Greenville, South Carolina -- JPS Industries Inc. has reported sales of $45.4 million for the three months ended 30 Jan 2010 (Q1), down from $64.8 million in the same period last year. The US-based company manufactures, amongst other things, extruded urethanes for engineered components.
Net income was $1.3 million in Q1, 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 organisation, and streamline the company's facilities. "Our first quarter revenue, while off last year's record first quarter performance, was some 26 percent higher than our prior quarter, which we believe to be the low point from a revenue measure," Fullbright said.
JPS recorded earnings of $5.4 million, down from the previous year's first quarter results but around 30 percent higher than the third and fourth quarters combined, the JPS chairman pointed out in the company statement.
"While we continue to expect 2010 to be a most challenging year, we are confident the actions we have taken position us very well to navigate the current economic environment and deliver a solid earnings performance for the year. Importantly, when and as conditions improve in our broad array of markets, we believe our operational structure gives us significant leverage to deliver results that would exceed 2008's record performance," Fullbright added. (RD)