Xerium Technologies, Inc. (NYSE:XRM):
Highlights
- Q3 2017 net sales of $118.5 million
compared to $119.2 million in Q3 2016 (See Table 1). Foreign
currency resulted in a $1.6 million favorable impact.
- Q3 2017 gross margin of 37.4%, a 60
basis point year-over-year improvement.
- Q3 2017 income from operations of $16.0
million, up 44.5% compared to the prior-year period, primarily from
lower restructuring costs and improved efficiency.
- Q3 2017 net income of $1.1 million
compared to a net loss of $(13.3) million in Q3 2016. The
prior-year period included $11.7 million of debt extinguishment
costs.
- Q3 2017 adjusted EBITDA of $23.8
million, or 20.1% of net sales, compared to adjusted EBITDA of
$23.3 million, or 19.5% of sales in Q3 2016 (See Tables 2 and 4 for
a reconciliation of the most comparable GAAP number).
- Full Year Adjusted EBITDA outlook
increased to at least $97 million. Reiterated full year free cash
flow in the low teens range (See “Non-GAAP Financial Measures”
below).
- Order backlog at $166.0 million, up
from $162.0 million at September 30, 2016 but down from $171
million at June 30, 2017.
Xerium Technologies, Inc. (NYSE:XRM), a leading, global provider
of industrial consumable products and services, today reported
third quarter 2017 financial results.
Mark Staton, Xerium's President and Chief Executive Officer,
stated, “We are pleased to report continued improvement in 2017,
and third quarter results that are in-line with our expectations.
Our business has shown stabilization throughout 2017 as the success
of new products designed to improve customer efficiency offset
pressure in certain end markets.”
Staton continued, “With the Company in a more stable position,
we are focused on execution and efficiency across our global
production facilities to drive incremental EBITDA performance and
free cash flow, and to utilize the cash generation of our business
to aggressively reduce leverage.”
Q3 Financial Highlights:
Q3 2017 net sales were $118.5 million, compared to $119.2
million in the prior-year period, which included a $1.6 million
favorable impact from currency (see Table 1). Modestly lower sales
during the period were driven by a constant currency sales decrease
of (6.2%) in roll covers and an increase of 0.9% in machine
clothing. Lower sales during the period reflected an estimate of
approximately $1 million of sales disruptions at North American
customers from recent hurricanes affecting the Southeast and Texas,
weaker roll cover sales in Europe, and competitive pricing pressure
in certain regions. These headwinds were partially offset by a
strong improvement in Latin America machine clothing demand.
Q3 2017 gross profit was $44.3 million, or 37.4% of net sales,
compared to $43.8 million, or 36.8% of net sales, in Q3 2016.
Machine clothing gross margin improved to 39.2% in Q3 2017 from
38.0% in Q3 2016. The increase in gross profit margin was primarily
due to production efficiencies and favorable product mix, partially
offset by competitive pricing pressure in certain regions. Rolls
and service gross margin of 34.7% in Q3 2017 was modestly lower
than Q3 2016 gross margin of 34.9%.
SG&A expenses (including Selling, G&A and R&D
expenses) were $28.9 million, or 24.4% of net sales, in Q3 2017
versus $30.2 million, or 25.4% of net sales, in Q3 2016. Lower
SG&A expenses were attributable to cost reduction initiatives
and lower stock-based compensation.
Q3 2017 basic income per share was $0.07 versus Q3 2016 basic
loss per share of $(0.83). Basic adjusted earnings per share (see
Table 3 for a reconciliation of net income per share) were $0.09 in
Q3 2017 compared to $0.05 in Q3 2016 as a result of Q3 2017
improved operations partially offset by higher interest in Q3
2017.
GAAP income from operations in the third quarter of 2017 was
$16.0 million, or 13.5% of sales, up $4.9 million, or 44.5%,
compared to Q3 2016. Q3 2017 adjusted EBITDA increased to $23.8
million, or 20.1% of net sales, compared to $23.3 million, or 19.5%
of net sales in 2016. Adjusted EBITDA increased 2.3% on a constant
currency basis (see Table 2). In addition to interest, taxes,
depreciation and amortization, adjusted EBITDA excludes expenses
related to the Company’s restructuring activities, plant start-up
costs, stock-based compensation, unrealized foreign currency gains
and losses and other expenses impacting comparability. For a full
reconciliation, refer to Table 4.
