Xerium Technologies, Inc. (NYSE: XRM), a leading global provider
of industrial consumable products and services, today announced its
Q3 2013 results.
Key Highlights
* Sales continue to increase:
- On a constant currency basis, Q3 2013
sales increased 0.2% from Q3 2012. See “Segment Information” and
“Non-GAAP Financial Measures” below for further discussion.
- Q3 2013 sales per employee were $171k,
remaining at a four year high.
- Backlog at September 30, 2013 was $156
million, slightly down from backlog at June 30, 2013, but
consistent with seasonal expectations regarding orders.
- 2013 September Year-To-Date (YTD) sales
were $413.2 million. Excluding foreign currency effects, YTD sales
increased $9.1 million, or 2.2%, versus the comparable prior year
period. This sales growth is in line with global paper market trade
group estimates.
-
Excluding foreign currency effects, sales increased across all
regions, $4.2 million or 5.5% in Asia, $2.8 million or 2.0% in
Europe and $2.1 million or 1.1% in the Americas.
- Constant currency sales growth was
higher in rolls & mechanical services at $5.7 million, or 4.1%,
than in machine clothing, which grew $3.4 million, or 1.3%.
- Sales growth continues to be hampered
by lack of production capacity in multiple product areas. The
Company is progressively working to eliminate these
bottlenecks.
- For the last twelve months, sales and
orders are exactly balanced on a constant currency basis at $542.2
million.
* Adjusted EBITDA continues to increase:
- Q3 2013 Adjusted EBITDA was $27.2
million, or 20.2% of sales. This is an increase of $2.8 million or
11.5% versus Q3 2012. See "Non-GAAP Financial Measures" below.
- September 2013 YTD Adjusted EBITDA was
$83.3 million. This is an increase of $14.6 million or 21% over the
comparable prior year period.
- Sales growth accounts for 27% and net
cost reduction accounts for 73% of the September 2013 YTD Adjusted
EBITDA improvement.
- SG&A continues to trend lower in
both dollars and percentage. The improvement is primarily driven by
cost reduction programs.
- Gross profit and gross margin continue
to trend higher. The improvement is primarily driven by cost
reduction programs.
* Additional cost reduction programs continue to be
implemented:
- Compared to last year, cost reduction
programs delivered an incremental $7.0 million in Q3 and an
incremental $18.0 million through September 2013. This compares to
$5.4 million in Q1 2013 and $5.6 in Q2 2013.
- Plant efficiency programs (waste
reduction, procurement programs, productivity and logistics
programs) account for approximately 40% of the YTD cost reduction
improvements while restructuring programs account for 60% of the
YTD cost reduction improvements.
- In Q3, Xerium announced plans to build
a new, high-end press felt plant near Shanghai, China. This is
anticipated to deliver both cost reduction and sales growth
results.
- In Q3, the Company identified its
restructuring goals targeted for implementation in Q1 2014.
* The Company continues to reinvest the majority of its free
cash flow to improve future results by:
- Ordering long lead time equipment;
- Making restructuring/severance
payments;
- Finishing 4 plant closures, while 7
plant expansions are currently underway;
- Initiating the next plant closure;
- Building the new greenfield plant in
China;
- Expanding the Company's after-market
rolls and service footprint and capabilities;
- Implementing 10 new product programs
that open new market aperture for Xerium to grow sales in the
future; and
- Lowering its net debt to $394.4
million. Net debt leverage continues to improve in line with
Adjusted EBITDA improvements, declining to approximately 3.8x
Adjusted EBITDA.
* Q3 fully diluted earnings per share grew from a net loss of
$(0.24) per diluted share to net income of $0.13 per diluted share,
primarily as a result of increased gross margins and decreased
operating expenses as a result of our cost reduction
initiatives.
Harold Bevis, Xerium's President and Chief Executive Officer
said:
“Third quarter 2013 performance was as expected. The business
continues to be commercially steady and predictable with
established trends. Adjusted EBITDA rates continue to increase due
to explicit cost reduction actions which are being progressively
implemented. We have identified numerous opportunities to advance
the Company’s sales and Adjusted EBITDA, and we have prioritized
them to achieve the proper balance amongst:
* Short-term results versus long term results;
* High-risk projects versus low-risk projects;
* Cost reduction programs versus sales growth programs;
* New product development versus next generation advancement of
existing products; and
* Maintenance of current business/capabilities versus
implementation of new business/capabilities."
