Xerium Technologies, Inc. (NYSE:XRM):
Fourth Quarter
Highlights
- Q4 2017 net sales of $122.4 million
compared to $113.2 million in 2016, an increase of 8% (see Table
1).
- Q4 2017 operating income of $9.6
million, compared to $8.8 million in 2016, an increase of 8%.
- Q4 2017 net loss of $(9.6) million
compared to Q4 2016 net loss of $(8.9) million. Q4 2017 adjusted
EBITDA of $22.7 million, compared to $20.4 million in 2016, an
increase of 11% (see Table 3 and Table 5 and “Non-GAAP Financial
Measures” below).
- Q4 2017 GAAP operating cash flow of
$25.8 million, capital expenditures of $(1.8) million and proceeds
on asset sales of $1.8 million resulted in free cash flow of $25.8
million (see Table 6 and “Non-GAAP Financial Measures” below).
- Total debt at December 31, 2017 was
$508.9 million compared to $523.8 million at September 30, 2017.
Net debt declined to $504.7 million, or 5.0x adjusted EBITDA at
December 31, 2017 from $527.9 million, or 5.4x adjusted EBITDA at
the end of Q3 2017. (see Table 7 and “Non-GAAP Financial Measures”
below).
Full Year
Highlights
- Full year 2017 net sales of $481.0
million compared to $471.3 million in 2016, an increase of 2% (see
Table 2).
- Full year 2017 operating income of
$54.8 million compared to $46.1 million in 2016, an increase of
19%.
- Full year 2017 net loss of $(14.6)
million improved over the 2016 full year loss of $(21.6) million.
Full year 2017 adjusted EBITDA of $100.2 million compared to $95.3
million in 2016, an increase of 5% (see Table 4 and Table 5 and
“Non-GAAP Financial Measures” below).
- Full year 2017 GAAP operating cash flow
of $24.7 million, capital expenditures of $(13.0) million and
proceeds on asset sales of $2.5 million resulted in free cash flow
of $14.2 million (see Table 6 and “Non-GAAP Financial Measures”
below).
Xerium Technologies, Inc. (NYSE:XRM), a leading global provider
of industrial consumable products and services, today reported
fourth quarter and full year 2017 financial results.
Mark Staton, President and Chief Executive Officer said, “2017
was a solid year of improvement in operating results, driven by
market success of our growth initiatives and supported by improved
end-market stability. Higher sales combined with greater
organizational focus and improved execution enabled full-year
adjusted EBITDA growth of 5%. Discipline and focus also led to
impressive fourth quarter free cash generation in excess of $25
million.”
Staton continued, “Looking to the year ahead, we see a
continuation of the improved end-market environment, which coupled
with lower cash restructuring and global cash tax requirements
positions the company to meaningfully execute on its debt reduction
plans in 2018.”
Quarterly Consolidated
Results
Q4 net sales were $122.4 million, an increase of 5.0%
year-over-year on a constant currency basis. The increase was
largely due to a 14.0% increase in roll sales related primarily to
stronger volumes in North America and Europe. Q4 machine clothing
sales were down 0.8%, at constant currency rates, as negative
product and customer mix was partially offset by improved sales
volume. Order backlogs are down 2% to $168.6 million from Q4 2016
but up 1% from Q3 2017. Table 1 summarizes Q4 net sales and the
effect of currency translation rates.
Q4 2017 gross profit was $44.1 million, or 36.1% of net sales,
compared to $41.9 million, or 37.1% of net sales, in Q4 2016. Rolls
and service gross margin increased to 33.5% in Q4 2017, from a
gross margin of 31.4% in Q4 2016. The increase was primarily due to
production efficiencies in North America. Machine clothing gross
margin declined to 37.9% in Q4 2017 from 40.6% in Q4 2016. The
decline in machine clothing gross margin was primarily due to
unfavorable product and customer mix and negative overhead
absorption as inventory levels were reduced from a temporary build
up earlier in the year.
SG&A expenses (including Selling, G&A and R&D
expenses) were $30.2 million, or 24.6% of net sales, in Q4 2017,
versus $30.9 million, or 27.3% of net sales, in Q4 2016. The
decrease in SG&A expenses was primarily attributable to savings
achieved through the Company’s cost-out initiatives.
Q4 2017 basic loss per share was $(0.58) versus Q4 2016 of
$(0.55), due to higher restructuring costs and tax expense,
partially offset by improved operating performance.
GAAP operating income in Q4 2017 was $9.6 million, or 7.8% of
net sales, an increase of 8.5% compared to Q4 2016 operating income
of $8.8 million, or 7.8% of net sales. Q4 2017 adjusted EBITDA
improved 11.3% to $22.7 million, or 18.6% of net sales, compared to
$20.4 million, or 18.0% of net sales in 2016. 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 certain
non-recurring expenses. For a full reconciliation, refer to Table
5.
