Greenville, South Carolina -- JPS Industries Inc.'s net income for the fourth quarter ending October 2007 rose from $5.4 million to $16.7 million, compared to the same period in 2006.
The company's net income for fiscal 2007 also rose by $12 million to $18 million, year-on-year.
JPS' revenues were also up by 88 percent to $90 million in Q4, thanks to the company's recent acquisitions and strong performance from its Composites Material and Stevens Urethane units, said Michael Fulbright, JPS's chairman, president and ceo, in a 6 Feb statement.
Charles Tutterow, JPS's executive vice president and cfo said that the company has released all of its deferred tax asset valuation allowance, resulting in a tax benefit of $14.1 million in 2007.
JPS said that economy over the past year or so has proven to be a "challenging environment," and the company is pleased with what it has achieved.
The company said that it has allocated $4-5 million for capital expenditure in 2008, which will be funded by its existing borrowings and cash flow from operations.
JPS said that expects its results in 2008 to further improve. The company will expand its product range and launch its Encapsolar photovoltaic films from its Stevens Urethane unit, in a bid to increase sales and profits. (ss)