bUrRpPPP!
5 years ago
HMMMM looks like everyone voted to hand out more share to each other...
At the Annual Meeting of Stockholders of Jerash Holdings (US), Inc. (the “Company”) held on September 16, 2019, the stockholders voted to approve the amendment and restatement of the Company’s Amended and Restated 2018 Stock Incentive Plan (the “Amended Plan”). The Amended Plan amended the existing 2018 Stock Incentive Plan to (1) increase the number of shares of the Company’s common stock available for grant under the Amended Plan by 300,000 to 1,784,250, (2) extend the termination date of the Amended Plan to July 19, 2029, (3) enhance aspects of the plan’s governance, such as applying the same restrictions to dividends paid on restricted stock awards and restricted stock units as the underlying award and limiting the shares that can be returned to the share reserve under the Amended Plan, (4) provide for administration by the Compensation Committee, and (5) update other administrative terms in the Plan.
bUrRpPPP!
6 years ago
Jerash Signs Agreement to Add Additional Manufacturing Capacity, New Orders for 800,000 Pieces
ACCESSWIRE•January 23, 2019
Facility Expected to Add 1.5 to 1.8 Million Pieces of Annual Capacity Commencing April 2019
ROCHESTER, NY / ACCESSWIRE / January 23, 2019 / Jerash Holdings (US), Inc. (JRSH) (the "Company"), a producer of high quality textile goods for leading global brands, today announced that it signed an agreement to operate its fourth manufacturing facility in Al Tajamouat Industrial City, a Qualified Industrial Zone located in Amman, Jordan. The acquisition is expected to close in the fourth quarter of the fiscal year ended March 31, 2019. Upon the closing of the acquisition, the facility is expected to add 1.5 to 1.8 million pieces per year to Jerash's current annual capacity of approximately 6.5 million pieces, an increase of up to 27 percent annually.
Sam Choi, the Chief Executive Officer of Jerash and Chairman of the Jerash Board of Directors stated: ''We have been persistently overbooked in our existing facilities due to high demand with current customers and a number of new customers desiring to work with Jerash. These customers have asked us to further increase production capacity at Jerash due to our compelling production quality, on time delivery, and attractive economic advantages. We are excited to announce this anticipated expansion of our manufacturing capacity by 1.5 million to 1.8 million pieces per year at a very favorable cost to Jerash."
Choi continued: "We are also pleased to announce two new customer orders totaling more than 800,000 pieces associated with this expansion, which we expect to commence in April. In order to meet this immediate demand, we are coordinating with the Jordanian government to assume the necessary government certificates and contract guarantees for workers scheduled to arrive in the first calendar quarter for work at this facility under the prior owner. These workers will now be employed by Jerash, ensuring they have stable employment, quality housing and a rewarding, safe work environment as part of our growing team and providing rapid capacity acceleration for our customers."
The new facilities are an existing garment manufacturing operation adjacent to Jerash's three largest manufacturing centers. Jerash will assume the building lease from the prior owner and pay approximately $380,000 for all of the outstanding shares of Al-Mutafaweq Co. for Garments Manufacturing Ltd., the previous operator of the facility. Additionally, Jerash is coordinating with the Jordanian Ministry of Industry and Trade, Ministry of Labor and Customs Department to assume the existing compliance certificates and workplace certifications, including the facility's Better Work Jordan credentials. Terms of the transaction call for two additional milestone payments, totaling up to $600,000 to be paid by Jerash upon taking over the dormitory facilities and assuming control of a satellite sewing facility associated with the acquired facilities. Jerash intends to further invest in machinery, dormitory expansion and facility audits to support additional growth at the new facility.
Jerash is a global enterprise headquartered in Rochester, New York, with offices in Hong Kong and manufacturing facilities located in a United States Qualifying Industrial Zone (QIZ) in Jordan, which provides for duty-free movement of industrial goods between Jordan and the US, provided the goods meet certain manufacturing and content requirements. Additionally, Jerash is engaged in a number of socially responsible initiatives designed to ensure safe, rewarding employment practices of global textile workers and employs Syrian refugees housed in United Nations camps in Jordan.
bUrRpPPP!
6 years ago
Jerash Announces New Corporate Headquarters in Rochester, New York
January 11, 2019
Since Release
$6.20
0.06
0.98%
NEW YORK, NY / ACCESSWIRE / January 11, 2019 / Jerash Holdings (US), Inc. (NASDAQ: JRSH) (the "Company"), a producer of high quality textile goods for leading global brands, today announced that it has moved its corporate headquarters to Rochester, New York, selecting a location the Sibley Square development in the heart of the city. The company previously based its headquarters in New York City. The headquarters move is estimated to save more than $600,000 in annual taxes assessed due to the prior headquarters location in New York City.
In addition to its Rochester, New York headquarters, Jerash maintains offices in Hong Kong and manufacturing facilities located in a United States Qualifying Industrial Zone (QIZ) in Jordan, which provides for duty-free movement of industrial goods between Jordan and the US provided they meet certain manufacturing and content requirements. Additionally, Jerash is engaged in a number of socially responsible initiatives designed to ensure safe, rewarding employment practices of global textile workers and providing employment to Syrian refugees housed in United Nations camps in Jordan.
