Q2 2015 Highlights:
- Adjusted EBITDA improved to $28
million, representing a margin improvement of 170 basis points
compared to Q2 2014 and the 5th consecutive quarter of improved
Adjusted EBITDA margins.
- Gross margins have improved over the
last 11 consecutive quarters.
- SG&A at constant currency
declined 4% sequentially.
- Updated full year 2015 guidance to
be similar to 2014, reflecting near-term newsprint and graphical
grade decline trends and weak euro.
- Sales growth investment programs
remain on track with 8 facilities beginning production or ramping
up production capabilities in the second half of 2015 coupled with
over 39 new patented products.
Xerium Technologies, Inc. (NYSE:XRM), a leading global provider
of industrial consumable products and services, announced its Q2
2015 results.
Net sales for Q2 2015 were $123.1 million, an increase of $2.1
million, or 1.7%, over net sales of $121.0 million for Q1 2015. On
a constant currency basis, net sales increased $3.6 million or 2.7%
over Q1 2015 net sales, primarily driven by an increase of 3.2% in
machine clothing net sales and an increase of 1.8% in rolls net
sales. Constant currency SG&A declined by $1.3 million, or 4.1%
to $30.4 million in Q2 2015 from $31.7 million in Q1 2015. Q2 2015
Adjusted EBITDA increased to $28.0 million, up 6.9% from $26.2
million in Q1 2015, driven primarily by the increase in sales
volume and the decline in SG&A, partially offset by FX losses
in Q2 2015 related to the revaluation of non-functional currency
balances. See "Non-GAAP Financial Measures" and "Segment
Information" below.
Net sales for Q2 2015 decreased by $(3.9) million, or (2.8)%
compared to Q2 2014, on a constant currency basis, primarily driven
by the decline in the printing, writing and newsprint markets in
North America and lower mechanical services sales in North America.
See "Non-GAAP Financial Measures" and "Segment Information"
below.
Q2 2015 gross profit was $49.4 million, or 40.2% of net sales,
compared to $55.4 million, or 39.6% of net sales in Q2 2014.
Machine clothing gross margin improved to 43.9% (excluding $0.9
million of one-time Kunshan, China startup costs) in Q2 2015 from
41.1% in Q2 2014. These improvements were a result of positive
currency effects that were partially offset by unfavorable fixed
cost absorption. Rolls and service gross margin decreased slightly
to 36.0% (excluding $0.2 million of Corlu, Turkey one-time start-up
costs) in Q2 2015, from a gross margin of 36.5% in Q2 2014,
primarily due to unfavorable currency effects.
SG&A expenses were $30.4 million, or 24.7% of net sales, in
Q2 2015, down from Q2 2014 SG&A expenses of $35.4 million, or
25.4% of net sales, primarily due to favorable currency effects and
lower management incentive costs.
Q2 2015 basic earnings per share were $(0.05) per share versus
Q2 2014 basic earnings per share of $0.05 per share. Excluding
non-recurring items such as restructuring costs, plant startup
costs, foreign currency gains/(losses) and one-time tax reserve
charges, basic adjusted earnings per share were $0.37 in Q2 2015,
compared to $0.43 in Q2 2014. See "Basic Adjusted Earnings Per
Share" below.
CEO Comments
“Despite the current difficult industry trends, our Q2 2015
results demonstrated that our initiatives to improve our cost
structure continue to deliver both sequential and YOY improvements
in Adjusted EBITDA margins, gross margins and SG&A rates. As
our sales growth investment programs come on line, we will begin to
generate sales growth despite the decline of graphical grade
production,” said Harold Bevis, President and CEO of Xerium
Technologies, Inc. "Our 2 1/2 year $87 million sales growth
investment program is nearing completion. We have completely
renovated our products and factories and it has led to many
patentable inventions. The second half of 2015 is a turning point
for Xerium, which will enable us to expand our ability to gain
sales in the competitive marketplace. We are excited about the
progress we are making and expect positive financial returns as we
ramp up production in the second half of 2015 and into 2016."
2015 Outlook
During the second quarter of 2015, the machine clothing and
rolls sales environment was more challenging than we had
anticipated due to customer shutdowns and curtailments.
Consequently, we expect our full-year Adjusted EBITDA will likely
be comparable to last year's Adjusted EBITDA, due to this quarter's
results as well as our expectation for the remainder of the year.
We view this as a temporary dynamic given our multi-year sales
growth investments are in the early stages of gaining traction and
will increasingly augment our sales growth. We expect the
incremental earnings from our sales growth investment programs to
more than offset the permanent market declines in graphical paper
production.
