They’re coming to the U.S. in the next couple of weeks to start going to all their customers and they’re going to represent Jerash, and they will move those orders to Jerash, so we are very confident that the impact from this joint venture is going to help us even though we may not have substantial growth, or maybe maintaining the same level of business with our existing customers. This additional opportunity from the joint venture will help us move Jerash forward. That’s why we’re cautious, but we are optimistic in the next fiscal year, but I cannot give you guidance at this point. All we can say is that currently, we are looking at the first half of the year being–we’re confident that we will maintain the same level of business, maybe a little bit of growth.
It depends on the timing of the new business coming.
Mike Baker: Okay, one more if I could, related to that. The fourth quarter guidance which you’ve given, two questions on that. One, you just grew your sales 17% and were at $43 million, why the implied–well, the guidance for fourth quarter sales is down 10% to 16%. Why would that reverse so much? Then the gross margin, I understand you just kept the full year number, but could you tighten it up a little bit because, basically, it backs into my math, at least, for the fourth quarter anywhere between 12% on the gross profit line, gross margin line to 22%, so you know, if you could help tighten that maybe a little bit for fourth quarter.
Gilbert Lee: Sure, let me try and explain. First of all, understand that the third quarter, we had record revenues, and that is primarily because we supplemented the lack of orders or the reduction in orders from our major customers. That’s why gross margin for third quarter dropped down to 13.5% compared to 18.8% in the previous year third quarter. Sales increased by 17% in third quarter, quarter-to-quarter–I mean, year-to-year for the third quarter, but margin basically dropped a lot, but that was because of the local orders, orders to third parties, so that’s why margin was very low. Now fourth quarter would be a little bit of a different picture. We are doing more or a higher proportion of the FOB order to North Face and New Balance, but we are going to do less of the lower margin orders, so the gross margin percentage of the fourth quarter, this current quarter that we are in, is going to go back up to between 16% to 18%.
That will give us the full year around 17%, but sales will be down in terms of dollar amount compared to last year.
Mike Baker: Okay, understood. In the press release, though, it sales full year guidance 16% to 18% on the gross margin, but you’re saying that is also good guidance for the fourth quarter?
Gilbert Lee: That’s also for the fourth quarter, exactly.
Mike Baker: Understood, okay. Thank you very much.
Operator: Your next question is coming from Mark Argento at Lake Street.
Mark Argento: Yes, hi. Good morning guys. Just a follow-up on the Busana relationship. I know last quarter when you talked about it, you were still working out some of the details. It sound like maybe you have a better understanding of the agreement. When you think about the economics of the deal, can you talk a little bit about will it be accretive to gross margins, or how will this flow through your P&L once you start booking revenue?
