Xerium clothing segment sales remain unchanged in Q2
09 Aug '07
3 min read
Xerium Technologies Inc, a leading global manufacturer of clothing and roll covers used primarily in the paper production process reported preliminary results for the second quarter ended June 30, 2007.
Xerium Technologies also announced that based upon its review of interest rate swaps that it entered into in June 2005, it is evaluating the appropriate accounting for these swaps for the periods since their inception. Accordingly, all financial results in this press release should be considered preliminary.
Preliminary Second Quarter Result Highlights: • Net sales for the second quarter of 2007 were $153.7 million, a 0.6% decrease from $154.6 million for the second quarter of 2006. Excluding currency effects described below, second quarter 2007 net sales decreased 3.8% from the second quarter of 2006. • Net cash generated by operating activities was $14.8 million for the second quarter of 2007 compared to $18.3 million in the same quarter last year. • Adjusted EBITDA (as defined in the Company's credit facility) was $38.2 million for the second quarter of 2007, compared to $39.9 million for the second quarter of 2006. See "EBITDA and Adjusted EBITDA Reconciliation" below. • Income for operations was $23.9 million for the second quarter of 2007 compared to $26.4 million for 2006. Restructuring expense was approximately $1 million higher in 2007. • Cash on hand at June 30, 2007 was $24.7 million compared to $16.8 million at December 31, 2006 and $32.5 million at June 30, 2006.
marketing@alchempro.com
