YOUNGSVILLE, N.C., March 4, 2014 (GLOBE NEWSWIRE) -- Xerium Technologies, Inc. (NYSE:XRM), a leading global provider of industrial consumable products and services, today announced its Q4 and full year 2013 results.
-- Q4 2013 Adjusted EBITDA increased 16.8% on steady sales and strong cost reduction
- Q4 2013 constant currency sales were slightly above Q4 2012. Rolls sales improved 6.4%, primarily due to strength in North America while machine clothing sales declined 3.2%, primarily due to market decline in Europe.
- Q4 2013 Adjusted EBITDA was $24.1 million. This is an increase of $3.5 million or 16.8% versus Q4 2012, and is primarily driven by a steady market and strong cost reduction. Cost reduction added $4.7 million in year-over-year Adjusted EBITDA in the quarter. See "Non-GAAP Financial Measures" below.
- Q4 orders were strong for machine clothing and the Company has a large backlog going into Q1 2014 for these products. It is customary in the industry to receive blanket order commitments for specific machine positions at year-end. While orders are a good leading indicator of sales, actual production hours by our customers will be the best driver of sales.
- The macro environment was slightly weaker than expected at the end of 2013, with weakness in the North American containerboard market, the largest market segment in the global market. Producer inventories rose in Q3 2013 and the industry (the Company's customers) was disciplined to idle machine output to balance demand and inventory. This correction is still holding in Q1 2014 with certain swing production now idle for greater than 80 days. This is an indication that GDP-based activity and industrial production was weaker than expected. This is consistent with information released on this topic by industry participants and other trade sources. Furthermore, the severe weather in North America in Q1 2014 is expected to exacerbate this issue.
- The Company increased its inventory positions in 2013 as it embarked upon a global raw material substitution project that resulted from its 2013 global bid-out of procured raw materials. Savings are expected to result in 2014 and inventories are expected to be reduced back down to normal levels in 2014.
-- Full year 2013 Adjusted EBITDA grew 20.3% driven by steady sales and strong cost reduction
- Full year 2013 sales were $546.9 million, an increase of $9.2 million, or 1.7% versus 2012 on a constant currency basis. This sales growth resulted primarily from the reduction of rolls backlog in North America and Europe and a small amount of global market growth. Xerium believes that the global market grew between 0% and 1% in 2013. See "Segment Information" and "Non-GAAP Financial Measures" below.
- Full year 2013 Adjusted EBITDA was $107.3 million, an increase of $18.1 million or 20.3% over Adjusted EBITDA of $89.2 million in 2012. Steady sales and strong cost reduction drove the majority of the increase, with a slight increase in sales volume. Cost savings were partially offset by the reinstatement of incentive compensation and wage increase regimens.
- Full year 2013 rolls sales outperformed machine clothing sales with an increase of $8.6 million or 4.6%, excluding currency. Machine clothing sales were flat between 2012 and 2013.
- A bright spot in the Company's sales profile continues to be mechanical services. Full year mechanical services sales grew 14% in 2013 as customers seek an increasing level of sophisticated product offerings and service from the Company. This is consistent with the growth of the Company's Smart Roll and Rezolve products. Both of these products emphasize machine automation and are high level value-adds for Xerium's customers. The Company is aggressively expanding its capabilities in this area including:
- the expansion of service facilities in its plant in Ruston, LA (underway);
- the implementation of a Smart Roll production center in China;
- the market introduction of next generation SMART 6.0 products, allowing the Company to service all suction roll covers, which is important to tissue producers;
- the market introduction of the next generation of Rezolve 2.0, which provides papermakers a tool to improve machine efficiency and operating cost by giving an integrated view of the operation of their machine clothing and rolls;
- the equipping of all North America field sales engineers with Xerium's advanced engineering toolbox to perform state-of-the-art onsite service checks on paper machines;
- the hiring of machine experts in China to provide more sophisticated machine service; and
- the installation of the Company's equipment from its France rolls plant into its two plants in China. This will allow the Company to manufacture more sophisticated rolls covers, drill patterns and cover grooving in this important market.
- Asian market growth and Asian sales continue to be a bright spot for the Company as well. Full year Asia sales grew 3.9%, which the Company believes is in line with market growth. The Company believes it is one of the market share leaders for tissue products in Asia, and in China specifically. The Company is implementing a new plant in Bacheng, China to make high-end press felts to continue this growth vector for the Company. Construction is underway and will hit run-rate output toward the end of 2015. It will be a material advancement in that region's Adjusted EBITDA.
