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Jerash Holdings(JRSH) - 2021 Q4 - Earnings Call Transcript
2021-06-22 15:18
Jerash Holdings (US), Inc. (NASDAQ:JRSH) Q4 2021 Earnings Conference Call June 22, 2021 9:00 AM ET Company Participants Roger Pondel - PondelWilkinson, Inc. Sam Choi - Chairman and CEO Gilbert Lee - CFO Eric Tang - Operations, Jordan Conference Call Participants Mark Argento - Lake Street Capital Rommel Dionisio - Aegis Capital Barry Pasternack - Private Investor Operator Greetings. Welcome to Jerash Holdings' Fiscal 2021 Fourth Quarter and Full-Year Results Call. At this time, all participants are in a lis ...
Jerash Holdings (JRSH) Investor Presentation - Slideshow
2021-05-24 22:02
Pre m iu m Glob a l Ga rm e nt Ma nu fa c t u ring JERASH HOLDINGS (US), INC. May 2021 童Jerash Holdings FORWARD-LOOKING STATEMENTS This document contains forward - looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements relating to earnings expectations . The terms and phrases "commitment ," "guidance ," "expects ," "would ," "will ," "continuing ," "drive ," "''believes ," "indicate ," "look forward ," "grow ," "outlook ," "forecasts ," and s ...
Jerash Holdings(JRSH) - 2021 Q3 - Quarterly Report
2021-02-10 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, 2020 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 o ...
Jerash Holdings(JRSH) - 2021 Q3 - Earnings Call Transcript
2021-02-10 16:15
Jerash Holdings (US), Inc. (NASDAQ:JRSH) Q3 2021 Earnings Conference Call February 10, 2021 9:00 AM ET Company Participants Matt Kreps - MD, Darrow Associates, IR Choi Lin Hung - Chairman, CEO, President, and Treasurer Gilbert K. Lee - CFO Eric Tang - Operations, Jordan Conference Call Participants John Godin - Lake Street Capital Rommel Dionisio - Aegis Capital Unidentified Analyst - Private Investor Unidentified Analyst - Private Investor Operator Greetings and welcome to the Jerash Third Quarter Fiscal 2 ...
Jerash Holdings (JRSH) Investor Presentation - Slideshow
2020-11-19 23:08
Premium Global Garment Manufacturing JERASH HOLDINGS (US), INC. November 2020 ۩۞۩ Holdings FORWARD-LOOKING STATEMENTS This document contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements relating to earnings expectations. The terms and phrases "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "''believes", "indicate", "look forward', "grow'", "outlook", "forecasts", and similar terms and phrases are ...
Jerash Holdings(JRSH) - 2021 Q2 - Earnings Call Transcript
2020-11-13 19:40
Jerash Holdings (US), Inc. (NASDAQ:JRSH) Q2 2021 Earnings Call Transcript November 12, 2020 9:00 AM ET Company Participants Matt Kreps - Managing Director at Darrow Associates, Investor Relations Sam Choi - Chief Executive Officer Gilbert Lee - Chief Financial Officer Eric Tang - Operations, Jordan Conference Call Participants Mark Argento - Lake Street Capital Rommel Dionisio - Aegis Capital Operator Greetings and welcome to the Jerash Second Quarter Fiscal 2021 Results Call. At this time, all participant ...
