JPS Industries, Inc. Reports Third Quarter Results
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.