Greenville, South Carolina -- JPS Industries has reported that its net income for Q3 2007 was $1.1 million -- nearly triple the $0.4 million recorded for the same period last year.
The company's net income for the first nine months of fiscal 2007 doubled to $1.2 million ($0.13 per diluted share) on sales of $129.7 million compared to $0.6 million ($0.06 per diluted share), on sales of $123.6 million for the same period in fiscal 2006.
"We are pleased with the marked improvement in our results for the third quarter and nine months as they relate to 2006," said Michael Fulbright, JPS' chairman, president and chief executive officer, in a 2 Oct statement.
"Financial markets have introduced more challenges and uncertainty into our economy for at least the next few months, however, we are optimistic and encouraged about the results we will deliver for the fourth quarter and 2008," he added,
JPS' new reinforcement business, which it acquired from Hexcel Corp. in August, was not included in the company's Q3 results, but will be included in Q4 results, said JPS. The units cover fibreglass-based electronics and speciality industrial substrates, as well as aramid-based ballistics substrates.
Greenville, South Carolina-based JPS makes extruded urethanes, polypropylenes and mechanically formed glass substrates for speciality industrial uses. ss