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Roll covers maker Xerium Q1 net profits drop

09
May '07
Xerium Technologies Inc, a leading global manufacturer of clothing and roll covers used primarily in the paper production process reported results for the first quarter ended March 31, 2007. Highlights for the quarter include:

• Net sales for the first quarter of 2007 were $144.0 million, a 1.8% decrease from $146.7 million for the first quarter of 2006. Excluding currency effects described below, first quarter 2007 net sales decreased 5.7% from the first quarter of 2006.
• Net income was $4.1 million, or $0.09 per diluted share, for the first quarter of 2007 compared to $9.5 million, or $0.22 per diluted share, for the first quarter of 2006. Shares used in computing diluted EPS were 44.1 million for the first quarter of 2007 compared to 43.8 million for the first quarter of 2006. Net income in the 2007 quarter was affected primarily by higher restructuring and impairment expenses on a pre-tax basis in the first quarter of 2007 of $4.1 million, as compared to $0.2 million in the first quarter of 2006 and by lower net sales levels in the first quarter 2007 compared to the same quarter in 2006.
• Net cash generated by operating activities was $15.3 million for the first quarter of 2007, compared to $3.7 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 $32.8 million for the first quarter of 2007, compared to $37.4 million for the first quarter of 2006, reflecting lower sales volume and inflationary impact on our cost structure, offset somewhat by manufacturing efficiencies and raw material price savings.


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