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Article: Apparel fabrics pad JPS quarter profit. (JPS Textile Group)(Brief Article)
- Article from:
- WWD
- Article date:
- December 29, 1997
CopyrightCOPYRIGHT 1997 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- JPS Textile Group Inc., helped in part by a more profitable apparel fabrics business, reported profits more than tripled in the fourth quarter and the firm returned to profitability in the year ended Nov. 1.
Results were adjusted to reflect a debt restructuring for the manufacturer of apparel fabrics, industrial fabrics and home fashion textiles.
The restructuring, which was completed Dec. 9 through a prepackaged Chapter 11 plan, converted all debt in the company to equity. Trade vendors were paid 100 percent.
In the quarter, earnings rose to $4.3 million, or 43 cents a share, from $1.2 million, or 12 cents, a year ago. Sales inched up 1.6 ...