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TheStreet Open House

Xerium Technologies Reports First Quarter Results

Stock quotes in this article: XRM

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 gains resulting from the returned surplus assets of any pension plan.

The following table provides reconciliation from net (loss) income and operating cash flows, which are the most directly comparable GAAP financial measures, to EBITDA and Adjusted EBITDA.

Three Months Ended
March 31,
2012   2011
Net (loss) income $ (7,522 ) $ 647
Stock-based compensation 972 1,250
Depreciation 9,764 10,232
Amortization of intangibles 576 576
Deferred financing cost amortization 1,054 236

Unrealized foreign exchange loss (gain) on revaluation of debt

8 (610 )
Deferred taxes (182 ) 660
Gain on disposition of property and equipment (446 ) (538 )
Net change in operating assets and liabilities   5,928     (12,647 )
Net cash provided by (used in) operating activities 10,152 (194 )
Interest expense, excluding amortization 8,544 9,618
Net change in operating assets and liabilities (5,928 ) 12,647
Current portion of income tax expense 839 2,758
Stock-based compensation (972 ) (1,250 )
Unrealized foreign exchange (loss) gain on revaluation of debt (8 ) 610
Gain on disposition of property and equipment   446     538  
EBITDA 13,073 24,727
Stock-based compensation 972 1,250
Operational restructuring expenses 3,974 168
Non-recurring CEO retirement expenses   801     -  
Adjusted EBITDA $ 18,820   $ 26,145  




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