Exhibit 99.1

Jerash Holdings Reports Fiscal 2024 Second Quarter Financial Results

FAIRFIELD, N.J., November 13, 2023 – Jerash Holdings (US), Inc. (“Jerash” or the “Company”) (NASDAQ: JRSH), which manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands, today announced financial results for its fiscal year 2024 second quarter, ended September 30, 2023.

“Our second quarter performance again demonstrated Jerash’s ability to attract new customers and prove our resiliency in a challenging apparel environment,” said Sam Choi, Jerash’s chairman and chief executive officer. “Retail market conditions for global brands in the U.S. and Europe have been slow to recover, which, in turn, is impacting our business compared with the prior year, with a product mix shift to lower priced items, which carry lower margins. Nevertheless, our revenue and gross margin remained largely stable.

“Good progress was made during the quarter with our Busana partner. Thus far, five premium customers have committed to placing orders. Current projections from the joint venture over the next twelve months call for about $8 to $9 million in new orders, starting in a meaningful way in our fiscal fourth quarter.

“Additionally, Jerash’s initiative to diversify its own customer base is proving effective. We are continuing to receive inquiries from high-profile global brands, with new garment sampling and costing underway.

We also are enthusiastic about the opportunity created by our recently established joint venture with Newtech Textile (HK) Limited, a subsidiary of Newtech Textile Technology Development (Shanghai) Co. Limited, a textile innovation and solutions company. We are aiming to utilize technology that is expected to reduce water usage by approximately 90%, energy consumption by approximately 65%, and carbon footprint by over 50% in comparison with traditional textile dyeing processes. To achieve this, we plan to build a fabric facility in Jordan, with construction to begin in 2024, and Jerash is emerging as Jordan’s leader in ESG textile manufacturing, which is in keeping with our longstanding commitment to sustainability and responsible growth,” Choi added.

Fiscal Year 2024 Second Quarter Results

Revenue for the fiscal year 2024 second quarter was $33.4 million, compared with $37.8 million in the same quarter last year. The decrease was primarily due to fewer shipments being delivered to some of the major customers in the U.S., partially offset by shipments to other new geographic locations, including Hong Kong and Germany.

Gross profit for the fiscal year 2024 second quarter was $5.4 million, compared with $6.9 million in the same quarter last year. Gross margin was 16.1 percent in the fiscal year 2024 second quarter, compared with 18.3 percent in the same quarter last year. The decrease in gross margin was primarily driven by a shift in customer mix with lower profit margin orders.

Operating expenses totaled $4.5 million in the fiscal year 2024 second quarter, compared with $4.3 million in the same quarter last year. Selling, general and administrative expenses were $4.2 million in the fiscal year 2024 second quarter, slightly lower than the same quarter last year. Stock-based compensation expenses for the fiscal year 2024 second quarter were $243,000, compared with none in the same quarter last year.

Operating income totaled $888,000 in the fiscal year 2024 second quarter, versus $2.6 million in the same quarter last year.

Total other expenses were $167,000 in the fiscal year 2024 second quarter, compared with $106,000 in the same quarter last year. The increase was primarily due to higher interest expenses arisen from participating in supply chain financing programs of certain customers, partially offset by income from fixed deposits in banks.

Net income was $369,000 in the fiscal year 2024 second quarter, or $0.03 per diluted share, versus $1.8 million, or $0.14 per diluted share, in the same quarter last year.

Comprehensive income attributable to Jerash’s common stockholders totaled $306,000 in the fiscal year 2024 second quarter, which included a foreign currency translation loss of $60,000, compared with $1.6 million in the same quarter last year, which included a foreign currency translation loss of $216,000.

Balance Sheet, Cash Flow and Dividends

Cash totaled $21.2 million, and net working capital was $40.5 million as of September 30, 2023.

On November 3, 2023, Jerash approved a regular quarterly dividend of $0.05 per share on its common stock, payable on November 28, 2023, to stockholders of record as of November 14, 2023.

Six-Month Fiscal Year 2024 Results

Revenue for the first six months of fiscal year 2024 was $68.1 million, compared with $71.3 million in the same period last year.

Gross profit was $10.9 million for the first six months of fiscal year 2024, compared with $13.5 million for the same period last year. Gross margin for the first six months of fiscal year 2024 was 16.1 percent, compared with 19.0 percent in the same period last year.

Operating expenses for the first six months of fiscal year 2024 were $9.0 million, compared with $8.6 million for the same period last year. Operating income was $2.0 million for the first six months of fiscal year 2024, compared with $4.9 million for the same period last year.

Net income for the first six months of fiscal year 2024 was $864,000, or $0.07 per diluted share, compared with $3.5 million, or $0.28 per diluted share, in the same period last year.

