Jan. 5, 2011 (PR Newswire) --
GREENVILLE, S.C., Jan. 5, 2011 /PRNewswire/ -- JPS Industries, Inc. (JPST) today announced results for the fourth quarter and twelve months ended October 30, 2010.
For the fourth quarter of fiscal 2010, JPS reported net income of $0.5 million or $0.05 per diluted share, on sales of $54.4 million compared with net loss of $1.9 million or $(0.19) per diluted share, on sales of $35.9 million in the fourth quarter of fiscal 2009.
For fiscal 2010, the Company reported net income of $3.2 million or $0.31 per diluted share, on sales of $186.7 million compared with net income of $0.6 million or $0.05 per diluted share, on sales of $191.3 million for the same period in fiscal 2009.
Michael L. Fulbright, Chairman, President and Chief Executive Officer of JPS Industries, Inc. stated, "We are very pleased with our performance this year. Our fourth quarter was a strong finish to the year and continued the significant improvements we delivered throughout 2010. Both Stevens® Urethane and JPS Composite Materials business units delivered equally strong performances and improved consistently over the course of 2010. It is a credit to both organizations that we delivered operating income essentially double that of prior year on a modest revenue decline. It is important to note that the revenue line decline was driven by timing of military contract awards rather than a softening in market demands. Our ongoing focus on cost reduction, customer service and satisfaction, new product introductions, new market penetration, working capital management, and debt reduction has served us well, and the financial results delivered in 2010 clearly demonstrate that this focus on basic business tenets is an integral and essential element in such meaningful improvement over the prior year."
Charles R. (Chuck) Tutterow, EVP and CFO of JPS Industries and President of Stevens Urethane added, "During the year, borrowings were reduced from $45.9 million to $38.9 million and have been further reduced to $ 35.6 million. Noncash pension expense was $802,000 in Fiscal 2010 versus $127,000 in Fiscal 2009. Cash contributions to the Pension Plan were $1.2 million in Fiscal 2010 and are expected to be $2.7 million in 2011."
Commenting further, Mr. Fulbright stated, "We expect challenges to remain for 2011 as our domestic economy is constrained with many pressures and the global economy is clearly compromised in many aspects. That said, with the momentum we generated in 2010 we expect to show a return to revenue growth in 2011 driven by demand in our aerospace, electronics, electrical, defense, and solar energy markets, and double digit percentage improvement in our operating income and EBITDA measures. This level of performance will allow us to further reduce our debt, strengthen our balance sheet, and put our company in very solid position to address the further growth opportunities that we are confident our broad array of specialty markets will present over the next several years."
JPS Industries, Inc. is a major U.S. manufacturer of extruded urethanes, ethylene vinyl acetates and mechanically formed glass and aramid substrate materials for specialty applications in a wide expanse of markets requiring highly engineered components. JPS's products are used in a wide range of applications including: printed electronic circuit boards; advanced composite materials; civilian and military aerospace components; filtration and insulation products; specialty commercial construction substrates; high performance glass laminates for security and transportation applications; photovoltaic solar modules; paint protection films; plasma display screens; medical, automotive and industrial components; and soft body armor for civilian and military applications. Headquartered in Greenville, South Carolina, the Company operates four manufacturing locations in Anderson and Slater, South Carolina; Statesville, 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.
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JPS INDUSTRIES, INC.
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Charles R. Tutterow
Executive Vice President
and Chief Financial Officer
SOURCE JPS Industries, Inc.