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JPS Industries, Inc. Reports Third Quarter Results

Submitted by: John Warner on Oct 20, 2006 at 7:06 am Tagged with: Miscellany Source:

GREENVILLE, S.C., Oct. 20 /PRNewswire-FirstCall/ -- JPS Industries, Inc. 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.