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Xerium net sales up 4.2% for Q1 ended March 31

29
Jun '05
A global machine clothing and roll covers manufacturer and supplier Xerium Technologies Inc reported results for the first quarter of 2005, ended March 31, 2005.

Highlights of the quarter include:
Net sales increased $6.2 million, or 4.2%, to $153.0 million, from $146.8 million for the first quarter of 2004.

Net cash provided by operating activities increased $5.0 million, or 39.1%, to $17.8 million, from $12.8 million in the first quarter of 2004. Cash on hand at March 31, 2005 was $39.8 million, a $15.8 million increase from $24.0 million at December 31, 2004.

Adjusted EBITDA (as defined below) was $42.5 million, equal to the $42.5 million in Adjusted EBITDA for the first quarter of 2004. Adjusted EBITDA for the first quarter of 2005 reflects $1.3 million of additional overhead costs associated with Xerium Technologies' transition to a public company, which were not incurred in the first quarter of 2004.

Operating income was $26.0 million, compared to $29.6 million in the first quarter of 2004.

Operating income for the first quarter of 2005 reflects the same $1.3 million of costs associated with becoming a public company as well as $4.0 million of incremental restructuring costs related to cost reduction programs as compared to the first quarter of 2004.

Xerium Technologies' cost reduction programs, including plant closures designed to rationalize production among facilities and headcount reductions, have been proceeding on schedule. These cost reduction efforts eliminated approximately $2.0 million in cash costs that would have otherwise been incurred in the first quarter of 2005 as compared to the Company's cost structure in the first quarter of 2004.


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