Business
Jerash Reports $0.07 GAAP EPS Fiscal First Quarter, Enters PPE Market
Expands New Customer Sales; Increased Outlook for Fiscal Second QuarterFAIRFIELD, NJ / ACCESSWIRE / August 13, 2020 / Jerash Holdings (US), Inc. (NASDAQ:JRSH)
About this update from Jerash Holdings (us), Inc.
[{"type":"text","content":"Expands New Customer Sales; Increased Outlook for Fiscal Second QuarterFAIRFIELD, NJ / ACCESSWIRE / August 13, 2020 / Jerash Holdings (US), Inc. (NASDAQ:JRSH) (the \"Company\" or \"Jerash\"), a producer of high-quality textile goods for leading global brands, today reported results for its first quarter of fiscal year 2021, ended June 30, 2020.First Quarter of Fiscal 2021 and Recent HighlightsIncreased sales to new global brand customers won in fiscal 2020 in both dollar value and as a percentage of sales;Entered the personal protective equipment (PPE) market, including shipments of initial orders to customers and a rapidly growing pipeline of orders and prospective orders;Received approvals to export various PPE products to Europe, the Middle East and the United States;Reported $18.7 million in revenue, a decrease of 17.0% from the prior-year first quarter, reflecting higher than anticipated reinstatement of customer orders during the COVID-19 pandemic;Reported GAAP net income of $0.8 million, or $0.07 per diluted share, compared with net income of $1.5 million, or $0.14 per diluted share in the prior-year first quarter; andEnded the quarter with cash of $18.5 million and working capital of $48.7 million.Management CommentarySam Choi, Chairman and Chief Executive Officer, stated: \"Jerash posted stronger than anticipated first quarter revenue as customers reinstated orders and prioritized production in Jordan to maximize the benefit of our duty-free status. We also shipped increased order volumes to new customers won in the past year, further diversifying our customer base and positioning Jerash for additional growth.\"We also made important progress on strategic initiatives, including entry into the high-quality face mask and PPE markets. Our new PPE subsidiary has now shipped initial orders to multiple customers and has a rapidly growing book of new orders and prospective orders from a variety of customers for export to Europe, the Middle East and North America. We are also in the process of securing clearances from the US Food and Drug Administration to further expand the products we can ship to the US and other markets. We are actively seeking acquisition candidates to bring additional scale, customer relationships and technical capabilities to Jerash, including both traditional garments and the PPE sectors. With $18.5 mill...