-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VaZzOuYhAcpBR8QgTobfrB4W5Clf4BpAKt933iDIJFxzsv3g4O/v5Z3L8t8W5CK3 4Pg4h+SlZrzOtsWKt0ztrw== 0000950144-96-000583.txt : 19960220 0000950144-96-000583.hdr.sgml : 19960220 ACCESSION NUMBER: 0000950144-96-000583 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960216 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960216 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPS TEXTILE GROUP INC /DE/ CENTRAL INDEX KEY: 0000846615 STANDARD INDUSTRIAL CLASSIFICATION: BROADWOVEN FABRIC MILLS, COTTON [2211] IRS NUMBER: 570868166 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-27038 FILM NUMBER: 96522832 BUSINESS ADDRESS: STREET 1: 555 N PLEASANTBURG DR STE 202 CITY: GREENVILLE STATE: SC ZIP: 29607 BUSINESS PHONE: 803-239-3900 MAIL ADDRESS: STREET 1: 555 N PLEASANTBURG DR SUITE 202 CITY: GREENVILLE STATE: SC ZIP: 29607 8-K 1 JPS TEXTILE GROUP, INC. 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13, OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 ------------ DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): FEBRUARY 16, 1996 (FEBRUARY 8, 1996) JPS TEXTILE GROUP, INC. - -------------------------------------------------------------------------------- (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) DELAWARE - -------------------------------------------------------------------------------- (STATE OR OTHER JURISDICTION OF INCORPORATION) 33-27038 57-0868166 - -------------------------------------------------------------------------------- (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.) 555 NORTH PLEASANTBURG DRIVE, SUITE 202, GREENVILLE, SOUTH CAROLINA 29607-2181 - -------------------------------------------------------------------------------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) (864) 239-3900 - -------------------------------------------------------------------------------- (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) ================================================================================ Page 1 of 7 pages (Exhibit index appears on page 5) 2 Item 5. Other Events On February 8, 1996, JPS Textile Group, Inc. (the "Company") issued a press release containing certain quarterly operating results and segment data for Fiscal Years 1994 and 1995, restated to reflect the Company's Carpet business (sold on November 16, 1995) as discontinued operations. A copy of the press release is filed as an exhibit to this Form 8-K and is incorporated herein by reference. 2 3 Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (b) Consolidated quarterly operating results and segment data for Fiscal Years 1994 and 1995, restated to reflect the Company's Carpet business (sold on November 16, 1995) as discontinued operations contained in the press release dated February 8, 1996 and filed as Exhibit 20.1 hereto is incorporated herein by reference. (c) Exhibits: 20.1 - Press release issued by the Company on February 8, 1996.* - --------------------------- * Filed herewith 3 4 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. JPS TEXTILE GROUP, INC. By: /s/ David H. Taylor -------------------------- David H. Taylor Executive Vice President - Finance and Secretary Date: February 16, 1996 4 5 Exhibit Index Exhibit No. Description of Exhibit - ----------- ---------------------- 20.1 Press release issued by the Company on February 8, 1996.* - ---------------------- * Filed herewith 5 EX-99 2 PRESS RELEASE 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 ======== ========= ======== ========= ===========
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