Highlights
- Full year 2015 sales were $477 million,
a decrease of (4)% (excluding currency changes), driven primarily
by declines in the graphical grade market. However, despite the
market declines, we improved our operating profile in 2015 versus
2014. Gross margins, excluding start-up costs at new facilities and
inventory write offs at closed facilities, increased by 30 basis
points to 40.3% in 2015 from 40.0% in 2014. In addition, adjusted
EBITDA rates improved 30 basis points to 21.7% of sales in 2015
from 21.4% of sales in 2014. Looking forward, we have increased our
cost-out programs in 2016 to anticipate further graphical
declines.
- Significant projects came on line at
the end of 2015. Those included our new facilities in China and
Turkey, the Griffin, Georgia rolls plant expansion, the Kentville,
Nova Scotia Canada woven dryer expansion, the Gloggnitz, Austria
nonwoven expansion and the Piracicaba, Brazil spiral dryer
expansion. In addition, we expect the Neenah, Wisconsin rolls plant
expansion and Piracicaba, Brazil nonwoven expansions to go live in
the first half of 2016 and the new China forming fabric operation
to go live in the second half of 2016.
- Q4 2015 results were below trend line
due to the magnitude and timing of graphical mill closures and the
strength of the US dollar. Net sales, excluding currency changes,
decreased (5.4)% to $115 million, and Adjusted EBITDA decreased
(28)% to $21.3 million (see Tables 1 and 6).
- Net debt was $480.6 million at December
31, 2015, essentially unchanged from Q3 2015 and a $20.7 million
increase for the full year (see Table 2). The company completed the
vast majority of its repositioning investments in Q4 2015.
- In Q4 2015, the company opened a
high-tech machine clothing plant in China with state-of-the-art
containerboard and tissue designs, and also opened a new rolls
& service plant in Turkey aimed at containerboard and tissue
machines. Both plants are on plan in Q1 2016.
- Full year 2015 repositioning results
were above plan with over 1,000 new competitive machine positions
gained in non-graphical areas, especially tissue and
containerboard. The company’s goal is to displace existing
suppliers with its new product designs, documented machine
performance, responsive lead times, and competitive cost
structures.
Xerium Technologies Inc. (NYSE:XRM) reported a Q4 2015 net loss
of $(6.3) million (which included $(5.1) million in non-recurring
charges), compared to Q4 2014 net income of $11.2 million (which
included $4.5 million in non-recurring income).
View the full release here:
www.xerium.com/investor-relations
Q4 Highlights:
Net sales for Q4 2015 decreased by (5.4)% compared to Q4 2014,
on a constant currency basis. Key negative market dynamics were
higher-than-expected declines in the graphical markets in North
America, a weak Brazilian economy and oversupply of machine
clothing in Europe. Table 1 summarizes Q4 net sales and the effect
of currency translation rates.
Table 1
Net Sales For The
Quarter Ended
12/31/2015
12/31/2014 $ Change
Currency
Effect of
$ Change
% Change
% Change
Excluding
Currency
Roll Covers $ 44,327 $ 48,525 ($4,198 ) ($3,705 )
(8.7 )% (1.0 )% Machine Clothing 71,020
82,442 (11,422 ) (4,790 ) (13.9
)% (8.0 )% Total $ 115,347 $ 130,967
($15,620 ) ($8,495 ) (11.9 )% (5.4 )%
Q4 2015 gross profit was $44.2 million, or 38.4% of net sales,
compared to $52.8 million, or 40.3% of net sales in Q4 2014.
Machine clothing gross margin, excluding startup costs and
inventory write-offs at closed plants declined to 42.1% in Q4 2015
from 43.0% in Q4 2014. The decline in gross profit margin primarily
is due to unfavorable fixed cost absorption and sales mix,
partially offset by cost reduction initiatives, net of inflation
and favorable currency effects. Rolls and service gross margin,
excluding startup costs and inventory write-offs at closed plants,
declined to 35.3% in Q4 2015, from a gross margin of 36.9% in Q4
2014. The decline was primarily due to unfavorable currency
effects, partially offset by cost reduction initiatives, net of
inflation and favorable sales mix.
SG&A expenses (including Selling, G&A and R&D
expenses) were $33.5 million, or 29.0% of net sales, in Q4 2015,
versus Q4 2014 SG&A expenses of $32.8 million, or 25.1% of net
sales. The increase in SG&A expenses is primarily due a
lump-sum distribution we offered in Q4 2015 to certain US pension
participants, as part of the Company’s plan to reduce future
pension costs, increased employee benefit expenses, and increased
legal expenses related to the delay of a debt refinancing effort,
partially offset by favorable currency effects, cost out
initiatives and decreased sales commissions.