Cash taxes were $3.5 million in Q3 2017, compared to $4.9
million in Q3 of 2016. Cash taxes are primarily impacted by income
the Company earns in tax paying jurisdictions relative to income it
earns in non tax-paying jurisdictions, primarily the United
States.
Net cash used by operating activities was $(4.0) million and
free cash flow was $(6.3) million (see Table 5 for a
reconciliation) during the third quarter of 2017. Free cash flow is
expected to improve substantially in the fourth quarter of 2017, as
a result of working capital improvement, lower capital expenditures
and cash restructuring costs, and the absence of a semi-annual
interest payment.
Net debt was $527.9 million at the end of Q3 2017 compared to
$511.7 million at the end of Q4 2016 due primarily to a full year
of cash interest paid on our bonds and the timing of working
capital expenditures, net of cash flows from operating income. The
Company's net debt leverage ratio is 5.4x (see Table 6 for a
reconciliation). The Company plans to utilize its free cash flow to
pay down debt and de-lever over the remainder of its debt
maturities.
Subsequent to quarter end the company implemented a cost out
initiative which reduced headcount in North America and Europe by
46 people. Implementation cost of $1.6 million will be incurred
through 2018 and annual savings form the program will be
approximately $6 million per year, which is expected to largely
offset inflation and keep the company’s cost structure flat to
current levels in 2018.
2017 Outlook
In the fourth quarter of 2017, the Company currently expects
some moderating influences to margin performance and volume as a
result of fourth-quarter seasonal impacts. In its Q2 earnings
release, the Company indicated that it expected its full year
adjusted EBITDA to be at least in line with 2016 results of $95
million. Currently, the Company believes its full year adjusted
EBITDA will be at least $97 million, assuming current market
conditions.
Free cash flow for 2017 will be impacted by several discrete
factors including CEO transition costs incurred during the year. As
a result, the Company reiterates previously disclosed full year
free cash flow outlook in the low teens range, with fourth quarter
improvement over Q3 2017 results to be driven by lower interest,
working capital reductions, reduced capital expenditures, and lower
cash restructuring costs.
CONFERENCE CALL
The Company will host a conference call with analysts and
investors today at 5:00 p.m. EST:
Date: October 30, 2017 Start Time: 5:00 p.m. Eastern Time
Domestic Dial-In: +1-844-818-4921 International Dial-In:
+1-484-880-4582 Conference ID: 1540229
Webcast:
www.xerium.com/investor-relations
To participate on the call, please dial in at least 10 minutes
prior to the scheduled start. A live audio webcast and replay of
the call may be found in the investor relations section of the
Company's website at www.xerium.com. To follow along with the
presentation that will accompany the Company's conference call,
please join the webcast by going to
www.xerium.com/investor-relations. Click on the webcast link
appearing above our conference call details, then click on the link
appearing below "Webcast Presentation" on the following page. You
may also click here and you will be taken directly to the webcast
registration page.
ABOUT XERIUM TECHNOLOGIES,
INC.
Xerium Technologies, Inc. (NYSE:XRM) is a leading, global
provider of industrial consumable products and services. Its
products and services are consumed during machine operation by its
customers. Xerium operates around the world under a variety of
brand names, and utilizes a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products integral to production, all designed to
optimize performance and reduce operational costs. With 28
manufacturing facilities in 13 countries around the world, Xerium
has approximately 2,900 employees.