“We have a large backlog going into the 4th quarter of 2013 and
into 2014, and we see no substantial commercial changes to the
business right now, including any end-of-the-year timing events in
the industry. The Company is committed to the continuous pursuit
and implementation of measurable and sustainable advancement. We
intend to keep increasing our Adjusted EBITDA for multiple years
including 2014 and we are finalizing the next slate of major
actions right now. We are already committed to a significant
portion of our discretionary 2014 capex spend as we have
advance-ordered multiple long lead time machines."
“We are reinvesting the majority of our free cash flow back into
the business right now and we will continue to do that in 2014. We
will not need to do this indefinitely, but we feel we are
catching-up right now, on top of normal needs. We need a few less
plants in high-cost areas, a few more machines to debottleneck our
sales growth avenues, a bit more production in low cost areas, more
removal of SG&A redundancy and reorganization of our human
resources into a leaner forward-looking profile."
“The new China clothing plant positively impacts 2016 and
beyond. It will be a game-changer cost structure for the Company as
well as increasing our customer service response times to Chinese
customers. The China market is the largest in the world and we need
to get set up correctly for the long term. The China investment
decision demonstrates our top-down commitment to making material
changes to Xerium’s business model."
“2014 and 2015 improvements are based upon a different set of
decisions and actions. These improvements involve risk-taking and
benefit from thoughtful planning. We like our improvement pace and
we are designing plans for meaningful Adjusted EBITDA improvements
for 2014 and 2015."
“Our cumulative goal is to progressively lay the foundation for
higher performance. Our historical and legacy customers are doing
well, but some are undergoing change. They need Xerium to be an
even stronger valued partner than before, and we feel we are doing
that. Our R&D function is focused and we are pursuing a slate
of both next generation and new products. The collective goal of
our 3,200 employees is to deliver incrementally higher value and
achieve incrementally better results. Expect steady and solid
advancement, built upon explicit and measurable actions.”
Third Quarter Financial
Highlights:
- Net sales in the third quarter were
$135.0 million, an increase of 0.6% compared to $134.2 million in
the third quarter of 2012. Excluding favorable currency effects of
$0.6 million, third quarter 2013 net sales increased 0.2% from the
third quarter of 2012, with an increase of 2.2% in the roll covers
segment partially offset by a decrease of (0.9)% in the clothing
segment. Net sales for the nine months ended September 30,
2013 were $413.2 million, an increase of 2.0% from $405.0 million
in 2012. Excluding unfavorable currency effects of $(0.9) million,
net sales for the nine months ended September 30, 2013
increased 2.2% from 2012, with an increase of 1.3% in the clothing
segment and an increase of 4.1% in the roll covers segment. See
“Segment Information” and “Non-GAAP Financial Measures” below for
further discussion.
- Gross profit increased $4.2 million, or
8.6% from gross profit in the third quarter of 2012, and gross
margin improved to 39.5% in the third quarter of 2013 from 36.6% in
the third quarter of 2012. These improved results were largely due
to reduced operating costs as a result of restructuring savings and
operational efficiencies, partially offset by unfavorable regional
and product sales mix. For the nine months ended September 30,
2013, gross profit increased by 9.5% over gross profit for the nine
months ended September 30, 2012, and gross margin increased to
38.9% from 36.2% for the nine months ended September 30, 2012.
These increases were primarily driven by incremental savings from
cost reduction programs and operational efficiencies and favorable
factory overhead absorption, partially offset by unfavorable
regional and product sales mix.
- The Company's operating expenses
(selling, general and administrative and research and development
expenses) of $34.9 million for the third quarter of 2013 decreased
by $2.0 million, or 5.4%, from operating expenses of $36.9 million
in the third quarter of 2012. This decrease is comprised of our
cost reduction activities of $2.9 million and a decrease of $1.6
million due to charges recorded in 2012 related to CEO transition
costs. Offsetting these decreases was an increase of $1.3 million
in management incentive expense in 2013, an increase of $0.6
million in professional fees and China press felt plant startup
costs of $0.3 million.
- Restructuring expenses were $3.0
million in the third quarter of 2013. These included charges
relating to previously announced headcount reductions and the
closure of a clothing facility in Spain.
- Net interest expense was $9.4 million
for the third quarter of 2013 compared to $9.8 million for the
third quarter of 2012. The decrease was primarily related to lower
average debt balances and amortization of deferred financing fees
during the third quarter of 2013 versus the third quarter of 2012.
