Jerash Holdings (US), Inc. (NASDAQ:JRSH) Q1 2023 Results Conference Call August 11, 2022 9:00 AM ET

Company Participants

Roger Pondel - PondelWilkinson, IR

Sam Choi - Chairman and CEO

Gilbert Lee - Chief Financial Officer

Eric Tang - Head, Operations, Jordan

Conference Call Participants

Michael Baker - D.A. Davidson

Mark Argento - Lake Street

Peter Sidoti - Sidoti & Company

Operator

Good day, and welcome to Jerash Holdings Fiscal 2023 First Quarter Financial Results. At this time, all participants have been placed on a listen-only mode and the floor will be open for questions and comments after the presentation.

It is now my pleasure to turn the floor over to your host Roger Pondel, Investor Relations for Jerash Holdings. Sir, the floor is yours.

Roger Pondel

Thank you, operator. Good morning, everyone, and welcome to Jerash Holdings Fiscal 2023 First Quarter Conference Call. I'm Roger Pondel with PondelWilkinson, Jerash Holdings’ Investor Relations firm. It will be my pleasure to momentarily to introduce the company's Chairman and Chief Executive Officer, Sam Choi; its Chief Financial Officer, Gilbert Lee; and Eric Tang, who leads the company's operations in Jordan.

But before I turn the call over to Sam, I want to remind everyone today that the call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Such forward-looking statements are subject to numerous conditions, many of which are beyond the company's control, including those set forth in the Risk Factors section of the company's most recent Form 10-K and Form 10-Q as filed with the Securities and Exchange Commission, copies of which are available on the SEC's website at www.sec.gov, along with other company filings made with the SEC from time to time. Actual results could differ materially from these forward-looking statements. Jerash Holdings undertakes no obligation to update any forward-looking statements except as required by law.

And with that, it is my pleasure to turn the call over to Sam Choi. Sam?

Sam Choi

Thank you, Walter. And hello, everyone. Our fiscal 2023 first quarter again reflected Jerash Holdings reputation as the top quality garment manufacturer in Jordan and a competitive advantage to attract new global brand customers. We are happy to report that the company achieved key record first quarter revenue of $33.4 million.

As retailers throughout the world face headwinds, including inflationary pressure and higher inventory levels, we are also feeling the impact. Receiving smaller purchase order quantities and then order mix shift towards products that command generally lower average selling prices, such as shorts, crew neck and pullover shirts. Despite the challenging economic environment, however, we see fiscal 2023 to be a transitional and opportunistic year from a business operation perspective, enabling Jerash to continue its goal of diversifying and expanding customer base.