Workflow
Jerash Holdings(JRSH)
icon
Search documents
Jerash Holdings(JRSH) - 2025 Q3 - Quarterly Results
2025-02-11 13:05
Revenue and Income - Revenue for fiscal 2025 third quarter increased by 28.6% to $35.4 million, compared to $27.5 million in the same quarter last year[8] - Operating income increased by 88.3% to $708,000 in the fiscal 2025 third quarter, compared to $376,000 in the same quarter last year[11] - Net income for the fiscal 2025 third quarter was $6,000, or $0.00 per diluted share, compared to $232,000, or $0.02 per diluted share, in the same quarter last year[13] - Revenue for the fiscal 2025 fourth quarter is expected to increase by 50-53% from $21.6 million in the same quarter last year[7] Expenses and Losses - Gross profit for the fiscal 2025 third quarter rose by 20.6% to $5.4 million, with a gross margin of 15.2%, down from 16.2% in the same quarter last year[9] - Operating expenses for the fiscal 2025 third quarter totaled $4.7 million, up from $4.1 million in the same quarter last year[10] - Comprehensive loss attributable to common stockholders for the first nine months of fiscal 2025 was $820,000, compared to comprehensive income of $1.0 million for the same period last year[17] - Net loss for the nine months ended December 31, 2024, was $695,834, compared to a net income of $1,096,229 for the same period in 2023[30] Cash and Assets - Cash and restricted cash totaled $14.8 million, with net working capital of $34.8 million as of December 31, 2024[19] - Cash and restricted cash at the end of the period was $14,782,918, down from $21,226,414, representing a decrease of about 30.5%[30] - Total assets decreased slightly from $80,245,566 to $79,836,715, a decline of approximately 0.5%[28] Liabilities and Receivables - Total current liabilities increased from $14,779,151 to $16,309,062, an increase of about 10.3%[28] - Accounts receivable increased from $5,417,513 to $7,237,959, reflecting a rise of approximately 33.6%[28] Inventory and Cash Flow - Inventories decreased significantly by 29.8% from $27,241,573 to $19,118,133[28] - Operating cash flow turned negative with net cash used in operating activities of $581,275, compared to cash provided of $7,866,954 in the previous year[30] Tax and Interest - The effective tax rate for the fiscal 2025 third quarter was 98.6%, compared to 14.2% for the same period in fiscal 2024[12] - Cash paid for interest increased to $1,348,291 from $983,156, marking a rise of approximately 37.2%[30] Stock and Dividends - Dividend payments remained consistent at $1,844,226 for both periods[30] - The company reported a significant increase in stock-based compensation expenses, rising to $1,417,111 from $727,698, an increase of about 94.8%[30] Future Plans - The company plans to expand two existing manufacturing facilities, increasing capacity by 15%, expected to be completed by June 2025[5]
Jerash Holdings(JRSH) - 2025 Q2 - Quarterly Report
2024-11-13 21:05
Revenue and Income - Revenue for the three months ended September 30, 2024, was $40,240,127, representing a 20.4% increase from $33,357,108 in the same period of 2023[6] - Net income attributable to Jerash Holdings (US), Inc.'s common stockholders for the three months ended September 30, 2024, was $655,288, compared to $365,617 for the same period in 2023, reflecting an increase of 79.2%[6] - Net income for the three months ended September 30, 2024, was $664,000, an increase of 80% from $369,000 for the same period in 2023[134] - For the six months ended September 30, 2024, total revenue was $81.2 million, up from $68.1 million in the same period in 2023, reflecting a growth of approximately 19%[122] - The net loss for the six months ended September 30, 2024, is $702,148, compared to a net income of $864,059 for the same period in 2023, indicating a significant shift in performance[7] Profitability Metrics - Gross profit for the six months ended September 30, 2024, was $11,697,754, compared to $10,939,571 for the same period in 2023, indicating a 6.9% increase[6] - The company reported a gross profit margin of 17.5% for the three months ended September 30, 2024, compared to 16.1% for the same period in 2023[6] - Gross profit for the three months ended September 30, 2024, was $7,057,883, compared to $5,372,031 for the same period in 2023, indicating a gross margin improvement[6] - Gross profit margin improved to 18% for the three months ended September 30, 2024, up from 16% in the same period of 2023[142] Expenses - Selling, general, and administrative expenses for the six months ended September 30, 2024, totaled $10,449,130, up from $8,475,506 in the same period of 2023, indicating a 23.2% increase[6] - Operating expenses increased by 32% to approximately $5,900,000, primarily due to higher export logistics costs[143] - Selling, general, and administrative expenses increased by 29% to $5.5 million for the three months ended September 30, 2024, compared to $4.2 million