GREENVILLE, S.C. (June 5, 2009)—JPS Industries Inc.'s earnings and sales rose in the first six months of fiscal 2009 but both fell slightly in second quarter, thanks primarily to the current poor economic conditions.
The manufacturer of extruded urethanes, ethylene vinyl acetates, and mechanically formed glass and aramid substrate materials had net income of $1 million for the quarter, down from $1.4 million in the like fiscal 2008 period, on sales of $50.6 million, down 7 percent from last year.
JPS recorded earnings of $3 million, up from $2.8 million last year, on a 3 percent increase in sales to $115.4 million. Because of the current economic environment, the results were quite solid, said Michael L. Fulbright, chairman, president and CEO.
The firm experienced weakness across all markets during the quarter, he said. However, “our breadth of product offerings and our broad market reach allowed us to avoid the significant drop in revenues 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 last six months.”
At the end of April, net debt fell $13 million to $47.5 million, according Charles R. Tutterow, executive vice president and chief financial officer.