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Xerium Technologies Reports Third Quarter Results

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 new credit facility and (iv) any gains resulting from the returned surplus assets of any pension plan.

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 Ended   Nine Months Ended
September 30, September 30,
2011   2010 2011   2010
Net income (loss) $ 3,488 $ (3,656 ) $ 5,758 $ (73,824 )
Stock-based compensation 172 1,756 2,253 5,212
Depreciation 10,655 9,644 31,573 29,026
Amortization of intangibles 577 578 1,729 1,737
Curtailment/settlement gain 402 - 402 -
Deferred financing cost amortization 1,011 238 1,613 5,721

Unrealized foreign exchange loss (gain) on revaluation of debt
2,484 (1,567 ) 1,070 (725 )
Deferred taxes 1,037 1,573 2,246 4,305
(Gain) loss on disposition of property and equipment (40 ) (171 ) (604 ) (62 )
Asset impairment - 2,123 - 2,871
Non-cash interest expense related to interest rate swaps - 2,160 - 7,518
Loss on extinguishment of debt - - 2,926 -
Non-cash reorganization expenses - - - 28,683
Reorganization expenses accrued - (3,231 ) - 1,315
Net change in operating assets and liabilities   4,289     (3,821 )   (18,130 )   (8,312 )
 
Net cash provided by operating activities 24,075 5,626 30,836 3,465
Interest expense, excluding amortization 8,862 9,622 28,096 31,290
Net change in operating assets and liabilities (4,289 ) 3,821 18,130 8,312
Current portion of income tax expense 2,227 2,745 7,465 7,199
Stock-based compensation (172 ) (1,756 ) (2,253 ) (5,212 )
Curtailment/settlement gain (402 ) - (402 ) -
Asset impairment - (2,123 ) - (2,871 )
Unrealized foreign exchange gain (loss) on revaluation of debt (2,484 ) 1,567 (1,070 ) 725

Gain (loss) on disposition of property and equipment
40 171 604 62
Non-cash reorganization items - 3,231 - (29,998 )
Loss on extinguishment of debt   -     -     (2,926 )   -  
 
EBITDA 27,857 22,904 78,480 12,972
Financial restructuring costs (1) - 799 - 25,613
Write-off of deferred financing costs (2) - - 2,926 14,283

Expenses incurred in connection with indebtedness or refinancing transaction
- - - 14,400
Non-cash compensation and related expenses 172 2,068 2,253 5,498
Operational restructuring expenses 577 3,322 1,287 7,433
Non cash change in accounting estimates   -     -     -     (1,400 )
 
Adjusted EBITDA   28,606     29,093     84,946     78,799  
 

(1) Financial restructuring costs are not adjustments added back to net income to arrive at Adjusted EBITDA under the new credit facility for periods beginning after the quarter ended June 30, 2011. For the three months and nine months ended September 30, 2010, as applicable, such items were added back to net income to arrive at Adjusted EBITDA based upon the terms of the Company’s prior credit facility. Had these adjustments not been in place in 2010, Adjusted EBITDA would have decreased by $0.8 million and $25.6 million for the three and nine months ended September 30, 2010, respectively.

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