for the same period in 2023[134] Assets and Liabilities - Total current assets as of September 30, 2024, were $51,583,883, up from $50,919,660 as of March 31, 2024[5] - Total liabilities increased to $16,889,385 as of September 30, 2024, from $15,814,903 as of March 31, 2024[5] - Total assets as of September 30, 2024, were $80,347,935, slightly up from $80,245,566 as of March 31, 2024[5] - Cash balance as of September 30, 2024, was $16,338,578, an increase from $12,428,369 as of March 31, 2024[5] Equity and Retained Earnings - As of September 30, 2024, total equity for Jerash Holdings is $63,458,550, a decrease from $68,229,924 as of September 30, 2023, reflecting a decline of approximately 1.1%[7] - Retained earnings decreased to $39,784,826 as of September 30, 2024, down from $45,804,741 as of September 30, 2023, representing a decline of approximately 13.2%[7] - Total comprehensive income for the three months ended September 30, 2024, was $672,132, compared to $309,103 for the same period in 2023[6] Cash Flow - For the six months ended September 30, 2024, the net cash provided by operating activities was $2,426,620, a decrease from $8,178,880 in the same period of the previous year[15] - The cash and restricted cash at the end of the period was $17,884,035, down from $22,809,716 at the end of the previous period[15] - Net cash provided by operating activities was approximately $2.4 million for the six months ended September 30, 2024, down from approximately $8.2 million for the same period in fiscal 2024[173] Dividends - The company declared a dividend of $0.05 per share for the three months ended September 30, 2024, consistent with the same period in 2023[6] - Dividend payments remained consistent at $1,229,484 for both the six months ended September 30, 2024, and 2023[7] - The company declared cash dividends of $0.05 per share, totaling $614,742 for each of the two dividends paid during the six months ended September 30, 2024[100] Inventory and Supply Chain - Total inventories decreased to $20,206,799 as of September 30, 2024, down from $27,241,573 as of March 31, 2024, with 99.9% tied to actual sales orders[85] - The total inventories decreased to $7,034,774 from $13,942,970 year-over-year, indicating a significant reduction in stock levels[15] Foreign Currency and Tax - The company reported a foreign currency translation loss of $154,500 for the six months ended September 30, 2023, while a gain of $16,496 was recorded for the same period in 2024[7] - The Company’s income tax rate in Jordan increased to 20% effective January 1, 2024, plus a 1% social contribution[53] Other Financial Metrics - The effective tax rate for the three months ended September 30, 2024, was 13.7%, while for the six months it was (44.9%), primarily due to GILTI adjustments and foreign tax rate differentials[127] - The accumulated other comprehensive loss increased to $(475,823) as of September 30, 2024, compared to $(277,729) as of September 30, 2023[7] Strategic Initiatives - The company plans to invest approximately $29.9 million to establish a new fabric facility in Jordan through its joint venture Jerash Newtech[26] - The company has established multiple subsidiaries in Jordan and Hong Kong to expand its manufacturing and trading capabilities in the garment industry[16][17][18][19][20][21][22][23][24][25][28]
Jerash Holdings(JRSH) - 2025 Q2 - Earnings Call Transcript
2024-11-12 19:27
Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased by 20.6% to $40.2 million from $33.4 million in the same quarter last year [11] - Gross profit rose by 31.4% to $7.1 million from $5.4 million in the prior year [11] - Gross margin improved to 17.5% from 16.1% year-over-year and from 11.3% in the previous quarter [6][11] - Net income increased by 80.1% to $665,000 from $369,000 in the same quarter last year [13] - Operating income rose to $1.1 million from $888,000 in the same period last year [12] Business Line Data and Key Metrics Changes - The company is producing garments for over 20 brands and expanding its product mix [8] - Current annual production capacity is approximately 20 million pieces, with facilities fully booked through the first half of 2025 [9] - The company is exploring production capacity expansion to meet increasing demand [6][9] Market Data and Key Metrics Changes - Purchase orders for export shipments to customers in the U.S. and Europe have been steadily increasing [5] - The geopolitical environment has stabilized, benefiting profitability and export trade routes [5] Company Strategy and Development Direction - The company aims to attract new global brands and diversify its customer base, focusing on producing a wider selection of garments [6][9] - Plans for potential expansion of manufacturing capacity are underway to support future growth [6][9] - The company is considering building a new factory and warehouse to enhance production capabilities [20][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the order book and the potential for growth, particularly in light of geopolitical shifts and tariff changes [27][28] - The company anticipates revenue growth of 30% to 35% for the full fiscal year 2025 [14][19] - Management is closely monitoring interest expenses and exploring ways to reduce costs while increasing sales [31] Other Important Information - A regular quarterly dividend of $0.05 per share was approved, payable on November 29, 2024 [14] - The company has cash and restricted cash of $17.9 million and net working capital of $35.2 million as of September 30, 2024 [13] Q&A Session Summary Question: Revenue opportunity based on current production capacity - Management indicated that full capacity could translate to approximately $155 million to $160 million in revenue, depending on product mix [16][19] Question: Expansion plans and associated costs - The company is analyzing expansion needs and may utilize existing land for a new factory, with initial plans for a warehouse to save on rental costs [20][22] Question: Impact of U.S. tariffs on sourcing from China - Management noted that increased tariffs on China could accelerate the trend of customers seeking to diversify sourcing to Jordan [27][28] Question: Utilization of cash and interest expenses - Management is focused on reducing interest expenses while managing working capital needs through supply chain financing programs [31][32] Question: Opportunities arising from instability in Bangladesh - The company has been approached by manufacturers in Bangladesh seeking cooperation, indicating potential opportunities for business growth [34][35]
Jerash Holdings(JRSH) - 2025 Q2 - Quarterly Results
2024-11-12 13:05
Revenue and Income - Revenue for the fiscal 2025 second quarter increased 20.6 percent to $40.2 million, up from $33.4 million in the same period last year[6]. - Net income for the fiscal 2025 second quarter increased 80.1 percent to $665,000, compared to $369,000 for the prior-year quarter, with net income per diluted share rising to $0.05 from $0.03[9]. - Revenue for the fiscal 2025 third quarter is expected to increase by 35-38 percent from the same quarter last year, with full-year revenue projected to rise by 30-35 percent[4]. Gross Profit and Margin - Gross profit for the fiscal 2025 second quarter rose 31.4 percent to $7.1 million, compared to $5.4 million in the same quarter last year, with a gross margin increase to 17.5 percent from 16.1 percent[7]. - Gross margin goal for fiscal year 2025 is expected to be approximately 14-15 percent, subject to logistics and shipping charges and product mix[5]. Operating Income and Expenses - Operating income increased to $1.1 million in the fiscal 2025 second quarter, up from $888,000 in the same period last year[8]. - Operating expenses totaled $5.9 million in the fiscal 2025 second quarter, compared with $4.5 million in the same period last year, primarily due to higher logistics costs[8]. Cash and Working Capital - Cash and restricted cash totaled $17.9 million, and net working capital was $35.2 million as of September 30, 2024[13]. - Cash and restricted cash at the end of the period amounted to $17,884,035, down from $22,809,716 a year earlier, indicating a decrease of 21.7%[21]. - Net cash provided by operating activities for the six months ended September 30, 2024, was $2,426,620, a decline of 70.3% compared to $8,178,880 for the same period in 2023[21]. Comprehensive Income and Equity - Comprehensive income attributable to the Company's common stockholders totaled $663,000 in the fiscal 2025 second quarter, compared with $306,000 in the same period last year[10]. - Total equity decreased to $63,458,550 as of September 30, 2024, from $64,430,663, indicating a decline of 1.5%[19]. Assets and Liabilities - Total current assets increased to $51,583,883 as of September 30, 2024, compared to $50,919,660 on March 31, 2024, reflecting a growth of 1.3%[19]. - Total liabilities increased to $16,889,385 as of September 30, 2024, from $15,814,903 on March 31, 2024, representing a rise of 6.8%[19]. Inventory and Accounts Payable - Inventories decreased significantly to $20,206,799 from $27,241,573, reflecting a reduction of 25.8%[19]. - The company’s accounts payable decreased to $4,394,732 from $6,340,237, a reduction of 30.7%[19]. Additional Financial Metrics - The company reported a net loss of $702,148 for the six months ended September 30, 2024, compared to a net income of $864,059 in the prior year[21]. - Cash paid for interest was $983,352 for the six months ended September 30, 2024, compared to $748,185 in the previous year, an increase of 31.3%[21]. - The company’s additional paid-in capital rose to $24,860,117, up from $23,917,094, marking an increase of 4.4%[19]. Demand and Production Capacity - Jerash's factories are fully booked through the first half of calendar year 2025, indicating strong demand from global customers[2].
