GREENVILLE, S.C., Dec. 19 /PRNewswire-FirstCall/ -- JPS Industries, Inc. (Pink Sheets: JPST) today announced results for the fourth quarter and year ended October 29, 2005. For the fourth quarter of fiscal 2005, JPS reported a net income of $7.3 million, or $0.75 per diluted share, on sales of $45.8 million compared with a net income of $13.0 million, or $1.36 per diluted share, on sales of $43.6 million in the fourth quarter of fiscal 2004. Net income for the current quarter included a tax benefit of $5.9 million related to the reduction of the valuation allowance established against the Company's deferred tax assets. For fiscal 2005, the Company reported a net income of $10.3 million, or $1.06 per diluted share, on sales of $163.4 million compared with a net income of $15.0 million, or $1.57 per diluted share, on sales of $155.0 million for the same period in fiscal 2004. Michael L. Fulbright, JPS's chairman, president and chief executive officer, stated, "We are pleased with our fourth quarter, especially so because of the solid contributions from each of our business units to the Company's overall results. 2005 presented us with many challenges including softness in several of our markets, substantial price increases in many of our raw materials, and significant increases in fuel and energy costs. We countered these factors very well over the course of the year with price increases and further cost reductions that have us well positioned for 2006. Credit goes to our entire organization in the effective and comprehensive manner in which they dealt with the challenges and delivered such solid results." Charles R. Tutterow, JPS's executive vice president and chief financial officer, stated, "Operating income for the fourth quarter decreased $300,000; however, the fourth quarter's results includes pension expense of $295,000 versus income of $643,000 in the prior year, a swing of $938,000." Continuing, Mr. Tutterow stated, "As of year end, we are in compliance with all of the debt covenants of our $25 million senior credit facility that expires on April 30, 2007 and have excess availability of $8.3 million and senior debt net of cash in the amount of $16.3 million. Including cash flow from operations, we believe we have sufficient liquidity to maintain our expected $7.5 million of pension contributions and our limited stock repurchase plan." Commenting further, Mr. Fulbright stated, "We look optimistically to 2006 for a number of reasons. We like our market positions, our cost structures, our new product and new market opportunities, and the flexibility our strong balance sheet provides. The growth potential represented by these opportunities is candidly the best we have seen in a number of years. While we have elected not to provide financial forecast for several years and plan no change in this practice, we can advise that our November results were a significant improvement over last year. All of our businesses contributed to this positive start to fiscal 2006, with Stevens Roofing leading the way with their best November in many years." 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. 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 Twelve Months Ended Oct. 29, Oct. 30, Oct. 29, Oct. 30, 2005 2004 2005 2004 NET SALES $45,847 $43,589 $163,351 $155,002 COST OF SALES 39,140 37,001 139,490 129,703 Gross profit 6,707 6,588 23,861 25,299 SELLING, GENERAL & ADMINISTRATIVE EXPENSES 5,005 4,587 16,574 19,471 Operating income 1,702 2,001 7,287 5,828 Interest expense 269 187 991 762 Income before income taxes 1,433 1,814 6,296 5,066 Benefit for income taxes (5,872) (11,166) (4,000) (9,885) Net income $7,305 $12,980 $10,296 $ 14,951 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic 9,414,259 9,354,259 9,402,259 9,340,259 Diluted 9,746,499 9,570,902 9,708,633 9,545,214 Basic earnings per common share $0.78 $1.39 $1.10 $1.60 Diluted earnings per common share $0.75 $1.36 $1.06 $1.57 Depreciation $1,335 $1,299 $5,129 $5,287 Capital expenditures $430 $376 $889 $871 Cash taxes paid $(2) $0 $8 $3 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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