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Xerium Reports Increased Sales & Adjusted EBITDA In Q2 2013

Xerium Technologies, Inc. (NYSE: XRM) a leading global provider of industrial consumable products and services, today announced its Q2 2013 results.

Key 2013 Highlights:
  • Q2 sales were $138 million, up 1.8% versus prior year (Q2 2012) on a constant currency basis
  • Our roll repair and mechanical services business unit grew 5% year to date, with higher growth than industry rates, indicating a secular shift to outsource these services
  • We kicked off 10 new product development programs in 2013, aimed at generating incremental future sales growth above current rates
  • We received 16 new patents year to date, with more expected for Q3
  • We began implementing a 350 ton press felt expansion in multiple countries aimed at generating incremental future sales growth above current rates
  • We began implementing an expansion of roll repair and mechanical services capacity at several rolls service centers aimed at generating incremental future sales growth above current rates
  • The transformation of our operational structure has continued with the previously announced closure of 4 manufacturing facilities and the expansion of 6 manufacturing facilities. Redeployment of assets is underway
  • Sales per employee in the first half of 2013 are at a four year high of $173K per employee
  • Order backlog at June 30, 2013 remained solid at $161 million
  • In Q2, we refinanced a portion of our debt structure, increased our liquidity, lengthened our debt maturities and eliminated maintenance covenants while leaving our European assets unencumbered
  • In Q2, we incorporated a $75 million debt expansion provision into our new debt structure that can be used for bolt-on acquisitions and/or accelerated restructuring
  • Q2 Adjusted EBITDA was $26.9 million, up 5.9% versus prior year
  • Last twelve months (LTM) Adjusted EBITDA was $101.1 million, up 6% over the same period last year, and is expected to increase in the second half of 2013. Net debt is $407.8 million and leverage is 4.0x
  • 2013 year to date Adjusted EBITDA is $56.0 million, an increase of 27% over prior year and ahead of internal plans. On a constant currency basis, we expect the second half to be similar to the first half
  • Xerium's stock has been added to 3 Russell equity indexes and options on Xerium's stock have become available on 4 exchanges

Harold Bevis, Xerium's President and Chief Executive Officer said, “Q2 2013 was another good quarter for both of the businesses - our synthetic textiles business and our service and repair business. The paper industry is our primary end-market and industry growth is a couple of percent, according to published sources. Our service and repair business continues to grow a little higher than this, indicating a shift by our customers to perform services externally versus internally."

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