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Net income at Xerium turns positive in Q2
09
Aug '14
In the second quarter ending June 30, 2014, net income at NYSE listed Xerium Technologies, a US-based producer of roll covers and machine clothing, rebounded and entered positive territory from a net loss in the second quarter of 2013.

Xerium Technologies posted net income of $0.8 million in the second quarter of 2014, which includes restructuring charges of $7.6 million and currency revaluation losses of $0.3 million against a net loss of $6.9 million from a year ago period, which also includes costs related to a debt refinancing of $6.8 million and restructuring charges of $4.2 million.

Adjusted EBITDA for the 2014 quarter under review was $29.4 million, up 9.3% compared to $26.9 million in same period of 2013.

Net sales at constant currency stood at $139.7 million, a marginal increase of 0.4% compared to quarter two in 2013.

In the second quarter of 2014, earnings per share too rebounded to $0.05 per share from a loss per share of $0.45. Xerium said that EPS in second quarter was impacted by restructuring charges of $0.37 per share and foreign currency revaluation losses of $0.01 per share.

In the second quarter of 2013, EPS was impacted by costs related to a debt refinancing of $0.44 per share, restructuring charges of $0.33 per share and a one-time inventory write off of $0.05 per share related to a closed facility.

Xerium reported gross profit at $55.4 million or 39.6% of net sales, compared to $52.7 million, or 38.1% of net sales in the same period in 2013.

Machine Clothing gross margin improved to 41.2% in the second quarter of 2014 from 39.1% a year earlier, while roll covers gross margin also inched up to 36.4% from a gross margin of 36.1%.

Selling, general and administrative and research (SG&A) expenses were $35.4 million or 25.3% of net sales in quarter two of 2014 against $35.7 million or 25.8% of net sales in comparable quarter of 2013.

President and CEO Harold Bevis, said, "In the quarter under review, rolls covers segment rebounded and machine clothing division segment continued to progress. Gross margins and adjusted EBITDA improved, reflecting the success of our restructuring and operational efficiency programs.

“Both businesses performed well and in line with expectations, and orders remained strong as a result of base market health and our growth programs. Our performance with key customers in each region of the world remains strong, and our outlook remains unchanged.”

Fibre2fashion News Desk - India


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