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Clothing business unit perks up at Xerium
14
Mar '12
Xerium Technologies Inc. a leading global manufacturer of industrial textiles and roll covers used primarily in the paper production process announced the results of its operations for the quarter and year ended December 31, 2011.

For the year ended December 31, 2011, net sales and income from operations increased approximately 7% and 35%, respectively, compared to the year ended December 31, 2010. In addition, net income (loss) per diluted share increased to $0.54 from $(7.29) for the year ended December 31, 2011 compared to 2010.

"During the fourth quarter, the negative headwinds affecting the global paper industry that we saw arise in the middle of the year were exacerbated by the worsening debt crisis in Europe and a return to higher oil prices after their brief respite," said Stephen R. Light, President, Chief Executive Officer and Chairman.

"In response to our practice of closely monitoring our customers' behaviors and in particular their PMC and Rolls consumption rates and plans, we shut down much of our production late in the quarter in order not to build inventories above an acceptable level; this resulted in much lower fixed overhead cost absorption.”

”These shutdowns enabled us to reduce inventories while at the same time reducing receivable days outstanding, both of which served to improve our cash position. Pricing and customer ordering patterns for our new products remained in control in spite of the overall demand decline.”

”During the fourth quarter, we completed the Brazilian capacity investment and Australian ramp up we've planned to serve our customers increasing demand for our new press felts. In addition, we received our 200th order for our patented SmartRoll product, bringing SmartRoll revenue to approximately 7% of our roll cover revenue globally."

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Xerium Technologies Inc


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