Xerium Technologies, Inc. Unaudited Condensed
Consolidated Balance Sheets (Dollars in thousands)
September 30, December
31, 2017 2016
ASSETS Current assets: Cash and cash equivalents $ 9,881 $
12,808 Accounts receivable, net 75,721 68,667 Inventories, net
79,302 70,822 Prepaid expenses 11,623 6,325 Other current assets
16,575 15,784 Total current assets
193,102 174,406 Property and equipment, net 288,293 284,101
Goodwill 62,966 56,783 Intangible assets 7,181 7,330 Non-current
deferred tax asset 10,443 10,737 Other assets 8,087
8,556 Total assets $ 570,072 $ 541,913
LIABILITIES AND STOCKHOLDERS' DEFICIT Current
liabilities: Notes payable $ 8,225 $ 7,328 Accounts payable 36,643
36,158 Accrued expenses 50,986 64,532 Current maturities of
long-term debt 10,899 8,600 Total
current liabilities 106,753 116,618 Long-term debt, net of current
maturities 487,832 472,923 Liabilities under capital lease 16,831
19,236 Non-current deferred tax liability 9,794 7,157 Pension,
other post-retirement and post-employment obligations 64,538 65,026
Other long-term liabilities 9,256 7,858
Stockholders' deficit
Preferred stock - - Common stock 16 16 Paid-in capital 432,220
430,823 Accumulated deficit (448,162 ) (443,066 ) Accumulated other
comprehensive loss (109,006 ) (134,678 ) Total
stockholders' deficit (124,932 ) (146,905 ) Total
liabilities and stockholders' deficit $ 570,072 $ 541,913
Xerium Technologies, Inc. Unaudited
Consolidated Statement of Operations and Comprehensive Income
(Loss) (Dollars in thousands, except per share data)
Three Months Ended
September 30,
2017 2016
Net Sales $ 118,451 $ 119,191 Costs and expenses: Cost of
products sold 74,114 75,385 Selling 15,664 15,816 General and
administrative 11,606 12,644 Research and development 1,613 1,786
Restructuring (540 ) 2,493 102,457
108,124 Income from operations 15,994 11,067
Interest expense, net (13,087 ) (12,216 ) Loss on extinguishment of
debt - (11,736 ) Foreign exchange gain (loss) 56
(429 ) Income (loss) before provision for income taxes 2,963
(13,314 ) Provision for income taxes (1,814 ) (25 )
Net income (loss) $ 1,149 $ (13,339 ) Comprehensive income
(loss) $ 13,916 $ (10,988 ) Net income (loss) per share:
Basic $ 0.07 $ (0.83 ) Diluted $ 0.07 $ (0.83 )
Shares used in computing net income (loss) per share: Basic
16,343,151 16,063,140 Diluted
16,612,359 16,063,140
Xerium
Technologies, Inc. Unaudited Consolidated Statements of Cash
Flows (Dollars in thousands)
Nine Months Ended September 30, 2017
2016 Operating activities Net
loss $ (5,096 ) $ (12,673 ) Adjustments to reconcile net loss to
net cash (used in) provided by
operating activities:
Stock-based compensation 2,249 2,123 Depreciation 23,630 24,206
Amortization of intangibles 810 573 Deferred financing cost
amortization 2,722 2,234 Foreign exchange loss on revaluation of
debt 1,064 43 Deferred taxes 5,362 (3,066 ) Asset impairment 94 -
(Gain) loss on disposition of property and equipment (127 ) 50 Loss
on extinguishment of debt 32 11,736 Provision (benefit) for
doubtful accounts 537 (74 ) Change in assets and liabilities which
(used) provided cash: Accounts receivable (3,474 ) 1,303
Inventories (3,430 ) 5,400 Prepaid expenses (5,127 ) (613 ) Other
current assets (694 ) (1,573 ) Accounts payable and accrued
expenses (16,782 ) (9,197 ) Deferred and other long-term
liabilities (2,815 ) 1,495 Net cash (used in)
provided by operating activities (1,045 ) 21,967
Investing activities Capital expenditures (11,205 ) (9,614 )
Proceeds from disposals of property and equipment 676 94
Acquisition costs - (16,225 ) Net cash used in
investing activities (10,529 ) (25,745 )
Financing
activities Proceeds from borrowings 101,980 541,500 Net
increase in notes payable - 1,121 Principal payments on debt
(87,837 ) (510,836 ) Payment of financing fees (378 ) (22,807 )
Payment of obligations under capital leases (4,448 ) (2,994 )
Employee taxes paid on equity awards (852 ) (1,791 )
Net cash provided by financing activities 8,465 4,193 Effect of
exchange rate changes on cash flows 182 (1,874
) Net decrease in cash (2,927 ) (1,459 ) Cash and cash equivalents
at beginning of period 12,808 9,839
Cash and cash equivalents at end of period $ 9,881 $ 8,380
NON-GAAP FINANCIAL
MEASURES
This press release includes measures of performance that differ
from the Company's financial results as reported under generally
accepted accounting principles ("GAAP"). Management of the Company
uses supplementary non-GAAP measures, including EBITDA, Free Cash
Flow, Net Debt, Adjusted EBITDA and Adjusted EPS, internally to
assist in evaluating its liquidity and financial and operational
performance. Therefore, the Company believes these non-GAAP
measures may also be useful to investors and financial analysts.
