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 ...

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 (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 ...

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)

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 ...

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 ...

Financial Data and Key Metrics Changes - Revenue for the first quarter of fiscal 2021 was $18.7 million, representing a decline of approximately 17% year-over-year, which is less than the broader industry trends [24][25] - Gross margin decreased to 16.3% from 20% in the prior year quarter due to lower factory volumes and changes in product mix [27] - Operating expenses decreased by 27.9% to $1.9 million compared to $2.6 million in the previous first quarter [27] - Net income was reported at $0.07 per share [27] - Cash and restricted cash at June 30 was $18.5 million, down from $26.9 million at March 31, but cash flow improved by $2.5 million compared to the same quarter in the prior year [28][29] Business Line Data and Key Metrics Changes - Approximately 16% of revenue in the first quarter was attributed to new customers, including New Balance and DICK'S Sporting Goods [24][14] - Revenue from legacy customers decreased year-over-year, with the largest customer, VF North Corporation (North Face), experiencing a 35% decline [15][25] - The company is seeing a shift in orders from existing customers, with 80% of original orders reinstated for the upcoming winter season [69] Market Data and Key Metrics Changes - The company is expanding its presence in the PPE market, producing masks and other supplies, and has received temporary approval from Jordan's FDA for manufacturing and export [32][31] - The global PPE market is estimated at $16 billion, with Europe and Asia representing a significant portion of this market [58] Company Strategy and Development Direction - The company is focusing on diversifying its customer base and expanding into the PPE market, which is seen as a long-term strategic development [73][31] - Jerash is actively looking for acquisitions and partnerships to expand its business in both garments and PPE [36] - The company is leveraging its cost advantages from duty-free imports from Jordan to attract customers looking to reduce costs [16][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sequential growth in revenue and gross margin in the upcoming quarters, with expectations of approximately $25 million in revenue for the quarter ending September 30, representing a 34% sequential growth [30] - The management highlighted the resilience of the business and the effectiveness of their operations during the pandemic [23][18] Other Important Information - The company has implemented additional safety protocols in its factories to protect workers during the pandemic [20] - Jerash has incorporated a new entity dedicated to PPE manufacturing, which is expected to enhance its market opportunities [32] Q&A Session Summary Question: What percentage of capacity is currently being utilized? - Management indicated that the factories are currently running at 100% capacity, with some overbooking of about 10% [41] Question: How has the sales process changed during COVID-19? - The sales process has adapted with increased reliance on remote communication, although direct contact with customers has been limited due to travel restrictions [56] Question: What is the market potential for PPE in the Middle East and Europe? - The global PPE market is estimated at $16 billion, with Europe and Asia being significant contributors [58] Question: What is the production potential in Jordan? - The company has the capacity to increase production, with a new factory that can accommodate additional orders [63] Question: How is the competition in the PPE market in Jordan? - The company is performing better than competitors, with several factories shutting down due to reduced orders [78][80]

Premium Global Garment Manufacturing JERASH HOLDINGS (US), INC. June 2020 遺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 similar terms and phrases are ...

Jerash Holdings (US), Inc. (NASDAQ:JRSH) Q4 2020 Earnings Conference Call June 29, 2020 9:00 AM ET Company Participants Matt Kreps - Darrow Associates Investor Relations Sam Choi - Chairman & CEO Gilbert Lee - CFO Eric Tang - Jordon Operations Conference Call Participants Mark Argento - Lake Street Todd Felte - RHK Capital John Morris - D.A. Davidson Operator Ladies and gentlemen, thank you for joining us for this Jerash Fiscal Year 2020 Results Conference Call. As a reminder, all participants are in a lis ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 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 ...