Q4 2015 basic loss per share was $(0.40) per share versus Q4
2014 basic income per share of $0.72. Excluding adjustments (see
Table 5) losses per share were $(0.09) in Q4 2015, compared to
$0.43 in Q4 2014 as a result of lower sales volumes and gross
margins and increased SG&A, partially offset by favorable
currency effects.
Q4 2015 Adjusted EBITDA declined 28% to $21.3 million, or 18.4%
of net sales, compared to Q4 2014 Adjusted EBITDA of $29.4 million,
or 22.4% of net sales, due primarily to the decline in the
graphical markets in North America, a weak Brazilian economy, and
declines in gross margin, largely as a result of start-up costs,
inventory write-offs at closed plants and unfavorable absorption
and sales mix, partially offset by favorable currency (see Table
6).
CFO Comments:
EVP and Chief Financial Officer, Cliff Pietrafitta said "We
finished the majority of the capital- intensive elements of our
repositioning program in 2015. We spent approximately $64 million
of cash on capital expenditures and restructuring costs in 2015. In
2016, we will generate $15 to $20 million of free cash flow that we
will use to pay down debt. Free cash flow generation is expected to
begin in Q1 of 2016. At year-end 2015, we had total liquidity of
$42 million. Full year 2015 free cash flow (defined as cash flow
from operations less capital expenditures, net of proceeds on sales
of assets) improved to $(16.4) million from $(34.9) million in
2014, primarily as a result of the Brazil tax settlement that
occurred in 2014.
Net debt (which is defined as total debt less cash) was
essentially unchanged at $480.6 million at the end of Q4 2015
versus $478.7 million at the end of Q3 2015. Our net debt leverage
ratio was 4.6x at year-end 2015 (see below table).
Table 2
12/31/2015 9/30/2015 12/31/2014
Notes payable $ 6,556 $ 6,742 $ 244 Current
maturities of long term debt 5,410 10,887 4,406 Longterm debt
469,763 466,687 460,840 Capitalized lease liability 8,737
5,067 3,945 Total debt and capitalized
lease liability 490,466 489,383 469,435 Less cash (9,839 )
(10,704 ) (9,517 ) Net Debt $ 480,627 $
478,679 $ 459,918 Net Debt Leverage 4.6X
4.3X 4.0X
Our effective income tax rate was 148.2% for the full year 2015
compared to 132.5% for 2014. Excluding the effects of settling a
tax assessment in Brazil in 2014, restructuring costs, and
valuation allowance releases, our effective tax rate was 76.0% for
the full year 2015 compared to 39.2% for 2014. This rate is
primarily impacted by income the company earns in tax paying
jurisdictions relative to income it earns in non-taxpaying
jurisdictions, primarily the United States (see table below)."
Table 3
For the year ended December 31, 2015
Pre-tax
Amounts
Tax
Amounts
After-tax
Amounts
Effective
Tax Rate
Domestic $ (38,240 ) $ (1,001 ) $ (39,241 )
(2.6 %) Foreign 47,325 (12,464 ) 34,861
26.3 % Total 9,085 (13,465 ) (4,380 ) 148.2 % Non-recurring
tax adjustments (14,649 ) 4,573 (10,076 )
31.2 % Income (loss) before provision for income taxes
excluding non-recurring tax adjustments $ 23,734 $
(18,038 ) $ 5,696 76.0 %
CEO Comments
CEO and President, Harold Bevis said “The second half of 2015
was a cross-over point for Xerium as it headed into 2016. The
permanent closure of graphical grade paper machine capacity was in
full effect, and the company’s results were negatively impacted.
But this is temporary, and is confirmation of the need to
permanently reposition the company away from exposure to these
issues. Xerium was successfully bringing on-line its
transformational and offsetting repositioning programs in 2015.
- In Q4, we commissioned two new rolls
plant expansions to better serve the North American tissue and
containerboard market by expanding mechanical service offerings for
suction box repair and associated mechanical services.
- In Q4, we opened a new high-tech press
felt plant in China with state-of-the art tissue and containerboard
designs for Asian machines. The plant is operating at planned
levels in Q1 2016 as a result of successful advance trials and
customer approvals throughout Asia. Approximately half of this
production is for China with the remaining half supporting the rest
of Asia.
- In Q4, we opened a new rolls plant in
Turkey to serve emerging Europe containerboard and tissue makers.
The plant opened up with business volume equivalent to the 2nd year
of its business plan as a result of successful advance trials and
customer approvals throughout the region.
- In Q4, we opened a new machine clothing
operation in Canada and introduced a new dryer fabric design for
North America containerboard machines. The operation is currently
producing at capacity in Q1 2016 as a result of successful advance
trials and customer approvals.
