3Q'14 Net Sales of $139M, +3%
Full Year on Track
YOUNGSVILLE, N.C., Nov. 3, 2014 (GLOBE NEWSWIRE) -- Xerium Technologies, Inc. (NYSE:XRM), a leading global provider of industrial consumable products and services announced its Q3 2014 results.
Third-Quarter Financial Highlights
- Adjusted EBITDA for Q3 2014 was $31.5 million or 22.7% of net sales. This was an increase of 15.8% compared to $27.2 million in Q3 2013. Trailing Twelve Month ("TTM") Adjusted EBITDA at September 30, 2014 was $110.7 million, up 6.5% compared to $103.9 million of TTM Adjusted EBITDA at September 30, 2013. See "Non-GAAP Financial Measures" below.
- Q3 2014 Year-over-Year Adjusted EBITDA improvement (constant currency) was split roughly 50/50 between sales growth and operating efficiencies. Increased sales led to $1.3 million of additional Adjusted EBITDA and operating efficiencies led to $1.1 million of additional Adjusted EBITDA. See "Segment Information" and "Non-GAAP Financial Measures" below.
- Net sales for Q3 2014, excluding currency effects, improved 3.4% to $138.9 million compared to $134.2 million in Q3 2013. See "Segment Information" and "Non-GAAP Financial Measures" below. Rolls sales, mechanical services sales and emerging market PMC sales outperformed graphical paper and mature market sales declines.
- Q3 2014 loss per share was $(1.32) per share versus Q3 2013 earnings per share of $0.14 per share. The decrease of $(1.46) per share was primarily driven by a Brazilian tax charge of $(1.56) per share, partially offset by increased income from operations and the change in FX gains/(losses) in Q3 2014 from Q3 2013. See "Adjusted Earnings Per Share" below for further discussion.
- Excluding non-recurring items such as the one-time settlement for the Brazilian tax matter and restructuring costs, earnings per share were $0.43 in Q3 2014, compared to $0.36 in Q3 2013 and $1.73 for the trailing twelve months ended September 30, 2014, compared to $1.24 for the trailing twelve months ended September 30, 2013. See "Adjusted Earnings Per Share" below for further discussion.
- Q3 2014 gross profit was $55.5 million, or 40.0% of net sales, compared to $53.4 million, or 39.5% of net sales in Q3 2013. Machine Clothing gross margin improved to 40.9% in Q3 2014 from 40.6% in Q3 2013, and roll covers gross margin improved to 38.5% in Q3 2014, from a gross margin of 37.5% in Q3 2013.
- Selling, general and administrative and research and development (SG&A) expenses were $34.2 million, or 24.7% of net sales, in Q3 2014, down from Q3 2013 SG&A expenses of $34.9 million, or 25.8% of net sales.
"Xerium performed well in the quarter, with sales growth globally and significant margin expansion," said Harold Bevis, President and CEO of Xerium Technologies, Inc. "The transforming global pulp and paper market is volatile, but many opportunities exist, and Xerium is pursuing these opportunities aggressively. Part and parcel to pursuing these opportunities are the re-alignment of our global operational footprint and product lineup. The expansion of Xerium's large plants in Gloggnitz, Austria; Asia; and Ruston, La. were completed in the quarter, while large-scale construction projects are still underway in Ba Cheng, China; Corlu, Turkey; and Piracicaba, Brazil. Xerium is orienting its cost structure more firmly towards low-cost country production. This balance was evident in the quarter with year-over-year improvement roughly split equally between sales growth and cost reductions. The quarter was on track with Xerium's stated improvement framework."
Constant currency net sales grew by 3.4%, out-pacing total annual market growth of 1-2%
Healthy sales growth in North America of 8.7%, Asia of 4.3% and South America of 12.4% contributed to positive growth in the quarter, while sales in Europe declined by 4.9%, primarily driven by weakness in the Nordic region and the challenging demand in newsprint and printing and writing grades of paper. See "Segment Information" and "Non-GAAP Financial Measures" below.
