GREENVILLE, S.C., Oct. 20 /PRNewswire-FirstCall/ -- JPS Industries,
Inc. (OTC:JPST.PK) today announced results for the third quarter
and nine months ended July 29, 2006. For the third quarter of
fiscal 2006, JPS reported a net income of $0.4 million, or $0.04
per diluted share, on sales of $42.7 million compared with a net
income of $1.0 million, or $0.10 per diluted share, on sales of
$42.4 million in the third quarter of fiscal 2005. For the first
nine months of fiscal 2006, the Company reported a net income of
$0.6 million, or $0.06 per diluted share, on sales of $123.6
million compared with a net income of $3.0 million, or $0.31 per
diluted share, on sales of $117.5 million for the same period in
fiscal 2005. The 2005 nine month period included a pretax gain of
$2.9 million related to the elimination of certain retiree life and
medical benefits. Michael L. Fulbright, JPS's chairman, president
and chief executive officer, stated, "Our third quarter results,
much as expected, were a solid improvement over second quarter. We
anticipate this trend will continue and that we'll see further
improvements in the fourth quarter despite cost pressures we've
experienced for well over a year." Commenting further, Mr.
Fulbright stated, "We are exploring investment opportunities for
our Company and are currently assessing both capacity expansion for
organic growth as well as acquisitions that would mesh well
strategically with our current businesses. We would expect progress
on these initiatives over the next several 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. 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. JPS INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (Dollars in thousands, except per share data)
(Unaudited) Three Months Ended Nine Months Ended July 29, July 30,
July 29, July 30, 2006 2005 2006 2005 NET SALES $42,674 $42,373
$123,641 $117,504 COST OF SALES 36,715 35,615 106,954 100,378 Gross
profit 5,959 6,758 16,687 17,126 SELLING, GENERAL &
ADMINISTRATIVE EXPENSES 4,814 4,848 14,619 11,541 Operating income
1,145 1,910 2,068 5,585 Interest expense 389 257 1,057 722 Income
before income taxes 756 1,653 1,011 4,863 Provision for income
taxes 379 636 389 1,872 Net income $377 $1,017 $622 $2,991 WEIGHTED
AVERAGE COMMON SHARES OUTSTANDING Basic 9,456,959 9,414,259
9,446,284 9,399,259 Diluted 9,587,915 9,769,530 9,625,842 9,704,059
Basic earnings per common share $0.04 $0.11 $0.07 $0.32 Diluted
earnings per common share $0.04 $0.10 $0.06 $0.31 Depreciation
$1,241 $1,266 $3,779 $3,794 Capital expenditures $199 $158 $570
$459 Cash taxes paid $0 $2 $(5) $10 JPS INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS (Dollars in thousands) July 29, October
28, 2006 2005 ASSETS (Unaudited) Current Assets: Cash $1,212 $348
Accounts receivable 26,821 30,743 Inventories 17,578 14,290 Prepaid
expenses and other 4,911 3,916 Total current assets 50,522 49,297
Property, plant and equipment, net 22,040 25,164 Other assets
23,749 24,085 Total assets $96,311 $98,546 LIABILITIES AND
SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $12,863
$14,709 Accrued salaries, benefits and withholdings 1,879 2,259
Accrued pension costs 918 7,688 Other accrued expenses 4,070 2,335
Total current liabilities 19,730 26,991 Long-term debt 20,776
16,652 Other long-term liabilities 37,951 37,702 Total liabilities
78,457 81,345 Shareholders' equity: Common stock, par value 100 100
Additional paid-in capital 123,480 123,395 Treasury stock (at cost)
(1,803) (1,749) Additional minimum pension liability (62,811)
(62,811) Accumulated deficit (41,112) (41,734) Total shareholders'
equity 17,854 17,201 Total liabilities and shareholders' equity
$96,311 $98,546 CONTACT: Charles R. Tutterow, Executive Vice
President and Chief Financial Officer, of JPS Industries, Inc.,
+1-864-239-3915. 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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