- 2013 orders were $550.0 million, up 7.2% or $36.9 million versus 2012. In machine clothing, we are seeing increased orders in the Americas and in Asia, partially offset by a decrease in orders in Europe. Rolls and mechanical services orders are continuing at a steady pace. Going forward, we do not anticipate any change in the Company's annual orders, sales, or backlog trends from the last 5 years.
-- Cost reductions drove the majority of the Company's 2013 Adjusted EBITDA improvement, and will drive the Company's 2014 Adjusted EBITDA expected improvement. New sales growth programs will begin to kick in beginning in the second half of 2014.
- Cost reduction efforts delivered an incremental $4.7 million of Adjusted EBITDA in Q4 of 2013 and an incremental $23.5 million of Adjusted EBITDA in 2013. In 2014, the Company intends to reduce gross costs by another $20 million and by another net $10 million over 2013 in 2015 and 2016.
- Gross profit margins trended higher in 2013 versus 2012 and SG&A rates trended lower also due to cost reduction activities. Plant efficiency programs, which are waste reduction, procurement programs, productivity and logistics programs, accounted for approximately 40% of the 2013 cost reduction savings while restructuring programs accounted for 60% of the 2013 cost reduction savings. The Company has plans to continue this improvement in 2014 versus 2013.
-- The future outlook remains the same
- According to RISI, the leading trade publication, approximately 70% of global industry's growth will be in Asia over the next 5 years. Xerium has multiple initiatives underway to grow in Asia (for rolls, machine clothing and service) and become more competitive in Asia for all of its main product and service offerings. Xerium is expanding output and capabilities in all 4 of its Asian plants and is building a 5th Asian plant located near Shanghai, China. The Company is also adding sophisticated rolls & service engineers in China. China is the largest trade market in the world for paper and board production.
- Printing, writing and newsprint grades of paper continue to decline due to digital substitution. GDP grades of paper and board are increasing in all regions in line with GDP and industrial production. Xerium has multiple new product and new capacity initiatives underway to be able to fully participate in GDP growth and industrial production growth. Tissue and personal care products continue to grow globally and the Company has strong products in these grades of paper production. Non-woven fabrics continue to gain share against woven fabrics and the Company has strong products for these machines. Fiber cement siding and backerboard continues to grow in popularity globally and the Company has a very competitive product line for the machines and companies that make these products.
- Geographically, the Company grew sales in Asia (3.9% or $4.0 million) and in the Americas (2.0% or $5.1 million) between 2012 and 2013. Europe sales remained flat with an increase of $3.1 million in rolls sales, offset by a decrease in machine clothing sales of $3.1 million.
- Q1 2014 market conditions are tentative including North American containerboard. This is one of the largest market segments in the world and greater than 75% of the market is supplied by 4 producers. In their recent public comments, they have all provided guidance for a flat 2014 environment with a soft Q1 start to the year, exacerbated by the recent severe weather.
- According to public commentary released by the top global paper & board producers, it appears that global industry dynamics are little changed.
- Printing, writing and newsprint papers are declining globally, especially in Europe;
- Board and packaging will grow with GDP, but will vary when GDP varies;
- South America pulp market is a growth market;
- Tissue is a global growth market;
- Asia is a growth market;
- Fiber cement siding and backerboard is a growth market;
- Nonwoven fabric production is a growth market; and
- Mechanical services, the extension of machine capabilities of installed machines, conversion of machines to paper and board grades that have better prospects, and value-added machine automation is a growth market.
- Xerium's ability to secure growth in these market segments is largely an internal matter, dependent upon its product and service offerings, capacity positioning and human resource expertise. Xerium is not a full product and service provider in all market segments. The Company is expanding its dedicated output capacity in certain geographies and correcting its product and service deficiencies with 11 new product programs and a comprehensive service expansion. These are all complex, multi-year efforts.
- Xerium's longer term plan is balanced between base market maintenance, focused sales growth and continuous cost reduction. Forward investments taken in 2013 and Q1 2014 will give additional sales and Adjusted EBITDA benefit beginning at the end of 2014 and continuing into 2015 and 2016.