To further increase our profit rates, we are continuing to take
costs out of the business. This includes the recent closure of a
machine clothing facility in Warwick, Quebec, Canada. The cost
structure at this plant was operating at almost twice the level of
our low-cost facilities. We still have other facilities with very
large cost reduction opportunities. Beyond our improving cost
structure and new geographic footprint, we will also benefit from
new product introductions. Currently, we have 425 issued patents
and 97 pending patents. Additionally, as our capital expenditures
begin to decline, we will begin to pay down our debt with the
surplus cash flow.
Sales Growth Investment Program
Update
The following sales growth investment programs, totaling $87
million, involve a full gamut of initiatives that will enable
Xerium to deliver significant incremental Adjusted EBITDA growth
and further increase our earnings potential. Most of our spending
is behind us and these multi-year programs are coming on line in
the second half of 2015.
$71 Million Global Machine Clothing
Sales Growth Investment Program
On July 22, 2015, we announced that our Kunshan, China press felt plant began
production. This two year, $47.8 million greenfield press felt
plant, is located in the center of the largest paper-making region
in the world. This facility significantly improves Xerium's
competitive positioning, from both a lead time and cost
perspective, enabling Xerium to more closely partner with customers
who were previously served from our European plants through a
lengthy and costly supply chain. Xerium will conduct business in
local currency and local languages and will be able to service the
largest pulp, paper, paperboard, and tissue machines in the world,
as the main machine in the plant is over 15 meters wide. For some
press felt designs, Xerium will be able to make three pieces
simultaneously - a first for the Company.
Our Piracicaba, Brazil expansion
project remains on track to be completed in late 2015,
which after three years and a $9.1 million investment (includes
$2.7 million in sales growth capital investment and $6.4 million in
restructuring capital investment), will have been expanded to offer
higher quality dryers, increased exports for spiral and woven
dryers, forming fabrics and non-woven fabrics. In addition, this
expansion will result in significantly shorter lead times to our
customers, and will enable us to consolidate three mid-sized South
American plants into one low-cost plant in Piracicaba, Brazil that
is globally competitive.
We continue to remain on schedule with our other second half
2015 initiatives at Kentville, Nova Scotia ($4.4 million
investment); Gloggnitz, Austria ($12.9 million investment); and
Asahi, Japan ($3.2 million investment). Xerium is expanding its
product lines and capacity in these plants to better enable it to
grow sales. These plants have either recently been or will soon be
commissioned and will ramp up their respective production
capabilities throughout the second half of 2015.
$16 Million Global Rolls and Service
Sales Growth Investment Program
On July 16, 2015, we announced that our Corlu, Turkey Rolls facility began
production. This two year $4.3 million greenfield rolls and service
plant is in a key emerging market. This facility is a new regional
hub, serving customers in Turkey, Southeast Europe and the Middle
East. Xerium has conducted business in these regions for many
decades as an exporter, and now will serve as a local low-cost
provider with shortened lead times to customers. The plant has one
of the largest grinding machines in the region and was built to
handle rolls up to 80 metric tonnes in weight. For the first time
ever, customers in this under-served region will receive locally
provided and locally optimized state-of-the-art rubber extrusion
and polyurethane roll covering technology.
While the award-winning Ruston, LA facility completed its
expansion late last year ($2.1 million investment); Griffin, GA
($4.1 million investment) and Neenah, WI ($5.5 million investment)
expansions will all be completed in the second half of 2015. These
facilities will expand Xerium's product lines and capacity to
better enable it to grow sales.
Collectively, these programs compliment our legacy business
model and enable Xerium to replace sales from declining graphical
business segments. We will be close to key customers, with short
lead times and low costs. Additionally, we are broadening our
product and service offerings to give us a wider aperture into new
markets and new machines types. These are key turning points for
Xerium's business.
CFO Comments
EVP and Chief Financial Officer, Cliff Pietrafitta said: "During
the second quarter of 2015 we continued to take costs out of the
business with quarterly gross savings of $5.5 million. We spent
approximately $21.7 million of cash on capital expenditures and
restructuring costs in Q2 2015 and we expect to spend approximately
$50 million in 2015 on capital expenditures and between $8 and $10
million on restructuring costs for the entire year of 2015.
As of June 30, 2015, we had an aggregate of $30.3 million
available for additional borrowings under our Credit Facility and
smaller lines of credit and our cash balances totaled $9.2 million.
Q2 2015 free cash flow (defined as cash-flow from operations less
capital expenditures) decreased $(3.3) million to $(9.1) million
from $(5.8) million in Q2 of 2014, primarily as a result of
increased capex spend and Q2 2015 sales decreases.
Net debt (which is defined as total debt less cash) increased to
$473.4 million in Q2 2015 from $464.7 million in Q1 2015, as a
result of increased debt outstanding. Our net debt leverage ratio
was 4.1x in Q2 2015, substantially the same as 4.0x in Q1 2015. We
expect our Net debt and leverage to improve in the later part of
2015, as free cash flow becomes positive and we begin to pay down
debt.
