Full Year Results Come in on Track, Improved
by 6% over 2013
Xerium Technologies, Inc. (NYSE:XRM), a leading global provider
of industrial consumable products and services announced its Q4
2014 and full year 2014 results.
Q4 2014 Adjusted EBITDA increased 21% compared to Q4 2013 on
steady sales and continued cost reduction
- Adjusted EBITDA for Q4 2014 was $29.4
million, or 22.4% of net sales, on a constant currency basis. This
was an increase of 21% compared to Q4 2013, primarily due to
constant currency sales improvements and continued cost reduction
initiatives implemented by the Company. See "Segment Information"
and "Non-GAAP Financial Measures" below.
- Net sales for Q4 2014 were $131.0
million, an increase of $3.1 million, or 2.3% compared to Q4 2013
on a constant currency basis. Rolls sales improved 3.9% primarily
due to volume increases in North America and Asia while machine
clothing sales increased 1.4% resulting from higher South America,
Asia and Europe volumes.
- Q4 orders were strong for both machine
clothing and rolls. On a constant currency basis, total orders are
up 1% over Q4 of 2013. On a constant currency basis, sequential
orders are up 11% over Q3 2014. These orders provide a strong
backlog for the Company heading into 2015.
- Q4 2014 basic earnings per share was
$0.72 per share versus Q4 2013 basic earnings per share of $0.22
per share. The increase of $0.50 per share was primarily driven by
higher sales volumes, continued cost reductions, and lower
restructuring costs.
- Excluding non-recurring items such as
restructuring costs, deferred tax valuation allowance reversals,
basic adjusted earnings per share was $0.43 in Q4 2014, compared to
$0.16 in Q4 2013, an increase of 169%. See "Basic Adjusted Earnings
Per Share" below.
- Q4 2014 gross profit was $52.8 million,
or 40.3% of net sales, compared to $49.1 million, or 36.7% of net
sales in Q4 2013. Machine clothing gross margin improved to 42.3%
in Q4 2014 from 38.5% in Q4 2013, and roll covers gross margin
improved to 36.8% in Q4 2014, from a gross margin of 33.6% in Q4
2013. These improvements are a direct result of continued cost
reductions and operational excellence programs, lower 2014 quality
costs and improved product mix.
- Selling, general and administrative and
research and development (SG&A) expenses were $32.8 million, or
25.1% of net sales, in Q4 2014, down from Q4 2013 SG&A expenses
of $35.0 million, or 26.2% of net sales.
Full year 2014 Adjusted EBITDA grew 6% compared to full year
2013 Adjusted EBITDA on steady sales and continued cost
reduction
- Adjusted EBITDA for full year 2014 was
$116.0 million, or 21.4% of net sales. This was an increase of 6%
compared to 2013, on a constant currency basis, primarily due to
continued cost reduction initiatives implemented by the
Company.
- Full year 2014 sales were $542.9
million, an increase of $1.7 million, or 0.3%, compared to the full
year 2013, on a constant currency basis. Rolls sales improved 1.7%
primarily due to mechanical services and roll cover increases in
North America, which were partially offset by machine clothing
decreases of (0.4%).
- Full year 2014 basic loss per share was
$(0.48) per share versus full year 2013 basic earnings per share of
$0.27 per share. The decrease of $(0.75) per share was primarily
driven by the Company's Q3 2014 Brazil tax settlement of $(1.49)
per share.
- Excluding non-recurring items such as
restructuring costs, deferred tax valuation allowance reversals,
the Brazil tax settlement charge and plant start up costs, basic
adjusted earnings per share was $1.58 for full year 2014, compared
to $1.23 for full year 2013, an increase of 28.5%.
- Full year 2014 gross profit was $215.8
million, or 39.7% of net sales, compared to $209.6 million, or
38.3% of net sales for the full year of 2013. Machine clothing
gross margin improved to 41.6% for the full year of 2014 from 39.2%
for the full year of 2013, which was a direct result of continued
cost reductions and operational excellence programs. Roll covers
gross margin came in at 36.5% for the full year of 2014, down
slightly from gross margin of 36.8% for the full year of 2013, due
to unfavorable product mix in Europe partially offset by savings
related to the Heidenheim, Germany plant closure in 2014.