Harold Bevis, Xerium's President and Chief Executive Officer said:
"2013 was a year of steady trends in the Company's markets that it serves. Paper and board are the largest markets the Company serves and these markets grew between 0% and 1%. Our constant currency sales growth was slightly above that index at 1.7% but a portion of the Company's growth was one-time backlog reduction. This one-time benefit came from reducing our shippable rolls backlog through debottlenecking efforts. Adjusted for that, sales grew about 0.5%, in line with the global market. Geographically, after considering these one-time backlog adjustments, sales were also in line with reported paper and board production. Xerium's rolls business grew almost 5% in 2013. In addition, Xerium's mechanical services business, which resides in the reported rolls segment, grew 14% from 2012 to 2013. Currently, Xerium has a lower market share in Asia than in other geographies. The Company is highly focused on securing this growth opportunity with many initiatives underway."
"Xerium grew faster with its top customers, who added 2.5% in sales from 2012 to 2013, and appear to be in good health going into 2014. They continue to see movement away from newsprint and printing and writing grades of paper. However, as they rededicate and add machines to higher growth grades such as packaging and tissue, we expect that these conversions will be positive for both the paper industry and Xerium. In addition, Xerium has taken actions in 2013 (and will in 2014) to address organic sales growth opportunities in paper and non-paper product areas that have stronger growth prospects or where Xerium currently does not have an optimized product or service offering. These corrective activities are multi-year endeavors. The base market is undergoing permanent change and the Company is reorienting its product and service offerings to continue growing."
"2013 was a very successful transition year for Xerium and a year of regaining credibility in the financial markets. Our 20% improvement in Adjusted EBITDA was directly attributable to a steady base market and $23.5 million of savings related to cost-out actions. The Company spent approximately $65 million of cash on capital expenditures and restructuring costs in 2013. 2014 is expected to be a continuation of this program, and we expect to spend a similar amount to generate a similar amount of cost reduction savings in 2014. In addition, in 2014, we have more spending related to longer payback projects (such as the China machine clothing plant) which will not result in incremental savings or earnings in 2014. While cost-out and restructuring savings initiatives are the centerpiece of Xerium's 2014 business plan, the Company expects that inflation and negative price/mix will combine to limit growth in Adjusted EBITDA to be between $8 to $10 million in 2014."
"From a cash-flow perspective, the completion of the Company's raw material substitution program and additional savings planned for 2014 are expected to generate approximately $6 to $8 million of free cash flow in the second half of 2014."
Cliff Pietrafitta, Xerium's EVP and Chief Financial Officer said:
"On a constant currency basis, Q4 2013 net sales increased slightly above Q4 2012 net sales, with an increase of 6.4% in the roll covers segment partially offset by a decrease of (3.2)% in the machine clothing segment. Gross margins in Q4 2013 improved to 36.7% from 35.1% in Q4 2012. These improved results were largely due to reduced operating costs as a result of restructuring savings and operational efficiencies, partially offset by unfavorable regional and product sales mix." See "Segment Information" and "Non-GAAP Financial Measures" below.
"Our operating expenses (selling, general and administrative and research and development expenses) decreased by $3.3 million, or 8.6% to $35.0 million from operating expenses of $38.3 million in Q4 2012. This decrease is primarily a result of our cost reduction activities, partially offset by the reinstatement of the management incentive program in 2013."
"Our effective income tax rate for the year ended December 31, 2013 was 51.2%, compared to 16.5% in 2012. This effective tax rate reflects the fact that we have losses in certain jurisdictions where we receive no tax benefit, including losses related to restructuring and debt refinancing expenses. The 2013 effective tax rate also includes $6.2 million of tax benefits related to the release of a valuation allowance against Canadian deferred tax assets. Excluding the effects of the release of the valuation allowance against Canadian deferred assets, restructuring and debt refinancing expenses, our effective tax rate was 39%."
"2013 free cash flow declined to $(8.0) million, as capital expenditures increased to $44.1 million and were partially offset by cash provided by operations of $36.1 million, which included $22.3 million of cash restructuring payments. Net debt leverage declined to 3.9x at December 31, 2013 from 4.6x at December 31, 2012, primarily as a result of the improvement in Adjusted EBITDA."
