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Xerium Technologies Reports Second 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 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. Please also see our exhibits to be filed with our current report on Form 8K, which should be read in conjunction with this release.

Three Months Ended   Six Months Ended
June 30, June 30,
  2012       2011     2012       2011  
Net income (loss) $ 2,226 $ 1,622 $ (5,296 ) $ 2,270
Stock-based compensation (218 ) 831 754 2,081
Depreciation 9,429 10,686 19,193 20,918
Amortization of intangibles 576 576 1,153 1,152
Deferred financing cost amortization 682 366 1,736 602

Unrealized foreign exchange loss (gain) on revaluation of debt

373 (804 ) 381 (1,414 )
Deferred taxes (179 ) 472 (360 ) 1,209
Gain on disposition of property and equipment (170 ) (25 ) (617 ) (564 )
Loss on extinguishment of debt - 2,926 - 2,926
Net change in operating assets and liabilities   (9,075 )   (9,694 )   (3,148 )   (22,419 )
Net cash provided by operating activities 3,644 6,956 13,796 6,761
Interest expense, excluding amortization 8,438 9,616 16,981 19,234
Net change in operating assets and liabilities 9,075 9,694 3,148 22,419
Current portion of income tax expense 2,533 2,558 3,371 5,238
Stock-based compensation 218 (831 ) (754 ) (2,081 )
Unrealized foreign exchange (loss) gain on revaluation of debt (373 ) 804 (381 ) 1,414
Gain on disposition of property and equipment 170 25 617 564
Loss on extinguishment of debt   -     (2,926 )   -     (2,926 )
EBITDA 23,705 25,896 36,778 50,623
Write-off of deferred financing costs - 2,926 - 2,926
Stock-based compensation (218 ) 831 754 2,081
Operational restructuring expenses 1,129 542 5,103 710
Legal fees related to term debt amendment 85 - 85 -
Non-recurring CEO retirement expenses   695     -     1,496     -  
Adjusted EBITDA $ 25,396   $ 30,195   $ 44,216   $ 56,340  




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