This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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 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

September 30,
 

Three Months

Ended June 30,
 

Nine Months Ended

September 30,
2012   2011 2012 2012   2011
Net (loss) income $ (3,657 ) $ 3,488 $ 2,226 $ (8,952 ) $ 5,758
Stock-based compensation 820 172 (218 ) 1,574 2,253
Depreciation 9,321 10,655 9,429 28,513 31,573
Amortization of intangibles 576 577 576 1,729 1,729
Curtailment/settlement loss 402 402
Deferred financing cost amortization 971 1,011 682 2,707 1,613
Unrealized foreign exchange (gain) loss on revaluation of debt (214 ) 2,484 373 167 1,070
Deferred taxes (22 ) 1,037 (179 ) (383 ) 2,246
Asset Impairment 1,600 1,600
Gain on disposition of property and equipment (40 ) (40 ) (170 ) (656 ) (604 )
Loss on extinguishment of debt           2,926  
Net change in operating assets and liabilities 7,053     4,289 (9,075 ) 3,906     (18,130 )
Net cash provided by operating activities 16,408 24,075 3,644 30,205 30,836
Interest expense, excluding amortization 8,806 8,862 8,438 25,787 28,096
Net change in operating assets and liabilities (7,053 ) (4,289 ) 9,075 (3,906 ) 18,130
Current portion of income tax expense 116 2,227 2,533 3,488 7,465
Stock-based compensation (820 ) (172 ) 218 (1,574 ) (2,253 )
Curtailment/settlement loss (402 ) (402 )
Unrealized foreign exchange gain (loss) on revaluation of debt 214 (2,484 ) (373 ) (167 ) (1,070 )
Asset Impairment (1,600 ) (1,600 )
Gain on disposition of property and equipment 40 40 170 656 604
Loss on extinguishment of debt             (2,926 )
EBITDA 16,111     27,857   23,705   52,889     78,480  
Loss on extinguishment of debt 2,926
Stock-based compensation 820 172 (218 ) 1,574 2,253
Operational restructuring expenses 5,840 577 1,129 10,943 1,287
Legal fees related to term debt amendment 30 85 115
Non-recurring CEO retirement expenses 1,600       695   3,096      
Adjusted EBITDA $ 24,401     $ 28,606   $ 25,396   $ 68,617     $ 84,946  

6 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs