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Xerium Clothing sales perk up in Asia-Pacific & Europe

May '08
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, 2008. Highlights for the quarter include:

• Net sales for the first quarter of 2008 were $159.0 million, a 10.4% increase from net sales of $144.0 million for the first quarter of 2007. Excluding currency effects described below, first quarter 2008 net sales increased 2.4% from the first quarter of 2007, with growth of 2.7% and 1.6% in the clothing and roll covers segments, respectively.

• Income from operations increased by 21.2% to $20.6 million in the first quarter of 2008 from $17.0 million in the first quarter of 2007. Restructuring and impairment expenses in the first quarter of 2008 were $0.5 million, as compared to $4.1 million in the first quarter of 2007.

• Xerium recorded a net loss of $4.7 million, or $0.10 per diluted share, for the first quarter of 2008. Significant items contributing to the net loss were a $12.2 million pre-tax, non-cash charge to interest expense reflecting the mark-to-market decrease in the fair value of the Company's interest rate swaps in the first quarter of 2008, compared to a $1.6 million charge in the first quarter of 2007 (see below for additional detail) and a provision for income taxes of $3.6 million in the first quarter of 2008, compared to $1.4 million in the first quarter of 2007. Net income for the first quarter 2007was $3.0 million, or $0.07 per diluted share.

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