The graphical grade segment of the world market will continue to
decline, and we are underway with a repositioning plan that we
expect will more than offset the negative impact to the company. To
this end, we are proceeding in 2016 with five additional
repositioning projects, three of which will be launched in 2016,
with the remainder launching in 2017. We already have the majority
of the equipment on hand, from previous plant closures. These
include:
- A new forming fabric operation in China
to serve tissue and containerboard customers in Asia. This will be
the first time that Xerium has had market competitive lead-times
and cost structures for its forming fabrics in Asia.
- An expansion of the Neenah, WI rolls
and mechanical services plant.
- An expansion of nonwoven capacity at
the Piracicaba, Brazil plant
- A new rolls plant in a large pulp,
tissue and containerboard market in Latin America.
- A new rolls plant in Southeast Asia to
serve tissue and containerboard producers in the region.
The 2016 and go-forward capex requirements are materially
smaller. We need to re-install the equipment in new plants, and
re-purpose them with our new market-winning designs, but the cash
investments will be materially less. Xerium will be cash-generative
going forward, beginning in Q1 2016. The repositioning plan is not
designed to catch-up to competition, but instead to beat and exceed
them. The early results from our second half 2015 projects that
came on-line are meeting expectations."
2016 OUTLOOK
- Xerium enters 2016 with material
completion of its repositioning investments and has already gained
over 1,000 new positions through successful pre-trials. The company
is underway with the same program again in 2016 and has a plan to
win over 1,000 new positions in 2016 through the success of its new
product designs.
- Even though Adjusted EBITDA was less
than expected in 2015, we believe the business will generate EBITDA
of $105 to $115 million annually, over the next 3 years, depending
on the currency environment.
- Sales - For rolls sales specifically,
we anticipate positive revenue growth despite the contracting
segments of the market. For machine clothing sales specifically, we
anticipate the strong market declines to continue to impact Xerium
but become less severe as the company brings on board new wins from
its new plant investments, new products and new customers.
- Free Cash Flow - We believe Xerium will
generate ~$15 to $30 million annually, over the next 3 years,
depending on the currency environment. Free Cash Flow will further
accelerate as the company completes its repositioning
projects.
SUMMARY
Our future performance will be negatively impacted from
time-to-time by the specific timing of the decline in graphical
grade paper production. However, coupling the base business with
the company’s repositioning program, we foresee rising EBITDA and
free cash flow from today’s levels.
CONFERENCE CALL
The Company plans to hold a conference call on the following
morning:
Date: March 15, 2016 Start Time: 9:00 a.m. Eastern Time Domestic
Dial-In: +1-844-818-4921 International Dial-In: +1-484-880-4582
Conference ID: 28250516
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.
ABOUT XERIUM TECHNOLOGIES,
INC.
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 3,000 employees.
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 Adjusted EPS, 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 the applicable table
within this press release. 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, 2015 filed with
the Securities and Exchange Commission on March 14, 2016 and our
presentation that will accompany our conference call tomorrow.
CONSTANT CURRENCY NET
SALES
Table 4 summarizes YTD net sales and the effect of changes in
currency translation rates:
Table 4
Net Sales For The Year
Ended
12/31/2015 12/31/2014 $ Change
Currency
Effect of $
Change
% Change
% Change
Excluding
Currency
Roll Covers $ 177,252 $ 195,929 ($18,677 ) ($26,779 )
(9.5 )% (1.0 )% Machine Clothing 299,991
347,003 (47,012 ) (16,752 )
(13.5 )% (5.8 )% Total $ 477,243 $ 542,932
($65,689 ) ($43,531 ) (12.1 )%
(4.1 )%
BASIC ADJUSTED EARNINGS PER SHARE (net
of taxes)
Table 5 represents a reconciliation of basic net (loss) earnings
per share to basic adjusted (loss) earnings per share for the three
months ended December 31, 2015 and 2014:
Table 5 Three Months
Ended December 31, 2015 2014 Basic
net (loss) income per share $ (0.40 ) $ 0.72 Adjustments:
Pension settlement loss 0.07 — Non-recurring tax reserve adjustment
(0.04 ) — Restructuring expense 0.11 0.10 Valuation allowance
reversal 0.05 (0.43 ) Plant start-up costs 0.05 0.04 Non-recurring
expense 0.01 — Impairment of idle machinery and equipment 0.02 —
Inventory write-down at a closed plant 0.01 — Loss on debt
extinguishment 0.02 — FX gain 0.01 — Basic
adjusted (loss) earnings per share $ (0.09 ) $ 0.43
EBITDA AND ADJUSTED
EBITDA
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. Table 6 provides a reconciliation from net
income and operating cash flows, which are the most directly
comparable GAAP financial measures, to EBITDA and Adjusted
EBITDA.
