Home / Knowledge / News / Textiles / Xerium to establish a capital structure

Xerium to establish a capital structure

09
Apr '08
Xerium Technologies Inc, a leading global manufacturer of clothing and roll covers used primarily in the paper production process, reported results for the fourth quarter ended December 31, 2007. Highlights for the quarter include:
Loan Waiver

• On April 8, 2008, the Company obtained a temporary waiver from its lenders related to defaults under its credit facility, including financial covenant defaults that, as previously disclosed, the Company had anticipated at March 31, 2008. The waiver is in effect until May 31, 2008. The Company expects to utilize the waiver period to seek to make these waivers permanent and to seek to amend the financial covenants and other parameters in its credit facility.

• As disclosed on March 18, 2008, the Company determined not to declare a cash dividend on its common stock for the first quarter of 2008 and does not expect to do so for the foreseeable future. The credit facility waiver described above also amends the credit facility to prohibit the payment of dividends on the Company's common stock.

Financial Highlights
• Net sales for the fourth quarter of 2007 were $164.2 million, a 6.2% increase from $154.6 million for the fourth quarter of 2006.

• In the fourth quarter of 2007, the Company recorded a non-cash charge for goodwill impairment of $185.3 million related to its roll covers segment.

• Reflecting the impairment charge, Xerium reported a net loss in the fourth quarter of 2007 of $168.0 million, or $3.69 per diluted share, compared to net income of $3.5 million, or $0.08 per diluted share, for the fourth quarter of 2006. Shares used in computing diluted EPS were 45.5 million for the fourth quarter of 2007 compared to 44.0 million for the fourth quarter of 2006.


Interviews View All

Textile industry, Head honchos

Textile industry
Head honchos

It is a well-calibrated budget

Riddhika Shah, SS Homme

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Anavila Misra, Anavila Collection

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Alexander Foll,

Alexander Foll

Germany-based H Stoll AG & Co KG manufactures flat knitting machines....

Teresa Neal,

Teresa Neal

Teresa Neal, an art professional with 25 years of experience, in...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search