GREENVILLE, S.C. (Aug. 25)—JPS Industries Inc. generated net income of $1.3 million in the third quarter, up from about $600,000 in profit it recorded in 2003's third period, on sales of $42 million, a boost of 19.4 percent from last year.
The company's improvement covers the first nine months of fiscal 2004, which ended July 31. JPS had net income of $2 million on a 19-percent increase in sales to $111.4 million in that period. It had a net loss of $1.6 million during the first nine months last year.
JPS' three primary businesses—Stevens Roofing, Stevens Urethane and JPS Glass—experienced greater product demand, which in turn led to the company's overall improvement, according to Michael L. Fulbright, chairman, president and CEO.
However, he noted, "we are experiencing increases in raw materials and energy cost, which we intend to pass along whenever they are unable to be offset internally with our ongoing cost reduction initiatives."