"In 2013, in order to support our on-going restructuring activities, we refinanced our bank term debt credit facility to a "covenant-lite" term loan credit facility, which increased our capacity for capital expenditures and restructuring activities, increased our borrowing capacity and decreased our interest rates. In addition, on March 3, 2014, we amended our ABL Credit facility, adding a Euro tranche and increasing our borrowing limit to $55.0 million from $40.0 million. All other terms remained essentially the same as the existing ABL Credit Facility."
"Trade working capital increased to $136.4 million at December 31, 2013 from $131.0 million at December 31, 2012. This increase was primarily the result of increased sales volume on accounts receivable and a decrease in inventory turns from 2012 to 2013 related to the temporary effect of a global yarn substitution program. Increased accounts payable, as a result of increased capital expenditures included in accounts payable at year-end, partially offset the increase in accounts receivable and inventory." See "Trade Working Capital" below.
"We had a very successful year in restructuring our operations. We are at the final stage of four plant closures and we expect that we will have a fifth plant closed in Q2 of 2014. Total cash spent on restructuring in 2013 was $22.3 million and we expect to spend $24 million in 2014. However, restructuring expenditures are expected to decline to about $10 million in 2015 and 2016, combined."
"In addition to our restructuring efforts, we have partnered with Oracle, and have upgraded our management reporting throughout the organization. We have completed the first phase of this upgrade in January of 2014, and are excited about the dramatic improvement to our plant, regional and segment reporting capabilities."
The following table presents net sales for Q4 2013 and Q4 2012 by segment and the effect of currency on Q4 2012 net sales (dollars in thousands):
|Net Sales For The Quarter Ended|
|12/31/2013||12/31/2012|| $ |
| Currency Effect of $ |
| % |
| % Change Excluding |
The following table presents net sales for the years ended December 31, 2013 and 2012 by segment and the effect of currency on the year ended December 31, 2012 net sales (dollars in thousands):
|Net Sales For The Year Ended|
|12/31/2013||12/31/2012|| $ |
| Currency Effect of $ |
| % |
| % Change Excluding |
TRADE WORKING CAPITAL
The following table presents trade working capital as of December 31, 2013 and December 31, 2012 (in thousands):
|12/31/2013||12/31/2012|| Fav/(Unfav) |
|Trade Receivables, Net (1)||$86,584||$83,567||($3,017)|
|Trade Accounts Payable (2)||(34,112)||(29,909)||4,203|
(1) Trade Receivables, Net equals Accounts Receivable less Other Receivables of $1,369 and $889 at December 31, 2013 and December 31, 2012, respectively.
(2) Trade Accounts Payables equals Accounts Payable less Deposits Received of $3,339 and $3,810 at December 31, 2013 and December 31, 2012, respectively and Other Payables of $4,770 and $3,166 at December 31, 2013 and December 31, 2012, respectively.
The Company plans to hold a conference call on the following morning:
Date: Wednesday, March 5, 2014
Start Time: 9:00 a.m. Eastern Time
Domestic Dial-In: +1-866-953-6859
International Dial-In: +1-617-399-3483
To participate on the call, please dial in at least 10 minutes prior to the scheduled start. A live audio webcast and replay of the call may be found in the investor relations section of the Company's website at www.xerium.com.
NON-GAAP FINANCIAL MEASURES
This press release includes measures of performance that differ from the Company's financial results as reported under generally accepted accounting principles ("GAAP"). The Company uses supplementary non-GAAP measures, including EBITDA, Adjusted EBITDA, currency effects on Net Sales and Trade Working Capital to assist in evaluating its liquidity and financial performance. EBITDA and Adjusted EBITDA are specifically used in evaluating the ability to service indebtedness and to fund ongoing capital expenditures. Neither Adjusted EBITDA nor EBITDA should be considered in isolation or as a substitute for income (loss) or cash flows from operations (as determined in accordance with GAAP).
For additional information regarding non-GAAP financial measures and a reconciliation of such measures to the most comparable financial measures under GAAP, please see "Segment Information" and "Trade Working Capital" above and our Selected Financial Data below. In addition, the information in this press release should be read in conjunction with the corresponding exhibits, financial statements and footnotes contained in our Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission on March 4, 2014.
About Xerium Technologies
Xerium Technologies, Inc. (NYSE:XRM) is a leading global provider of industrial consumable products and services. Xerium, which operates around the world under a variety of brand names, utilizes a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs. With 28 manufacturing facilities in 12 countries around the world, Xerium has approximately 3,200 employees.
