Thomas Gutierrez, Chief Executive Officer of Xerium Technologies, said, "During the first quarter this year, our company continued its strong performance despite continued marketplace challenges. Net sales increased 4.2%, and we are especially pleased with the strong operating cash flow the business generated. The results in our clothing segment, where net sales increased by 9.3% and Segment Earnings increased by 14.2% compared to the first quarter of 2004, were particularly satisfying given the investments in technology and restructuring that we have made in this segment over the last several years. We believe that we continue to gain market share in the clothing segment."
He continued, "In the roll covers segment, consistent with our general expectations, net sales decreased by 4.2% and Segment Earnings fell 12.9% from first quarter 2004 levels. We believe that our global market share in the roll covers segment has remained stable as the market has contracted due to mill closures and paper machine shutdowns. These mill closures and machine shutdowns started to significantly impact our business in the second half of 2004 and this impact has been amplified by the fact that the machines that have been taken out of service utilized some of our more profitable roll cover products. We believe that planned new product introductions, starting in July of this year, and the restructuring actions that we have taken in the rolls covers segment, will drive results in of service utilized some of our more profitable roll cover products. We believe that planned new product introductions, starting in July of this year, and the restructuring actions that we have taken in the rolls covers segment, will drive results in the second half of the year."
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
