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Xerium Technologies Reports Third Quarter Results

Stocks 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

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  




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