About Jerash Holdings (US), Inc.
Jerash Holdings (US), Inc. (NASDAQ: JRSH) is a manufacturer utilized by many well-known brands and retailers, such as Walmart, Costco, Sears, Hanes, Columbia, Land's End, VF Corporation (which owns brands such as The North Face, Nautica, Timberland, Wrangler, Lee, Jansport, etc.), and Philip-Van Heusen (which owns brands such as Calvin Klein, Tommy Hilfiger, IZOD, Speedo, etc.). Its production facilities are made up of three factory units and two warehouses and currently e
bUrRpPPP!
6 years ago
NEW YORK, NY / ACCESSWIRE / December 7, 2018 / Lake Street Capital Markets Analyst Mark Argento initiated coverage of Jerash Holdings (US), Inc. (NASDAQ: JRSH), with a BUY rating and price target of $11.00. Jerash is a manufacturer utilized by many well-known brands and retailers, such as The North Face, Columbia, VF Corporation, Philip-Van Heusen, Walmart, Costco, Land's End, and others. Its production facilities are made up of three factory units and two warehouses with total annual capacity of approximately 6.5 million pieces. Jerash's Jordanian manufacturing facilities are located in a United States Qualifying Industrial Zone (QIZ), which provides for duty-free movement of industrial goods between Jordan and the US provided. Additionally, Jerash is engaged in a number of socially responsible initiatives designed to ensure safe, rewarding employment practices of global textile workers and providing employment to Syrian refugees housed in United Nations camps in Jordan. Additional information is available at http://www.jerashholdings.com.
Contact:
Matt Kreps, Darrow Associates Investor Relations
(214) 597-8200
mkreps@darrowir.com
pmony5
6 years ago
JRSH Earnings & DD Record Qtr 33.5 Mill in Rev''s $0.41 Per Share GAAP Net Income, $0.59 Per Share Adjusted EBITDA
Guides for 50% growth year over year 2nd half of this fiscal year.
Current market cap 92 Million with 11.1 Million shares out and 80% Insider owned leaving a very low float under 2.2 million shares.
Financials
Fiscal year 2018 sales 69.2 Million with net income of $10.4 million dollars includes $1.4 million in taxes due to U.S tax law changes.
Fiscal year 2019 6 months sales of 51.8 Million & adjusted EBITDA of $9.3 million dollars. with current guidance adjusted EBITDA for full year approximately $1.25 per share.
Current guidance for full year fiscal 2019 is 80 to 82 million dollars all Organic growth. Also keep in mind the seasonality of JRSH business with the first half getting over 60% of sales each year. Last year the 2nd half produced $20.3 million in sales & with projected $31 million for this years 2nd half giving JRSH 50% year over year growth in the next 2 quarterly reports. Again being all organic without any new acquisitions which will happen without a doubt according to management statements this is from today's press release
"In order to meet customer demand indications in excess of our expected capacity, we are aggressively advancing our strategic expansion efforts, including the addition of contract and joint venture capacity. Most importantly, we are evaluating strategic acquisition opportunities that would immediately expand our total annual production capacity in Jordan and abroad. We anticipate that as this capacity is added, it will immediately be filled by both existing and new customers proactively seeking to take advantage of Jerash's high-quality production and tariff-free status."
Balance Sheet
Incredible balance sheet boasting over $30 million in cash NO long term debt & this Qtr generated $8.9 million in cash.JRSH net tangible assets after debt growing each & every quarter. Going back to 2015 where it stood at $7.2 million dollars to our just released 2nd quarter where net tangible assets after debt totaled $49.8 million dollars or $4.49 a share. JRSH carries NO intangible assets or any goodwill on their balance sheet.
Guidance
as stated earlier the 15 to 18% growth is all organic but this will change very soon as they have orders in excess of their current capacity including the new 8% additional capacity coming online the beginning of 2019.
Management has expressed the urgency to get additional capacity online ASAP. With their hefty $30 million dollar cash position & the recent increase in shares authorized from 15 million to 30 million coupled with no long term debt leaves JRSH in a very strong position to add sizeable manufacturing capacity.
Gross margin guidance is 27 to 28% with basically fixed SG&A costs of approximately 2 million dollars a quarter.
Customers
JRSH has been producing high quality garments for tier 1 customers for some time & additionally being in a tariff free quota free restriction free zone to the U.S.A & last December added the E.U.
JRSH truly shines here boasting tier one customers most notably their largest customer is North Face outer wear followed by Columbia, Hanes, Nautica & others.
