \"We will continue to explore opportunities to further expand our manufacturing capacity in a prudent and strategic manner, based on commitments for new business from our existing and established customer prospects. Our balance sheet and cash position remain strong, with an added $6.3 million in net proceeds from a public offering of common stock that wa...