USA: JPS Industries Sells Off Textile Division, Announces Q4 Results
JPS Industries, Inc. (Nasdaq/NM: JPST ) today announced results for the fourth quarter and year ended October 28, 2000. For the fourth quarter of fiscal 2000, JPS reported a net loss of $45.9m, or $4.66 per diluted share. The fourth quarter results include a $47.4m loss, net of taxes, on the sale of the company's apparel division on November 17, 2000, that was previously announced. This compares with net income of $1.5m, or $0.15 per share, for the fourth quarter of fiscal 1999. Net sales from continuing operations for the fourth quarter of fiscal 2000 rose to $48m compared with sales of $41.7m in the same quarter of fiscal 1999. Excluding the effect of the apparel division sale, income from continuing operations increased more than three-fold as sales increased 15 per cent. EBITDA from continuing operations, a measure of operating cash flow, increased 35 per cent to $6m, or 12.4 per cent of sales, in the fourth quarter of fiscal 2000 compared with $4.4m, or 10.6 per cent of sales, in the prior-year period.
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