Comprehensive income attributable to Jerash’s common stockholders was $710,000 in the first six months of fiscal year 2024, which included a foreign currency translation loss of $155,000, compared with $3.2 million in the same period last year, which included a foreign currency translation loss of $334,000.

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Middle East Situation

Since the inception of the turmoil in the Middle East, Jerash has been closely monitoring the situation and keeping its customers informed. Currently, production is ongoing as usual, with no changes to customer orders or commitments, and both ports that the Company uses for import and export, in Aqaba and Haifa, are operating normally. However, in the event of any potential impact on the ports, Jerash has prepared a contingency plan, approved by its major customers, to temporarily relocate production to alternate regions.

Outlook

§ Revenue for the full fiscal year 2024 is expected to be down approximately 3 to 5 percent from last fiscal year, reflecting product mix shift to lower priced items.

§ Gross margin goal for the full fiscal year 2024 is expected to be approximately 15 to 16 percent.

Conference Call

Jerash will host an investor conference call to discuss its fiscal year 2024 second quarter results today, November 13, 2023, at 9:00 a.m. Eastern Time. 

Phone:	877-545-0523 (domestic); 973-528-0016 (international)
Conference ID:	272995

A live and archived webcast will be available online in the investor relations section of Jerash’s website at www.jerashholdings.com. For those who are not able to listen to the live broadcast, the call will be archived for approximately one year on the website. 

About Jerash Holdings (US), Inc. 

Jerash manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands and retailers, including VF Corporation (which owns brands such as The North Face, Timberland, and Vans), New Balance, G-III (which licenses brands such as Calvin Klein, Tommy Hilfiger, DKNY, and Guess), American Eagle, and Skechers. Jerash’s existing production facilities comprise six factory units and four warehouses, and Jerash currently employs approximately 5,000 people. Additional information is available at www.jerashholdings.com.

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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”, “seek”, “potential,” “outlook” and similar expressions are intended to identify forward-looking statements. Such statements, including, but not limited to, Jerash’s current views with respect to future events and its financial forecasts, and expansion of the customer base among high-profile global brands, 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 U.S. Securities and Exchange Commission. These and other risks and uncertainties are detailed in the Company’s filings with the U.S. 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: 

PondelWilkinson Inc.  

Judy Lin or Roger Pondel  

310-279-5980

jlin@pondel.com

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(tables below)

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JERASH HOLDINGS (US), INC.,

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(UNAUDITED)

	For the Three Months Ended September 30,						For the Six Months Ended September 30,
	2023			2022			2023			2022
Revenue, net	$	33,357,108		$	37,825,695		$	68,092,765		$	71,262,256
Cost of goods sold		27,985,077			30,907,908			57,153,194			57,722,102
Gross Profit		5,372,031			6,917,787			10,939,571			13,540,154
Selling, general and administrative expenses		4,240,588			4,308,084			8,475,506			8,326,782
Stock-based compensation expenses		243,448			-			484,250			294,822
Total Operating Expenses		4,484,036			4,308,084			8,959,756			8,621,604
Income from Operations		887,995			2,609,703			1,979,815			4,918,550
Other Income (Expenses):
Interest expenses		(359,234	)		(163,595	)		(748,185	)		(251,437	)
Other income, net		192,523			57,807			282,750			118,049
Total other expenses, net		(166,711	)		(105,788	)		(465,435	)		(133,388	)
Net income before provision for income taxes		721,284			2,503,915			1,514,380			4,785,162
Income tax expenses		352,340			712,163			650,321			1,272,028
Net income		368,944			1,791,752			864,059			3,513,134
Net gain attributable to noncontrolling interest		(3,327	)		-			(1,916	)		-
Net income attributable to Jerash Holdings (US), Inc.’s Common Stockholders	$	365,617		$	1,791,752		$	862,143		$	3,513,134
Net income	$	368,944		$	1,791,752		$	864,059		$	3,513,134
Other Comprehensive Loss:
Foreign currency translation loss		(59,841	)		(216,210	)		(154,500	)		(333,870	)
Total Comprehensive Income		309,103			1,575,542			709,559			3,179,264
Comprehensive loss attributable to noncontrolling interest		(3,327	)		-			(1,916	)		-
Comprehensive Income Attributable to Jerash Holdings (US), Inc.’s Common Stockholders	$	305,776		$	1,575,542		$	707,643		$	3,179,264
Earnings Per Share Attributable to Common Stockholders:
Basic and diluted	$	0.03		$	0.14		$	0.07		$	0.28
Weighted Average Number of Shares
Basic		12,294,840			12,498,431			12,294,840			12,416,823
Diluted		12,294,840			12,498,431			12,294,840			12,485,512
Dividend per share	$	0.05		$	0.05		$	0.10		$	0.10

