Net sales increased 1.5% from the quarter ended March 31, 2012, yet decreased 9.3% from the quarter ended June 30, 2011. On a year to date basis, net sales decreased 7.8% from the six months ended June 30, 2011. Net income per diluted share improved to $0.15 for the quarter ended June 30, 2012 from ($0.50) for the quarter ended March 31, 2012 and $0.11 for the quarter ended June 30, 2011.
On a year to date basis, net income per diluted share decreased to a loss of ($0.35) for the six months ended June 30, 2012 from income of $0.15 for the six months ended June 30, 2011.
“Xerium’s second quarter 2012 over first quarter 2012 performance improvement is the result of our continuous focus on operational improvements, our customers’ accelerating adoption of our better performing and higher margin new products, and reduced trade working capital in every region,” said Stephen R. Light, Chief Executive Officer and Chairman.
“While our European business remains soft as the paper industry there is impacted by the region’s ongoing economic crisis, we enjoyed good growth in North America and Asia. ‘Vision 2015,' Xerium’s three year strategic realignment of our manufacturing footprint, announced on July 2, 2012, is off to a good start. We expect 'Vision 2015' will restore our historical margins by reducing unnecessary fixed costs and aligning our global capacity with customer demand.”
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Xerium Technologies Inc
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