Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. Xerium Technologies ( XRM) reported on March 11, 2009 that its Q4 FY08 net loss narrowed due to the absence of a $185.30 million goodwill impairment charge recorded in Q4 FY07. The net loss decreased to $4.35 million or $0.09 per share from a loss of $168.01 million or $3.69 per share. Adjusted net loss narrowed to $349,000 from $992,000. The consensus estimate was a profit of $0.05 per share. Net sales dropped 9.0% to $149.45 million from $164.22 million, hurt by unfavorable currency exchange rates. Clothing sales decreased 11.2% to $95.90 million from $108.00 million, hurt by unfavorable currency rates and lower sales in North America and Europe, which were partially offset by increased Asia-Pacific sales. Roll Covers revenue slipped 4.8% to $53.50 million from $56.20 million due to unfavorable currency translations of $3.40 million, which were partially offset by rising Asia Pacific sales. The cost of products sold dropped 8.4% to $90.70 million, resulting in the expansion of gross profit by 42 basis points to 39.31%. Selling expenses decreased 11.4% to $17.74 million while general and administrative expenses spiked 9.6% to $21.79 million. Restructuring and impairment expenses grew to $10.11 million from $1.58 million. The company swung to a FY08 net profit of $26.60 million or $0.58 per share from a net loss of $150.21 million or $3.36 per share in FY07. Adjusted net income dropped 54.6% to $7.63 million from $16.80 million. Annual sales improved 3.7% to $638.14 million from $615.43 million. XRM announced a plan to cease production at its Huyck Wangner clothing facility in Geelong, Australia by Q1 FY09.