Cash taxes were $1.2 million in Q4 2017. Full year 2017 cash
taxes were $9.7 million. 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. The Company expects the Tax Cuts and Jobs Act, which
was enacted at the end of 2017, to be cash neutral in 2017. Going
forward, while the benefit of corporate interest deductions will be
limited, the Company will begin to utilize its historic U.S. net
operating loss carryforwards and the effects will remain cash
neutral into the mid-2020s.
The Company generated GAAP operating cash flow of $25.8 million
and free cash flow of $25.8 million during Q4 2017. Net debt was
$504.7 million at the end of Q4 2017 compared to $527.9 million at
the end of Q3 2017 (see Table 7 for a reconciliation to total
debt). The Company’s net debt leverage ratio decreased from 5.4x at
the end of Q3 2017 to 5.0x at December 31, 2017. The Company plans
to utilize its free cash flow to pay down debt and de-lever over
the remainder of its debt maturities.
2018 Outlook
The Company will discuss the current industry outlook, as well
as company specific factors that will drive its expected 2018
results on its live conference call, which will be available for
replay at www.xerium.com/investor-relations.
CONFERENCE CALL
The Company plans to hold a conference call
this evening:
Date: February 28, 2018 Start Time: 5:00 p.m. Eastern Time Domestic
Dial-In: +1-844-818-4921 International Dial-In: +1-484-880-4582
Conference ID: 1394069
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 2,850 employees.
Xerium Technologies, Inc. Condensed Consolidated
Balance Sheets (Dollars in thousands)
December 31, December 31, 2017
2016 ASSETS Current assets: Cash and cash equivalents
$ 17,253 $ 12,808 Accounts receivable, net 76,633 68,667
Inventories, net 74,725 70,822 Prepaid expenses 11,335 6,325 Other
current assets 15,316 15,784 Total
current assets 195,262 174,406 Property and equipment, net 282,378
284,101 Goodwill 64,783 56,783 Intangible assets 5,965 7,330
Non-current deferred tax asset 10,103 10,737 Other assets
9,358 8,556 Total assets $ 567,849 $
541,913
LIABILITIES AND STOCKHOLDERS’
DEFICIT
Current liabilities: Notes payable $ 8,398 $ 7,328 Accounts payable
39,856 36,158 Accrued expenses 64,155 64,532 Current maturities of
long-term debt 10,614 8,600 Total
current liabilities 123,023 116,618 Long-term debt, net of current
maturities and deferred financing costs 473,904 472,923 Liabilities
under capital lease 15,952 19,236 Non-current deferred tax
liability 12,897 7,157 Pension, other post-retirement and
post-employment obligations 69,205 65,026 Other long-term
liabilities 9,334 7,858
Stockholders’ deficit
Preferred stock - - Common stock 16 16 Paid-in capital 432,489
430,823 Accumulated deficit (457,712 ) (443,066 ) Accumulated other
comprehensive loss (111,259 ) (134,678 )
Total stockholders’ deficit
(136,466 ) (146,905 )
Total liabilities and stockholders’
deficit
$ 567,849 $ 541,913
Xerium
Technologies, Inc. Consolidated Statements of Operations and
Comprehensive (Loss) Income (Dollars in thousands, except
per share data)
Three Months Ended Year Ended
December 31, December 31, 2017 2016
2017 2016 Net sales $ 122,392 $ 113,188 $ 481,048 $
471,317 Costs and expenses: Cost of products sold 78,261 71,247
296,199 293,842 Selling 15,576 15,538 62,850 62,810 General and
administrative 13,032 13,486 52,752 51,063 Research and development
1,558 1,829 6,581 7,100 Restructuring 4,386
2,259 7,884 10,362
112,813 104,359 426,266
425,177 Income from operations 9,579 8,829 54,782 46,140
Interest expense, net (13,184 ) (12,940 ) (52,815 ) (46,155 ) Loss
on debt extinguishment - (202 ) (32 ) (11,938 ) Foreign exchange
(loss) gain (627 ) 94 (2,942 )
(383 ) Loss before provision for income taxes (4,232 ) (4,219 )
(1,007 ) (12,336 ) Provision for income taxes (5,318 )
(4,725 ) (13,639 ) (9,282 ) Net loss $ (9,550
) $ (8,944 ) $ (14,646 ) $ (21,618 ) Comprehensive (loss) income $
(11,803 ) $ (37,497 ) $ 8,773 $ (34,604 ) Net loss per
