EX-99.2 4 g65816ex99-2.txt JPS INDUSTRIES, INC UNAUDITED PRO FORMA FINANCIALS 1 EXHIBIT 99.2 2 Schedule 99.2 - Pro Forma Financial Information The following unaudited pro forma consolidated financial statements give effect to the sale of the Apparel Division assets as previously described. The unaudited Pro Forma Consolidated Balance Sheet assumes the transaction occured on July 29, 2000. The unaudited Pro Forma Consolidated Statement of Operations for the year ended October 30, 1999 and the nine months ended July 29, 2000 give effect to the transaction as if it occured on November 1, 1998. The unaudited pro forma consolidated financial statements should be read in conjunction with the historical consolidated financial statements of JPS Industries, Inc., including the related notes thereto. The pro forma financial statements data is not necessarily indicative of future results of JPS Industries that would have occurred or may occur had the transaction been in effect as of the dates presented. JPS Industries, Inc. Pro Forma Consolidated Balance Sheet July 29, 2000 (Unaudited) Amounts in Thousands

Historical As Reported Adjustments (a) Pro Forma ----------- --------------- --------- Cash $ 1,259 $ (181) $ 1,078 Accounts receivable 47,916 (20,300) 27,616 Inventory 33,356 (13,936) 19,420 Prepaid expenses and other 4,008 4,484 8,492 --------- --------- --------- Total current assets 86,539 (29,933) 56,606 Property, plant and equipment, net 81,451 (37,654) 43,797 Reorganization value in excess of amounts allocable to identified assets 29,776 (15,216) 14,560 Other assets 12,000 (815) 11,185 --------- --------- --------- Total assets $ 209,766 $ (83,618) $ 126,148 ========= ========= ========= LIABILITIES AND EQUITY Accounts payable $ 16,667 $ (5,096) $ 11,571 Accrued interest 418 418 Accrued salaries, benefits and withholdings 7,035 (1,995) 5,040 Other accrued expenses 7,837 (742) 7,095 Current portion of long-term debt 929 929 --------- --------- --------- Total current liabilities 32,886 (7,833) 25,053 Long-term debt 60,053 (27,869)(b) 32,184 Deferred income taxes 937 937 Other long-term liabilities 17,410 0 17,410 --------- --------- --------- Total liabilities 111,286 (35,702) 75,584 Shareholders' equity: Common Stock 100 100 Additional paid-in capital 124,191 124,191 Treasury stock at cost (133) (133) Accumulated deficit (25,678) (47,916)(c) (73,594) --------- --------- --------- Total shareholders' equity 98,480 (47,916) 50,564 --------- --------- --------- Total liabilities & shareholders' equity $ 209,766 $ (83,618) $ 126,148 ========= ========= =========

(a) To eliminate the assets and liabilities sold of the Apparel Division. (b) To record debt paid off from the cash received from the sale. Contingent consideration is not recorded. (c) To record the loss on the sale of the Apparel Division Assets. 3 JPS Industries, Inc. Pro Forma Consolidated Statement of Operations Nine months ended July 29, 2000 (Unaudited) Amounts in Thousands

Historical As Reported Adjustments (a) Pro Forma ----------- --------------- --------- Net sales $210,103 $(91,177) $118,926 Cost of sales 170,867 (81,899) 88,968 -------- -------- -------- Gross profit 39,236 (9,278) 29,958 Selling, general & administrative 27,085 (6,939) 20,146 Other income 73 (61) 12 -------- -------- -------- Operating income 12,224 (2,400) 9,824 Interest expense 5,156 (2,622) 2,534 -------- -------- -------- Income before taxes and discontinued operations 7,068 222 7,290 Income taxes 3,357 (381) 2,976 -------- -------- -------- Income from continuing operations 3,711 603 4,314 Income from discontinued operations 0 0 0 Loss on sale of discontinued operation 0 0 0 -------- -------- -------- Net income $ 3,711 $ 603 $ 4,314 ======== ======== ========

(a) Revenues and expenses of the Apparel Division removed as a result of the sale. 4 JPS Industries, Inc. Pro Forma Consolidated Statement of Operations Year ended October 30, 1999 (Unaudited) Amounts in Thousands

Historical As Reported Adjustments (a) Pro Forma ----------- --------------- --------- Net sales $ 292,193 $(137,597) $ 154,596 Cost of sales 246,996 (127,688) 119,308 --------- --------- --------- Gross profit 45,197 (9,909) 35,288 Selling, general & administrative 35,489 (8,511) 26,978 Other expense 323 0 323 Charges for plant closings and restructuring costs 3,718 (2,378) 1,340 --------- --------- --------- Operating income 5,667 980 6,647 Interest expense 7,546 (4,035) 3,511 --------- --------- --------- Income before taxes and discontinued operations (1,879) 5,015 3,136 Income taxes 569 1,428 1,997 --------- --------- --------- Income from continuing operations (2,448) 3,587 1,139 Loss from discontinued operations (898) 0 (898) Loss on sale of discontinued operation (18,096) 0 (18,096) --------- --------- --------- Net income $ (21,442) $ 3,587 $ (17,855) ========= ========= =========

(a) Revenues and expenses of the Apparel Division removed as a result of the sale.