• Cash on hand at March 31, 2007 was $17.7 million compared to $16.8 million at December 31, 2006 and $34.5 million at March 31, 2006. • On May 2 2007, the Company amended its credit facility agreement with the lenders to provide additional financial flexibility as it seeks to invest in programs aimed at increasing growth, accelerating the payment of debt and reducing its cost structure. The agreement modifies certain covenants, ratios and definitions, as described in the Company's current report on Form 8-K filed on May 2, 2007. In connection with the amendment, the Company paid an amendment fee of approximately $1.5 million, as well as other fees and expenses. • On May 2, 2007, Xerium Technologies announced that its Board of Directors had declared a dividend of $0.1125 per share of common stock payable on June 15, 2007 to shareholders of record as of the close of business on June 5, 2007.
Thomas Gutierrez, Chief Executive Officer of Xerium Technologies, said, "We are continuing to operate in a challenging worldwide marketplace, and while we believe that we are making substantial progress in implementing initiatives designed to diminish the impact of market pressures on our business, we are not yet reaping the full benefits of those actions."
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