share: Basic $ (0.58 ) $ (0.55 ) $ (0.90 ) $ (1.35 ) Diluted $
(0.58 ) $ (0.55 ) $ (0.90 ) $ (1.35 ) Shares used in computing net
loss per share: Basic 16,367,988 16,127,451
16,282,536 15,994,467 Diluted
16,367,988 16,127,451 16,282,536
15,994,467
Xerium
Technologies, Inc. Consolidated Statement of Cash Flows
(Dollars in thousands)
Year EndedDecember 31,
2017 2016 Operating activities
Net loss $ (14,646 ) $ (21,618 )
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Stock-based compensation 2,518 2,612 Depreciation 31,740 32,115
Amortization of intangibles 1,365 841 Deferred financing cost
amortization 3,634 3,063 Foreign exchange loss (gain) on
revaluation of debt 1,135 (3,267 ) Deferred taxes 8,516 219 Asset
impairment 107 - Loss on disposition of property and equipment 136
50 Pension settlement loss 921 - Loss on extinguishment of debt 32
11,938 Provision for doubtful accounts 574 275 Change in assets and
liabilities which (used) provided cash: Accounts receivable (4,424
) 1,677 Inventories 1,477 3,746 Prepaid expenses (4,941 ) 332 Other
current assets 656 (1,284 ) Accounts payable and accrued expenses
(737 ) 4,504 Deferred and other long-term liabilities and assets
(3,348 ) 1,306 Net cash provided by operating
activities 24,715 36,509
Investing activities Capital
expenditures (13,033 ) (13,706 ) Proceeds from disposals of
property and equipment 2,496 117 Acquisition costs (1,199 )
(16,225 ) Net cash used in investing activities (11,736 )
(29,814 )
Financing activities Proceeds from
borrowings 108,889 565,553 Net increase in notes payable - 1,121
Principal payments on debt (109,587 ) (539,711 ) Payment of
financing fees (367 ) (23,496 ) Payment of obligations under
capital leases (5,985 ) (3,950 ) Employee taxes paid on equity
awards (852 ) (1,843 ) Net cash used in financing
activities (7,902 ) (2,326 ) Effect of exchange rate changes on
cash flows (632 ) (1,400 ) Net increase in cash 4,445
2,969 Cash and cash equivalents at beginning of year 12,808
9,839 Cash and cash equivalents at end of year
$ 17,253 $ 12,808
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 and adjusted EBITDA, 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 excludes 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 and adjusted
EBITDA should not be considered in isolation or as a substitute for
net income (loss), net cash (used in) provided by operating
activities or total debt.
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, 2017
filed with the Securities and Exchange Commission on February 28,
2018 and our presentation that will accompany our conference call
this evening.
NET SALES
Table 1 and Table 2 summarize Q4 and full year
2017 net sales and the effect of currency translation rates. The
column “$ Change Excluding Currency” is calculated taking the
difference between Q4 and full year 2017 net sales at Q4 and full
year 2016 FX rates (in US dollars) less Q4 and full year 2016
reported net sales.
Table 1
Net Sales For theThree Months
Ended
(Dollars in
thousands)
December 31, 2017
2016
$ Change
% Change
$
ChangeExcludingCurrency
%
ChangeExcludingCurrency
Roll Covers $ 51,656 $ 44,004 $ 7,652 17.4 % $ 6,149 14.0 % Machine
Clothing 70,736 69,184
1,552 2.2 % (528 )
(0.8 %) Total $ 122,392 $ 113,188
$ 9,204 8.1 % $ 5,621
5.0 %
Table 2
Net Sales For theYear
Ended
(Dollars in
thousands)
December 31,
2017
2016
$ Change
% Change
$
ChangeExcludingCurrency
%
ChangeExcludingCurrency
Roll Covers $ 192,779 $ 184,944 $ 7,835 4.2 % $ 7,000 3.8 % Machine
Clothing 288,269 286,373
1,896 0.7 % 945
0.3 % Total $ 481,048 $ 471,317
$ 9,731 2.1 % $ 7,945
1.7 %
ADJUSTED EBITDA
Table 3 and Table 4 summarize Q4 and full year
2017 adjusted EBITDA and the effect of currency translation rates.
The column “$ Change Excluding Currency” is calculated taking the
difference between Q4 and full year 2017 adjusted EBITDA at Q4 and
full year 2016 FX rates (in US dollars) less Q4 and full year 2016
reported adjusted EBITDA.