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JERASH HOLDINGS (US), INC.,

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2023			March 31, 2023
	(Unaudited)
ASSETS
Current Assets:
Cash	$	21,201,642		$	17,801,614
Accounts receivable, net		5,201,679			2,240,537
Bills receivable		-			87,573
Tax recoverable		-			16,763
Inventories		18,713,863			32,656,833
Prepaid expenses and other current assets		2,132,934			2,947,815
Advance to suppliers, net		3,443,334			1,533,091
Total Current Assets		50,693,452			57,284,226
Restricted cash - non-current		1,608,074			1,609,989
Long-term deposits		749,154			841,628
Deferred tax assets, net		153,873			153,873
Property, plant and equipment, net		24,682,883			22,355,574
Goodwill		499,282			499,282
Right of use assets		718,418			974,761
Total Assets	$	79,105,136		$	83,719,333
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable	$	4,252,112		$	5,782,570
Accrued expenses		2,679,485			2,930,533
Income tax payable - current		1,458,777			2,846,201
Other payables		1,211,812			1,477,243
Deferred revenue		232,387			928,393
Amount due to a noncontrolling interest		31,677			-
Operating lease liabilities - current		345,171			481,502
Total Current Liabilities		10,211,421			14,446,442
Operating lease liabilities - non-current		246,341			287,247
Income tax payable - non-current		417,450			751,410
Total Liabilities		10,875,212			15,485,099
Equity
Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding	$	-		$	-
Common stock, $0.001 par value; 30,000,000 shares authorized; 12,534,318 shares issued, 12,294,840 shares outstanding		12,534			12,534
Additional paid-in capital		23,415,296			22,931,046
Treasury stock, 239,478 shares		(1,169,046	)		(1,169,046	)
Statutory reserve		410,847			410,847
Retained earnings		45,804,741			46,172,082
Accumulated other comprehensive loss		(277,729	)		(123,229	)
Total Jerash Holdings (US), Inc.’ Stockholders’ Equity		68,196,643			68,234,234
Noncontrolling interest		33,281			-
Total Equity		68,229,924			68,234,234
Total Liabilities and Equity	$	79,105,136		$	83,719,333

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JERASH HOLDINGS (US), INC.,

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	For the Six Months Ended September 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	864,059		$	3,513,134
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,224,322			1,184,940
Stock-based compensation expenses		484,250			294,822
Bad debt recovery		(66,980	)		-
Amortization of operating lease right-of-use assets		416,090			548,849
Changes in operating assets:
Accounts receivable		(2,894,162	)		7,018,987
Bills receivable		87,573			-
Inventories		13,942,970			(8,171,427	)
Prepaid expenses and other current assets		814,878			336,710
Advance to suppliers		(1,910,244	)		(986,600	)
Changes in operating liabilities:
Accounts payable		(1,530,458	)		5,696,686
Accrued expenses		(251,048	)		679,586
Other payables		(265,431	)		(749,837	)
Amount due to noncontrolling interest		312			-
Deferred revenue		(696,006	)		465,405
Operating lease liabilities		(336,984	)		(455,604	)
Income tax payable, net of recovery		(1,704,261	)		262,106
Net cash provided by operating activities		8,178,880			9,637,757
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant, and equipment		(635,878	)		(379,600	)
Payments for construction of properties		(2,575,669	)		(2,641,614	)
Acquisition of Ever Winland		-			(5,100,000	)
Acquisition of Kawkab Venus		-			(2,200,000	)
Payment for long-term deposits		(247,610	)		(129,650	)
Net cash used in investing activities		(3,459,157	)		(10,450,864	)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend payments		(1,229,484	)		(1,243,432	)
Investment of noncontrolling interest		31,365			-
Share repurchase		-			(547,713	)
Repayment from short-term loan		(3,118,339	)		(901,055	)
Repayment to a related party		-			(300,166	)
Proceeds from short-term loan		3,118,339			2,007,185
Net cash used in financing activities		(1,198,119	)		(985,181	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND RESTRICTED CASH		(123,491	)		(334,064	)
NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH		3,398,113			(2,132,352	)
CASH, AND RESTRICTED CASH, BEGINNING OF THE PERIOD		19,411,603			26,583,488
CASH, AND RESTRICTED CASH, END OF THE PERIOD	$	22,809,716		$	24,451,136
CASH, AND RESTRICTED CASH, END OF THE PERIOD		22,809,716			24,451,136
LESS: NON-CURRENT RESTRICTED CASH		1,608,074			1,437,339
CASH, END OF THE PERIOD	$	21,201,642		$	23,013,797
Supplemental disclosure information:
Cash paid for interest	$	748,185		$	251,437
Income tax paid	$	2,371,705		$	1,096,934
Non-cash investing and financing activities
Equipment obtained by utilizing long-term deposit	$	358,620		$	232,877
Acquisition of Kawkab Venus by utilizing long-term deposit	$	-		$	500,000
Right of use assets obtained in exchange for operating lease obligations	$	177,068		$	68,932

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