This Day On The Street
Continue to site
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 Steady Sales And Orders And Implementation Of Cost Reduction And Sales Growth Actions

Xerium Technologies, Inc. (NYSE:XRM), a leading global manufacturer of specially engineered textiles and roll covers used in the production of paper, paperboard, building products, non-wovens and specific industrial processes, announced today the results of its operations for the quarter and year ended December 31, 2012.

Net sales have been stable in 2012, averaging approximately $134.7 million per quarter, and within a range of +/- 2%. Our backlog, defined as orders expected to ship within one year, suggests that this trend will continue and currently stands at $174.0 million as of December 31, 2012. Compared to the third quarter of 2012, net sales were essentially the same at a 0.3% decline, or a 1.4% decline on a constant currency basis. Compared to the fourth quarter of 2011, net sales decreased 7.9%, or 6.2% on a constant currency basis, to $133.8 million from $145.2 million. Year over year, net sales decreased 8.2%, or 4.8% on a constant currency basis, to $538.7 million from $587.0 million. See "Segment Information" and "Non-GAAP Financial Measures" below.

Gross profit has been fairly stable in 2012, averaging approximately $48.4 million per quarter and within a range of +/- 3%. The 4.5% decline from $49.2 million in the third quarter of 2012 to $47.0 million in the fourth quarter of 2012 was primarily as a result of special charges for asset impairments, lower constant currency sales volume and reduced production absorption.

Despite stable sales, Adjusted EBITDA declined 15.6% in the fourth quarter of 2012 to $20.6 million from $24.4 million in the third quarter of 2012. This decline was primarily a result of special charges of $1.5 million for items including payroll tax exposures, accounts receivables and inventory and the third quarter reversal of $0.5 million management incentive costs that did not occur in the fourth quarter of 2012. In addition to these unusual items, Adjusted EBITDA declined $1.5 million, primarily due to reduced gross profit on lower constant currency sales and lower production absorption. See "Non-GAAP Financial Measures" below.

1 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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 0.00%
GOOG $692.36 0.00%
FB $117.43 0.00%
TSLA $232.32 0.00%
YHOO $36.01 0.00%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs