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JPS Industries, Inc. Announces 2011 Results and Engagement of Houlihan Lokey as Financial Advisor to Explore Strategic Alternatives

Friday, March 16, 2012 4:15 PM

GREENVILLE, S.C., March 16, 2012 /PRNewswire/ -- JPS Industries, Inc. (JPST.PK) today announced results for the twelve months ended October 29, 2011.

For 2011, JPS reported sales of $190.3 million versus prior year sales of $186.7, an increase of 1.9%.  The Company reported a net loss of $0.9 million versus net income of $3.2 million in the prior period.  Excluding the effects of litigation in 2011, operating income in 2011 was $11.1 million versus $10.5 million in 2010, an increase of 5.7%.  Adjusted EBITDA for 2011 was $22.4 million versus $20.7 million in 2010, an increase of 8.2%.  The full 2011 Annual Report and Proxy has been mailed to shareholders and is also available at the Company's website.

Michael L. Fulbright, Chairman, President and Chief Executive Officer of JPS Industries, Inc. stated, "Our 2011 operating results show solid improvement over 2010 and continue the strong recovery from the economic challenges of 2009.  We achieved these results despite an economic environment that remained uncertain throughout the year and was further affected by geopolitical events that influenced supply, demand and raw material prices.  We are especially gratified to have reduced our debt over these past two years from $46 million to $29 million even as we further invested in modern equipment to support our growth businesses and contributed $5 million to our pension plan."

Commenting further, Mr.


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