Greenville, South Carolina -- JPS Industries, Inc., a maker of extruded urethane films and a diversified range of other products, has reported net income of $0.5 million on sales of $46.1 million, compared with a net loss of $0.5 million on sales of $40.0 million in the third quarter of fiscal 2009.
"After experiencing four quarters of revenue declines, we are pleased with the return to revenue growth," said Michael Fulbright, the firm's chairman, president and CEO. "Both our business units, JPS Composite Materials and Stevens Urethane, made significant contributions to the improvements in our quarterly and year-to-date measures and we see further improvement from both in the fourth quarter," he added, in a 28 Aug statement issued by the firm.
But sales for the full nine month of the year to date, at $132.3 million, were almost 15 percent down on the same period last year, although net income was slightly higher, at $2.7 million versus $2.5 million in the previous year.
"The economic challenges we and many companies continue to face moderated somewhat in the first half of calendar 2010, but have by no means vanished from the environment," Fullbright said. "Challenges aside, we are confident we are well positioned to deliver solid financial performance over the next several years as the broad range of highly specialized markets we serve continues to improve and as we broaden our reach into those same markets," he concluded.
Headquartered in Greenville, South Carolina, JPS operates plants in Anderson and Slater, South Carolina; Statesville, North Carolina; and Easthampton, Massachusetts. In addition to urethane films, JPS makes ethylene vinyl acetates and mechanically formed glass and aramid substrate materials for making engineered components used in wide range of speciality applications.