JPS Industries, Inc. Reports First Quarter Results

JPS Industries, Inc. Reports First Quarter Results 


GREENVILLE, S.C., March 1  /PRNewswire-FirstCall/ -- JPS Industries, Inc. (Pink
Sheets: JPST) today announced results for the first quarter ended January 29,
2005.

For the first quarter of fiscal 2005, JPS reported a net income of $37,000, or
$0.00 per diluted share, on sales of $34.7 million compared with a net loss of
$0.2 million, or $(0.02) per diluted share, on sales of $31.2 million in the
first quarter of fiscal 2004.

Michael L. Fulbright, JPS's chairman, president and chief executive officer,
stated, "We are pleased with our overall performance for the quarter. Our
Stevens Roofing unit delivered growth in excess of 20% over prior year, though
significant cost increases in this business over the latter part of the quarter
mitigated the impact of their revenue growth.  Solid performances from Stevens
Urethane and JPS Glass drove the bottom line improvement in our results."

Commenting further, Mr. Fulbright stated, "At this juncture, cost increases in
our roofing business are a meaningful hurdle.  We have announced a series of
price increases, and expect it will take into our third fiscal quarter to fully
cover the effect of rising costs.  With demand in this market showing
improvement, we believe the environment is such that these costs should move
through the supply chain.  Though the timing of these pressures make second
quarter a challenge, we nonetheless like our position in this market.  Beyond
second quarter, we have confidence that our actions position us well to further
leverage improving market conditions and other growth opportunities that may
present themselves later this year."

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.

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.

   CONTACT:  Charles R. Tutterow
             Executive Vice President
              and Chief Financial Officer
             864/239-3915



                           JPS INDUSTRIES, INC.
                  CONSOLIDATED STATEMENTS OF OPERATIONS
              (Dollars in thousands, except per share data)
                               (Unaudited)

                                                     Three Months Ended
                                                 January 29,    January 31,
                                                    2005           2004

  Net sales                                        $34,712        $31,208
  Cost of sales                                     29,687         26,438
    Gross profit                                     5,025          4,770

  Selling, general & administrative expenses         4,729          4,748
    Operating income (loss)                            296             22

  Interest expense                                     235            189

  Income (loss) before income taxes                     61           (167)

  Provision (benefit) for income taxes                  24              0

  Net income (loss)                                    $37          $(167)

  Weighted Average common shares outstanding
    Basic                                        9,384,259      9,319,259
    Diluted                                      9,638,588      9,319,259

  Basic loss per common share                        $0.00         $(0.02)

  Diluted loss per common share                      $0.00         $(0.02)

  Depreciation                                      $1,263         $1,321
  Capital expenditures                                $116            $59
  Cash taxes paid, net                                  $8             $0



                           JPS INDUSTRIES, INC.
                       CONSOLIDATED BALANCE SHEETS
                          (Dollars in thousands)

                                                 January 29,    October 30,
                                                    2005           2004
  ASSETS                                         (Unaudited)
  Current assets:
    Cash                                              $113           $407
    Receivables                                     21,167         26,670
    Inventories                                     16,635         15,087
    Prepaid expenses and other                       5,268          5,180
      Total current assets                          43,183         47,344

  Property, plant and equipment, net                28,360         29,478
  Other assets                                      20,110         20,116

        Total assets                               $91,653        $96,938

  LIABILITIES AND SHAREHOLDERS' EQUITY
  Current liabilities:
    Accounts payable                                $9,346        $11,952
    Accrued salaries, benefits and withholdings      1,771          3,602
    Accrued pension costs                            7,954          9,653
    Other accrued expenses                           3,308          3,447
    Current portion of long-term debt                    0            389
      Total current liabilities                     22,379         29,043

  Long-term debt                                    17,981         16,664
  Deferred revenue and postemployment
   liabilities                                      35,183         35,187

        Total liabilities                           75,543         80,894

  Shareholders' equity:
    Common stock par value                             100            100
    Additional paid-in capital                     123,311        123,282
    Treasury stock (at cost)                        (1,749)        (1,749)
    Additional minimum pension liability           (53,874)       (53,874)
    Accumulated deficit                            (51,678)       (51,715)

      Total shareholders' equity                    16,110         16,044

        Total liabilities and shareholders'
         equity                                    $91,653        $96,938


DATASOURCE: JPS Industries, Inc.



CONTACT:  Charles R. Tutterow, Executive Vice President and Chief

Financial Officer of JPS Industries, Inc., [phone]

Copyright