- Selling, general and administrative and
research and development (SG&A) expenses were $137.4 million,
or 25.3% of net sales for full year 2014, down from full year 2013
SG&A expenses of $141.4 million, or 25.9% of net sales.
CEO Comments
"Xerium performed exceptionally well this quarter, with improved
sales volume, significant margin expansion and a substantial
improvement in Adjusted EBITDA over Q4 2013," said Harold Bevis,
President and CEO of Xerium Technologies, Inc. "The global pulp,
paper board and tissue market is growing and transforming.
Graphical grades and mature markets are declining, while GDP grades
and emerging markets are growing. Xerium is pursuing these growth
opportunities by re-aligning our global operational footprint and
product lineup. We are increasing our industry-leading innovation
program, with machine automation solutions and approximately 100
new patents in process. We are underway with the investment program
to grow sales in the future, with both the new machine clothing
plant in Ba Cheng and the new roll covering and service plant in
Corlu, Turkey. The construction of both plants is well underway and
we expect to begin production in both plants in Q3 of 2015. In
addition, we announced the expansion of two roll and service plants
in Griffin, Georgia and Neenah, Wisconsin to broaden both our
mechanical service offerings and product offerings."
Significant investment and
repositioning sales growth programs are underway
Xerium is repositioning its sales growth profile. Specific
measurable programs are aimed at growth markets, mechanical
services and machine automation, and will enable higher growth and
profit rates in the future. Some programs require capital
investment and some do not.
Cost reduction programs remain on
track
Xerium is repositioning its cost profile towards low-cost
countries and low-cost operations. We have 16 primary cost programs
underway, including plant closures and operational excellence
programs directed at waste, quality, productivity, procurement
initiatives and a lean SG&A program. As a result of these
efforts, total cost savings for Q4 2014 were $7.6 million. Cost
savings for the full year of 2014 were approximately $25 million,
which represents a total of approximately $48 million in cost
reduction savings in 2013 and 2014. In January of 2015, we
announced two plant expansion projects in our roll cover and
mechanical services business. 2015 cost reduction programs are
expected to approximate $20 million.
Market Outlook
Global demand for pulp and paperboard is expected to grow at a
rate between 0% and 1% in 2015. There is, however, expected to be a
shift in global markets with expected declines in North America and
increases in Asia, Europe and South America. Both fiber cement and
nonwoven markets are global and growing, with 75%-80% of these
markets existing outside of the United States. Xerium is
positioning itself in developing markets with the new machine
clothing plant in Ba Cheng, China and the new roll and service
plant in Corlu, Turkey.
2015 Outlook
Xerium will continue to focus on cost reduction and operational
leadership programs, and our longer term plan includes several
sales growth initiatives, including adding new capacity at machine
clothing and rolls plants, investing in emerging markets and coming
to market with a host of new products. This balance between base
market maintenance, focused sales growth, and continuous cost
reduction is expected to add additional Adjusted EBITDA and free
cash flow in the upcoming years which we expect will allow us to
pay down over half of our debt by the end of 2020.
2014 was a very successful year for Xerium. Our 6% increase in
Adjusted EBITDA was attributable to maintaining our market share
and realizing cost savings related to cost-out actions. The Company
spent approximately $65 million on capital expenditures and
restructuring activities during 2014. We expect to spend $59
million on these activities in 2015. Free Cash Flow is expected to
be positive by $5-10 million and net debt will be relatively
unchanged due to the addition of capital leases, primarily related
to the China facility. Our Turkey rolls plant is expected to begin
production in April, 2015 and we expect to begin production in our
new China machine clothing plant in Q3 2015. While we expect to
continue to take out costs in 2015 and expect to add approximately
1% of ex-currency top line growth, inflation is expected to limit
Adjusted EBITDA growth to $4 million in 2015.
CFO Comments
EVP and Chief Financial Officer, Cliff Pietrafitta said: "Q4
2014 constant currency net sales were 2.3% above Q4 2013. Constant
currency rolls net sales increased by 3.9% from Q4 2013, primarily
driven by an increase of 6.1% in North America, an increase of
12.2% in Asia and an increase of 23.8% in South America. These
increases were partially offset by a decline of (3.6)% in Europe.
Constant currency machine clothing sales increased by 1.4% from Q4
2013, primarily driven by an increase of 4.3% in Europe, an
increase of 12.8% in South America and an increase of 4.1% in Asia.
