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Xerium Technologies's CEO Discusses Q2 2012 Results - Earnings Call Transcript

These statements constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Legal Reform Act of 1995.

Our actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including those described in Monday’s press release, in our slide presentation, and in our SEC filings. The forward-looking statements represent our view as of today, August 7, 2012, and we specifically disclaim any obligation to update these forward-looking statements.

Lastly on this call, we plan to discuss supplementary non-GAAP financial measures such as adjusted EBITDA that are key metrics for our credit facility covenants and that we use internally to assess liquidity and financial performance and, therefore, believe will assist you in better understanding our company.

Reconciliations of these measures through comparable GAAP numbers are available on our press release and in our materials which are each posted in the Investor Relations section of our website at www.xerium.com. With that, I’d like to turn the call over the Stephan.

Stephen Light

Thanks, Kevin. Good morning, ladies and gentlemen. Thank you for joining us this morning to review Xerium’s second quarter performance. Much has occurred during the second quarter that advances our business and we’ll discuss some of that this morning.

When we last spoke in May, we were optimistic about the initial signs of Europe’s recovery we were seeing. However, the European crisis continues to linger and the Euro remains depressed, so our business in Europe in Q2 was slower than we’d anticipated.

Meanwhile, the other markets we serve are stable or growing. In fact, this quarter’s results paint two distinctly different pictures – Europe and the rest of the world – in stark contrast with the rest of the world performing at improving levels while Europe being the one drag we have.

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