JPS Industries, Inc. Reports Net Income of $13,159,000 on Gain From Sale of Business Unit and An Improvement in Operating Income

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

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GREENVILLE, S.C., Oct. 9 /PRNewswire-FirstCall/ -- JPS Industries, Inc. (JPST.PK) today announced results for the third quarter and nine months ended July 26, 2008. For the third quarter of fiscal 2008, JPS reported net income from continuing operations of $0.6 million or $0.06 per diluted share, on sales of $47.8 million compared with net income from continuing operations of $0.9 million or $0.09 per diluted share, on sales of $26.0 million in the third quarter of fiscal 2007. For the first nine months of fiscal 2008, the Company reported net income from continuing operations of $3.4 million or $0.35 per diluted share, on sales of $159.4 million compared with net income from continuing operations of $2.0 million or $0.21 per diluted share, on sales of $71.8 million for the same period in fiscal 2007. Michael L. Fulbright, Chairman, President and Chief Executive Officer of JPS Industries, Inc. stated, "The third quarter marks a watershed in the strategic transformation of our Company on which I'll comment further. First, however, let me say the solid growth in revenue and operating results from our continuing operations is most gratifying and clearly reinforces our confidence in the potential of our "recast" Company. The quarter was every bit as challenging as the prior six months, with macroeconomic forces continuing to affect our various markets and a continuation of the practically non-existent soft body armor market we first experienced beginning in the second quarter this year. Our solid results are especially satisfying in such a negatively- impacted business environment. We made significant strides during the quarter on a number of tactical fronts including initial shipments of new products to new markets. Two of these new products, hard armor ballistic products for the U.S. military's MRAP(R) vehicles and our Encapsolar(R) TPU and EVA based encapsulation films for the photovoltaic solar modular market are now fully commercialized with shipments underway. These initiatives along with recently received orders to support the restart of production for the military's Improved Outer Tactical Vest (IOTV's) will have a significant positive impact on our fourth quarter performance. Charles R. "Chuck" Tutterow, EVP and CFO of JPS Industries and President of Stevens Urethane added, "Our results include a gain of $13 million, net of tax, from the sale of our Stevens(R) Roofing business and comparable periods have been adjusted to reflect it as a discontinued operation. EBITDA for the third quarter increased 69% from $2.8 million to $4.7 million and included $0.7 million of expenses related to the legal matter described in our previous press release. Year to date, our net debt has been reduced from $75.4 million to $54.4 million." Commenting further, Mr. Fulbright stated, "Strategically, on July 1st we completed the repositioning of our Company when we closed on the sale of the Stevens(R) Roofing business unit to Dow Building Solutions. The funds from this transaction were used to reduce our long-term debt, making our already healthy, solid balance sheet even more so. The flexibility this provides us to pursue all manner of strategic and tactical opportunities is enormous in today's environment. The domestic and global events of the past few weeks have brought a new round of challenges and no doubt new opportunities. We are well positioned for both and confident in our ability to execute and deliver results to benefit our Company and our shareholders." 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. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended July 26, July 28, July 26, July 28, 2008 2007 2008 2007 NET SALES $47,791 $26,036 $159,401 $71,807 COST OF SALES 39,882 21,434 132,878 59,309 Gross profit 7,909 4,602 26,523 12,498 SELLING, GENERAL & ADMINISTRATIVE EXPENSES 5,526 2,732 15,989 8,052 Operating profit 2,383 1,870 10,534 4,446 Interest expense, net 1,424 419 5,044 1,233 Income before income taxes and discontinued operations 959 1,451 5,490 3,213 Provision for income taxes 360 544 2,059 1,205 Income from continuing operations 599 907 3,431 2,008 Discontinued operations (net of taxes): Gain on sale of Stevens Roofing 12,977 12,977 Loss from discontinued operations (417) 233 (1,849) (764) Net income $13,159 $1,140 $14,559 $1,244 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 9,660,750 9,516,959 9,638,877 9,501,959 Diluted 10,031,745 9,624,217 9,958,111 9,613,487 Basic earnings (loss) per common share: Income from continuing operations $0.06 $0.10 $0.36 $0.21 Discontinued operations (net of taxes): Gain on sale of Stevens Roofing 1.34 - 1.35 - Loss from discontinued operations (0.04) 0.02 (0.20) (0.08) Net income $1.36 $0.12 $1.51 $0.13 Diluted earnings (loss) per common share: Income from continuing operations $0.06 $0.09 $0.35 $0.21 Discontinued operations (net of taxes): Gain on sale of Stevens Roofing 1.29 - 1.30 - Loss from discontinued operations (0.04) 0.02 (0.19) (0.08) Net income $1.31 $0.11 $1.46 $0.13 Supplemental information (continuing operations): Depreciation $2,365 $934 $7,087 $2,805 Capital expenditures $825 $88 $1,747 $270 Cash taxes paid $17 $0 $17 $(2) JPS INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Net Assets from divested operations are not classified as assets held for sale) July 26, October 27, 2008 2007 ASSETS (Unaudited) Current Assets: Cash $306 $2,903 Receivables 24,207 45,361 Inventory 34,413 36,411 Prepaid expenses and other 1,812 3,301 Deferred income taxes 4,742 4,742 Total current assets 65,480 92,718 Property, plant and equipment, net 31,271 39,305 Deferred income taxes 30,361 38,922 Goodwill 7,610 7,641 Intangible assets, net 8,036 9,536 Other assets 7,377 2,618 Total assets $150,135 $190,740 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $17,224 $28,026 Accrued salaries, benefits and withholdings 3,925 6,860 Other accrued expenses 3,474 4,714 Current portion of long-term debt 1,704 1,704 Total current liabilities 26,327 41,304 Long-term debt 52,981 76,616 Other long-term liabilities 1,030 17,928 Total liabilities 80,338 135,848 Shareholders' equity: Common stock par value 100 100 Additional paid-in capital 123,563 123,558 Treasury stock (at cost) (1,256) (1,597) Additional minimum pension liability (49,171) (49,171) Accumulated deficit (3,439) (17,998) Total shareholders' equity 69,797 54,892 Total liabilities and shareholders' equity $150,135 $190,740 CONTACT: Charles R. Tutterow Executive Vice President and Chief Financial Officer 864/239-3915 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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