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Xerium Clothing sales perk up in Asia-Pacific & Europe
08 May '08
3 min read
• Net cash generated by operating activities was $29.8 million for the first quarter of 2008, compared to $15.3 million in the same quarter last year, resulting primarily from improvements in working capital.
• Adjusted EBITDA (as defined in the Company's credit facility) was $34.8 million for the first quarter of 2008, compared to $32.8 million for the first quarter of 2007.
• Cash on hand at March 31, 2008 was $31.0 million compared to cash on hand of $17.7 million at March 31, 2007. Cash on hand at December 31, 2007 was $24.2 million. Total debt principal and interest payments amounted to $24.8 million during the first quarter of 2008 as compared with $13.7 million during the first quarter of 2007.
• As a result of the Company's credit facility issues (see Credit Facility Update below), the Company's balance sheet as of March 31, 2008 includes a reclassification to current debt of $658.8 million, the portion of the long-term debt under the senior credit facility that would have been in default of the credit agreement had the Company not obtained the temporary waiver.
Additionally, because this debt is potentially payable prior to the expiration of the underlying interest rate swaps, hedge accounting under SFAS No. 133 was no longer applicable for the Company's interest rate swaps and the mark-to-market decrease in their fair value of $12.2 million was recorded as a non-cash charge to interest expense during the first quarter of2008.
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• Adjusted EBITDA (as defined in the Company's credit facility) was $34.8 million for the first quarter of 2008, compared to $32.8 million for the first quarter of 2007.
• Cash on hand at March 31, 2008 was $31.0 million compared to cash on hand of $17.7 million at March 31, 2007. Cash on hand at December 31, 2007 was $24.2 million. Total debt principal and interest payments amounted to $24.8 million during the first quarter of 2008 as compared with $13.7 million during the first quarter of 2007.
• As a result of the Company's credit facility issues (see Credit Facility Update below), the Company's balance sheet as of March 31, 2008 includes a reclassification to current debt of $658.8 million, the portion of the long-term debt under the senior credit facility that would have been in default of the credit agreement had the Company not obtained the temporary waiver.
Additionally, because this debt is potentially payable prior to the expiration of the underlying interest rate swaps, hedge accounting under SFAS No. 133 was no longer applicable for the Company's interest rate swaps and the mark-to-market decrease in their fair value of $12.2 million was recorded as a non-cash charge to interest expense during the first quarter of2008.
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Xerium Technologies Inc
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