Business
Jerash Holdings Reports Results for Fiscal 2023 Third Quarter
Revenue Increases 17 Percent to $43 MillionFAIRFIELD, NJ / ACCESSWIRE / February 13, 2023 / Jerash Holdings (US), Inc. ("Jerash") (NASDAQ:JRSH), which
About this update from Jerash Holdings (us), Inc.
[{"type":"text","content":"Revenue Increases 17 Percent to $43 MillionFAIRFIELD, NJ / ACCESSWIRE / February 13, 2023 / 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 2023 third quarter, ended December 31, 2022.Third Quarter Fiscal 2023 ResultsFiscal 2023 third quarter revenue increased by 16.9 percent to a record $43.0 million, from $36.8 million in the same period last year, primarily due to increases in sales to customers in Hong Kong, Jordan, and other locations.Gross profit for the fiscal 2023 third quarter was $5.8 million, compared with $6.9 million in the same quarter last year. Gross margin was 13.5 percent in the fiscal year 2023 third quarter, compared with 18.8 percent in the same quarter last year. The decrease in gross margin was primarily driven by the lower proportion of export orders to two major customers in the U.S. that typically generate higher margins.Operating expenses totaled $4.5 million in the fiscal year 2023 third quarter, compared with $4.5 million in the same quarter last year.Operating income totaled $1.3 million in the fiscal year 2023 third quarter, versus $2.4 million in the same period last year.Total other expenses were $111,000 in the fiscal year 2023 third quarter, compared with $80,000 in the same quarter last year. Interest expenses were $249,000 in the fiscal year 2023 third quarter, versus $73,000 in the same quarter last year.Net income was $0.9 million in the fiscal year 2023 third quarter, or $0.07 per diluted share, versus $1.7 million, or $0.13 per diluted share, in the same period last year.Fiscal 2023 Fourth Quarter OutlookFiscal 2023 fourth quarter revenue is expected to be in the range of $26 million to $28 million, vs. $30.9 million reported for the fiscal fourth quarter a year ago.Gross margin goal for the full fiscal 2023 year is expected to be in the range of 16 percent to 18 percent.\"Our fiscal third quarter performance demonstrated the company's ability to navigate through continued challenging market conditions in the broad retail sector,\" said Sam Choi, Jerash's chairman and chief executive officer. \"As previously communicated, fiscal 2023 is a transitional and opportunistic year for Jerash, as we continue our initiative to diversify our c...