These increases were partially offset by a decrease of (7.5)% in
North America."
Income from operations in Q4 2014 increased by $9.8 million, to
$17.5 million from $7.7 million, due to increased gross margins,
reductions in SG&A and reduced restructuring expenses. Improved
gross margins and reductions in SG&A were driven primarily by
our restructuring initiatives and operational excellence programs.
Adjusted EBITDA in Q4 2014 was $29.4 million, or 22.4% of net
sales.
During the fourth quarter we continued to take costs out of the
business with quarterly savings of $7.6 million and full year
savings of approximately $25 million. The Company spent
approximately $17 million of cash on capital expenditures and
restructuring costs in Q4 2014. For the full year, we spent
approximately $65 million in both of these areas.
As of December 31, 2014, we had an aggregate of $40.3 million
available for additional borrowings under our Credit Facility and
smaller lines of credit and our cash balances totaled $9.5 million.
YTD 2014 free cash flow (defined as cash-flow from operations less
capital expenditures) decreased $(30.3) million to $(38.3) million
from $(8.0) million in 2013, primarily as a result of the $25
million Brazilian tax payment made in Q3 of 2014, 2014
restructuring activities, working capital increases and increased
capital expenditures.
Net debt (which is defined as total debt less cash) increased to
$459.9 million in Q4 2014 from $455.5 million in Q3 2014. However,
our net debt leverage ratio was 4.0x in Q4 2014 compared to 4.1x in
Q3 2014 as a result of Adjusted EBITDA improvements in 2014.
Trade working capital decreased $9.7 million to $131.6 million
at December 31, 2014 from $141.3 million at December 31, 2013.
Excluding favorable currency impacts of $16.8 million, trade
working capital increased by $7.1 million due largely to inventory
builds to support higher sales levels as well as bridge inventory
due to a plant closure in South America. See "Trade Working Capital
Information" and "Non-GAAP Financial Measures" below.
Our effective income tax rate for Q4 2014 was (43.1%) compared
to (375.7%) in Q4 2013. Excluding the effects of restructuring, the
Brazil Amnesty program, and the release of the valuation allowance
against UK deferred tax assets, our effective tax rate was 40.0%.
See "Effective Tax Rate reconciliation" below.
SEGMENT INFORMATION
The following table presents net sales for Q4 2014 and Q4 2013
by segment and the effect of currency on Q4 2014 net sales (dollars
in thousands):
Net Sales For The Quarter Ended
12/31/2014 12/31/2013 $ Change
Currency Effect of $
Change
% Change
% Change Excluding
Currency
Machine Clothing $ 82,442 $ 85,005 $ (2,563 ) $ (3,719 ) (3.0 )%
1.4 % Roll Covers $ 48,525 $ 48,716 $ (191 ) $
(2,085 ) (0.4 )% 3.9 % Total $ 130,967 $
133,721 $ (2,754 ) $ (5,804 ) (2.1 )%
2.3 %
The following table presents net sales for the year ended
December 31, 2014 and 2013 by segment and the effect of currency on
the year ended December 31, 2014 net sales (dollars in
thousands):
Net Sales For The Year Ended
12/31/2014 12/31/2013 $ Change
Currency Effect of $
Change
% Change
% Change Excluding
Currency
Machine Clothing $ 347,003 $ 352,336 $ (5,333 ) $ (3,860 ) (1.5 )%
(0.4 )% Roll Covers $ 195,929 $ 194,556 $
1,373 $ (1,839 ) 0.7 % 1.7 % Total $
542,932 $ 546,892 $ (3,960 ) $ (5,699 )
(0.7 )% 0.3 %
TRADE WORKING CAPITAL
The following table presents trade working capital as of
December 31, 2014 and December 31, 2014 (in thousands):
12/31/2014 12/31/2013
Fav/(Unfav)
Change
Trade receivables, net (1) $ 81,998 $ 86,584 $ 4,586 Inventories,
net 83,550 83,930 380 Trade accounts payable (2) (33,962 )
(29,254 ) 4,708 Total $ 131,586 $ 141,260
$ 9,674
(1) Trade Receivables, Net equals Accounts Receivable less Other
Receivables of $1.0 million and $1.4 million at December 31, 2014
and December 31, 2013, respectively.
