JPS Industries, Inc. Reports Fourth Quarter 2008 and Full Year Results
(JPST.PK) today announced results for the fourth quarter and year ended
For the fourth quarter of fiscal 2008, JPS reported a net income from
continuing operations of
of
fourth quarter of fiscal 2007. The fourth quarter results include a tax
benefit associated with the reduction of the deferred tax valuation allowance
of
For fiscal year 2008, the Company reported a net income from continuing
operations of
million
million
year 2007.
officer, stated, “Our full year results were excellent, exceeded only by an
outstanding fourth quarter performance.
“It is a tribute to our entire organization and the business leaders we
have throughout the Company that they dealt with the many challenges we face
in today’s global economic environment, and did so in such an outstanding
manner. Our results were broad-based with strong contributions from both of
our Stevens(R) Urethane Products and JPS Composite Materials operating units.
Products we design and manufacture to meet the requirements for safety and
security, alternative energy production, aerospace, medical, infrastructure
and defense markets offset the weakness we saw in commercial construction and
electrical/electronic based markets.
“Our performance was most gratifying in light of the strategic makeover we
have accomplished in the past eighteen months and it is very satisfying to
have accomplished it during such turbulent economic conditions.”
officer, stated, “Results for fiscal year 2008 included pension and post
employment income of
2007. For fiscal year 2009, we anticipate pension plan payments of
approximately
financial position remains strong and we expect to finish calendar year 2008
with over
borrowings under our credit facilities. As such, we are capable of investing
as necessary to grow our businesses and the Board of Directors has approved
the repurchase, from time to time, of up to
Company’s common stock in open market purchases to enhance shareholder value.”
Commenting further, Mr. Fulbright stated, “We have never been more solidly
positioned with our businesses, our organization, and our balance sheet. With
clearly the most challenging economic environment most companies have seen
over the past four decades our Company is prepared and fully engaged to deal
with the pressures and capitalize on the opportunities that lie ahead.”
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
Carolina
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 Twelve Months Ended
Nov. 1, Oct. 27, Nov. 1, Oct. 27,
2008 2007 2008 2007
NET SALES $73,086 $66,961 $232,487 $138,768
COST OF SALES 60,331 57,274 193,209 116,583
Gross profit 12,755 9,687 39,278 22,185
SELLING, GENERAL &
ADMINISTRATIVE EXPENSES 7,909 5,997 23,898 14,049
Operating income 4,846 3,690 15,380 8,136
Interest expense, net 1,452 1,972 6,496 3,205
Income before income taxes and
discontinued operations 3,394 1,718 8,884 4,931
Provision (Benefit) for income
taxes (16,938) (14,889) (14,879) (13,684)
Income from continuing
operations 20,332 16,607 23,763 18,615
Discontinued operations
(net of taxes):
Gain on sale of Stevens
Roofing 592 0 13,569 0
Loss from discontinued
operations (54) 112 (1,903) (652)
Net income $20,870 $16,719 $35,429 $17,963
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING
Basic 9,660,750 9,545,109 9,643,252 9,516,219
Diluted 10,206,067 9,710,842 10,115,652 9,647,379
Basic earnings (loss) per
common share:
Income from continuing
operations $2.11 $1.74 $2.46 $1.96
Discontinued operations
(net of taxes):
Gain on sale of Stevens
Roofing 0.06 0 1.41 0
Loss from discontinued
operations (0.01) 0.01 (0.20) (0.07)
Net income $2.16 $ 1.75 $3.67 $1.89
Diluted earnings (loss) per
common share:
Income from continuing
operations $1.99 $1.71 $2.35 $1.93
Discontinued operations
(net of taxes):
Gain on sale of Stevens
Roofing 0.06 0 1.34 0
Loss from discontinued
operations (0.01) 0.01 (0.19) (0.07)
Net income $2.04 $1.72 $3.50 $1.86
Supplemental information
(continuing operations):
Depreciation $3,143 $2,386 $10,230 $5,191
Capital expenditures $1,357 $305 $3,104 $575
Cash taxes paid $6 $(2) $23 $(4)
JPS INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
November 1, October 27,
2008 2007
ASSETS (Unaudited)
Current Assets:
Cash $1,272 $2,903
Accounts receivable 31,501 45,361
Inventories 39,119 36,411
Prepaid expenses and other 7,635 8,043
Total current assets 79,527 92,718
Property, plant and equipment, net 30,690 39,305
Deferred income taxes 50,755 38,922
Goodwill 7,953 7,641
Intangible assets, net 7,498 9,536
Other assets 1,506 2,618
Total assets $177,929 $190,740
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $18,353 $28,026
Accrued pension costs 809 0
Accrued expenses, salaries, benefits
and withholding 7,492 11,574
Current portion of long-term debt 5,373 1,704
Total current liabilities 32,027 41,304
Long-term debt 56,390 76,616
Accrued pension cost 2,798 0
Other long-term liabilities 2,916 17,928
Total liabilities 94,131 135,848
Shareholders' equity:
Common stock, par value 100 100
Additional paid-in capital 124,257 123,558
Treasury stock (at cost) (1,256) (1,597)
Additional minimum pension liability (55,452) (49,171)
Accumulated earnings (deficit) 16,149 (17,998)
Total shareholders' equity 83,798 54,892
Total liabilities and shareholders'
equity $177,929 $190,740
SOURCE JPS Industries, Inc.