Jerash Holdings(JRSH) - 2025 Q1 - Quarterly Report
2024-08-13 20:05
Revenue and Profitability - Revenue for the three months ended June 30, 2024, was $40,935,716, an increase of 17.5% compared to $34,735,657 for the same period in 2023[7] - Net loss attributable to Jerash Holdings (US), Inc.'s common stockholders was $1,345,216, compared to a net income of $496,526 in the prior year[7] - The company's net loss for the three months ended June 30, 2024, was $1.367 million, compared to a net income of $495,000 for the same period in 2023, representing a 376% decrease[111] - For the three months ended June 30, 2024, the gross profit margin decreased to approximately 11%, down 5 percentage points from 16% in the same period of fiscal 2023[118] - Net loss for June 2024 was $1,366,697 compared to a net income of $495,115 in June 2023, indicating a significant decline in profitability[11] Expenses and Costs - Gross profit decreased to $4,639,871, down 16.6% from $5,567,540 year-over-year[7] - Total operating expenses increased to $5,468,679 from $4,475,720, an increase of 22.2% year-over-year[7] - Cost of goods sold increased by approximately $7.1 million, or 24%, to approximately $36.3 million for the three months ended June 30, 2024, resulting in a gross profit decrease of 17%[117] - The company incurred total operating lease expenses of $648,241 for the three months ended June 30, 2024, compared to $650,774 for the same period in 2023, showing a slight decrease[75] Cash Flow and Assets - Cash flows from operating activities showed a net cash used of $2,200,948 in June 2024, a stark contrast to a net cash provided of $24,772 in June 2023[11] - Total current assets decreased to $47,642,671 from $50,919,660, a decline of 6.5%[5] - Cash and cash equivalents decreased to $11,366,228 from $12,428,369, a decline of 8.6%[5] - Total cash and restricted cash at the end of June 2024 was $12,973,872, down from $20,071,233 at the end of June 2023[11] - As of June 30, 2024, total cash was approximately $11.4 million, down from $12.4 million as of March 31, 2024, primarily due to an operational loss and a dividend payment[124] Equity and Liabilities - Total liabilities decreased to $13,732,704 from $15,814,903, a reduction of 13.1%[5] - Total equity as of June 30, 2024, was $62,927,072, down from $64,430,663[6] - As of June 30, 2024, total equity was approximately $62.9 million, down from $64.4 million as of March 31, 2024[125] Investments and Capital Expenditures - The company plans to invest approximately $29.9 million to establish a fabric facility in Jordan through its joint venture Jerash Newtech[19] - Capital expenditures for the three months ended June 30, 2024, were approximately $0.4 million, down from $1.8 million in the same period in fiscal 2023[136] - The company projects capital expenditures of approximately $4.1 million and $8.8 million for the fiscal years ending March 31, 2025, and 2026, respectively, to enhance production capacity[138] Customer Concentration and Sales - For the three months ended June 30, 2024, two customers accounted for 73% of total revenue, indicating a significant customer concentration risk[61] - Sales to the United States increased by approximately 13% during the three months ended June 30, 2024, primarily due to increased sales to a major customer[115] - Sales to Germany increased by 152% from $444,000 in 2023 to $1.120 million in 2024, reflecting expanded business relationships[114] Tax and Regulatory Matters - The Company’s effective income tax rate in Jordan increased to 20% plus a 1% social contribution starting January 1, 2024, impacting future tax liabilities[46] - The effective tax rate for the three months ended June 30, 2024, was (8.9%), a significant decrease from 37.6% in the same period of 2023[105] Internal Controls and Compliance - As of March 31, 2024, the company's internal control over financial reporting was deemed ineffective due to material weaknesses, particularly in period-end financial reporting related to income taxes and account balance reconciliation[143] - The company has implemented remedial actions, including enhanced communication with U.S. GAAP advisors and external consultants to strengthen compliance and address identified weaknesses[145] - Despite the material weaknesses, the unaudited condensed consolidated financial statements present fairly the company's financial position and results of operations in accordance with U.S. GAAP[147]
Jerash Holdings(JRSH) - 2025 Q1 - Earnings Call Transcript
2024-08-13 14:46