(2) Trade Accounts Payables equals Accounts Payable less
Deposits Received and Other Payables of $7.7 million and $13.0 at
December 31, 2014 and December 31, 2013, respectively.
EFFECTIVE TAX RATE
The following table presents a reconciliation of effective tax
rate excluding restructuring expenses to our effective tax rate for
the three months ended December 31, 2014 (in thousands):
For the three months ended December 31, 2014
Pre-tax
Amounts
Tax
Amounts
After-tax
Amounts
Effective
Tax Rate
Income (loss) before provision for income taxes 7,801 3,360 11,161
(43.1 )% Restructuring, Brazil Amnesty program and the release of
valuation allowance against UK deferred tax assets (2,430 ) 7,457
5,027 306.8 % Income (loss) before provision for
income taxes excluding restructuring and Brazil tax settlement
10,231 (4,097 ) 6,134 40.0 %
BASIC ADJUSTED EARNINGS PER SHARE (net
of taxes)
Three Months Ended Twelve Months Ended
December 31, December 31, 2014
2013 2014 2013 Net income (loss)
per share $ 0.72 $ 0.22 $ (0.48 ) $ 0.27 Adjustments: Restructuring
0.10 0.34 0.87 0.88 Loss on debt extinguishment — — — 0.44
Inventory write-off related to a closed plant — 0.02 — 0.06 Brazil
Tax Charge — — 1.49 — Goodwill Amortization — (0.03 ) — (0.13 )
Deferred Tax Valuation Allowance Reversal (0.43 ) (0.40 ) (0.43 )
(0.40 ) Plant start-up costs 0.04 0.01 0.10 0.03 Non-restructuring
Impairment — — — 0.04 FX (gain) loss — — 0.03
0.04 Basic adjusted earnings per share $ 0.43 $ 0.16
$ 1.58 $ 1.23
(1) In 2014, the valuation allowance reversal has been included
above as an add-back, given the unusual and infrequent nature of
this item. In addition, the comparable amount for 2013 has also
been included in the reconciliation above as an add-back.
CONFERENCE CALL
The Company plans to hold a conference call on the following
morning:
Date: March 4, 2015 Start Time: 10:00 a.m. Eastern Time Domestic
Dial-In: +1-877-415-3179 International Dial-In: +1-857-244-7322
Passcode: 28273424
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.
To follow along with the presentation that will accompany the
Company's conference call, please join the webcast by going to
www.xerium.com/investorrelations.
Click on the webcast link appearing above our conference call
details, then click on the link appearing below "Webcast
Presentation" on the following page. You may also click here and
you will be taken directly to the webcast registration page.
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, Effective Tax Rate excluding the
Brazilian tax payment and the effects of Restructuring 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,"
"Trade Working Capital" and "Effective Tax Rate" 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-K for the year ended December 31, 2014 filed with
the Securities and Exchange Commission on March 3, 2015 and our
presentation that will accompany our conference call tomorrow.
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 26 manufacturing facilities in 12 countries
around the world, Xerium has approximately 3,100 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 full
year Adjusted EBITDA performance, anticipated sales performance,
capital expenditures, cost savings measures, future efforts to
improve overall performance and free cash flow. 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) we may not realize the Adjusted EBITDA performance we are
projecting (2) our expected sales performance and our backlog of
sales may not be fully realized; (3) our cost reduction efforts,
including our restructuring activities, may not have the positive
impacts we anticipate; (4) we are subject to execution risk related
to the startup of our proposed new facilities in China and Turkey;
(5) our plans to develop and market new products, enhance
operational efficiencies and reduce costs may not be successful;
(6) market improvement in our industry may occur more slowly than
we anticipate, may stall or may not occur at all; (7) variations in
demand for our products, including our new products, could
negatively affect our revenues and profitability; (8) 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; and (9) the other risks and
