JPS shows profit gain, despite sales decline

GREENVILLE, S.C. (Dec. 18)—JPS Industries Inc. reported net profits of $4.4 million on sales of $147.6 million for fiscal 2001, down from $6.3 million in earnings on sales of $168 million last year. The company said it did better than expected in the fourth quarter, despite declining revenue, selling prices and its facilities operating at significantly reduced levels. The firm posted net profits of $569,000 in the quarter, compared with a loss of $44.9 million in the corresponding period last year, on a 2.8-percent decline in sales to $34.5 million.