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Xerium to establish a capital structure
09 Apr '08
3 min read
• Net cash generated by operating activities was $40.5 million for the fourth quarter of 2007, compared to $24.6 million in the same quarter last year as a result of improved working capital during the fourth quarter 2007.
• Adjusted EBITDA (as defined in the Company's credit facility) was $36.5 million for the fourth quarter of 2007, compared to $36.6 million for the fourth quarter of 2006.
• Cash on hand at December 31, 2007 was $24.2 million, compared to $32.5 million at September 30, 2007 and $16.8 million at December 31, 2006.
• Related to the company's credit facility issues described above, Xerium's independent registered public accounting firm is expected to include an explanatory paragraph in its opinion with respect to the Company's 2007 Consolidated Financial Statements related to uncertainty regarding the Company's ability to continue as a going concern. The inclusion of that paragraph constitutes a default under the Company's credit facility which is addressed by the temporary default waiver.
Stephen Light, President and Chief Executive Officer of Xerium Technologies, said, "My first priority is to satisfactorily resolve our current credit facility issues with our bank group and, secondly, to establish a capital structure that will allow for the long-term health of our business. Now that we've secured the default waiver through May 31st, we'll focus on determining the most economic means for addressing our capital requirements, including arranging long-term amendments to our credit agreement designed to provide us improved financial flexibility going forward.
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• Adjusted EBITDA (as defined in the Company's credit facility) was $36.5 million for the fourth quarter of 2007, compared to $36.6 million for the fourth quarter of 2006.
• Cash on hand at December 31, 2007 was $24.2 million, compared to $32.5 million at September 30, 2007 and $16.8 million at December 31, 2006.
• Related to the company's credit facility issues described above, Xerium's independent registered public accounting firm is expected to include an explanatory paragraph in its opinion with respect to the Company's 2007 Consolidated Financial Statements related to uncertainty regarding the Company's ability to continue as a going concern. The inclusion of that paragraph constitutes a default under the Company's credit facility which is addressed by the temporary default waiver.
Stephen Light, President and Chief Executive Officer of Xerium Technologies, said, "My first priority is to satisfactorily resolve our current credit facility issues with our bank group and, secondly, to establish a capital structure that will allow for the long-term health of our business. Now that we've secured the default waiver through May 31st, we'll focus on determining the most economic means for addressing our capital requirements, including arranging long-term amendments to our credit agreement designed to provide us improved financial flexibility going forward.
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Xerium Technologies Inc
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