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JPST: Merged with Handy & Harman Ltd (HNH); $11.00 per share.
http://otce.finra.org/DLDeletions
JPS Industries, Inc. Reports Second Quarter Results
Jun 4, 2009 6:36:00 PM
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View Additional ProfilesGREENVILLE, S.C., June 4 /PRNewswire-FirstCall/ -- JPS Industries, Inc. (OTC: JPST) today announced results for the second quarter and six months ended May 2, 2009.
For the second quarter of fiscal 2009, JPS reported net income of $1.0 million or $0.10 per diluted share, on sales of $50.6 million compared with net income from continuing operations of $1.4 million or $0.14 per diluted share, on sales of $54.7 million in the second quarter of fiscal 2008.
For the first six months of fiscal 2009, the Company reported net income of $3.0 million or $0.29 per diluted share, on sales of $115.4 million compared with net income from continuing operations of $2.8 million or $0.28 per diluted share, on sales of $111.6 million for the same period in fiscal 2008.
Michael L. Fulbright, Chairman, President and Chief Executive Officer of JPS Industries, Inc. stated, "We are pleased with our performance for the second quarter and first half of 2009. Over the longer term we would not be satisfied with these results, but in the current economic environment they are quite solid. During the quarter we experienced weakness across all our markets, however, our breadth of product offerings and our broad market reach allowed us to avoid the significant drop in revenue and earnings that many manufacturing companies with a narrow product and market focus experienced. Importantly, these results facilitated a significant reduction in our net debt over the first six months. These accomplishments are a credit to our entire organization."
Charles R. "Chuck" Tutterow, EVP and CFO of JPS Industries and President of Stevens Urethane added, "At the end of April, net debt declined $13 million to $47.5 million allowing us to maintain a debt to trailing 12 month EBITDA rate of approximately 2X. Further, funding for our frozen pension plans is expected to be $800,000 in FY 2009 and $1.2 million in FY 2010, significantly lower than previous periods and forecasts. Capital expenses are expected to be higher in the second half given the completion of several projects, but our continued focus on minimizing working capital and improving performance should permit further meaningful reductions in our long term debt in the second half."
Commenting further, Mr. Fulbright stated, "As we communicated in our first quarter release, we expect 2009 to be as challenging an economic environment as we experienced in decades. That sentiment was reinforced in the second quarter. Like many companies our order cycle is a very short time horizon, so predicting a bottom or an upturn in our markets is not a productive exercise. All this said, we are positioned well with our broad product and market reach, our very strong balance sheet, our relentless focus on cost reduction initiatives, our strong attention to working capital management, our product quality improvement initiatives, and our development efforts geared to new products and new markets. We're confident in our future potential, and while no one enjoys these cycles, we are well situated to take advantage of the opportunities this type environment produces."
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 hard and soft 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.
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 Six Months Ended
May 2, April 26, May 2, April 26,
2009 2008 2009 2008
Net sales $50,617 $54,720 $115,417 $111,610
Cost of sales 43,974 45,500 99,527 92,996
Gross profit 6,643 9,220 15,890 18,614
Selling, general &
administrative
expenses 4,143 5,371 9,194 10,463
Operating profit 2,500 3,849 6,696 8,151
Interest expense, net 891 1,614 1,953 3,620
Income before income taxes
and discontinued
operations 1,609 2,235 4,743 4,531
Provision for income taxes 593 838 1,768 1,699
Income from continuing
operations 1,016 1,397 2,975 2,832
Discontinued operations
(net of taxes):
Loss from discontinued
operations 0 (906) 0 (1,432)
Net income $1,016 $491 $2,975 $1,400
Weighted Average Number of
common shares outstanding:
Basic 9,719,105 9,660,750 9,699,653 9,631,586
Diluted 10,067,353 9,997,566 10,112,397 9,926,026
Basic earnings per common
share:
Income from continuing
operations $0.10 $0.14 $0.31 $0.30
Discontinued operations
(net of taxes):
Loss from discontinued
operations 0 (0.09) 0 (0.15)
Net income $0.10 $0.05 $0.31 $0.15
Diluted earnings per common
share:
Income from continuing
operations $0.10 $0.14 $0.29 $0.28
Discontinued operations
(net of taxes):
Loss from discontinued
operations 0 (0.09) 0 (0.14)
Net income $0.10 $0.05 $0.29 $0.14
Supplemental information
(continuing operations):
Depreciation $1,783 $2,374 $3,785 $4,722
Capital expenditures $608 $728 $1,411 $922
Cash taxes paid $3 $0 $224 $0
JPS INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
May 2, November 1,
2009 2008
ASSETS (Unaudited)
Current Assets:
Cash $219 $1,272
Accounts receivable 21,103 31,501
Inventories 29,744 39,119
Prepaid expenses and other 6,817 7,635
Total current assets 57,883 79,527
Property, plant and equipment, net 29,110 30,690
Deferred income taxes 48,967 50,616
Goodwill 7,953 7,953
Intangible assets, net 6,498 7,498
Other assets 1,313 1,506
Total assets $151,724 $177,790
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $8,186 $18,353
Accrued pension costs 575 809
Accrued salaries, benefits and
withholdings 1,898 4,994
Other accrued expenses 1,546 2,498
Current portion of long-term debt 1,704 5,373
Total current liabilities 13,909 32,027
Long-term debt 45,980 56,390
Accrued pension cost 2,798 2,798
Other long-term liabilities 2,317 2,329
Total liabilities 65,004 93,544
Shareholders' equity:
Common stock par value 100 100
Additional paid-in capital 123,525 124,257
Treasury stock (at cost) (1,025) (1,256)
Net actuarial pension loss (55,452) (55,452)
Accumulated equity 19,572 16,597
Total shareholders' equity 86,720 84,246
Total liabilities and shareholders'
equity $151,724 $177,790
SOURCE JPS Industries, Inc.
----------------------------------------------
Charles R. Tutterow
Executive Vice President and Chief Financial Officer of JPS Industries
Inc.
+1-864-239-3915
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JPS Industries, Inc. Reports Net Income of $13,159,000 on Gain From Sale of Business Unit and An Improvement in Operating Income of 27% From Continuing Operations
GREENVILLE, S.C., Oct 09, 2008 /PRNewswire-FirstCall via COMTEX/ -- 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
SOURCE JPS Industries, Inc.
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