Sales growth programs remain on track
Xerium is repositioning its sales growth profile. Specific measurable programs are aimed at profitable growth in rolls, mechanical services, SMART machine automation, emerging markets, and new products. Some programs require capital investment and some do not.
Cost reduction programs remain on track
Xerium is repositioning its cost profile towards low-cost countries and low-cost operations. We have nine primary cost programs underway, including plant closures and operational excellence programs directed at waste, quality, productivity, procurement initiatives and a lean SG&A program. As a result of these efforts, total cost savings for Q3 2014 were $6.9 million, up $0.5 million from Q2 2014. Cost savings for the full year of 2014 are estimated to be over $25 million, which would represent a total of $49 million in cost reduction savings in 2013 and 2014. In Q3 2014, we announced the closure of the Joao Pessoa, Brazil facility and consolidation into two other Xerium plants. That work is fully underway.
EVP and Chief Financial Officer, Cliff Pietrafitta said: "Q3 2014 constant currency net sales were 3.4% above Q3 2013. Constant currency rolls net sales increased by 12.6% from Q3 2013, primarily driven by an increase of 23.7% in North America, an increase of 19.4% in South America and an increase of 14.7% in Asia. These increases were partially offset by a decline of (4.3)% in Europe. Constant currency machine clothing sales decreased slightly by (1.5)% from Q3 2013, primarily driven by a decrease of (5.2)% in Europe and a decrease of (4.1)% in North America. These decreases were partially offset by increases of 11.4% in South America and 1.3% in Asia." See "Segment Information" and "Non-GAAP Financial Measures" below for further discussion.
Income from operations in Q3 2014 increased by $2.3 million, due to increased net sales and gross margins and reductions in SG&A, partially offset by increased restructuring expenses. Improved gross margins and reductions in SG&A were driven primarily by our restructuring initiatives and operating efficiency programs. Adjusted EBITDA in Q3 2014 was $31.5 million, or 22.7% of net sales, and was 15.8% above Q3 2013 Adjusted EBITDA of $27.2 million, or 20.2% of net sales. See "Non-GAAP Financial Measures" below.
Q3 2014 was a successful quarter related to cost-out actions. The third quarter included cost out savings of $6.9 million and we expect cost out savings for the full year to be over $25 million. The Company spent approximately $18.6 million of cash on capital expenditures and restructuring costs in Q3 2014. For the full year, we expect to spend approximately $70 million in both of these areas. In addition, in 2014, we have more spending related to longer payback projects (such as the Ba Cheng China machine clothing plant), which will not result in incremental savings or earnings in 2014. Cost-out and restructuring savings initiatives are the centerpiece of Xerium's 2014 business plan, and we still expect Adjusted EBITDA to come in at approximately $116 - 120 million, assuming foreign exchange rate assumptions and stability in market demand.
As of Q3 2014, we had an aggregate of $41.8 million available for additional borrowings under our Credit Facility and smaller lines of credit and our cash balances totaled $19.8 million. YTD 2014 free cash flow (defined as cash-flow from operations less capital expenditures) decreased $(47.2) million to $(32.3) million from $14.9 million, primarily as a result of the tax payment of $25.0 million made in August of 2014 to settle a Brazilian tax assessment and $18.1 million of increased capital expenditures from 2013 to 2014.
Capital expenditures and cash restructuring payments in Q3 2014 totaled $11.2 million and $7.4 million, respectively. Capital expenditures primarily related to longer term payback projects, such as the new plant in Ba Cheng, China. Restructuring payments primarily related to headcount reductions and the closure of the João Pessoa, Heidenheim, France and Spain facilities.
Our 2014 restructuring initiatives remain on track with the recent announcement of the closing of a sixth plant in João Pessoa, Brazil. This large-scale restructuring program is a multi-year endeavor which has included 6 plant closures and the start up of a new machine clothing plant in China and a new rolls plant in Turkey.