This press release contains forward-looking statements. The words "believe," "estimate," "expect," "intend," "anticipate," "goals," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. The forward-looking statements in this release include statements regarding our anticipated sales performance, capital expenditures, cost savings measures, future efforts to improve overall performance and backlog. Forward-looking statements are not guarantees of future performance, and actual results may vary materially from the results expressed or implied in such statements. Differences may result from actions taken by us, as well as from risks and uncertainties beyond our control.These risks and uncertainties include the following items: (1) our expected sales performance and our backlog of sales may not be fully realized; (2) our cost reduction efforts, including our restructuring activities, may not have the positive impacts we anticipate; (3) we are subject to execution risk related to the startup of our proposed new facility in China; (4) our financial results could be adversely affected by fluctuations in interest rates and currency exchange rates, for instance a marked decline in the value of the Euro relative to the U.S. Dollar; (5) market improvement in our industry may occur more slowly than we anticipate, may stall or may not occur at all; (6) variations in demand for our products, including our new products, could negatively affect our revenues and profitability; (7) our manufacturing facilities may be required to quickly increase or decrease production, which could negatively affect our production facilities, customer order lead time, product quality, labor relations or gross margin; (8) our plans to develop and market new products, enhance operational efficiencies, and reduce costs may not be successful; and (9) the other risks and uncertainties discussed elsewhere in this press release, our Form 10-K for the year ended December 31, 2013 filed on March 4, 2014 and our other SEC filings. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement in this press release reflects our current views with respect to future events. Except as required by law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise. As discussed above, we are subject to substantial risks and uncertainties related to current economic conditions, and we encourage investors to refer to our SEC filings for additional information. Copies of these filings are available from the SEC and in the investor relations section of our website at www.xerium.com.
Selected Financial Data Follows
|Xerium Technologies, Inc.|
|Consolidated Statements of Operations|
|(dollars in thousands, except per share data)|
|Quarter ended December 31,||Year ended December 31,|
|Net sales||$ 133,721||$ 133,767||$ 546,892||$ 538,740|
|Costs and expenses:|
|Cost of products sold||84,629||86,775||337,256||345,171|
|General and administrative||14,796||16,192||60,214||63,701|
|Research and development||2,402||3,150||10,037||11,681|
|Income (loss) from operations||7,684||(6,094)||53,372||16,396|
|Interest expense, net||(8,983)||(9,384)||(40,681)||(37,878)|
|Gain (loss) on extinguishment of debt||—||243||(3,123)||243|
|Foreign exchange gain (loss)||50||(514)||(1,052)||(358)|
|(Loss) income before benefit (provision) for income taxes||(1,249)||(15,749)||8,516||(21,597)|
|Benefit (provision) for income taxes||4,692||6,667||(4,363)||3,562|
|Net income (loss)||$ 3,443||$ (9,082)||$ 4,153||$ (18,035)|
|Net income (loss) per share:|
|Basic||$ 0.22||$ (0.59)||$ 0.27||$ (1.18)|
|Diluted||$ 0.21||$ (0.59)||$ 0.26||$ (1.18)|
|Shares used in computing net income (loss) per share:|
|Consolidated Selected Financial Data|
|Cash Flow Data: (in thousands)||Year ended December 31,|
|Net cash provided by operating activities||$ 36,114||$ 39,322|
|Net cash used in investing activities||$ (41,869)||$ (20,617)|
|Net cash used in financing activities||$ (3,274)||$ (27,472)|
|Other Financial Data: (in thousands)|
|Depreciation and amortization||$ 36,403||$ 40,752|
|Capital expenditures, gross||$ (44,145)||$ (21,705)|
|Balance Sheet Data: (in thousands)||December 31, 2013||December 31, 2012|
|Cash and cash equivalents||$ 25,716||$ 34,777|
|Total assets||$ 624,064||$ 618,843|
|Total debt||$ 443,139||$ 444,992|
|Total stockholders' deficit||$ (11,449)||$ (29,061)|
EBITDA and Adjusted EBITDA Non-GAAP Measures
Non-GAAP Financial Measures
We use EBITDA and Adjusted EBITDA (as defined in our credit facility) as supplementary non-GAAP liquidity measures to assist us in evaluating our liquidity and financial performance, specifically our ability to service indebtedness and to fund ongoing capital expenditures. Neither EBITDA nor Adjusted EBITDA should be considered in isolation or as a substitute for income (loss) or cash flows from operations (as determined in accordance with GAAP).
