Greenville, South Carolina - JPS Industries Inc. continued its healthy 2008 financial year with good results in the fourth quarter of the year, the company said 23 Dec 2008.
The company reported a net income from continuing operations of $20.3 million on sales of £73.1 million compared with net income of $16.6 million on sales of $67 million in Q4 2007. The company's Q4 results include tax benefits of $16.9 million and $14.9 million for 2008 and 2007 respectively. For the fiscal year 2008, the company reported a net income from continuing operations of $23.8 million on sales of $232.5 million, compared with net income of $18.6 million on sales of $138.8 million in 2007.
"Our performance was most gratifying in the light of the strategic makeover we have accomplished in the past eighteen months and it is very satisfying to have accomplished it during such turbulent economic conditions," said Michael Fulbright, JPS chairman, adding, "our results were broad-based with strong contributions from both our Stevens Urethane Products and JPS Composite Materials operating units."
"We have never been more solidly positioned with our businesses, our organisation, our balance sheet," concluded Fulbright.
JPS is a major manufacturer of extruded urethanes for speciality applications in a number of markets.