EBITDA and Free Cash Flow are specifically used in evaluating the
ability to service indebtedness and to fund ongoing capital
expenditures. Net Debt presents a view of the overall change in
leverage from quarter to quarter. Adjusted EBITDA and Adjusted EPS
exclude certain items the Company does not believe to be indicative
of on-going business trends in order to better analyze historical
and future business trends on a consistent basis. EBITDA, Free Cash
Flow, Net Debt, Adjusted EBITDA and Adjusted EPS should not be
considered in isolation or as a substitute for net income (loss),
net cash (used in) provided by operating activities, total debt or
net income (loss) per share.
When we provide our expectations for adjusted EBITDA on a
forward-looking basis, we exclude certain significant items. A
reconciliation of differences between this non-GAAP expectation and
the corresponding GAAP measure (expected net income (loss))
generally is not available without unreasonable effort due to
potentially high variability, complexity and low visibility as to
the significant items, such as taxes, that would be included in the
GAAP measure of net income (loss). This item is uncertain and
depends on various factors. The variability of the excluded item
may have a significant, and potentially unpredictable, impact on
our future GAAP results. For the same reasons, the company is
unable to address the probable significance of the unavailable
information, which could be material to the company’s future
financial results. Our expectation of full year Free Cash Flow of
low teens assumes operating cash flow of low to mid twenties and
capital expenditures of low to mid teens.
For additional information regarding non-GAAP financial measures
and a reconciliation of such measures to the most comparable
financial measures under GAAP, please see the applicable tables
within this press release. In addition, the information in this
press release should be read in conjunction with the corresponding
exhibits, financial statements and footnotes contained in our
Annual Report on Form 10-K for the year ended December 31, 2016
filed with the Securities and Exchange Commission on March 1, 2017
and our presentation that will accompany our conference call.
NET SALES
Table 1 summarizes Q3 net sales and the effect of currency
translation rates. The column “$ Change Excluding Currency” is
calculated taking the difference between Q3 2017 net sales at Q3
2016 FX rates (in US dollars) less Q3 2016 reported net sales.
Table 1
Net Sales For The Three
Months Ended
September 30,
2017
2016
$
Change
%
Change
$ Change
Excluding
Currency
% Change
Excluding
Currency
Roll Covers $ 45,838 $ 48,158 $ (2,320 ) (4.8 %) $
(2,991 ) (6.2 %) Machine Clothing 72,613
71,033 1,580
2.2 % 609 0.9 % Total $ 118,451
$ 119,191 $ (740 )
(0.6 %) $ (2,382 ) (2.0 %)
ADJUSTED EBITDA
Table 2 summarizes Q3 adjusted EBITDA and the effect of currency
translation rates. The column “$ Change Excluding Currency” is
calculated taking the difference between Q3 2017 adjusted EBITDA at
Q3 2016 FX rates (in US dollars) less Q3 2016 reported adjusted
EBITDA.
Table 2
Adjusted EBITDA For the
Three Months Ended
September 30,
2017
2016
$
Change
%
Change
$ Change
Excluding
Currency
% Change
Excluding
Currency
Roll Covers $ 8,976 $ 8,826 $ 150 1.7 % $ (98
) (1.1 %) Machine Clothing 17,852 17,499 353 2.0 % 616 3.5 %
Corporate (3,062 ) (3,042 )
(20 ) 0.7 %
15 (0.5 %) Total $ 23,766
$ 23,283 $
483 2.1 % $ 533
2.3 %
BASIC ADJUSTED EARNINGS PER
SHARE
Table 3 represents a reconciliation of basic net income (loss)
per share to basic adjusted earnings per share for the three months
ended September 30, 2017 and 2016:
Table 3 Three Months Ended September
30, 2017 2016 Basic net income (loss) per
share $ 0.07 $ (0.83) Adjustments: Debt
extinguishment - 0.73 Restructuring expense (0.05) 0.14 Valuation
allowance and cumulative tax adjustments 0.09 (0.06) Plant start-up
costs - 0.04 Unrealized foreign exchange (gain) loss (0.02) 0.02
Other non-recurring expenses - 0.01 Basic
adjusted earnings per share $ 0.09 $
0.05
EBITDA AND ADJUSTED
EBITDA
EBITDA is defined as net income (loss) before interest expense,
income tax provision (benefit) and depreciation (including non-cash
impairment charges) and amortization.