Trade working capital increased to $141.9 million in Q3 2014 from $141.3 million in Q4 2013. This increase was primarily the result of an increase of $2.5 million in inventory, primarily due to higher levels of work in progress to support higher sales. Partially offsetting this increase was an increase in accounts payable of $1.9 million, due to improvement in negotiated payment terms in Q3 2014 and favorable currency effects. See "Trade Working Capital Information" and "Non-GAAP Financial Measures" below for further discussion.
Net debt (which is defined as total debt less cash) increased to $455.5 million in Q3 2014 from $437.0 million in Q2 2014, primarily as a result of $30 million of new borrowings under the term loan to settle the Brazilian tax assessment. However, our net debt leverage ratio remained at 4.1x in Q3 2014 compared to 4.1x in Q2 2014 as a result of higher trailing twelve month Adjusted EBITDA.
Our effective income tax rate for Q3 2014 was 334% compared to 59.3% in Q3 2013. Excluding the effects of restructuring and the settlement of a tax assessment in Brazil, our effective tax rate was 38.0%. In Q3 2014, we incurred a one-time charge of $25 million to settle a tax assessment in Brazil. See "Effective Tax Rate" and "Non-GAAP Financial Measures" below for further discussion.
As disclosed during the prior quarter, we had been actively litigating a Brazilian tax case since Q4 2011. In Q3 2014 we chose to participate in a tax amnesty program offered by the Brazilian Revenue Department that was open to taxpayers until August 25, 2014. By electing to pay a lump sum amount, we received a reduction of 100% of the penalties and a 45% reduction of interest accrued on our tax assessment relating to tax years 2006 through 2010. As a result of entering into the amnesty program, we withdrew our appeal of the Brazilian tax case, closing out a matter that relates back to a 2005 transaction. Because tax amnesty and voluntary disclosure programs were open for tax years beyond the time period of our particular assessment, we also included in our payment to the Brazilian government amounts relating to tax years 2011 through 2013, and we adjusted tax payments related to the 2014 tax year, all of which corresponded to the same tax deductions under review in our assessment for tax years 2006 through 2010. In settling the assessed and unassessed tax debts with the Brazilian government for 2006 through 2014, we paid principal and interest totaling $18.3 million and $6.7 million, respectively. We borrowed an additional $30.0 million under our Credit Facility primarily to fund this tax settlement payment.
The following table presents net sales for Q3 2014 and Q3 2013 by segment and the effect of currency on Q3 2013 net sales (dollars in thousands):
| Net Sales For The Quarter |
| Currency Effect of $ |
| % Change Excluding |
|Machine Clothing||$ 86,084||$ 87,980||$ (1,896)||$ (576)||(0.7)%||(1.5)%|
|Total||$ 138,858||$ 135,042||$ 3,816||$ (797)||(0.6)%||3.4%|
The following table presents net sales for the nine months ended September 30, 2014 and 2013 by segment and the effect of currency on the nine months ended September 30, 2013 net sales (dollars in thousands):
| Net Sales For The Nine |
| Currency Effect of $ |
| % Change Excluding |
|Machine Clothing||$ 264,561||$ 267,331||$ (2,770)||$ (141)||(0.1)%||(1.0)%|
|Total||$ 411,965||$ 413,171||$ (1,206)||$ 105||—%||(0.3)%|
TRADE WORKING CAPITAL
The following table presents trade working capital as of September 30, 2014 and December 31, 2013 (in thousands):
| Fav/(Unfav) |
|Trade receivables, net (1)||$ 86,581||$ 86,584||$ 3|
|Trade accounts payable (2)||(31,169)||(29,254)||1,915|
|Total||$141,854||$ 141,260||$ (594)|
(1) Trade Receivables, Net equals Accounts Receivable less Other Receivables of $1,461 and $1,368 at September 30, 2014 and December 31, 2013, respectively.
(2) Trade Accounts Payables equals Accounts Payable less Deposits Received and Other Payables of $4,677 and $12,966 at September 30, 2014 and December 31, 2013, respectively. The Trade Accounts Payable amount at 12/31/2013 has been restated to exclude $4.9 million of capital expenditure accruals, as going forward we have revised our definition of Trade Accounts Payable to exclude payables related to capital equipment.