Tariff Free trade zone
JRSH benefits from exemptions from customs duties and import quotas due to the Jerash’s location in Al Tajamouat Industrial City, a QIZ in Amman, Jordan, and the free trade agreements with the United States and the EU. Under the trade agreement between Jordan and the U.S., goods produced in QIZ areas can directly access U.S. markets without tariff or quota restrictions if they satisfy certain criteria
How important is this ? " Sam Choi, Chairman of Jerash stated: ''By manufacturing in Jordan, Jerash's customers save millions in import duties each year, which we believe can be 30% or more of the cost to produce a garment item"
In October JRSH put out a press release relating to increased new order demand from current and multiple new customers in regards to tariffs on goods produced in Asia & specifically in China.
https://finance.yahoo.com/news/china-tariff-concerns-drive-increased-103000822.html
King of Jordan visit to Jerash manufacturing link
http://www.jordantimes.com/news/local/king-joins-workers-garment-factory-labour-day-celebration
Investor Presentation link
https://s3.amazonaws.com/cdn.irdirect.net/PIR/1093/2995/JRSH-IR-Presentation%20Redesign%20V3.pdf
Link to corporate overview video
https://irdirect.net/JRSH/corporate_document/2126
In closing at 6X's EPS with a pristine balance sheet and the tools to really add large growth very soon.trading at 1X's sales makes JRSH cheap by virtually any metric you wish to use. Having tariff free status saves their customers millions of dollars each year & with growing uncertainty & much higher costs in China no wonder business outlook is so strong. Management has been very attentive to shareholder questions with easy access via
IR spokesman Matt Kreps 214-597-8200
CFO Richard Shaw 315-727-6791
faxedreceipts
6 years ago
Jerash Begins Trading on NASDAQ
First Jordanian Company to List on Nasdaq Now Trading Under the Symbol JRSH
NEW YORK, NY / ACCESSWIRE / May 7, 2018 / Jerash Holdings (US), Inc. (NASDAQ: JRSH) (the "Company"), a producer of high quality textile goods for leading global brands, has commenced trading of its common stock on the Nasdaq Capital Market under the symbol JRSH.
Highlights:
Jerash is believed to be the first Jordanian company to list on a major US exchange. The company recently completed its IPO, raising more than $10 million in growth capital.
Jerash is principally engaged in the manufacturing and exporting of customized, ready made sport and outerwear goods from knitted fabrics.
The company provides manufacturing services utilized by many well-known brands and retailers, such as Walmart, Costco, Sears, Hanes, Columbia, Land's End, VF Corporation (which owns brands such as The North Face, Nautica, Timberland, Wrangler, Lee, Jansport, etc.), and Philip-Van Heusen (which owns brands such as Calvin Klein, Tommy Hilfiger, IZOD, Speedo, etc.).
Jerash's facilities and workforce are located within a special free
trade zone allowing sales to the U.S. without tariff or quota restrictions.
The company owns three factory units and two warehouses and employs approximately 2,700 people. The total annual capacity at its facilities is approximately 6.5 million pieces.
The company is engaged in socially responsible employment practices, including the provision of jobs to Syrian refugees residing in Jordan. Jerash maintains a number of Jordanian and international certifications attesting to its production and workforce programs.
Revenue in Fiscal 2017, ended March 31, 2017, was $62.0 million, an increase of 18% year over year, and net profit was $10.6 million.
Through the first nine months of fiscal 2018, Jerash has reported revenue of $60.4 million, and net income of $11.4 million.
The company expects to report its financial results for Fiscal 2018, which ended March 31, 2018, in June.
On May 2, the company announced the closing of its "best efforts" initial public offering of common stock, at a price of $7.00 per share (the "offering"). The Company sold the maximum amount of shares in the oversubscribed offering, or 1,430,000 shares, for total gross proceeds to the Company of approximately $10,010,000 before deducting offering expenses. The company intends to use the proceeds of the offering as growth capital to build or acquire additional production capacity to meet rising demand for its production services.
A registration statement relating to these shares was declared effective by the Securities and Exchange Commission on March 14, 2018 (File No. 333-222596). The offering was made only by means of a written prospectus forming part of the registration statement. The final prospectus and any prospectus supplements relating to the offering are also available on the SEC's website at http://www.sec.gov. This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Jerash Holdings (US), Inc.
Jerash Holdings (US), Inc. (NASDAQ: JRSH) is a manufacturer utilized by many well-known brands and retailers, such as Walmart, Costco, Sears, Hanes, Columbia, Land's End, VF Corporation (which owns brands such as The North Face, Nautica, Timberland, Wrangler, Lee, Jansport, etc.), and Philip-Van Heusen (which owns brands such as Calvin Klein, Tommy Hilfiger, IZOD, Speedo, etc.). Its production facilities are made up of three factory units and two warehouses and employ approximately 2,700 people. The total annual capacity at its facilities is approximately 6.5 million pieces. Additional information is available at http://www.jerashholdings.com.
Contact:
Richard J. Shaw, Chief Financial Officer
(315) 727-6791
richard.shaw@jerashholdings.com
Matt Kreps, Darrow Associates Investor Relations
(214) 597-8200
mkreps@darrowir.com
SOURCE: Jerash Holdings (US) Inc.
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FairviewInvestor
6 years ago
