UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 5, 2020

 

Jerash Holdings (US), Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-38474   81-4701719
(State or other jurisdiction
of incorporation) 		  (Commission File Number)   (IRS Employer
Identification No.)

 

277 Fairfield Road, Suite 338, Fairfield, NJ   07004
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number including area code: (214) 906-0065

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

  ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock, par value $0.001 per share   JRSH   The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒ 

 

 

 

 

 

 

Item 7.01 Regulation FD Disclosure.

 

On August 5, 2020, Jerash Holdings (US), Inc. (the “Company”) issued a press release to announce that its board of directors had declared a quarterly dividend of $0.05, payable on or about August 24, 2020, to stockholders of record as of August 17, 2020, and that it will release financial results for the fiscal first quarter ended June 30, 2020 on August 13, 2020 before the market opens and will subsequently conduct a conference call and webcast to discuss its financial results at 10:00 a.m. Eastern Time. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information contained in this Item 7.01 and the attached Exhibit 99.1 is furnished to and not filed with the Securities and Exchange Commission, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit Number   Exhibit
99.1   Press Release dated August 5, 2020

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  JERASH HOLDINGS (US), INC.
     
August 5, 2020 By: /s/ Choi Lin Hung
    Choi Lin Hung
   

Chairman of the Board of Directors,

Chief Executive Officer, President, and Treasurer

 

 

2

 

Exhibit 99.1

 

 

 

Jerash Holdings (US), Inc. Declares Quarterly Dividend, Fiscal First Quarter Results August 13

 

Fairfield, New Jersey – August 5, 2020 – Jerash Holdings (US), Inc. (Nasdaq: JRSH) (the “Company” or “Jerash”), a producer of high-quality textile goods for leading global brands, today announced that its board of directors approved the payment of a regular quarterly dividend of $0.05 per share on the Company’s common stock. The dividend is payable on or about August 24, 2020, to stockholders of record as of August 17, 2020. The Company will report its fiscal first quarter results on August 13, 2020.

 

“Our steady quarterly dividend reflects the strength of Jerash’s business through the COVID-19 pandemic,” said Sam Choi, Chairman and Chief Executive Officer. “Revenue recovered more rapidly than anticipated from the shelter-in-place orders, declining just 17% year-over-year in the June quarter, and we remained profitable at the net income line. Customers have steadily reinstated orders since April, including a notable increase in volume with new customers won in 2020. We believe this reflects the importance of Jerash’s duty-free import status in reducing cost of goods while maintaining high quality. Jerash also is actively moving forward with entry into the personal protective equipment (PPE) market for both international and US customers, including shipments of initial orders.”

 

Fiscal First Quarter 2021 Results Release Date

 

The Company also announced today that it will report earnings results for its fiscal first quarter, ended June 30, 2020, on August 13, 2020 before the market opens.

 

Jerash will host a conference call on Thursday, August 13, 2020, at 10:00 a.m. Eastern Time to discuss its financial results. Please dial into the call at +1-862-298-0970 at least five minutes prior to the scheduled start time. The call will also be webcast live in a listen-only format accessible in the Investor Relations section at www.jerashholdings.com. A replay of the webcast will be accessible at www.jerashholdings.com approximately one hour after the call.

 

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, Hanes, New Balance, G-III, VF Corporation (which owns brands such as The North Face, Timberland, JanSport, etc.), and PVH Corp. (which owns brands such as Calvin Klein, Tommy Hilfiger, IZOD, etc.). Its production facilities comprise four factory units, one workshop, and three warehouses and it currently employs approximately 4,100 people. The total annual capacity at its facilities was approximately 8.0 million pieces as of March 31, 2020. Additional information is available at 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", "seek", "potential," "outlook" 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. In addition, there is uncertainty about the continuous spread of the COVID-19 virus and the impact it may have on the Company's operations, the demand for the Company's products, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the Company's filings 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