Interest expense less amortization of deferred financing costs was
$8.7 million for the third quarter of 2013 and $8.8 million for the
third quarter of 2012.
- Income tax provision increased to $3.1
million in the third quarter of 2013 from $0.1 million in the third
quarter of 2012. Excluding the effects of restructuring activities,
our effective tax rate for the third quarter of 2013 was 37.0%.
This overall effective tax rate reflects the fact that we have
losses in certain jurisdictions where we receive no tax
benefit.
- Net income for the third quarter of
2013 was $2.1 million or $0.13 per diluted share, compared to net
loss of $(3.7) million or $(0.24) per diluted share for the third
quarter of 2012. Included in the per diluted share amounts was
$(0.19) and $(0.38) of restructuring costs per diluted share in
2013 and 2012, respectively. The increase in the diluted share
amounts was primarily driven by the impact of our cost reduction
initiatives and the absence of CEO transition costs in 2013,
partially offset by increased management incentive expenses.
- Q3 2013 Adjusted EBITDA was $27.2
million, up 11.5% versus prior year and 2013 year to date Adjusted
EBITDA was $83.3 million, an increase of 21% over prior year and
ahead of internal plans. Trailing twelve months (TTM) Adjusted
EBITDA was $103.9 million, up 14% over the same period last year.
See "Non-GAAP Financial Measures" below.
- Cash at September 30, 2013 was
$48.8 million, compared to $34.8 million at December 31, 2012. The
increase of $14.0 million in the cash balances was primarily due to
cash provided by operating activities of $30.4 million, proceeds
from the disposition of property and equipment of $2.2 million,
partially offset by capital expenditures of $15.6 million and $3.0
million in payment of debt refinancing fees. Included as a
reduction to cash provided by operating activities was $12.9
million in cash payments for restructuring activities.
- Trade Working Capital increased to
$145.8 million at September 30, 2013 from $131.1 million at
December 31, 2012. This increase was primarily the result of the
increased sales volume impact on accounts receivable, a temporary
lag in accounts receivable days outstanding and an increase in
inventory levels due to an anticipated increase in production
levels. See "Trade Working Capital" below.
- Total Debt at September 30, 2013
was $443.2 million compared to $445.0 million at December 31, 2012.
The decrease of $1.8 million is primarily due to favorable currency
effects of $2.0 million.
- Capital expenditures for the nine
months ended September 30, 2013 were $15.6 million and $13.2
million for the same period in 2012.
SEGMENT INFORMATION
The following table presents net sales for the third quarter of
2013 and the third quarter of 2012 by segment and the effect of
currency on third quarter 2012 net sales (dollars in
thousands):
Net Sales For The Three
Months Ended
September 30,
2013
September 30,
2012
$ Change
Currency
Effect of $
Change
% Change
% Change
Excluding
Currency
Clothing $ 87,980 $ 88,873 $ (893 ) $ (114 ) (1.0 )% (0.9 )% Roll
Covers $ 47,062 $ 45,358 1,704 713
3.8 % 2.2 % Total $ 135,042 $ 134,231
$ 811 $ 599 0.6 % 0.2 %
The following table presents net sales for the nine months ended
September 30, 2013 and 2012 by segment and the effect of
currency on the nine months ended September 30, 2012 net sales
(dollars in thousands):
Net Sales For The Nine Months
Ended
September 30,
2013
September 30,
2012
$ Change
Currency
Effect of $
Change
% Change
% Change
Excluding
Currency
Clothing $ 267,331 $ 265,671 $ 1,660 $ (1,759 ) 0.6 % 1.3 % Roll
Covers $ 145,840 $ 139,302 6,538 853
4.7 % 4.1 % Total $ 413,171 $ 404,973
$ 8,198 $ (906 ) 2.0 % 2.2 %
TRADE WORKING CAPITAL
The following table presents trade working capital as of
September 30, 2013 and December 31, 2012 (in thousands):
September 30,
2013
December 31,
2012
$ Fav/
(Unfav)
Change
Trade Receivables, Net (1) $ 91,793 $ 83,567 $ (8,226 )
Inventories, Net 81,417 77,391 (4,026 ) Trade Accounts Payable (2)
(27,453 ) (29,909 ) (2,456 ) Total $ 145,757 $ 131,049
$ (14,708 )
(1) Trade Receivables, Net equals Accounts Receivable less Other
Receivables of $1,192 and $889 at September 30, 2013 and
December 31, 2012, respectively.(2) Trade Accounts Payables equals
Accounts Payable less Deposits Received of $2,323 and $3,810 at
September 30, 2013 and December 31, 2012, respectively and
Other Payables of $1,521 and $3,166 at September 30, 2013 and
December 31, 2012, respectively.
