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Xerium clothing business generates solid sequential sales growth

02
Mar '07
Xerium Technologies Inc reported results for the fourth quarter and full year ended December 31, 2006. Highlights for the quarter include:

• Net sales for the fourth quarter of 2006 were $154.6 million, a 6.9% increase from $144.6 million for the fourth quarter of 2005. Excluding currency effects described below, fourth quarter 2006 net sales increased 3.0% from the fourth quarter of 2005.
• Net income was $3.2 million, or $0.07 per diluted share, in the fourth quarter of 2006, compared to $10.0 million, or $0.23 per diluted share, for the fourth quarter of 2005.

Shares used in computing diluted EPS were 44.0 million for the fourth quarter of 2006 compared to 43.7 million for the fourth quarter of 2005. Charges, on an after tax basis, affecting fourth quarter 2006 net income included environmental expense of $3.1 million, Sarbanes-Oxley compliance costs of $1.0 million and restructuring and impairment expenses of $2.6 million.

There were also restructuring and impairment expenses affecting fourth quarter 2005 net income, which on an after tax basis were $0.1 million.

• Net cash provided by operating activities was $24.6 million for the fourth quarter of 2006, compared to $28.2 million in the same quarter last year.
• Adjusted EBITDA (as defined in the Company's credit facility) was $36.6 million for the fourth quarter of 2006, compared to $39.7 million for the fourth quarter of 2005. Gross margin percentage was approximately the same in the fourth quarter of 2006 as compared to the fourth quarter of 2005. A significant factor in the decrease in Adjusted EBITDA was higher general and administrative expenses related to investments in business development, functional organization structure implementation, and Sarbanes-Oxley compliance costs in the fourth quarter of 2006 as compared to the fourth quarter of 2005.


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