JPS gains ground in third quarter

GREENVILLE, S.C. (Sept. 5)—JPS Industries Inc. bounced back from two poor quarters to post a net profit in the third quarter ended July 27 which cut its loss to $400,000 for the first nine months of 2002. JPS' third quarter net earnings came in at $200,000 on sales of $32.7 million, down from net income of $1 million and sales of $34.9 million in the third period last year. The company's nine-month loss on sales of $91.7 million compared with net income of $3.9 million and sales of $113.1 million last year. Despite the one-month loss, the Greenville-based firm was pleased with its comeback in the third quarter. "Ongoing weakness in the electronics and commercial construction markets were offset with solid performances in our Stevens Urethane and JPS Glass industrial product lines," according to Michael L. Fulbright, chairman, president and CEO of JPS. The firm said it expects fourth quarter results to be similar to those in the third period, which should cut the company's long-term debt.