JPS BACK IN BLACK FOR PERIOD
NEW YORK — JPS Industries’s apparel-fabrics unit returned to profitability on an operating basis in the fourth quarter, despite an 11.4 percent decline in revenue.
The Greenville, S.C.-based company reported net income of $1.5 million for the three months ended Oct. 30, compared with a $16.2 million loss the prior-year quarter. The year-ago results include $19.2 million in charges for plant closings and restructuring. Net sales were $80.1 million, down 8.4 percent from $87.4 million.
The apparel-fabrics unit posted operating profits of $544,000. That compared with a $500,000 operating loss the prior-year quarter. Sales were $38.9 million, down from $43.9 million.
Michael Fulbright, chairman, president and chief executive officer, attributed the earnings improvement in the apparel-fabrics unit “entirely to their ability to take cost out of the operation and out of the overhead structure.”
For the year, the company reported a $21.4 million net loss, which includes $18.1 million in charges on the disposal of discontinued operations. The prior-year net loss was $10.7 million.
Sales for the year were $292.2 million, down 13.2 percent from $336.5 million
The apparel-fabrics segment posted a $4 million operating loss on sales of $137.6 million for the year. Prior-year segment results were not available.
In Tuesday’s trading on the Nasdaq National Market, JPS shares rose 1/4 to 3/38.