Jerash Holdings(JRSH) - 2021 Q2 - Quarterly Report
2020-11-12 14:16
Part I - Financial Information [Financial Statements](index=3&type=section&id=Item%201%20Financial%20Statements) The financial statements present the company's financial position as of September 30, 2020, and performance for the three and six months then ended, detailing assets, liabilities, equity, and cash flows [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheets show total assets increased to $70.2 million as of September 30, 2020, driven by higher accounts receivable, with total equity reaching $57.0 million Condensed Consolidated Balance Sheets (as of Sep 30, 2020 vs Mar 31, 2020) | Account | September 30, 2020 (Unaudited) | March 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | **$62,401,201** | **$58,978,175** | | Accounts receivable, net | $19,924,392 | $5,335,748 | | Inventories | $10,304,880 | $22,633,772 | | Cash | $27,334,093 | $26,130,411 | | **Total Assets** | **$70,187,180** | **$67,479,036** | | **Total Current Liabilities** | **$11,503,082** | **$10,850,318** | | **Total Liabilities** | **$13,152,274** | **$12,727,885** | | **Total Equity** | **$57,034,906** | **$54,751,151** | [Condensed Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) The statements show a decline in revenue and net income for both the three and six months ended September 30, 2020, with diluted EPS also decreasing Financial Performance (Three Months Ended Sep 30) | Metric | 2020 | 2019 | Change | | :--- | :--- | :--- | :--- | | Revenue, net | $27,086,318 | $30,611,119 | -11.5% | | Gross Profit | $5,882,750 | $7,302,357 | -19.4% | | Income from Operations | $3,029,071 | $4,188,482 | -27.7% | | Net Income | $2,560,092 | $3,588,736 | -28.7% | | Diluted EPS | $0.23 | $0.31 | -25.8% | Financial Performance (Six Months Ended Sep 30) | Metric | 2020 | 2019 | Change | | :--- | :--- | :--- | :--- | | Revenue, net | $45,793,073 | $53,138,444 | -13.8% | | Gross Profit | $8,934,320 | $11,815,060 | -24.4% | | Income from Operations | $4,187,663 | $6,077,503 | -31.1% | | Net Income | $3,373,945 | $5,138,224 | -34.3% | | Diluted EPS | $0.30 | $0.45 | -33.3% | - The company declared and paid a dividend of **$0.05 per share** for the quarter and **$0.10** for the six-month period, consistent with the prior year[10](index=10&type=chunk) [Condensed Consolidated Statements of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased to $57.0 million by September 30, 2020, primarily driven by net income, partially offset by dividend distributions Changes in Equity (Six Months Ended Sep 30, 2020) | Description | Amount | | :--- | :--- | | Balance at March 31, 2020 | $54,751,151 | | Net income | $3,373,945 | | Dividend distribution | ($1,132,500) | | Stock-based compensation | $42,151 | | Foreign currency translation gain | $159 | | **Balance at September 30, 2020** | **$57,034,906** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended September 30, 2020, operating cash flow increased to $1.7 million, investing cash outflow significantly decreased, and financing cash outflow was $0.2 million Cash Flow Summary (Six Months Ended Sep 30) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,712,888 | $1,366,006 | | Net cash used in investing activities | ($308,593) | ($3,053,472) | | Net cash used in financing activities | ($200,583) | ($1,765,117) | | **Net Increase (Decrease) in Cash** | **$1,203,682** | **($3,439,688)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's structure, accounting policies, and financial items, including its manufacturing operations, customer concentration risk, and credit facilities - The company manufactures and exports customized ready-made sport and outerwear from its facilities in Jordan, primarily for sale in the United States[26](index=26&type=chunk) - The company has significant customer concentration risk, with one end-customer (VF Corporation) accounting for **76% of total revenue** for the six months ended September 30, 2020[67](index=67&type=chunk)[161](index=161&type=chunk) - The company's Jordanian subsidiaries are subject to a corporate income tax rate of **14%** plus a **1% social contribution**, effective January 1, 2020[50](index=50&type=chunk)[126](index=126&type=chunk) - The Board of Directors declared quarterly cash dividends of **$0.05 per share** on May 15, 2020, and August 5, 2020[89](index=89&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the 14% revenue decline due to decreased U.S. shipments, the impact of COVID-19, maintained strong liquidity, and plans for capital expenditures [Impact of COVID-19](index=26&type=section&id=Impact%20of%20COVID-19) The COVID-19 pandemic impacted sales, but the company diversified into PPE and maintained strong liquidity with $28.1 million in cash and equivalents - Sales for the quarter ended Sep 30, 2020, were **$27.1 million**, representing over **88%** of the prior fiscal year's same period[136](index=136&type=chunk) - The company started shipping personal protective equipment (PPE) during the quarter, aiding product and customer diversification[136](index=136&type=chunk) - As of Sep 30, 2020, the company had approximately **$28.1 million** in cash and equivalents and a strong current ratio of **5.4 to 1**, indicating sufficient liquidity[137](index=137&type=chunk) - Construction of a dormitory, previously paused due to COVID-19, is set to