JPS Industries, Inc. Reports Second Quarter Results

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

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Revenue and Operating Income From Continuing Operations More Than Doubles From Prior Year GREENVILLE, S.C., July 15 /PRNewswire-FirstCall/ -- JPS Industries, Inc. (OTC Pink Sheets: JPST.PK) today announced results for the second quarter and six months ended April 26, 2008. For the second quarter of fiscal 2008, JPS reported net income from continuing operations of $1.8 million or $0.18 per diluted share, on sales of $54.7 million compared with net income from continuing operations of $0.8 million or $0.09 per diluted share, on sales of $24.8 million in the second quarter of fiscal 2007. For the first six months of fiscal 2008, the Company reported net income from continuing operations of $3.7 million or $0.37 per diluted share, on sales of $111.6 million compared with net income from continuing operations of $1.5 million or $0.15 per diluted share, on sales of $45.8 million for the same period in fiscal 2007. Michael L. Fulbright, Chairman, President and Chief Executive Officer of JPS Industries, Inc. stated, "In what was clearly as challenging a quarter as we have experienced in many years, our results were quite good. The macroeconomic forces affecting the various markets we serve were clearly negative, and our soft-armor ballistic market was, for all practical purposes, totally absent with the postponement of purchases by DOD until later in the summer. Even with these extremely negative pressures, our organization performed quite well and delivered solid results. While we do not see the overall business environment for third and fourth quarter showing any dramatic improvement from second quarter, we do expect considerable increases in revenue for JPS Composite Materials through higher ballistic materials revenue for the fourth quarter as the DOD releases funds for procurement of improved outer tactical vests (IOTV's). We also expect continued and growing sales from our hard armor product offerings." Charles R. "Chuck" Tutterow, EVP and CFO of JPS Industries and President of Stevens Urethane added, "The second half will be further strengthened by Stevens Urethane's continued sales of Encapsolar(R) TPU and EVA based encapsulation films for the photovoltaic solar module industry as well as new paint protection films. Regarding our financial performance, we have classified the results of our recently divested Stevens Roofing and Geomembranes business as discontinued operations on the statement of operations, although we have not reflected the net assets of the business as assets held for sale in the balance sheet. As of all the balance sheet dates presented as well as today, we are in full compliance with all covenants of our debt agreements and have availability under our revolving credit agreement in excess of $25 million, which should be more than adequate to support our growth plans." Commenting further, Mr. Fulbright stated, "On July 1 we announced the completion of the sale of Stevens(R) Roofing and Geomembranes to Dow Building Solutions. The funds from this transaction give us substantial financial flexibility to pursue strategic options that are available to us within our Stevens(R) Urethane and JPS Composite Materials businesses. These opportunities are broad and give us significant potential for growth on the top and bottom lines in each of these divisions. We are most enthusiastic about our future prospects." 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 Six Months Ended April 26, April 28, April 26, April 28, 2008 2007 2008 2007 Net sales $54,720 $24,815 $111,610 $45,771 Cost of sales 45,500 20,819 92,996 37,875 Gross profit 9,220 3,996 18,614 7,896 Selling, general & administrative expenses 5,371 2,531 10,463 5,320 Operating profit 3,849 1,465 8,151 2,576 Interest expense, net 1,223 231 2,742 468 Income before income taxes and discontinued operations 2,626 1,234 5,409 2,108 Provision for income taxes 838 399 1,699 661 Income from continuing operations 1,788 835 3,710 1,447 Discontinued operations (net of income tax benefit of $543 in 2nd Qtr 2008, $357 in 2nd Qtr 2007, $859 in YTD 2008, and $599 in YTD 2007) (1,297) (764) (2,310) (1,343) Net income $491 $71 $1,400 $104 Weighted Average Number of common shares outstanding: Basic 9,660,750 9,516,959 9,631,586 9,496,959 Diluted 9,997,566 9,611,453 9,926,026 9,605,071 Basic earnings (loss) per common share: Income from continuing operations $0.18 $ 0.09 $0.39 $ 0.15 Discontinued operations (net of taxes) (0.13) (0.08) (0.24) (0.14) Net income (loss) $0.05 $ 0.01 $0.15 $0.01 Diluted earnings (loss) per common share: Income from continuing operations $0.18 $ 0.09 $0.37 $ 0.15 Discontinued operations (net of taxes) (0.13) (0.08) (0.23) (0.14) Net income (loss) $0.05 $ 0.01 $0.14 $ 0.01 Supplemental information (continuing operations): Depreciation $2,374 $933 $4,722 $1,871 Capital expenditures $728 $117 $922 $182 Cash taxes paid $0 $0 $0 $(2) JPS INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Net Assets from divested operations are not classified as assets held for sale) April 26, October 27, 2008 2007 ASSETS (Unaudited) Current Assets: Cash $1,699 $2,903 Receivables 38,611 45,361 Inventory 35,136 36,411 Prepaid expenses and other 2,734 3,301 Deferred income taxes 4,742 4,742 Total current assets 82,922 92,718 Property, plant and equipment, net 36,036 39,305 Deferred income taxes 38,118 38,922 Goodwill 7,610 7,641 Intangible assets, net 8,536 9,536 Other assets 5,859 2,618 Total assets $179,081 $190,740 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $18,679 $28,026 Accrued salaries, benefits and withholdings 4,997 6,860 Other accrued expenses 4,773 4,714 Current portion of long-term debt 1,704 1,704 Total current liabilities 30,153 41,304 Long-term debt 74,385 76,616 Other long-term liabilities 17,920 17,928 Total liabilities 122,458 135,848 Shareholders' equity: Common stock par value 100 100 Additional paid-in capital 123,570 123,558 Treasury stock (at cost) (1,278) (1,597) Additional minimum pension liability (49,171) (49,171) Accumulated deficit (16,598) (17,998) Total shareholders' equity 56,623 54,892 Total liabilities and shareholders' equity $179,081 $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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