Trade working capital decreased $8.4 million to $123.2 million
at June 30, 2015 from $131.6 million at December 31, 2014,
primarily as a result of favorable currency impacts. See "Trade
Working Capital Information" and "Non-GAAP Financial Measures"
below.
Our effective income tax rate for Q2 2015 was 117.7% compared to
75.3% in Q2 2014. Excluding the effects of restructuring and a
non-recurring tax reserve adjustment, our effective tax rate was
63.2%, compared to 39.2% in Q2 2014, primarily due to the mix of
earnings in tax paying jurisdictions versus earnings in non-tax
paying jurisdictions. See "Effective Tax Rate" below."
SEGMENT INFORMATION
The following table presents net sales for Q2 2015 and Q2 2014
by segment and the effect of currency on Q2 2015 net sales (dollars
in thousands):
Net Sales For The
Quarter Ended
6/30/2015 6/30/2014 $
Change
Currency Effect
of $ Change
% Change
% Change
Excluding Currency
Roll Covers $ 43,977 $ 50,218 ($6,241 ) ($4,624 ) (12.4 )% (3.2 )%
Machine Clothing 79,151 89,505
(10,354 ) (8,028 ) (11.6 )%
(2.6 )% Total $ 123,128 $ 139,723
($16,595 ) ($12,652 ) (11.9 )%
(2.8 )%
The following table presents net sales for Q2 2015 and Q1 2015
by segment and the effect of currency on Q2 2015 net sales (dollars
in thousands):
Net Sales For The
Quarter Ended
6/30/2015 3/31/2015
$ Change
Currency Effect
of $ Change
% Change
% Change
Excluding Currency
Roll Covers $ 43,977 $ 43,745 $ 232 ($619 ) 0.5 % 3.2 % Machine
Clothing 79,151 77,283
1,868 (801 ) 2.4 %
1.8 % Total $ 123,128 $ 121,028
$ 2,100 ($1,420 ) 1.7 % 2.7 %
TRADE WORKING CAPITAL
The following table presents trade working capital as of June
30, 2015 and December 31, 2014 (in thousands). The change was
primarily driven by favorable currency impacts.
6/30/2015
12/31/2014 Fav/(Unfav)
Change
Trade receivables, net (1) $77,344 $81,998 $4,654
Inventories, net 76,139 83,550 7,411 Trade accounts payable (2)
(30,319
)
(33,962 ) (3,643 ) Total $123,164
$131,586 $8,422
(1) Trade Receivables, Net equals Accounts Receivable less Other
Receivables of $1.1 million at June 30, 2015 and December 31,
2014.
(2) Trade Accounts Payables equals Accounts Payable less
Deposits Received and Other Payables of $9.2 million and $7.9
million at June 30, 2015 and December 31, 2014, respectively.
EFFECTIVE TAX RATE
The following table presents a reconciliation of effective tax
rate excluding restructuring expenses and non-recurring tax reserve
adjustments to our effective tax rate for the quarter ended June
30, 2015 (in thousands):
For the quarter ended June 30,
2015 Pre-tax
Amounts
Tax
Amounts
After-tax
Amounts
Effective
Tax Rate
Income before provision for income taxes $ 3,977 ($4,680 ) ($703 )
117.7 % Restructuring expense and non-recurring tax reserve
adjustment (5,509 ) 1,319 (4,190
) 23.9 % Income before provision for income taxes excluding
restructuring and non-recurring tax reserve adjustment $ 9,486
($5,999 ) $ 3,487 63.2 %
BASIC ADJUSTED EARNINGS PER SHARE (net
of taxes)
Three Months Ended June 30, 2015
2014 Net (loss) income per share $ (0.05 ) $ 0.05
Adjustments: Restructuring expense 0.26 0.37 Non-recurring tax
reserve adjustment 0.01 — Plant start-up costs 0.07 — Non-recurring
expense 0.04 — FX loss 0.04 0.01 Basic adjusted
earnings per share $ 0.37 $ 0.43
CONFERENCE CALL
The Company plans to hold a conference call on the following
morning:
Date: August 11, 2015 Start Time: 9:00 a.m. Eastern Time Domestic
Dial-In: +1-844-818-4921 International Dial-In: +1-484-880-4582
Conference ID: 59989464
Webcast:
www.xerium.com/investor-relations
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/investor-relations.
