JPS INDUSTRIES, INC. 
By GREENVILLE, S.C.,
For the first quarter of fiscal 2008, JPS reported a net income of
Michael L. Fulbright, JPS's chairman, president and chief executive officer, stated, "We are very satisfied with our first quarter performance. First quarter is traditionally our smallest in terms of revenue and earnings because of the seasonal nature of a number of our markets and, this year in particular, we felt the effects of winter weather and economic headwinds. Even with these significant mitigating factors, we delivered a solid performance, meeting our business plan metrics. The integration of the Reinforcements businesses that we purchased last August continues to progress smoothly, and the melding into our JPS Composite Materials business unit is clearly meeting our plans and expectations. During the quarter, our Stevens(R) Urethane unit delivered its first commercial shipments of ethylene vinyl acetate based Encapsolar(R) products, our new proprietary encapsulation product for the photovoltaic market. This reinforces our commitment not only to the growing solar energy market, but to our stated objective of developing, manufacturing, and commercializing new products for new and existing market applications."
Commenting further,
JPS Industries, Inc. is a major U.S. manufacturer of extruded urethanes, polypropylenes 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 broad range of applications, including: printed electronic circuit boards; advanced composite materials; aerospace and defense 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; commercial and institutional roofing; reservoir covers; medical, automotive and industrial components; and soft body armor for civilian and military applications. Headquartered in Greenville, South Carolina, the Company operates five manufacturing locations in Anderson and Slater, South Carolina; Statesville and 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.
JPS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended
January 26, January 27,
2008 2007
NET SALES $ 74,758 $ 37,708
COST OF SALES 64,208 32,458
Gross profit 10,550 5,250
SELLING, GENERAL &
ADMINISTRATIVE EXPENSES 7,090 4,784
Operating income 3,460 466
Interest expense 2,006 413
Income before income taxes 1,454 53
Income taxes 545 20
Net income $ 909 $ 33
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING
Basic 9,617,005 9,486,959
Diluted 9,884,477 9,602,757
Basic earnings per common share $ 0.09 $ 0.00
Diluted earnings per common share $ 0.09 $ 0.00
Depreciation and amortization $ 2,580 $ 1,158
Capital expenditures $ 209 $ 97
Income taxes paid (received), net $ 0 $ (2)
JPS INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
January 26, October 27,
2008 2007
ASSETS (Unaudited)
Current assets:
Cash $ 3,487 $ 2,903
Accounts receivable 37,895 45,361
Inventories 39,405 36,411
Prepaid expenses and other 7,432 8,043
Total current assets 88,219 92,718
Property, plant and equipment, net 37,430 39,305
Deferred income taxes 38,395 38,922
Goodwill 7,661 7,641
Intangible assets, net 9,036 9,536
Other assets 4,698 2,618
Total assets $ 185,439 $ 190,740
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 20,900 $ 28,026
Accrued expenses, salaries,
benefits and withholding 9,664 11,574
Current portion of long-term debt 1,704 1,704
Total current liabilities 32,268 41,304
Long-term debt 79,046 76,616
Other long-term liabilities 17,992 17,928
Total liabilities 129,306 135,848
Shareholders' equity:
Common stock par value 100 100
Additional paid-in capital 123,571 123,558
Treasury stock (at cost) (1,278) (1,597)
Additional minimum pension liability (49,171) (49,171)
Accumulated deficit (17,089) (17,998)
Total shareholders' equity 56,133 54,892
Total liabilities and
shareholders' equity $ 185,439 $ 190,740
CONTACT: Charles R. Tutterow
Executive Vice President
and Chief Financial Officer
864/239-3915
SOURCE JPS Industries, Inc.