EFFECTIVE TAX RATE
The following table presents a reconciliation of effective tax rate excluding the settlement of the Brazilian tax liability and restructuring expenses to our effective tax rate for the three months ended September 30, 2014 (in thousands):
|For the three months ended September 30, 2014|
| Pre-tax |
| Tax |
| After-tax |
| Effective |
|Income (loss) before provision for income taxes||$ 8,746||$ (29,218)||$ (20,472)||334.0%|
|Restructuring and Brazil tax settlement||(3,466)||(24,582)||(28,048)||(709.2)%|
|Income (loss) before provision for income taxes excluding restructuring and Brazil tax settlement||$ 12,212||$ (4,636)||$ 7,576||38.0%|
ADJUSTED EARNINGS PER SHARE
|Three Months Ended||Trailing Twelve Months Ended|
|September 30,||September 30,|
|Net (loss) income per share||$ (1.32)||$ 0.14||$ (0.98)||$ (0.55)|
|Brazil tax amnesty charge||1.56||(0.04)||1.46||(0.14)|
|Loss on debt extinguishment||—||—||—||0.44|
|Inventory write-off related to a closed plant||—||—||0.02||0.05|
|Plant start-up costs||0.03||0.02||0.07||0.02|
|FX (gain) loss||(0.02)||0.04||0.04||0.08|
|CEO retirement non-recurring expenses||—||—||—||0.02|
|Adjusted Net income per share||$ 0.43||$ 0.36||$ 1.73||$ 1.24|
The Company plans to hold a conference call on the following morning:
|Date: November 4, 2014|
|Start Time: 10:00 a.m. Eastern Time|
|Domestic Dial-In: +1-877-415-3184|
|International Dial-In: +1-857-244-7327|
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. To follow along with the presentation that will accompany the Company's conference call, please join the webcast by going to www.xerium.com/investorrelations. Click on the webcast link appearing above our conference call details, then click on the link appearing below "Webcast Presentation" on the following page. You may also click here and you will be taken directly to the webcast registration page.
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, Effective Tax Rate excluding the Brazilian tax payment and the effects of Restructuring 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," "Trade Working Capital" and "Effective Tax Rate" 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, our Report on Form 10-Q for the quarter ended September 30, 2014 filed with the SEC on November 3, 2014 and our presentation that will accompany our conference call tomorrow.
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 27 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 full year Adjusted EBITDA performance, anticipated sales performance, capital expenditures, cost savings measures, future efforts to improve overall performance and free cash flow. 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) we may not realize the Adjusted EBITDA performance we are projecting (2) our expected sales performance and our backlog of sales may not be fully realized; (3) our cost reduction efforts, including our restructuring activities, may not have the positive impacts we anticipate; (4) we are subject to execution risk related to the startup of our proposed new facilities in China and Turkey; (5) our plans to develop and market new products, enhance operational efficiencies and reduce costs may not be successful; (6) market improvement in our industry may occur more slowly than we anticipate, may stall or may not occur at all; (7) variations in demand for our products, including our new products, could negatively affect our revenues and profitability; (8) 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; 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, our Form 10-Q for the quarter ended September 30, 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 and Comprehensive (Loss) Income|
|(Dollars in thousands, except per share data)|
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
