For additional information regarding non-GAAP financial measures and a reconciliation of such measures to the most comparable financial measures under GAAP, please see below. The information in this press release should be read in conjunction with the financial statements and footnotes contained in our documents to be filed with the Securities and Exchange Commission.
About Xerium Technologies
Xerium Technologies, Inc. (NYSE: XRM) is a leading global manufacturer and supplier of two types of consumable products used primarily in the production of paper-clothing and roll covers. The Company, 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 31 manufacturing facilities in 14 countries around the world, Xerium has approximately 3,400 employees.
FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. These risks and uncertainties include the following items: (1) 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 stemming from the European sovereign debt crisis; (2) a sustained downturn in the paper industry, compounded by uncertainty in global economic conditions, could adversely affect our revenues and profitability; (3) market improvement in our industry may occur more slowly than we anticipate, may stall or may not occur at all; (4) variations in demand for our products, including our new products, could negatively affect our revenues and profitability; (5) our manufacturing facilities may be required to operate at or near capacity, which could negatively affect our production facilities, customer order lead time, product quality and labor relations; (6) our plans to develop and market new products, enhance operational efficiencies, and reduce costs may not be successful; and (7) the other risks and uncertainties discussed elsewhere in this press release, our Form 10-K for the year ended December 31, 2010, our Form 10-Qs for the quarters ended March 31, 2011 and June 30, 2011 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. 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. Condensed Consolidated Statements of Operations—(Unaudited) (dollars in thousands, except per share data)|
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
|Costs and expenses:|
|Cost of products sold||94,010||83,258||275,768||247,671|
|General and administrative||14,002||15,652||47,560||60,097|
|Restructuring and impairments||577||3,322||1,287||7,433|
|Research and development||2,907||2,887||8,920||8,707|
|Income from operations||16,914||12,737||48,388||25,847|
|Interest expense, net||(9,873||)||(12,020||)||(29,709||)||(44,529||)|
|Loss on extinguishment of debt||-||-||(2,926||)||-|
|Foreign exchange (loss) gain||(289||)||744||(284||)||736|
|Income (loss) before reorganization expenses and provision for income taxes||6,752||1,461||15,469||(17,946||)|
|Income (loss) before provision for income taxes||6,752||662||15,469||(62,320||)|
|Provision for income taxes||3,264||4,318||9,711||11,504|
|Net income (loss)||$||3,488||$||(3,656||)||$||5,758||$||(73,824||)|
|Net income (loss) per share:|
|Shares used in computing net income (loss) per share:|
|Condensed Consolidated Selected Financial Data (in thousands)|
|Cash Flow data:||Nine Months Ended|
|Net cash provided by operating activities||$||30,836||$||3,465|
|Net cash provided by (used in) investing activities||2,494||(29,639||)|
|Net cash (used in) provided by financing activities||(28,905||)||35,534|
|Other financial data:|
|Depreciation and amortization||$||33,302||$||30,763|
|Balance sheet data:||September 30,||December 31,|
|Cash and cash equivalents and restricted cash||$||42,957||$||52,402|
|Total stockholders' equity||15,055||18,735|
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