By Liz White, UT staff
Stevens Urethane, part of JPS Industries Inc., had poorer results for the second quarter of this year compared to the Q2 2005, "as a result of slower market demand and delivery interruptions caused by a supplier quality problem," said Michael Fulbright, chairman, president and chief executive officer of JPS Industries, in its 29 June results statement.
Stevens Urethane supplies thermoplastic polyurethane film, sheet and tubing, custom formulated for demanding applications.
For the second quarter of fiscal 2006, JPS, which also operates Stevens Roofing and JPS Composite Materials, reported a net income of $19 000, on sales of $39.7 million, compared with a net income of $1.9 million, on sales of $40.4 million in Q2 of 2005.
For the first half of fiscal 2006, JPS reported a net income of $0.2 million on sales of $81.0 million. For the first half of 2005, net income was ten times higher, at $2.0 million, on lower sales of $75.1 million).
"Our second quarter proved to be much more of a challenge than we anticipated earlier this year," commented Fulbright. He added that the three businesses performed quite differently, with results varying from very solid to fair.
JPS Composite Materials unit delivered a strong performance, and Stevens Roofing delivered improved results on the revenue and operating lines for the quarter, while the Stevens Urethane results for the quarter were poorer.
For the next half year, Fulbright said, the group anticipates "higher interest rates, oil and energy related cost pressures, and a continuation of elevated raw material prices, to be negative factors," but he expects an improved performance over the first half results.
JPS Industries has its headquarters in Greenville, South Carolina, with plants in Slater, South Carolina; Westfield, North Carolina; and Easthampton, Massachusetts.