GREENVILLE, S.C. (March 8, 2010)—JPS Industries Inc. has reported sales of $45.4 million for the three months ended Jan. 30, down from $64.8 million in the same period last year.
The U.S.-based company manufactures, among other things, extruded urethanes for engineered components.
Net income was $1.3 million in the first quarter, compared to $2 million in the same period in 2009.
JPS chairman Michael Fullbright said that in 2009 the company undertook to reduce cost, strengthen the organization and streamline the company's facilities. He said while the first quarter of 2010 fell short of last year's record first quarter, it was about 26 percent higher than the prior quarter.
JPS recorded earnings of $5.4 million, down from the previous year's first quarter results but about 30 percent higher than the third and fourth quarters combined, the JPS chairman said.
Fullbright said he expects 2010 to be a challenging year, but is confident the actions the company has taken will help it navigate the current economic environment and deliver a solid earnings performance for the year.