CONFERENCE CALL
The Company plans to hold a conference call on the following
morning:
Date: Thursday, November 7, 2013 Start Time: 9:00 a.m. Eastern Time
Domestic Dial-In: +1-800-510-0219 International Dial-In:
+1-617-614-3451 Passcode: 90503131
Webcast:
www.xerium.com/investorrelations
To participate on the call, please dial in at least 10 minutes
prior to the scheduled start. A live audio webcast and replay of
the call may be found in the investor relations section of the
Company’s website at www.xerium.com.
NON-GAAP FINANCIAL
MEASURES
This press release includes measures of performance that differ
from the Company’s financial results as reported under generally
accepted accounting principles (“GAAP”). The Company uses
supplementary non-GAAP measures, including EBITDA, Adjusted EBITDA,
currency effects on Net Sales and Trade Working Capital to assist
in evaluating its liquidity and financial performance. EBITDA and
Adjusted EBITDA are specifically used in evaluating the ability to
service indebtedness and to fund ongoing capital expenditures.
Neither Adjusted EBITDA nor EBITDA should be considered in
isolation or as a substitute for income (loss) or cash flows from
operations (as determined in accordance with GAAP).
For additional information regarding non-GAAP financial measures
and a reconciliation of such measures to the most comparable
financial measures under GAAP, please see “Segment Information” and
"Trade Working Capital" above and our Selected Financial Data
below. In addition, the information in this press release should be
read in conjunction with the corresponding exhibits, financial
statements and footnotes contained in our Report on Form 10-Q for
the quarter ended September 30, 2013 filed with the Securities and
Exchange Commission.
About Xerium Technologies
Xerium Technologies, Inc. (NYSE:XRM) is a leading global
provider of industrial consumable products and services. Xerium,
which operates around the world under a variety of brand names,
utilizes a broad portfolio of patented and proprietary technologies
to provide customers with tailored solutions and products integral
to production, all designed to optimize performance and reduce
operational costs. With 28 manufacturing facilities in 12 countries
around the world, Xerium has approximately 3,200 employees.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. The
words “believe,” “estimate,” “expect,” “intend,” “anticipate,”
“goals,” variations of such words, and similar expressions identify
forward-looking statements, but their absence does not mean that
the statement is not forward-looking. The forward-looking
statements in this release include statements regarding our
anticipated sales performance, cost savings measures, future
efforts to improve overall performance and backlog. Forward-looking
statements are not guarantees of future performance, and actual
results may vary materially from the results expressed or implied
in such statements. Differences may result from actions taken by
us, as well as from risks and uncertainties beyond our control.
These risks and uncertainties include the following items: (1) our
expected sales performance and our backlog of sales may not be
fully realized; (2) our cost reduction efforts, including our
restructuring activities, may not have the positive impacts we
anticipate; (3) our financial results could be adversely affected
by fluctuations in interest rates and currency exchange rates, for
instance a marked decline in the value of the Euro relative to the
U.S. Dollar; (4) market improvement in our industry may occur more
slowly than we anticipate, may stall or may not occur at all; (5)
variations in demand for our products, including our new products,
could negatively affect our revenues and profitability; (6) our
manufacturing facilities may be required to quickly increase or
decrease production, which could negatively affect our production
facilities, customer order lead time, product quality, labor
relations or gross margin; (7) our plans to develop and market new
products, enhance operational efficiencies, and reduce costs may
not be successful; (8) we are subject to execution risk related to
the startup of our proposed new facility in China and (9) the other
risks and uncertainties discussed elsewhere in this press release,
our Form 10-K for the year ended December 31, 2012 filed on March
11, 2013 and our other SEC filings. If any of these risks or
uncertainties materialize, or if our underlying assumptions prove
to be incorrect, actual results may vary significantly from what we
projected. Any forward-looking statement in this press release
reflects our current views with respect to future events. Except as
required by law, we assume no obligation to publicly update or
revise these forward-looking statements for any reason, whether as
a result of new information, future events, or otherwise. As
discussed above, we are subject to substantial risks and
uncertainties related to current economic conditions, and we
encourage investors to refer to our SEC filings for additional
information. Copies of these filings are available from the SEC and
in the investor relations section of our website at
www.xerium.com.
