1
EXHIBIT 20.1
JPS TEXTILE GROUP, INC.
- --------------------------------------------------------------------------------
555 N. PLEASANTBURG DRIVE, SUITE 202 GREENVILLE, SC 29607 (864) 239-3900
FAX: (864) 271-9939
FOR IMMEDIATE RELEASE
Date: February 8, 1996
Contact: David H. Taylor
(864) 239-3900, Fax (864) 271-9939
JPS TEXTILE GROUP, INC. SUPPLEMENTS QUARTERLY DATA
Greenville, South Carolina -- JPS Textile Group, Inc. supplemented its
disclosure of Fiscal 1994 and Fiscal 1995 quarterly operating results to
reflect its carpet operations as discontinued operations. Such supplemental
quarterly results are included on the attached schedule.
JPS Textile Group is one of the largest diversified domestic manufacturers of
textile and textile related products, principally for the apparel fabric,
industrial and home fashion markets.
6
2
JPS TEXTILE GROUP, INC.
The following information should be read in conjunction with the Consolidated
Financial Statements of the Company and the Notes thereto and Management's
Discussion and Analysis of Financial Condition and Results of Operations
included in Form 10-K for the year ended October 28, 1995.
FISCAL 1994
---------------------------------------------------------
first second third fourth
quarter quarter quarter quarter total
------- ------- ------- ------- -----
(In Thousands)
NET SALES
Apparel fabrics and products $ 60,442 $ 63,828 $ 60,147 $ 70,393 $ 254,810
Industrial fabrics and products 33,390 42,139 44,591 49,616 169,736
Home fashion textiles 8,476 9,996 8,816 10,037 37,325
---------- --------- ---------- ---------- ----------
$ 102,308 $ 115,963 $ 113,554 $ 130,046 $ 461,871
========== ========= ========== ========== ==========
OPERATING PROFIT
Apparel fabrics and products $ 4,068 $ 5,022 $ 4,175 $ 5,222 $ 18,487
Industrial fabrics and products (188) 1,227 2,518 4,061 7,618
Home fashion textiles 735 834 200 795 2,564
Indirect corporate expenses, net (2,050) (1,912) (1,626) (1,850) (7,438)
---------- --------- ---------- ---------- ----------
Operating profit 2,565 5,171 5,267 8,228 21,231
Interest income 4 - - 130 615 749
Interest expense (15,054) (15,185) (14,347) (10,984) (55,570)
----------- --------- ---------- ---------- ----------
Loss before income taxes, discontinued operations,
extraordinary items and cumulative effects of
accounting changes $ (12,485) $ (10,014) $ (8,950) $ (2,141) $ (33,590)
========== ========= ========== ========== ==========
The following non-cash charges have been included in the determination of loss for the periods presented (in thousands):
Depreciation $ 5,056 $ 4,774 $ 6,983 $ 5,429 $ 22,242
Amortization of goodwill and other 241 241 241 241 964
Product liability charge (industrial fabrics and
products segment) - - - - -
Other non-cash charges to income 160 (172) 10 133 131
Interest accretion and debt issuance cost amortization 2,850 2,830 2,794 2,687 11,161
---------- --------- ---------- ---------- ----------
$ 8,307 $ 7,673 $ 10,028 $ 8,490 $ 34,498
========== ========= ========== ========== ==========
FISCAL 1995
----------------------------------------------------------
first second third fourth
quarter quarter quarter quarter total
------- ------- ------- ------- -----
(In Thousands)
NET SALES
Apparel fabrics and products $ 64,422 $ 64,737 $ 53,789 $ 64,898 $ 247,846
Industrial fabrics and products 44,104 48,890 48,412 50,579 191,985
Home fashion textiles 8,790 9,472 6,916 7,556 32,734
--------- ---------- --------- --------- -----------
$ 117,316 $ 123,099 $ 109,117 $ 123,033 $ 472,565
========= ========== ========= ========= ===========
OPERATING PROFIT
Apparel fabrics and products $ 5,085 $ 5,445 $ 2,956 $ 3,181 $ 16,667
Industrial fabrics and products 1,394 3,292 3,451 (547) 7,590
Home fashion textiles 331 536 420 462 1,749
Indirect corporate expenses, net (1,375) (1,410) (1,364) (1,196) (5,345)
--------- ---------- --------- --------- -----------
Operating profit 5,435 7,863 5,463 1,900 20,661
Interest income 666 685 776 694 2,821
Interest expense (10,297) (9,769) (9,754) (10,126) (39,946)
--------- ---------- --------- --------- -----------
Loss before income taxes, discontinued operations,
extraordinary items and cumulative effects of
accounting changes $ (4,196) $ (1,221) $ (3,515) $ (7,532) $ (16,464)
======== ========= ======== ========= ===========
The following non-cash charges have been included in the determination of loss for the periods presented (in thousands):
Depreciation $ 5,322 $ 5,298 $ 5,094 $ 5,106 $ 20,820
Amortization of goodwill and other 241 241 242 241 965
Product liability charge (industrial fabrics and
products segment) - - - 5,000 5,000
Other non-cash charges to income 100 119 (5) 157 371
Interest accretion and debt issuance cost amortization 2,377 2,087 2,143 2,211 8,818
-------- --------- -------- --------- -----------
$ 8,040 $ 7,745 $ 7,474 $ 12,715 $ 35,974
======== ========= ======== ========= ===========