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Xerium Technologies Reports Steady Sales And Orders And Implementation Of Cost Reduction And Sales Growth Actions

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

December 31,

 

Three Months Ended

September 30,

 

Three Months Ended

June 30,

  Year Ended

December 31,

2012   2011   2012   2012   2012   2011
Net (loss) income $ (9,082 )   $ 2,433   $ (3,657 )   $ 2,226   $   (18,035 )   $   8,190
Stock-based compensation 375 (814 ) 820 (218 ) 1,949 1,439
Depreciation 10,020 9,808 9,321 9,429 38,533 41,381
Amortization of intangibles 576 576 576 576 2,305 2,305
Curtailment/settlement loss 402
Deferred financing cost amortization 717 694 971 682 3,424 2,307
Unrealized foreign exchange loss (gain) on revaluation of debt 415 (931 ) (214 ) 373 582 139
Deferred taxes (7,866 ) (1,912 ) (22 ) (179 ) (8,249 ) 334
Asset Impairment 2,074 1,600 3,674
Gain (loss) on disposition of property and equipment 81 40 (40 ) (170 ) (576 ) (564 )
(Gain) loss on extinguishment of debt (243 ) (243 ) 2,926
Net change in operating assets and liabilities 12,050     4,478     7,053     (9,075 )   15,958     (13,651 )
Net cash provided by operating activities 9,117 14,372 16,408 3,644 39,322 45,208
Interest expense, excluding amortization 8,667 8,746 8,806 8,438 34,455 36,843
Net change in operating assets and liabilities (12,050 ) (4,478 ) (7,053 ) 9,075 (15,958 ) 13,653
Current portion of income tax expense 1,199 2,880 116 2,533 4,687 10,343
Stock-based compensation (375 ) 814 (820 ) 218 (1,949 ) (1,439 )
Curtailment/settlement loss (402 )
Unrealized foreign exchange (loss) gain on revaluation of debt (413 ) 931 214 (373 ) (582 ) (139 )
Asset Impairment (2,076 ) (1,600 ) (3,674 )
(Loss) gain on disposition of property and equipment (81 ) (40 ) 40 170 576 564
Gain (loss) on extinguishment of debt 243                 243     (2,926 )
EBITDA 4,231 23,225 16,111 23,705 57,120 101,705
(Gain) loss on extinguishment of debt (243 ) (243 ) 2,926
Stock-based compensation 375 (814 ) 820 (218 ) 1,949 1,439
Operational restructuring expenses 14,765 302 5,840 1,129 25,708 1,589
Legal fees related to term debt amendment 30 85 115
Non-restructuring impairment (1) 1,195 1,195
Non-recurring CEO retirement expenses 289         1,600     695     3,385      
Adjusted EBITDA $ 20,612     $ 22,713     $ 24,401     25,396     89,229     $   107,659  

1. Represents impairment charges on our Vietnam facility, an idle plant held for sale at December 31, 2012.

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