"Adjusted EBITDA" means, with respect to any period, the total
of (A) the consolidated net income for such period, plus (B)
without duplication, to the extent that any of the following were
deducted in computing such consolidated net income (loss) for such
period: (i) provision for taxes based on income or profits,
including, without limitation, federal, state, provincial,
franchise and similar taxes, including any penalties and interest
relating to any tax examinations, (ii) consolidated interest
expense, (iii) consolidated depreciation and amortization expense,
(iv) reserves for inventory in connection with plant closures, (v)
consolidated operational restructuring costs, (vi) noncash charges
resulting from the application of purchase accounting, including
push-down accounting, (vii) non-cash expenses resulting from the
granting of common stock, stock options, restricted stock or
restricted stock unit awards under equity compensation programs
solely with respect to common stock, and cash expenses for
compensation mandatorily applied to purchase common stock, (viii)
non-cash items relating to a change in or adoption of accounting
policies, (ix) non-cash expenses relating to pension or benefit
arrangements, (x) expenses incurred as a result of the repurchase,
redemption or retention of common stock earned under equity
compensation programs solely in order to make withholding tax
payments, (xi) amortization or write-offs of deferred financing
costs, (xii) any non-cash losses resulting from mark to market
hedging obligations (to the extent the cash impact resulting from
such loss has not been realized in such period), (xiii) unrealized
foreign currency losses and (xiv) other non-cash losses or charges
(excluding, however, any non-cash loss or charge which represents
an accrual of, or a reserve for, a cash disbursement in a future
period), minus (C) without duplication, to the extent any of the
following were included in computing consolidated net income (loss)
for such period, (i) unrealized foreign currency gains and (ii)
non-cash gains with respect to the items described in clauses (vi),
(vii), (ix), (xi), (xii) and xiv (other than, in the case of clause
(xiv), any such gain to the extent that it represents a reversal of
an accrual of, or reserve for, a cash disbursement in a future
period) of clause (B) above and (iii) provisions for tax benefits
based on income or profits. Notwithstanding the foregoing, Adjusted
EBITDA, as defined and calculated below, may not be comparable to
similarly titled measurements used by other companies.
Consolidated net income (loss) is defined as net income (loss)
determined on a consolidated basis in accordance with GAAP;
provided, however, that the following, without duplication, shall
be excluded in determining consolidated net income (loss): (i) any
net after-tax extraordinary or non-recurring gains, losses or
expenses (less all fees and expenses relating thereto), (ii) the
cumulative effect of changes in accounting principles, (iii) any
fees and expenses incurred during such period in connection with
the issuance or repayment of indebtedness, any refinancing
transaction or amendment or modification of any debt instrument, in
each case and (iv) any cancellation of indebtedness income. Table 4
provides a reconciliation from net income (loss), which is the most
directly comparable GAAP financial measure, to EBITDA and Adjusted
EBITDA.
Adjusted EBITDA Definition
Modification
During the 4th quarter of 2016, the Company modified its
definition of Adjusted EBITDA to exclude unrealized foreign
exchange gains and losses from this non-GAAP measure. This change
enhances investor insight into the Company’s operational
performance. In previous filings, Q3 2016 Adjusted EBITDA was
stated at $22.9 million based on the definition previously
used.
Table 4
Three Months Ended
September 30,
Trailing Twelve
Months Ended
September 30, 2017
Twelve
Months Ended
December 31, 2016
2017 2016
Net income (loss) $ 1,149 $ (13,339 ) $
(14,041 ) $ (21,618 ) Stock-based compensation 203 697 1,551 2,612
CEO transition stock-based compensation - - 1,187 - Depreciation
7,968 8,125 31,539 32,115 Amortization of intangibles 264 269 1,078
841 Deferred financing cost amortization 911 692 3,551 3,063
Foreign exchange loss (gain) on revaluation of debt 530 (109 )
(2,246 ) (3,267 ) Deferred tax expense 5,050 (2,269 ) 8,647 219
Asset impairment 39 - 94 - (Gain) loss on disposition of property
and equipment (42 ) (29 ) (127 ) 50 Loss on extinguishment of debt
- 11,736 234 11,938 Net change in operating assets and liabilities
(20,116 ) (938 )
(17,970 ) 10,556
Net cash (used in)
provided by operating activities (4,044 ) 4,835 13,497 36,509
Interest expense, excluding amortization 12,176 11,524 49,020
43,092 Net change in operating assets and liabilities 20,116 938
17,970 (10,556 ) Current portion of income tax (benefit) expense
(3,236 ) 2,294 4,399 9,063 Stock-based compensation (203 ) (697 )
(1,551 ) (2,612 ) CEO transition stock-based compensation - -
(1,187 ) - Asset impairment (39 ) - (94 ) - Foreign exchange (loss)
gain on revaluation of debt (530 ) 109 2,246 3,267 Gain (loss) on
disposition of property and equipment 42 29 127 (50 ) Loss on
extinguishment of debt -
(11,736 ) (234 ) (11,938 )
EBITDA 24,282 7,296 84,193 66,775 Loss on extinguishment of
debt - 11,736 234 11,938 Stock-based compensation 203 697 1,551
2,612 CEO transition expenses 15 - 3,054 - Operational
restructuring expenses (540 ) 2,493 5,757 10,362 Other
non-recurring expenses 33 85 511 1,116 Plant startup costs 37 573
1,001 2,176 Unrealized foreign exchange (gain) loss (264 )
403 1,616
313
Adjusted EBITDA $ 23,766
$ 23,283 $ 97,917
$ 95,292
FREE CASH FLOW
Table 5 summarizes free cash flow which is defined as net cash
(used in) provided by operating activities less capital
expenditures plus proceeds from disposals of property and
equipment.
Table 5 Three Months
Ended September 30, 2017
2016 Net cash (used in) provided
by operating activities $ (4,044 ) $ 4,835 Capital expenditures
(2,688 ) (3,665 ) Proceeds from disposals of property and equipment
386 - Free Cash
flow $ (6,346 ) $ 1,170
NET DEBT
Table 6 summarizes net debt which is defined as GAAP total debt
less cash and deferred financing fees and net debt leverage which
is defined as net debt divided by trailing twelve month Adjusted
EBITDA.
Table 6 September 30,
2017 December 31, 2016 Total
debt (including capital leases) $ 523,787 $ 508,087 less cash
(9,881 ) (12,808 ) less deferred financing fees 14,031
16,436 Net debt $ 527,937
$ 511,715 Trailing twelve month adjusted EBITDA $ 97,917
$ 95,292 Net debt leverage 5.4
5.4
FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements. The
words "will", "believe," "estimate," "expect," "intend,"
"anticipate," "goals," variations of such words, and similar
expressions identify forward-looking statements, but their absence
does not mean that the statement is not forward-looking. The
forward-looking statements in this release include statements
regarding our full year EBITDA and adjusted EBITDA performance,
anticipated sales performance, capital expenditures, cost savings
measures, future efforts to improve overall performance and free
cash flow. Forward-looking statements are not guarantees of future
performance, and actual results may vary materially from the
results expressed or implied in such statements. Differences may
result from actions taken by us, as well as from risks and
uncertainties beyond our control. These risks and uncertainties
include the following items: (1) we may not realize the EBITDA and
adjusted EBITDA performance we are projecting; (2) our expected
sales performance and our backlog of sales may not be fully
realized; (3) our cost reduction efforts, including our
restructuring activities, may not have the positive impacts we
anticipate; (4) our plans to develop and market new products,
enhance operational efficiencies and reduce costs may not be
successful; (5) market improvement in our industry may occur more
slowly than we anticipate, may stall or may not occur at all; (6)
variations in demand for our products, including our new products,
could negatively affect our revenues and profitability; (7) our
manufacturing facilities may be required to quickly increase or
decrease production, which could negatively affect our production
facilities, customer order lead time, product quality, labor
relations or gross margin; and (8) the other risks and
uncertainties discussed elsewhere in this press release, our Form
10-K for the year ended December 31, 2016 filed on March 1, 2017
and our other SEC filings. If any of these risks or uncertainties
materialize, or if our underlying assumptions prove to be
incorrect, actual results may vary significantly from what we
projected. Any forward-looking statement in this press release
reflects our current views with respect to future events. Except as
required by law, we assume no obligation to update or revise these
forward-looking statements for any reason, whether as a result of
new information, future events, or otherwise. As discussed above,
we are subject to substantial risks and uncertainties related to
current economic conditions, and we encourage investors to refer to
our SEC filings for additional information. Copies of these filings
are available from the SEC and in the investor relations section of
our website at www.xerium.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171030006223/en/
Xerium Technologies, Inc.Cliff Pietrafitta, 919-526-1403Chief
Financial Officer
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