|Net Sales||$ 138,858||$ 135,042||$ 411,965||$ 413,171|
|Costs and expenses:|
|Cost of products sold||83,364||81,656||248,954||252,628|
|General and administrative||14,133||15,278||43,337||45,418|
|Research and development||1,909||1,845||5,899||5,934|
|Income from operations||17,791||15,450||42,701||45,688|
|Interest expense, net||(9,412)||(9,378)||(26,985)||(31,697)|
|Loss on extinguishment of debt||—||—||—||(3,123)|
|Foreign exchange gain (loss)||367||(905)||(818)||(1,102)|
|Income before provision for income taxes||8,746||5,167||14,898||9,766|
|Provision for income taxes||(29,218)||(3,063)||(33,440)||(9,055)|
|Net (loss) income||$ (20,472)||$ 2,104||$ (18,542)||$ 711|
|Comprehensive (loss) income||$ (41,003)||$ 9,182||$ (39,482)||$ 2,665|
|Net (loss) income per share:|
|Basic||$ (1.32)||$ 0.14||$ (1.20)||$ 0.05|
|Diluted||$ (1.32)||$ 0.13||$ (1.20)||$ 0.05|
|Shares used in computing net (loss) income per share:|
|Consolidated Selected Financial Data|
|Cash Flow Data: (in thousands)||Nine Months Ended|
|September 30, 2014||September 30, 2013|
|Net cash provided by operating activities||$ 1,317||$ 30,431|
|Net cash used in investing activities||$ (33,503)||$ (13,327)|
|Net cash provided by (used) in financing activities||$ 26,713||$ (2,878)|
|Other Financial Data: (in thousands)|
|Depreciation and amortization||$ 28,589||$ 29,712|
|Capital expenditures, gross||$ (33,666)||$ (15,562)|
|Balance Sheet Data: (in thousands)||September 30, 2014||December 31, 2013|
|Cash and cash equivalents||$ 19,813||$ 25,716|
|Total assets||$ 611,248||$ 624,064|
|Total debt||$ 475,357||$ 443,139|
|Total stockholders' deficit||$ (51,153)||$ (11,449)|
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, (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 and operating cash flows, which are the most directly comparable GAAP financial measures, to EBITDA and Adjusted EBITDA.
|Three Months Ended||Nine Months Ended||Trailing Twelve Months Ended|
|September 30,||September 30,||September 30,|
|Net (loss) income||$ (20,472)||$ 2,104||$ (18,542)||$ 711||$ (15,098)||$ (8,372)|
|Amortization of intangibles||231||407||1,230||1,368||1,454||1,945|
|Deferred financing cost amortization||942||675||2,409||2,293||3,079||3,010|
|Foreign exchange loss (gain) on revaluation of debt||396||(1,296)||(340)||1,626||(260)||2,040|
|Deferred tax expense||2,460||591||1,509||1,339||(5,516)||(6,527)|
|(Gain) loss on disposition of property and equipment||(33)||161||(4)||154||43||234|
|Loss on extinguishment of debt||—||—||—||3,123||—||2,880|
|Net change in operating assets and liabilities||(292)||4,986||(12,030)||(8,453)||(13,235)||3,598|
|Net cash (used) provided by operating activities||(7,599)||16,559||1,317||30,431||7,001||39,548|
|Interest expense, excluding amortization||8,650||8,703||24,576||29,404||33,071||38,070|
|Net change in operating assets and liabilities||292||(4,986)||12,030||8,453||13,235||(3,598)|
|Current portion of income tax expense||26,758||2,472||31,931||7,716||34,263||8,915|
|Foreign exchange (loss) gain on revaluation of debt||(396)||1,296||340||(1,626)||260||(2,040)|
|Gain (loss) on disposition of property and equipment||33||(161)||4||(154)||(43)||(234)|
|Loss on extinguishment of debt||—||—||—||(3,123)||—||(2,880)|
|Loss on extinguishment of debt||—||—||—||3,123||—||2,880|
|Operational restructuring expenses||3,466||3,034||15,712||8,454||22,102||23,219|
|Non-restructuring impairment expense||—||1||—||667||—||1,862|
|Inventory write off due to plant closures||—||—||—||692||262||692|
|Non-recurring CEO retirement expenses||—||—||—||—||—||289|
|Plant startup costs||537||296||953||296||1,058||296|
|Adjusted EBITDA||$ 31,464||$ 27,214||$ 86,586||$ 83,255||$ 110,656||$ 103,867|
CONTACT: Cliff E. Pietrafitta Investor Relations 919-526-1444 IR@xerium.com
Source:Xerium Technologies, Inc.