Greenville, South Carolina - JPS Industries Inc. achieved a net income of $16.7 million on sales of $90.0 million, for the fourth quarter of 2007, compared with a net income of $5.4 million on sales of $47.9 million in Q4 of fiscal 2006.
For fiscal 2007, JPS's net income was $18.0 million on sales of $219.7 million (fiscal 2006 net income $6.0 million, sales $171.5 million).
"We had an outstanding quarter. For the fourth quarter revenues were up 88 percent, or $42.1 million. While most of the increase was the result of our August acquisition, strong performances from our JPS Composite Materials and Stevens Urethane units contributed meaningfully," said Michael Fulbright, JPS's chairman, president and chief executive officer, in a 6 Feb results statement.
JPS's operating income more than doubled to $3.9 million, even considering some one-time transaction related costs, Fulbright added.
Last year JPS bought Hexcel's reinforcements business - including its Anderson, South Carolina and Statesville, North Carolina operations - for $62.5 million.
"We take much satisfaction from the fact that these results were delivered in an economic environment that was clearly more challenging than the prior year's fourth quarter, as well as the internal challenges we faced with our acquisition integration," Fulbright added.
While Fulbright feels the first half of 2008 will present a challenging economic and business environment, he said JPS is well positioned well with "strengthened product offerings in key markets, our expanded product breadth as a result of the acquisition, and new product initiatives."
Here he highlighted the commercial launch of Encapsolar photovoltaic films from Stevens Urethane.
JPS Industries is a major manufacturer of extruded urethanes, polypropylenes and mechanically formed glass and aramid substrate materials for speciality applications in many markets.