Selected Financial Data Follows
Xerium Technologies, Inc.
Consolidated Statements of Operations
and Comprehensive Income (Loss)
(dollars in thousands, except per share
data)
Three months ended September 30,
Nine months ended September 30, 2013
2012 2013 2012 Net Sales $ 135,042 $
134,231 $ 413,171 $ 404,973 Costs and expenses: Cost of products
sold 81,656 85,079 252,628 258,396 Selling 17,242 18,546 53,349
57,104 General and administrative 15,278 15,650 45,418 47,509
Research and development 2,382 2,700 7,634 8,531 Restructuring
3,034 5,840 8,454 10,943 119,592
127,815 367,483 382,483 Income from operations
15,450 6,416 45,688 22,490 Interest expense, net (9,378 ) (9,777 )
(31,697 ) (28,494 ) Loss on extinguishment of debt — — (3,123 ) —
Foreign exchange (loss) gain (905 ) (202 ) (1,102 ) 157
Income (loss) before provision for income taxes 5,167 (3,563 )
9,766 (5,847 ) Provision for income taxes (3,063 ) (94 ) (9,055 )
(3,105 ) Net income (loss) $ 2,104 $ (3,657 ) $ 711 $
(8,952 ) Comprehensive income (loss) $ 9,182 $ (1,781 ) $
2,665 $ (15,490 ) Net income (loss) per share: Basic $ 0.14
$ (0.24 ) $ 0.05 $ (0.59 ) Diluted $ 0.13 $
(0.24 ) $ 0.05 $ (0.59 ) Shares used in computing net income
(loss) per share: Basic 15,375,728 15,257,617
15,352,352 15,215,752 Diluted 16,044,291
15,257,617 15,791,597 15,215,752
Consolidated Selected Financial
Data
Cash Flow Data: (in
thousands) Nine months ended September 30, 2013
2012 Net cash provided by operating activities $
30,431 $ 30,917 Net cash used in investing activities $ (13,327 ) $
(11,844 ) Net cash used in financing activities $ (2,878 ) $
(22,382 )
Other Financial Data: (in thousands)
Depreciation and amortization $ 27,419 $ 30,242 Capital
expenditures, gross $ (15,562 ) $ (13,222 )
Balance Sheet
Data: (in thousands) September 30, 2013 December 31,
2012 Cash and cash equivalents $ 48,782 $ 34,777 Total
assets $ 626,906 $ 618,843 Total debt $ 443,169 $ 444,992 Total
stockholders’ deficit $ (25,369 ) $ (29,061 )
EBITDA and Adjusted EBITDA Non-GAAP
Measures
Non-GAAP Financial Measures
We use EBITDA and Adjusted EBITDA (as defined in our credit
facility) as supplementary non-GAAP liquidity measures to assist us
in evaluating our liquidity and financial performance, specifically
our ability to service indebtedness and to fund ongoing capital
expenditures. Neither EBITDA nor Adjusted EBITDA should be
considered in isolation or as a substitute for income (loss) or
cash flows from operations (as determined in accordance with
GAAP).
EBITDA is defined as net income (loss) before interest expense,
income tax provision (benefit) and depreciation (including non-cash
impairment charges) and amortization.
“Adjusted EBITDA” means, with respect to any period, the total
of (A) the consolidated net income for such period, plus
(B) without duplication, to the extent that any of the
following were deducted in computing such consolidated net income
for such period: (i) provision for taxes based on income or
profits, including, without limitation, federal, state, provincial,
franchise and similar taxes, including any penalties and interest
relating to any tax examinations, (ii) consolidated interest
expense, (iii) consolidated depreciation and amortization
expense, (iv) reserves for inventory in connection with plant
closures, (v) consolidated operational restructuring costs,
subject to annual limitations provided for in our credit facility,
(vi) noncash charges resulting from the application of
purchase accounting, including push-down accounting,
(vii) non-cash expenses resulting from the granting of common
stock, stock options, restricted stock or restricted stock unit
awards under equity compensation programs solely with respect to
common stock, and cash expenses for compensation mandatorily
applied to purchase common stock, (viii) non-cash items
relating to a change in or adoption of accounting policies,
(ix) non-cash expenses relating to pension or benefit
arrangements, (x) expenses incurred as a result of the
repurchase, redemption or retention of common stock earned under
equity compensation programs solely in order to make withholding
tax payments, (xi) amortization or write-offs of deferred
financing costs, (xii) any non-cash losses resulting from mark
to market hedging obligations (to the extent the cash impact
resulting from such loss has not been realized in such period) and
(xiii) other non-cash losses or charges (excluding, however,
any non-cash loss or charge which represents an accrual of, or a
reserve for, a cash disbursement in a future period), minus
(C) without duplication, to the extent any of the following
were included in computing consolidated net income for such period,
(i) non-cash gains with respect to the items described in
clauses (vi), (vii), (ix), (xi), (xii) and (xiii) (other
than, in the case of clause (xiii), any such gain to the extent
that it represents a reversal of an accrual of, or reserve for, a
cash disbursement in a future period) of clause (B) above and
(ii) provisions for tax benefits based on income or profits.