Financial Data and Key Metrics Changes - Revenue for Q1 2025 increased by 17.8% to $40.9 million from $34.7 million in the same quarter last year, marking an all-time high [9][10] - Gross profit was $4.6 million, down from $5.6 million in the same quarter last year, with gross margin decreasing to 11.3% from 16.0% [10] - Net loss was $1.4 million, or $0.11 per share, compared to net income of $495,000, or $0.04 per share, in the same period last year [11] - Operating loss totaled $829,000 in Q1 2025, compared to operating income of $1.1 million in the same period last year [11] Business Line Data and Key Metrics Changes - The company experienced delays in approximately 16% to 18% of orders from the previous quarter, which were shipped in Q1 2025 [6] - The company is ramping up production to catch up on delivery schedules, with manufacturing facilities operating at full capacity [6][8] Market Data and Key Metrics Changes - Purchase orders from long-term global customers are increasing, with additional trial orders from major brands through the joint venture with Busana Apparel Group [5][8] - Orders from two European high-end apparel brands, including Armani, are steadily increasing [8] Company Strategy and Development Direction - The company is diversifying its customer base, which is expected to position it well for growth as the economic environment improves [5] - Contingency plans are in place to minimize disruptions due to geopolitical uncertainties in the region [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about positive momentum heading into fiscal 2025, with a record number of purchase orders [5] - The company anticipates revenue growth of 20% to 25% for the full year 2025, with gross margin expected to be approximately 12% to 14% [12] Other Important Information - Operating expenses for Q1 2025 were $5.5 million, up from $4.5 million in the same quarter last year, including additional air freight costs of approximately $300,000 [10] - The Board of Directors approved a regular quarterly dividend of $0.05 per share, payable on August 23, 2024 [12] Q&A Session Summary Question: Revenue guidance increase - The company raised its revenue guidance for the full year from 15%-18% to 20%-25%, attributing this to new customer orders and strong demand [14][15] Question: Gross margin expectations - Management acknowledged that gross margin was below expectations due to supply chain disruptions but anticipates stabilization in the second half of the year [18][19] Question: Customer compensation for additional costs - Customers generally do not directly compensate for additional costs incurred due to disruptions, but they may allow for a margin increase on future orders [19][20] Question: Supply chain financing usage - The company is cautious about using supply chain financing due to high interest rates but may tap into it as needed to maintain cash flow [21][22]
Jerash Holdings(JRSH) - 2024 Q4 - Annual Report
2024-06-28 21:30
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FORM 10-K Commission file number 001-38474 Income and Sales Taxes UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 or | --- | --- | |----------------------------------------------------------------------------|-------| | Delaware | | | (State or other jurisdiction of incorporation or organization) | | | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------- ...
Jerash Holdings(JRSH) - 2024 Q4 - Annual Results
2024-06-27 12:30
● Gross margin goal for fiscal 2025 year is currently expected to be around 13-15 percent, subject to logistics and shipping charges and final product mix of shipments. Fiscal 2024 Fourth Quarter Results Fiscal 2024 fourth quarter revenue was $21.6 million, down 9.3 percent from $23.8 million in the same quarter last year, primarily due to reduced shipments to our major customers in the U.S. caused by inadequate materials for production due to logistical disruptions and extended supply chain lead times in t ...
Jerash Holdings(JRSH) - 2024 Q3 - Earnings Call Transcript
2024-02-09 04:32
Jerash Holdings (US), Inc. (NASDAQ:JRSH) Q3 2024 Earnings Conference Call February 8, 2024 9:00 AM ET Company Participants Roger Pondel - IR Sam Choi - Chairman and CEO Eric Tang - Executive Director Gilbert Lee - CFO Conference Call Participants Mike Baker - D.A. Davidson Mark Argento - Lake Street Todd Felte - AGES Financial Operator Greetings. Welcome to Jerash Holdings Fiscal 2024 Third Quarter Financial Results. A question-and-answer session will follow the formal presentation. Please note that this co ...
Jerash Holdings(JRSH) - 2024 Q3 - Quarterly Report
2024-02-08 21:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38474 Jerash Holdings (US), Inc. (Exact name of registrant as specified in its charter) Delaware 81-4701719 (State or other jurisdictio ...