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Xerium clothing biz demonstrates broad-based growth in Q3

12 Nov '07

3 min read

Xerium Technologies Inc, a leading global manufacturer of clothing and roll covers used primarily in the paper production process reported results for the third quarter ended September 30, 2007. Highlights for the quarter include:

• Net sales for the third quarter of 2007 were $153.6 million, a 5.6% increase from $145.5 million for the third quarter of
2006. Excluding currency effects described below, third quarter 2007 net sales increased 1.4% from the third quarter of 2006.

• Net income was $7.1 million, or $0.16 per diluted share, in the third quarter of 2007, compared to $2.2 million, or $0.05
per diluted share, for the third quarter of 2006. Shares used in computing diluted EPS were 45.0 million for the third
quarter of 2007 compared to 43.9 million for the third quarter of 2006.

• Net cash generated by operating activities was $18.4 million for the third quarter of 2007 compared to $22.6 million in the
same quarter last year.

• Adjusted EBITDA (as defined in the Company's credit facility) was $38.4 million for the third quarter of 2007, an increase
of 19.3% from $32.2 million for the third quarter of 2006.

• Cash on hand at September 30, 2007 was $32.5 million compared to $24.7 million at June 30, 2007, $16.8 million at December
31, 2006 and $36.7 million at September 30, 2006.

• On August 23, 2007, the Company completed the restatement of certain of its previously-issued financial statements,following a review of the accounting treatment of interest rate swaps that it entered into in June 2005. Only interest expense, related income taxes and net income (loss) were affected and the financial results for prior periods in this release reflect the restatement.

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