Notwithstanding the foregoing, Adjusted EBITDA, as defined in the
credit facility and calculated below, may not be comparable to
similarly titled measurements used by other companies.
Consolidated net income is defined as net income
(loss) determined on a consolidated basis in accordance with
GAAP; provided, however, that the following, without duplication,
shall be excluded in determining consolidated net income:
(i) any net after-tax extraordinary or non-recurring gains,
losses or expenses (less all fees and expenses relating thereto),
(ii) the cumulative effect of changes in accounting
principles, (iii) any fees and expenses incurred during such
period in connection with the issuance or repayment of
indebtedness, any refinancing transaction or amendment or
modification of any debt instrument, in each case, as permitted
under the credit facility and (iv) any cancellation of
indebtedness income.
The following table provides reconciliation from net income
(loss) and operating cash flows, which are the most directly
comparable GAAP financial measures, to EBITDA and Adjusted
EBITDA.
Three Months EndedSeptember 30,
Nine months ended
September 30,
Twelve
Months
Ended
September
30,
2013 2012 2013 2012
2013 Net income (loss) $ 2,104 $ (3,657 ) 711 $
(8,952 ) (8,371 ) Stock-based compensation 547 820 1,141 1,574
1,516 Depreciation 8,384 9,321 26,051 28,513 36,071 Amortization of
intangibles 407 576 1,368 1,729 1,944 Deferred financing cost
amortization 675 971 2,293 2,707 3,010 Foreign exchange loss on
revaluation of debt (1,296 ) 344 1,626 879 2,039 Deferred taxes 591
(22 ) 1,339 (383 ) (6,527 ) Asset impairment — 1,600 1,078 1,600
3,154 Gain (loss) on disposition of property and equipment 161 (40
) 154 (656 ) 235 Loss on extinguishment of debt — — 3,123 — 2,880
Net change in operating assets and liabilities 4,986 7,053
(8,453 ) 3,906 3,597
Net cash provided by
operating activities 16,559 16,966 30,431 30,917 39,548
Interest expense, excluding amortization 8,703 8,806 29,404 25,787
38,071 Net change in operating assets and liabilities (4,986 )
(7,053 ) 8,453 (3,906 ) (3,597 ) Current portion of income tax
expense 2,472 116 7,716 3,488 8,915 Stock-based compensation (547 )
(820 ) (1,141 ) (1,574 ) (1,516 ) Foreign exchange loss on
revaluation of debt 1,296 (344 ) (1,626 ) (879 ) (2,039 ) Asset
impairment — (1,600 ) (1,078 ) (1,600 ) (3,154 ) (Loss) gain on
disposition of property and equipment (161 ) 40 (154 ) 656 (235 )
Loss on extinguishment of debt — — (3,123 ) —
(2,880 )
EBITDA 23,336 16,111 68,882 52,889 73,113 Loss on
extinguishment of debt — — 3,123 — 2,880 Stock-based compensation
547 820 1,141 1,574 1,516 Operational restructuring expenses 3,034
5,840 8,454 10,943 23,219 Legal fees related to term debt amendment
—
30 — 115 — Inventory write off — — 692 — 692 Non-restructuring
impairment expense 1 — 667 — 1,862 Non-recurring CEO retirement
expenses — 1,600 — 3,096 289 China plant startup costs 296 —
296 — 296
Adjusted EBITDA $
27,214 $ 24,401 $ 83,255 $ 68,617 $
103,867
Xerium Technologies, Inc.Phillip B. Kennedy, Investor
Relations919-526-1444IR@xerium.com
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