GREENVILLE, S.C., Oct. 2 /PRNewswire-FirstCall/ -- JPS Industries,
Inc. (Pink Sheets: JPST) today announced results for the third
quarter and nine months ended July 28, 2007. For the third quarter
of fiscal 2007, JPS reported a net income of $1.1 million, or $0.12
per diluted share, on sales of $48.0 million compared with a net
income of $0.4 million, or $0.04 per diluted share, on sales of
$42.7 million in the third quarter of fiscal 2006. Operating income
doubled compared to the prior year. The third quarter results do
not include any results from the previously announced acquisition
of certain reinforcement product lines from Hexcel Corporation or
refinancing that were completed on August 6, 2007. For the first
nine months of fiscal 2007, the Company reported a net income of
$1.2 million, or $0.13 per diluted share, on sales of $129.7
million compared with a net income of $0.6 million, or $0.06 per
diluted share, on sales of $123.6 million for the same period in
fiscal 2006. Michael L. Fulbright, JPS's chairman, president and
chief executive officer, stated, "We are pleased with the marked
improvement in our results for the third quarter and nine months as
they relate to 2006. Each of our businesses, Stevens(R) Roofing and
Geomembrane, Stevens(R) Urethane, and JPS Composite Materials were
solid contributors to the revenue growth and operating income
improvements we delivered for the quarter." Commenting further, Mr.
Fulbright stated, "Financial markets have introduced more
challenges and uncertainty into our economy for at least the next
few months, however, we are optimistic and encouraged about the
results we will deliver for the fourth quarter and 2008. Our fourth
quarter will include results from the reinforcements business we
purchased from Hexcel Corporation. This business has been
consolidated into our JPS Composite Materials business unit and
results from this combination for the first two months are clearly
meeting our expectations. While challenges will present themselves
along the way over the next several years, we are confident that
our employees and customers will realize the benefits of our recast
Company, and that our shareholders' ongoing support will be
rewarded in a significant manner by the results we expect the "new"
JPS Industries will deliver." JPS Industries, Inc. is a major U.S.
manufacturer of extruded urethanes, polypropylenes and mechanically
formed glass and aramid substrate materials for specialty
applications in the industrial, consumer and aerospace markets.
JPS's products are used in a wide range of applications, including:
printed electronic circuit boards; advanced composite materials;
aerospace components; filtration and insulation products; specialty
commercial construction substrates; high performance glass
laminates for security and transportation applications; plasma
display screens; commercial and institutional roofing; reservoir
covers; medical, automotive and industrial components; and soft
body armor for civilian and military applications. Headquartered in
Greenville, South Carolina, the Company operates five manufacturing
locations in Anderson and Slater, South Carolina; Statesville and
Westfield, North Carolina; and Easthampton, Massachusetts. This
press release contains statements that are forward-looking
statements regarding future events. These statements are only
predictions and there are a number of important factors that could
cause future events to differ materially from those expressed in
any such forward-looking statements. These factors include, without
limitation, the general economic and business conditions affecting
the Company's industries, actions of competitors, changes in demand
in certain markets, the Company's ability to meet its debt service
and pension plan obligations (including its ability to meet the
financial obligations in its Credit Agreement), the Company's
ability to realize its deferred tax asset, the seasonality of the
Company's sales, the volatility of the Company's raw material,
claims and energy costs, the Company's dependence on key personnel
and certain large customers and other risk factors. The Company
assumes no responsibility to update the forward-looking statements
contained in this release as a result of new information, future
events or otherwise. JPS Industries, Inc. is not responsible for
changes made to this document by wire services or Internet
Services. CONTACT: Charles R. Tutterow Executive Vice President and
Chief Financial Officer 864/239-3915 JPS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except
per share data) (Unaudited) Three Months Ended Nine Months Ended
July 28, July 29, July 28, July 29, 2007 2006 2007 2006 NET SALES
$47,952 $42,674 $129,696 $123,641 COST OF SALES 40,519 36,715
111,671 106,954 Gross profit 7,433 5,959 18,025 16,687 SELLING,
GENERAL & ADMINISTRATIVE EXPENSES 5,190 4,814 14,802 14,619
Operating income 2,243 1,145 3,223 2,068 Interest expense 419 389
1,233 1,057 Income before income taxes 1,824 756 1,990 1,011
Provision for income taxes 684 379 746 389 Net income $1,140 $377 $
1,244 $622 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic
9,516,959 9,456,959 9,501,959 9,446,284 Diluted 9,624,217 9,587,915
9,613,487 9,625,842 Basic earnings per common share $ 0.12 $0.04
$0.13 $0.07 Diluted earnings per common share $0.12 $0.04 $0.13
$0.06 Depreciation $1,165 $1,241 $3,476 $3,779 Capital expenditures
$119 $199 $657 $570 Cash taxes paid $0 $0 $(2) $(5) JPS INDUSTRIES,
INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands) July 28,
October 28, 2007 2006 ASSETS (Unaudited) Current Assets: Cash $710
$341 Receivables 29,303 31,857 Inventory 16,659 16,371 Prepaid
expenses and other 3,150 1,773 Deferred income taxes 2,859 2,859
Total current assets 52,681 53,201 Property, plant and equipment,
net 18,001 20,813 Deferred income taxes 26,037 26,730 Other assets
37 0 Total assets $96,756 $100,744 LIABILITIES AND SHAREHOLDERS'
EQUITY Current Liabilities: Accounts payable $14,828 $14,956
Accrued salaries, benefits and withholdings 2,064 2,370 Accrued
pension costs 1,686 9,657 Other accrued expenses 3,295 3,060
Current portion of long-term debt 20,626 19,796 Total current
liabilities 42,499 49,839 Long-term debt 0 0 Other long-term
liabilities 29,951 27,850 Total liabilities 72,450 77,689
Shareholders' equity: Common stock par value 100 100 Additional
paid-in capital 123,514 123,507 Treasury stock (at cost) (1,803)
(1,803) Additional minimum pension liability (62,788) (62,788)
Accumulated deficit (34,717) (35,961) Total shareholders' equity
24,306 23,055 Total liabilities and shareholders' equity $96,756
$100,744 DATASOURCE: JPS Industries, Inc. CONTACT: Charles R.
Tutterow, Executive Vice President and Chief Financial Officer, JPS
Industries, Inc., +1-864-239-3915
Copyright