EBITDA is defined as net income (loss) before interest expense, income tax provision (benefit) and depreciation (including non-cash impairment charges) and amortization.
"Adjusted EBITDA" means, with respect to any period, the total of (A) the consolidated net income for such period, plus (B) without duplication, to the extent that any of the following were deducted in computing such consolidated net income for such period: (i) provision for taxes based on income or profits, including, without limitation, federal, state, provincial, franchise and similar taxes, including any penalties and interest relating to any tax examinations, (ii) consolidated interest expense, (iii) consolidated depreciation and amortization expense, (iv) reserves for inventory in connection with plant closures, (v) consolidated operational restructuring costs, subject to annual limitations provided for in our credit facility, (vi) noncash charges resulting from the application of purchase accounting, including push-down accounting, (vii) non-cash expenses resulting from the granting of common stock, stock options, restricted stock or restricted stock unit awards under equity compensation programs solely with respect to common stock, and cash expenses for compensation mandatorily applied to purchase common stock, (viii) non-cash items relating to a change in or adoption of accounting policies, (ix) non-cash expenses relating to pension or benefit arrangements, (x) expenses incurred as a result of the repurchase, redemption or retention of common stock earned under equity compensation programs solely in order to make withholding tax payments, (xi) amortization or write-offs of deferred financing costs, (xii) any non-cash losses resulting from mark to market hedging obligations (to the extent the cash impact resulting from such loss has not been realized in such period) and (xiii) other non-cash losses or charges (excluding, however, any non-cash loss or charge which represents an accrual of, or a reserve for, a cash disbursement in a future period), minus (C) without duplication, to the extent any of the following were included in computing consolidated net income for such period, (i) non-cash gains with respect to the items described in clauses (vi), (vii), (ix), (xi), (xii) and (xiii) (other than, in the case of clause (xiii), any such gain to the extent that it represents a reversal of an accrual of, or reserve for, a cash disbursement in a future period) of clause (B) above and (ii) provisions for tax benefits based on income or profits. Notwithstanding the foregoing, Adjusted EBITDA, as defined in the credit facility and calculated below, may not be comparable to similarly titled measurements used by other companies.
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 cancellation of indebtedness income.
The following table provides reconciliation from net income (loss) and operating cash flows, which are the most directly comparable GAAP financial measures, to EBITDA and Adjusted EBITDA.
|Three Months Ended|
|December 31,||Year Ended December 31,|
|Net income (loss)||$ 3,443||$ (9,082)||$ 4,153||$ (18,035)|
|Amortization of intangibles||404||576||1,772||2,305|
|Deferred financing cost amortization||670||717||2,963||3,424|
|Foreign exchange loss on revaluation of debt||81||415||1,706||582|
|Loss on disposition of property and equipment||48||81||202||3,674|
|(Gain) loss on extinguishment of debt||—||(243)||3,123||(243)|
|Net change in operating assets and liabilities||(1,389)||12,050||(9,840)||15,958|
|Net cash provided by operating activities||5,682||9,117||36,114||39,322|
|Interest expense, excluding amortization||8,313||8,667||37,718||34,455|
|Net change in operating assets and liabilities||1,389||(12,050)||9,840||(15,958)|
|Current portion of income tax expense||2,333||1,199||10,049||4,687|
|Foreign exchange loss on revaluation of debt||(81)||(413)||(1,706)||(582)|
|Loss on disposition of property and equipment||(48)||(81)||(202)||(3,674)|
|Gain (loss) on extinguishment of debt||—||243||(3,123)||243|
|(Gain) loss on extinguishment of debt||—||(243)||3,123||(243)|
|Operational restructuring expenses||6,390||14,765||14,844||25,708|
|Legal fees related to term debt amendment||—||—||—||115|
|Inventory write off||262||—||954||—|
|Non-restructuring impairment expense||—||1,195||667||1,195|
|Non-recurring CEO retirement expenses||—||289||—||3,385|
|China plant startup costs||106||—||401||—|
|Adjusted EBITDA||$ 24,070||$ 20,612||$ 107,325||$ 89,229|
CONTACT: Phillip B. Kennedy Investor Relations 919-526-1444 IR@xerium.com
Source:Xerium Technologies, Inc.