JPS Industries, Inc. Reports First Quarter Results

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JP Morgan Ultra Short Income ETF	AMEX:JPST	AMEX	Exchange Traded Fund

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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., +1-864-239-3915

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