GREENVILLE, S.C., Sept. 7 /PRNewswire-FirstCall/ -- JPS Industries,
Inc. (Pink Sheets: JPST) today announced results for the third
quarter and nine months ended July 30, 2005. For the third quarter
of fiscal 2005, JPS reported a net income of $1.0 million, or $0.10
per diluted share, on sales of $42.4 million compared with a net
income of $1.3 million, or $0.13 per diluted share, on sales of
$42.0 million in the third quarter of fiscal 2004. For the first
nine months of fiscal 2005, the Company reported a net income of
$3.0 million, or $0.31 per diluted share, on sales of $117.5
million compared with a net income of $2.0 million, or $0.21 per
diluted share, on sales of $111.4 million for the same period in
fiscal 2004. Michael L. Fulbright, JPS's chairman, president and
chief executive officer, stated, "Third quarter was in line with
our expectations, though slightly below last year. The results
reflect a number of variables within our businesses. We were
successful in implementing price increases throughout the Company
to cover the raw material increases we had experienced during the
first six months of our fiscal year but saw demand weaken in
several markets during the latter part of the quarter. These
included electronics, commercial and military aircraft, and other
defense related markets that affected our JPS Composite Materials
and Stevens(R) Urethane businesses. Countering these areas was
strength in our Stevens(R) Roofing business and solid results from
other industrial markets that are serviced by our Stevens(R)
Urethane and JPS Composite Materials product lines." Commenting
further, Mr. Fulbright stated, "Looking to the balance of the year,
we would expect the softness in the markets we describe above to
strengthen from our most recent experience, but remain at levels
below those of last year. While raw material cost plateaued in
third quarter, it remains unknown at this juncture how oil prices
and energy related cost will affect us in the coming months." JPS
Industries, Inc. is a major U.S. manufacturer of extruded
urethanes, polypropylenes and mechanically formed glass substrates
for specialty industrial applications. JPS specialty industrial
products are used in a wide range of applications, including:
printed electronic circuit boards; advanced composite materials;
aerospace components; filtration and insulation products; surf
boards; construction substrates; high performance glass laminates
for security and transportation applications; plasma display
screens; athletic shoes; commercial and institutional roofing;
reservoir covers; and medical, automotive and industrial
components. Headquartered in Greenville, South Carolina, the
Company operates manufacturing locations in Slater, South Carolina;
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 described from
time to time in the Company's filings with the Securities and
Exchange Commission. 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 30, July 31,
July 30, July 31, 2005 2004 2005 2004 NET SALES $42,373 $42,035
$117,504 $111,413 COST OF SALES 35,615 34,493 100,378 92,702 Gross
profit 6,758 7,542 17,126 18,711 SELLING, GENERAL &
ADMINISTRATIVE EXPENSES 4,848 5,275 11,541 14,884 Operating income
1,910 2,267 5,585 3,827 Interest expense 257 187 722 575 Income
before income taxes 1,653 2,080 4,863 3,252 Provision for income
taxes 636 806 1,872 1,281 Net income $1,017 $ 1,274 $2,991 $ 1,971
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic 9,414,259
9,354,259 9,399,259 9,336,759 Diluted 9,769,530 9,561,442 9,704,059
9,536,692 Basic earnings per common share $0.11 $0.14 $0.32 $0.21
Diluted earnings per common share $0.10 $0.13 $0.31 $0.21
Depreciation $1,266 $1,312 $3,794 $3,988 Capital expenditures $158
$282 $459 $495 Cash taxes paid $2 $3 $10 $3 JPS INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS (Dollars in thousands) July 30, October
30, 2005 2004 ASSETS (Unaudited) Current Assets: Cash $1,330 $407
Receivables 24,419 26,670 Inventory 17,462 15,087 Prepaid expenses
and other 4,212 5,180 Total current assets 47,423 47,344 Property,
plant and equipment, net 26,227 29,478 Other assets 18,298 20,116
Total assets $91,948 $96,938 LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities: Accounts payable $12,697 $11,952 Accrued
salaries, benefits and withholdings 1,925 3,602 Accrued pension
costs 5,470 9,653 Other accrued expenses 2,825 3,447 Current
portion of long-term debt 0 389 Total current liabilities 22,917
29,043 Long-term debt 17,683 16,664 Deferred revenue and
postemployment liabilities 32,228 35,187 Total liabilities 72,828
80,894 Shareholders' equity: Common stock: Par value 100 100
Additional paid-in capital 123,367 123,282 Treasury stock (at cost)
(1,749) (1,749) Additional minimum pension liability (53,874)
(53,874) Accumulated deficit (48,724) (51,715) Total shareholders'
equity 19,120 16,044 Total liabilities and shareholders' equity
$91,948 $96,938 DATASOURCE: JPS Industries, Inc. CONTACT: Charles
R. Tutterow, Executive Vice President and Chief Financial Officer
of JPS Industries, Inc., +1-864-239-3915
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