resume as customer orders have recovered[135](index=135&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) For the six months ended September 30, 2020, revenue decreased 14% to $45.8 million and net income fell 34% to $3.4 million, primarily due to a drop in U.S. sales Six-Month Operational Results (Ended Sep 30, 2020 vs 2019) | Metric | 2020 | 2019 | Change | | :--- | :--- | :--- | :--- | | Revenue | $45.8M | $53.1M | -14% | | Gross Profit | $8.9M | $11.8M | -24% | | Gross Margin | 20% | 22% | -2 p.p. | | Net Income | $3.4M | $5.1M | -34% | Six-Month Revenue by Geographic Area (Ended Sep 30) | Region | 2020 Sales | 2019 Sales | Change | | :--- | :--- | :--- | :--- | | United States | $41.0M | $51.4M | -20% | | Jordan | $3.4M | $1.6M | +117% | | Others | $1.4M | $0.2M | +742% | - The decrease in gross profit margin was primarily driven by the higher proportion of lower-margin local orders[166](index=166&type=chunk) - Selling, general, and administrative expenses decreased by **15%** for the six-month period, mainly due to lower repair, maintenance, and recruitment expenses[167](index=167&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with $27.3 million in cash and $50.9 million in working capital, supported by $26 million in available credit facilities - As of September 30, 2020, the company had cash of approximately **$27.3 million** and net working capital of **$50.9 million**[174](index=174&type=chunk)[177](index=177&type=chunk) - The company has an **$11 million** credit facility and a **$12 million** factoring facility with HSBC, plus a **$3 million** import facility with SCBHK[179](index=179&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk) - Capital expenditures for the six months ended September 30, 2020, were approximately **$428,000**, a significant decrease from **$3.1 million** in the prior-year period[195](index=195&type=chunk) - The company projects aggregate capital expenditures of approximately **$3 million** for the fiscal year ending March 31, 2021, to enhance business and production capacity[201](index=201&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Jerash Holdings (US), Inc. is not required to provide this information - The company is a smaller reporting company and is not required to provide information for this item[207](index=207&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2020[209](index=209&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected these controls[210](index=210&type=chunk) Part II - Other Information [Legal Proceedings](index=37&type=section&id=Item%201%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings and does not expect material adverse effects from ordinary course litigation - The company is not currently involved in any material legal proceedings[213](index=213&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A%20Risk%20Factors) As a smaller reporting company, the registrant is not required to provide this information - As a smaller reporting company, the registrant is not required to provide this information[214](index=214&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - None[215](index=215&type=chunk) [Defaults Upon Senior Securities](index=37&type=section&id=Item%203%20Defaults%20Upon%20Senior%20Securities) This item is not applicable - Not applicable[216](index=216&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=Item%204%20Mine%20Safety%20Disclosures) This item is not applicable - Not applicable[217](index=217&type=chunk) [Other Information](index=37&type=section&id=Item%205%20Other%20Information) There is no other information to report for this item - None[218](index=218&type=chunk) [Exhibits](index=38&type=section&id=Item%206%20Exhibits) The report includes various exhibits, notably CEO and CFO certifications, a new banking facilities agreement with HSBC, and XBRL data files - Exhibits filed with the report include CEO and CFO certifications (31.1, 31.2, 32.1, 32.2), a Letter Agreement for Banking Facilities with HSBC (10.2), and XBRL data files[222](index=222&type=chunk)
Jerash Holdings (JRSH) Investor Presentation - Slideshow
2020-09-04 17:34
Premium Global Garment Manufacturing JERASH HOLDINGS (US), INC. August 2020 ۩۞۩ Holdings FORWARD-LOOKING STATEMENTS This document contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements relating to earnings expectations. The terms and phrases "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "''believes", "indicate", "look forward', "grow'", "outlook", "forecasts", and similar terms and phrases are i ...
Jerash Holdings(JRSH) - 2021 Q1 - Quarterly Report
2020-08-13 20:06
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 June 30, 2020 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) (State or other jurisdiction of incorporation or or ...
Jerash Holdings(JRSH) - 2021 Q1 - Earnings Call Transcript
2020-08-13 19:18
Jerash Holdings (US), Inc. (NASDAQ:JRSH) Q1 2021 Earnings Conference Call August 13, 2020 10:00 AM ET Company Participants Matt Kreps - Managing Director at Darrow Associates, Investor Relations Gilbert Lee - Chief Financial Officer Eric Tang - Jordon Operations Conference Call Participants Mark Argento - Lake Street Capital Howard Halpern - Taglich Brothers Katy Hallberg - D.A. Davidson Operator Greetings, and welcome to Jerash First Quarter Fiscal 2021 Results Call. At this time, all participants are in a ...