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EXHIBIT 99.2
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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
<TABLE>
<CAPTION>
Historical
As Reported Adjustments (a) Pro Forma
----------- --------------- ---------
<S> <C> <C> <C>
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
========= ========= =========
</TABLE>
(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.
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JPS Industries, Inc.
Pro Forma Consolidated Statement of Operations
Nine months ended July 29, 2000
(Unaudited)
Amounts in Thousands
<TABLE>
<CAPTION>
Historical
As Reported Adjustments (a) Pro Forma
----------- --------------- ---------
<S> <C> <C> <C>
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
======== ======== ========
</TABLE>
(a) Revenues and expenses of the Apparel Division removed as a result of the
sale.
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JPS Industries, Inc.
Pro Forma Consolidated Statement of Operations
Year ended October 30, 1999
(Unaudited)
Amounts in Thousands
<TABLE>
<CAPTION>
Historical
As Reported Adjustments (a) Pro Forma
----------- --------------- ---------
<S> <C> <C> <C>
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)
========= ========= =========
</TABLE>
(a) Revenues and expenses of the Apparel Division removed as a result of the
sale.