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Previous: PCS CASH FUND INC, NSAR-A, 1996-02-16 |
Next: DEFINED ASSET FUNDS MUNICIPAL INVT TR FD MULTISTATE SER 6A, 24F-2NT, 1996-02-16 |
<PAGE> 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)
<PAGE> 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
<PAGE> 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
<PAGE> 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
<PAGE> 5
Exhibit Index
Exhibit No. Description of Exhibit
- ----------- ----------------------
20.1 Press release issued by the Company on February 8, 1996.*
- ----------------------
* Filed herewith
5
<PAGE> 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
<PAGE> 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.
<TABLE>
<CAPTION>
FISCAL 1994
---------------------------------------------------------
first second third fourth
quarter quarter quarter quarter total
------- ------- ------- ------- -----
(In Thousands)
<S> <C> <C> <C> <C> <C>
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
========== ========= ========== ========== ==========
<CAPTION>
FISCAL 1995
----------------------------------------------------------
first second third fourth
quarter quarter quarter quarter total
------- ------- ------- ------- -----
(In Thousands)
<S> <C> <C> <C> <C> <C>
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
======== ========= ======== ========= ===========
</TABLE>
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