Jerash Holdings (JRSH) 10-K Annual Report June 2019

New York, New York – June 28, 2019 – Jerash Holdings (US), Inc. (Nasdaq: JRSH) (the “Company” or “Jerash”), a producer of high-quality textile goods for leading global brands, today reported record revenue for its fiscal 2019 fourth quarter and full year ended March 31, 2019.

Fiscal Year 2019 and Recent Highlights

Reported record revenue of $85.0 million in fiscal 2019, an increase of 23% versus $69.3 million in fiscal 2018;

Generated gross margin of 22.1% in fiscal 2019 as the Company commenced production with multiple new customers and products to diversify market share;

Reported GAAP net income of $5.1 million, or $0.45 per diluted share;

Generated adjusted EBITDA¹ of $11.3 million, or $1.01 per diluted share;

Grew cash and cash equivalents to $27.8 million at year end;

Commenced production in April 2019 at a fourth manufacturing facility expected to add 1.5 million to 1.8 million pieces per year, bringing Jerash’s annual capacity to more than 8.0 million pieces, an anticipated increase of up to 27% annually; and

Positioned the Company for expected sustainable growth in revenue and GAAP net income through a focus on organic growth, strategic acquisitions and continued operating efficiency.

Fiscal Fourth Quarter 2019 Highlights

Revenue increased 64% to a record $14.5 million in the fourth quarter of fiscal 2019, from $8.9 million in the prior year fourth quarter, reflecting increased demand from existing customers;

Generated gross margins of 17.7% related to multiple sample orders from new potential customers expected to increase production with Jerash in the fiscal year ending March 31, 2020 (“fiscal 2020”);

Reported a GAAP net loss of $232,000, or $0.02 per diluted share, for the quarter, compared with net loss of $985,000, or $0.10 per basic share, in the prior year fourth quarter; and

Generated quarterly adjusted EBITDA¹ of $286,000, or $0.03 per diluted share.

Management Commentary

Sam Choi, Chairman and Chief Executive Officer, stated: “We are pleased to report 23% sales growth in fiscal 2019 and record full-year revenue of $85.0 million. We also reported record fourth quarter revenue, increasing 64% to $14.5 million, as we continue to ramp second-half production volume with a number of new potential customers as part of our long-term growth strategy.

“We are particularly excited about a number of sample orders with new potential customers who are already indicating large volumes for the year ahead so as to take advantage of the increased capacity at our fourth factory facility, which we believe is now fully booked for fiscal 2020. We are making notable progress on our goal to increase second half production in order to maximize revenue from Jerash’s production facilities, as well as our efforts to further diversify our customer base and product categories.

¹ Adjusted EBITDA is not a United States generally accepted accounting principles (“GAAP”) measure. A reconciliation of GAAP to non-GAAP measures is provided in the tables accompanying this release.

The following information was filed by Jerash Holdings (JRSH) on Friday, June 28, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Jerash Holdings provided additional information to their SEC Filing as exhibits

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.5: Material Contract

Exhibit 10.22: Material Contract

Exhibit 10.23: Material Contract

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: JRSH
CIK: 1696558
Form Type: 10-K Annual Report
Accession Number: 0001144204-19-033096
Submitted to the SEC: Fri Jun 28 2019 5:00:32 PM EST
Accepted by the SEC: Fri Jun 28 2019
Period: Sunday, March 31, 2019
Industry: Apparel And Other Finishd Prods Of Fabrics And Similar Matl