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 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", "Basic Adjusted earnings Per Share" 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-Q for
the quarter ended June 30, 2015 filed with the Securities and
Exchange Commission on August 10, 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 27 manufacturing facilities in 13 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 new facilities in China and Turkey and expansion
projects elsewhere; (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, 2014 filed on March 4, 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
(Dollars in thousands, except per share data)
Three Months Ended Six Months Ended June 30,
June 30, 2015 2014
2015 2014 Net Sales $ 123,128 $ 139,723 $
244,157 $ 273,107 Costs and expenses: Cost of products sold 73,686
84,372 146,162 165,591 Selling 16,429 18,988 32,756 37,167 General
and administrative 12,045 14,407 25,890 29,203 Research and
development 1,892 2,044 3,854 3,990 Restructuring 5,509
7,595 7,733 12,246
109,561 127,406 216,395
248,197 Income from operations 13,567 12,317 27,762 24,910
Interest expense, net (8,705 ) (8,917 ) (18,369 ) (17,574 ) Foreign
exchange (loss) gain (885 ) (307 ) 92
(1,185 ) Income before provision for income taxes 3,977 3,093 9,485
6,151 Provision for income taxes (4,680 ) (2,329 )
(8,454 ) (4,222 ) Net (loss) income $ (703 ) $ 764
$ 1,031 $ 1,929 Comprehensive
income (loss) $ 6,704 $ 2,278 $ (22,693
) $ 1,520 Net (loss) income per share: Basic $ (0.05
) $ 0.05 $ 0.07 $ 0.13
Diluted $ (0.05 ) $ 0.05 $ 0.06
$ 0.12 Shares used in computing net (loss) income per share:
Basic 15,593,668 15,410,182 15,568,955
15,400,630 Diluted 15,593,668
16,422,016 16,544,887 16,442,034
Consolidated Selected Financial Data
Cash Flow Data: (in thousands) Six Months Ended
June 30, 2015 June 30, 2014 Net cash
provided by operating activities $14,671 $8,915 Net cash used in
investing activities ($27,852 ) ($22,345 ) Net cash provided by
financing activities $12,127 $2,871
Other Financial Data:
(in thousands) Depreciation and amortization $14,417
$17,586 Capital expenditures, gross ($27,914 ) ($22,469 )
Balance Sheet Data: (in thousands) June 30, 2015
December 31, 2014 Cash and cash
equivalents $9,223 $9,517 Total assets $578,180 $594,044 Total debt
(including capital leases) $482,604 $469,435 Total stockholders'
deficit ($95,410 ) ($74,110 )
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.
Six Months ended
June 30,
Trailing Twelve Months
Ended June 30,
Q2 2015 Q1 2015 Q2 2014
2015 2014 2015
2014 Net (loss) income $ (703 ) $1,733
$764 $ 1,031 $ 1,929 $ (8,282 ) $ 7,478
Stock-based compensation 804 822 640 1,626 1,149 3,025 2,290
Depreciation 7,096 7,163 8,534 14,259 16,767 30,244 33,730
Amortization of intangibles 79 79 403 158 819 699 1,630 Deferred
financing cost amortization 896 875 751 1,771 1,467 3,608 2,812
Foreign exchange loss (gain) on revaluation of debt 1,057 (1,973 )
366 (915 ) (737 ) (438 ) (1,952 ) Deferred tax expense 628 979 (143
) 1,607 (950 ) (2,300 ) (7,385 ) Loss on disposition of property
and equipment 13 14 1 28 28 (901 ) 513 Net change in operating
assets and liabilities (3,200 ) (1,691 ) (5,163 )
(4,894 ) (11,557 ) (13,007 ) (7,957 )
Net
cash provided by operating activities 6,670 8,001 6,153 14,671
8,915 12,648 31,159 Interest expense, excluding amortization 7,809
8,789 8,165 16,598 16,107 34,135 33,124 Net change in operating
assets and liabilities 3,200 1,691 5,163 4,894 11,557 13,007 7,957
Current portion of income tax expense 4,052 2,796 2,472 6,847 5,172
36,614 9,977 Stock-based compensation (804 ) (822 ) (640 ) (1,626 )
(1,149 ) (3,025 ) (2,290 ) Foreign exchange (loss) gain on
revaluation of debt (1,057 ) 1,973 (366 ) 915 737 438 1,952 Loss on
disposition of property and equipment (13 ) (14 ) (1 )
(28 ) (28 ) 901 (513 )
EBITDA 19,857
22,414 20,946 42,271 41,311 94,718 81,366 Stock-based compensation
804 822 640 1,626 1,149 3,025 2,290 Operational restructuring
expenses 5,509 2,224 7,595 7,733 12,246 13,629 21,670
Non-restructuring impairment expense — — — — — — 1 Inventory
write-off related to a closed plant — — — — — — 262 Other
non-recurring expense 700 — — 700 — 700 — Plant startup costs 1,132
750 240 1,882
416 2,987 817
Adjusted
EBITDA $ 28,002 $ 26,210 $ 29,421
$ 54,212 $ 55,122 $ 115,059
$ 106,406
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150810006312/en/
Xerium Technologies, Inc.Cliff Pietrafitta, 919-526-1444Investor
RelationsIR@xerium.com
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