uncertainties discussed elsewhere in this press release, our Form
10-K for the year ended December 31, 2013 filed on March 4, 2014,
our Form 10-K for the year ended December 31, 2014 filed on March
3, 2015 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 (Loss) Income (Dollars in
thousands, except per share data) Three Months
Ended Year Ended December 31, December 31,
2014 2013 2014
2013 Net Sales $ 130,967 $ 133,721 $ 542,932 $ 546,892 Costs
and expenses: Cost of products sold 78,207 84,629 327,161 337,256
Selling 17,641 18,252 73,002 73,348 General and administrative
13,202 14,796 56,539 60,214 Research and development 2,004 1,970
7,903 7,858 Restructuring 2,430 6,390 18,142
14,844 113,484 126,037 482,747 493,520
Income from operations 17,483 7,684 60,185 53,372 Interest
expense, net (9,782 ) (8,983 ) (36,768 ) (40,681 ) Loss on
extinguishment of debt — — — (3,123 ) Foreign exchange gain (loss)
98 50 (719 ) (1,052 ) Income (loss) before provision
for income taxes 7,799 (1,249 ) 22,698 8,516 Provision for income
taxes 3,360 4,692 (30,080 ) (4,363 ) Net income
(loss) 11,159 3,443 (7,382 ) 4,153
Comprehensive (loss) income $ (23,785 ) $ 13,330 $ (62,891 )
$ 15,994 Net income (loss) per share: Basic $ 0.72 $
0.22 $ (0.48 ) $ 0.27 Diluted $ 0.68 $ 0.21
$ (0.48 ) $ 0.26 Shares used in computing net income
(loss) per share: Basic 15,555,801 15,380,543
15,458,810 15,359,445 Diluted 16,458,944
16,248,609 15,458,810 15,882,376
Consolidated Selected Financial Data Cash Flow
Data: (in thousands) Year Ended December 31, 2014
December 31, 2013 Net cash provided by operating
activities $ 6,892 $ 36,114 Net cash used in investing activities $
(41,788 ) $ (41,869 ) Net cash provided by (used) in financing
activities $ 20,693 $ (3,274 )
Other Financial Data: (in
thousands) Depreciation and amortization $ 34,292 $
36,403 Capital expenditures, gross $ (45,218 ) $ (44,145 )
Balance Sheet Data: (in thousands) December 31, 2014
December 31, 2013 Cash and cash equivalents $ 9,517 $
25,716 Total assets $ 594,044 $ 624,064 Total debt $ 469,435 $
443,139 Total stockholders' deficit $ (74,110 ) $ (11,449 )
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, (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 and
operating cash flows, which are the most directly comparable GAAP
financial measures, to EBITDA and Adjusted EBITDA.
Three Months Ended Year Ended December
31, December 31, 2014 2013
2014 2013 Net income (loss) $ 11,159 $
3,442 $ (7,382 ) $ 4,153 Stock-based compensation 690 595 2,548
1,736 Depreciation 7,802 8,580 32,752 34,631 Amortization of
intangibles 310 404 1,540 1,772 Deferred financing cost
amortization 895 670 3,303 2,963 Foreign exchange loss (gain) on
revaluation of debt 82 80 (259 ) 1,706 Deferred tax expense (6,367
) (7,025 ) (4,857 ) (5,686 ) (Gain) loss on disposition of property
and equipment (1,031 ) 48 (1,036 ) 202 Asset impairment (141 ) 276
136 1,354 Loss on extinguishment of debt — — — 3,123 Net change in
operating assets and liabilities (7,824 ) (1,387 ) (19,853 )
(9,840 )
Net cash provided by operating activities 5,575
5,683 6,892 36,114 Interest expense, excluding amortization 8,887
8,314 33,465 37,718 Net change in operating assets and liabilities
7,824 1,387 19,853 9,840 Current portion of income tax expense
3,008 2,333 34,937 10,049 Stock-based compensation (690 ) (595 )
(2,548 ) (1,736 ) Asset impairment 141 (276 ) (136 ) (1,354 )
Foreign exchange (loss) gain on revaluation of debt (82 ) (80 ) 259
(1,706 ) Gain (loss) on disposition of property and equipment 1,031
(48 ) 1,036 (202 ) Loss on extinguishment of debt — —
— (3,123 )
EBITDA 25,694 16,718 93,758 85,600
Operational restructuring expenses 2,430 6,390 18,142 14,844 Loss
on extinguishment of debt — — — 3,123 Stock-based compensation 690
595 2,548 1,736 Non-restructuring impairment expense — — — 667
Plant startup costs 567 105 1,521 401 Inventory write off due to
plant closures — 262 — 954
Adjusted EBITDA $ 29,381 $ 24,070 $ 115,969
$ 107,325
Xerium Technologies, Inc.Cliff Pietrafitta, 919-526-1444Investor
RelationsIR@xerium.com
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