Jerash Holdings (US), Inc.

Good morning, ladies and gentlemen, and welcome to the Jirash Holdings Fiscal 2023 Second Quarter Financial Results Call. 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 Pendell, Investor Relations for Jirash Holdings. Sir, the floor is yours.

Thank you very much, Ali, and good morning, everyone. Good evening, I guess, to some of you. We have a truly global call. Welcome to Jurasch Holdings Fiscal 2023 Second Quarter Conference Call. I'm Roger Pondell with Pondell Wilkinson, Jurasch's Investors Relations Firm. It will be my pleasure momentarily to introduce the company's chairman and chief executive officer, Sam Troy. its Chief Financial Officer, Gilbert Lee, and Eric Teng, who leads the company's operations in Jordan. Before I turn the call over to Sam, I want to remind all listeners that today's 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 factor section of Jerash Holdings' 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, and Jurasch 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?

Thank you, Roger, and hello, everyone. General market conditions throughout the global retail sector continue to be impacted by inflationary pressures, higher interest rates, and infantry levels, and we also are feeling the impact. Orders received during the current fiscal year from our major customers have generally been smaller, and if a product makes shift more to lower average selling price compared with last fiscal year. Also, from a year-over-year comparative perspective, last year was unusually strong, due to pent up demand following the peak of the epidemic. Revenue for the fiscal 2023 second quarter was lower than originally expected by approximately 4 million due to shipment postponements as retailers sell through their excess inventories. Nevertheless, as I mentioned last quarter, we see fiscal 2023 to be both a transitional and opportunistic year for Durex. We are making excellent progress with our initiative to expand and diversify our global brand customer base. Production for two of our newest customers, Timberland and Sketchers, already has begun and initial shipment to both are beginning in the current third quarter. Also, We are continuing to receive inquiries from other major global brands, and we believe these prospective customers will play an important role for Juresh next year. We also are pursuing opportunities to gain visibility with high-profile customer brands in other segments of apparel manufacturing, which we believe will further diversify our customer base in the years to come. Just yesterday, we signed our Memorandum of Understanding for a joint venture company with Pusana Apparel Group, one of the world's largest garment manufacturers and exporters, with 13 manufacturing facilities in Indonesia and Ethiopia. Pusana is well known for its high-quality woven apparel production, specializing in technical garments, active sportswear, and formal wear. We also are gaining visibility into the aesthetic leisure wear and technical clothing segments from Prusanna's customers that are expressing interest to geographically diversify and their production in Jordan, which has long-standing duty-free export agreements with the U.S., EU, and other countries. and other countries. We will keep you apprised of our progress. I will now turn the call over to Eric Tan, who is based in Jordan, and then Gilbert Lee will cover our financial results and discuss details of our approach to guidance for fiscal 2023 third quarter. Hi, Eric.