Table 6
Q4 2015 Q4 2014 YTD
2015 YTD 2014 Net (loss) income $ (6,325 )
$ 11,160 $ (4,380 ) $ (7,382 ) Stock-based
compensation 608 690 3,298 2,548 Depreciation 7,555 7,802 28,952
32,752 Amortization of intangibles 70 310 298 1,540 Pension
settlement losses 1,108 — 1,108 — Deferred financing cost
amortization 821 895 3,462 3,303 Unrealized foreign exchange (gain)
loss on revaluation of debt (1,311 ) 82 (3,426 ) (259 ) Deferred
taxes (1,210 ) (6,367 ) (2,781 ) (4,857 ) Gain on disposition of
property and equipment (1,298 ) (1,031 ) (1,383 ) (1,036 ) Asset
Impairment 357 (141 ) 1,536 136 Loss on extinguishment of debt 388
— 388 — Net change in operating assets and liabilities 5,545
(7,824 ) 4,091 (19,853 )
Net cash provided
by operating activities 6,308 5,576 31,163
6,892 Interest expense, excluding amortization 9,448 8,887
34,951 33,465 Net change in operating assets and liabilities (5,545
) 7,824 (4,091 ) 19,853 Current portion of income tax expense 5,466
3,008 16,246 34,937 Stock-based compensation (608 ) (690 ) (3,298 )
(2,548 ) Pension settlement losses (1,108 ) — (1,108 ) — Asset
Impairment (357 ) 141 (1,536 ) (136 ) Loss on extinguishment of
debt (388 ) — (388 ) — Unrealized foreign exchange (gain) loss on
revaluation of debt 1,311 (82 ) 3,426 259 Gain on disposition of
property and equipment 1,298 1,031 1,383 1,036
EBITDA 15,825 25,695 76,748
93,758 Operational restructuring expenses 1,916 2,430 14,649
18,142 Loss on extinguishment of debt 388 — 388 — Non-recurring
expense 167 122 2,569 — Stock-based compensation 608 690 3,298
2,548 Pension settlement losses 1,108 — 1,108 — Non-restructuring
impairment expense 345 — 494 — Plant startup costs 776 446 3,886
1,521 Inventory write-off of closed facilities 121 —
587 —
Adjusted EBITDA $ 21,254
$ 29,383 $
103,727 $ 115,969
FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements. The
words "will", "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 EBITDA and 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 EBITDA and
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, 2015 filed on March 14, 2016
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.
Xerium Technologies, Inc. Consolidated Statements of
Operations and Comprehensive Loss (Dollars in thousands,
except per share data) Three Months Ended Year
Ended December 31, December 31, 2015
2014 2015 2014 Net sales $ 115,347 $ 130,967 $
477,243 $ 542,932 Costs and expenses: Cost of products sold 71,099
78,207 288,512 327,161 Selling 15,770 17,641 64,414 73,002 General
and administrative 15,987 13,202 56,250 56,539 Research and
development 1,709 2,004 7,404 7,903 Restructuring 1,916
2,430 14,649 18,142 106,481 113,484
431,229 482,747 Income from operations 8,866
17,483 46,014 60,185 Interest expense, net (10,269 ) (9,782 )
(38,413 ) (36,768 ) Loss on debt extinguishment (388 ) — (388 ) —
Foreign exchange (loss) gain (278 ) 98 1,872 (719 )
(Loss) income before provision for income taxes (2,069 ) 7,799
9,085 22,698 (Provision) benefit for income taxes (4,256 ) 3,360
(13,465 ) (30,080 ) Net (loss) income $ (6,325 ) $ 11,159
$ (4,380 ) $ (7,382 ) Comprehensive loss $ (6,428 ) $
(23,785 ) $ (40,134 ) $ (63,268 ) Net (loss) income per share:
Basic $ (0.40 ) $ 0.72 $ (0.28 ) $ (0.48 ) Diluted $ (0.40 )
$ 0.68 $ (0.28 ) $ (0.48 ) Shares used in computing net
(loss) income per share: Basic 15,739,331 15,555,801
15,640,836 15,458,810 Diluted 15,739,331
16,458,944 15,640,836 15,458,810
Consolidated Selected Financial Data Cash
Flow Data: (in thousands) Year Ended December 31,
2015 December 31, 2014 Net cash provided by
operating activities $ 31,163 $ 6,892 Net cash used in investing
activities $ (47,605 ) $ (41,788 ) Net cash provided by financing
activities $ 16,574 $ 20,693
Other Financial Data: (in
thousands) Depreciation and amortization $ 29,250 $
34,292 Capital expenditures, gross $ (50,871 ) $ (45,218 )
Balance Sheet Data: (in thousands) December 31, 2015
December 31, 2014 Cash and cash equivalents $
9,839 $ 9,517 Total assets $ 550,374 $ 584,273 Total debt
(including capital leases) $ 490,466 $ 469,435 Total stockholders'
deficit $ (113,070 ) $ (74,110 )
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160314006373/en/
Xerium Technologies, Inc.Cliff Pietrafitta, 919-526-1444Investor
RelationsIR@xerium.com
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