JPS INDUSTRIES, INC. 
By GREENVILLE, S.C.,
For the fourth quarter of fiscal 2007, JPS reported a net income of
For fiscal 2007, the Company reported a net income of
Michael L. Fulbright, JPS's chairman, president and chief executive
officer, stated, "We had an outstanding quarter. For the fourth quarter
revenues were up 88% or
We take much satisfaction from the fact that these results were delivered in an economic environment that was clearly more challenging than the prior year's fourth quarter as well as the internal challenges we faced with our acquisition integration. The transition and melding of the acquisition into our JPS Composite Materials unit has gone smoothly and as we had planned. It is a tribute to the attitude and work ethic of all our Composite Material associates, old and new, that the integration has gone so well to this point."
Charles R. Tutterow, JPS's executive vice president and chief financial
officer, stated, "Our 2007 results included twelve weeks of operations of the
acquired reinforcements business. In connection with the related purchase
price accounting, we wrote up inventory to its fair market value, which
adversely affected gross profit for the quarter by
Continuing,
Commenting further,
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 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; 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.
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 Twelve Months Ended
Oct. 27, Oct. 28, Oct. 27, Oct. 28,
2007 2006 2007 2006
Net sales $ 90,048 $ 47,904 $ 219,744 $ 171,545
Cost of sales 77,742 40,850 189,413 147,804
Gross profit 12,306 7,054 30,331 23,741
Selling, general &
administrative
expenses 8,437 5,250 23,239 19,869
Operating income 3,869 1,804 7,092 3,872
Interest expense 1,972 417 3,205 1,474
Income before
income taxes 1,897 1,387 3,887 2,398
Provision (Benefit)
for income taxes (14,822) (3,975) (14,076) (3,586)
Net income $ 16,719 $ 5,362 $ 17,963 $ 5,984
Weighted Average
Common Shares
Outstanding
Basic 9,545,109 9,456,959 9,516,219 9,448,419
Diluted 9,710,842 9,593,452 9,647,379 9,619,135
Basic earnings per
common share $ 1.75 $ 0.57 $ 1.89 $ 0.63
Diluted earnings per
common share $ 1.73 $ 0.56 $ 1.86 $ 0.62
Depreciation and
amortization $ 2,619 $ 1,406 $ 6,095 $ 5,009
Capital
expenditures $ 365 $ 323 $ 1,022 $ 893
Cash taxes paid $ (2) $ (2) $ (4) $ (7)
JPS INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
October 27, October 28,
2007 2006
ASSETS (Unaudited)
Current Assets:
Cash $ 2,903 $ 341
Accounts receivable 45,361 31,857
Inventories 36,411 16,371
Prepaid expenses and other 8,043 4,632
Total current assets 92,718 53,201
Property, plant and equipment, net 39,305 20,813
Deferred income taxes 38,922 26,730
Goodwill 7,641 0
Intangible assets, net 9,536 0
Other assets 2,618 0
Total assets $ 190,740 $ 100,744
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 28,026 $ 14,956
Accrued pension costs 0 9,657
Accrued expenses, salaries,
benefits and withholding 11,574 5,430
Current portion of long-term debt 1,704 19,796
Total current liabilities 41,304 49,839
Long-term debt 76,616 0
Other long-term liabilities 17,928 27,850
Total liabilities 135,848 77,689
Shareholders' equity:
Common stock, par value 100 100
Additional paid-in capital 123,558 123,507
Treasury stock (at cost) (1,597) (1,803)
Additional minimum
pension liability (49,171) (62,788)
Accumulated deficit (17,998) (35,961)
Total shareholders' equity 54,892 23,055
Total liabilities and
shareholders' equity $ 190,740 $ 100,744
CONTACT: Charles R. Tutterow
Executive Vice President
and Chief Financial Officer
864/239-3915
SOURCE JPS Industries, Inc.
