Greenville, South Carolina -- JPS Industries Inc. has reported net income of $2.0 million, on sales of $64.8 million for the first quarter of fiscal 2009, compared with net income from continuing operations of $1.4 million, on sales of $56.9 million, in Q1 2008.
"We are pleased with the company's performance for the quarter, especially when considering the current business environment," said Michael Fulbright, JPS' chairman, president and chief executive officer, in a 23 Feb results statement.
"Our results varied broadly from November through January," Fulbright commented, with the first half of the quarter "quite strong and well balanced, with the second half exhibiting significant weakness in a number of our markets."
Even in deteriorating markets, JPS achieved revenue growth in several product lines, offsetting weakness in others, he added. "Our organization's performance provided the basis for significant improvement in net income, meaningful reduction in inventories for the quarter, and importantly, substantial reduction in our debt level. All-in-all a solid performance in challenging times."
In earnings "EBITDA for the first quarter declined $452 000, or 6.8 percent compared to the prior year, primarily as a result of lower volumes in January," said Chuck Tutterow, executive vice president and chief financial officer of JPS Industries and president of Stevens Urethane.
"During the quarter, net debt decreased from $60.5 million to $53.7 million, allowing us to maintain a debt to EBITDA ratio of approximately 2X and availability under our revolving credit facility of approximately $25 million," Tutterow added.
JPS Industries makes extruded urethanes, ethylene vinyl acetates and mechanically formed glass and aramid substrate materials for speciality applications in a wide range of markets requiring highly engineered components.