Continues to Pre-Book Fiscal 2019 Capacity
NEW YORK, NY / ACCESSWIRE / August 6, 2018 / Jerash Holdings (US), Inc. (NASDAQ: JRSH) (the "Company"), a producer of high quality textile goods for leading global brands, today announced new orders for more than 670,000 pieces of additional clothing and outerwear to be delivered in its current fiscal year. The orders included more than 500,000 polo shirts and more than 170,000 pieces of outerwear and sportswear.
Choi Lin Hung, Chairman stated, "We are very pleased to announce additional orders totaling more than 670,000 pieces received from multiple large customers in late July. The new orders expand on the more than $58 million in confirmed Fiscal 2019 bookings announced at the end of June, and we now expect to exceed our original revenue estimates for the year."
"We are particularly excited about these orders as they will primarily add to our second half growth in warmer season clothing goods, a key pillar in our growth strategy. We are also making strong progress on our factory expansion, adding 500,000 pieces in annual capacity as well as the buildout of our multi-color screen printing workshop, in order to further increase our revenue and profit generating capabilities."
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 employ approximately 2,900 people. The total annual capacity at its facilities is approximately 6.5 million pieces. Additional information is available at http://www.jerashholdings.com.
Forward-Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect Jerash's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including those risks described from time to time in filings made by Jerash with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Jerash does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.
Contact:
Matt Kreps, Darrow Associates Investor Relations
(214) 597-8200
mkreps@darrowir.com
Richard J. Shaw, Chief Financial Officer
(315) 727-6791
richard.shaw@jerashholdings.com
SOURCE: Jerash Holdings (US), Inc.