Table 3
Adjusted EBITDA For theThree
Months Ended
(Dollars in thousands)
December 31,
2017 2016
$ Change
% Change
$
ChangeExcludingCurrency
%
ChangeExcludingCurrency
Roll Covers $ 10,723 $ 7,847 $ 2,876 36.7 % $ 2,463
31.4 % Machine Clothing 17,044 17,813 (769 ) (4.3 %) (858 ) (4.8 %)
Corporate (5,044 ) (5,245 )
201 3.8 %
445 8.5 % Total $ 22,723
$ 20,415 $ 2,308 11.3 %
$ 2,050 10.0 %
Table 4
Adjusted EBITDA For theYear
Ended
(Dollars in thousands)
December 31, 2017 2016
$ Change
% Change
$
ChangeExcludingCurrency
%
ChangeExcludingCurrency
Roll Covers $ 40,060 $ 36,458 $ 3,602 9.9 % $ 3,158 8.7 % Machine
Clothing 76,600 75,114 1,486 2.0 % 3,424 4.6 % Corporate
(16,435 ) (16,280 ) (155
) (1.0 %) 59
0.4 % Total $ 100,225 $ 95,292
$ 4,933 5.2 % $
6,641 7.0 %
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 5 provides a reconciliation from net income (loss),
which is the most directly comparable GAAP financial measure, to
EBITDA and adjusted EBITDA.
Table 5
(Dollars in thousands)
Q4
Full Year
Trailing TwelveMonths Ended
2017
2016
2017
2016
September 30,2017
Net loss $ (9,550 ) $
(8,944 ) $ (14,646 ) $
(21,618 ) $ (14,041 ) Stock-based
compensation 269 489 1,331 2,612 1,551 CEO transition stock-based
compensation — — 1,187 — 1,187 Depreciation 8,110 7,909 31,740
32,115 31,539 Amortization of other intangibles 555 268 1,365 841
1,078 Deferred financing cost amortization 912 828 3,634 3,063
3,551 Foreign exchange loss (gain) on revaluation of debt 71 (3,310
) 1,135 (3,267 ) (2,246 ) Deferred taxes 3,154 3,285 8,516 219
8,647 Asset impairments 13 — 107 — 94 Pension settlement loss — —
921 — 921 Loss (gain) on disposition of property and equipment 263
— 136 50 (127 ) Loss on extinguishment of debt — 202 32 11,938 234
Change in assets and liabilities which provided (used) cash
21,963 13,815 (10,743 ) 10,556
(18,891 )
Net cash provided by operating
activities 25,760 14,542 24,715
36,509 13,497 Interest expense, excluding
amortization 12,272 12,111 49,181 43,092 49,020 Change in assets
and liabilities which (provided) used cash (21,963 ) (13,815 )
10,743 (10,556 ) 18,891 Current portion of income tax expense 2,164
1,440 5,123 9,063 4,399 Stock-based compensation (269 ) (489 )
(1,331 ) (2,612 ) (1,551 ) CEO transition stock-based compensation
— — (1,187 ) — (1,187 ) Pension settlement loss — — (921 ) — (921 )
Foreign exchange (loss) gain on revaluation of debt (71 ) 3,310
(1,135 ) 3,267 2,246 Asset Impairment (13 ) — (107 ) — (94 ) (Loss)
gain on disposition of property and equipment (263 ) — (136 ) (50 )
127 Loss on extinguishment of debt — (202 )
(32 ) (11,938 ) (234 )
EBITDA
17,617 16,897 84,913 66,775
84,193 Operational restructuring 4,386 2,259 7,884 10,362
5,757 Loss on extinguishment of debt — 202 32 11,938 234 Other
non-recurring (income) expenses (25 ) 364 122 1,116 511 CEO
transition expenses 9 — 3,063 — 3,054 Stock-based compensation 269
489 1,331 2,612 1,551 Plant startup costs 38 318 721 2,176 1,001
Unrealized foreign exchange loss (gain) 429
(114 ) 2,159 313 1,616
Adjusted EBITDA 22,723
20,415 100,225
95,292 97,917
FREE CASH FLOW
Table 6 summarizes free cash flow which is
defined as net cash provided by operating activities less capital
expenditures plus proceeds from disposals of property and
equipment.
Table 6 (Dollars in thousands)
Q4 Full Year 2017
2016 2017 2016 Net cash
provided by operating activities $ 25,760 $ 14,542 $ 24,715 $
36,509 Capital expenditures (1,828 ) (4,092 ) (13,033 ) (13,706 )
Proceeds from disposals of property and equipment 1,820
23 2,496 117 Free
Cash flow $ 25,752 $ 10,473 $ 14,178 $ 22,920
NET DEBT
Table 7 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 7 (Dollars in thousands)
December 31,2017
September 30,2017
December 31,2016
Total debt (including capital leases) $ 508,868 $ 523,787 $
508,087 less cash (17,253 ) (9,881 ) (12,808 ) less deferred
financing fees 13,102 14,031
16,436 Net debt $ 504,717 $ 527,937 $ 511,715 Trailing
twelve month adjusted EBITDA $ 100,225 $ 97,917 $
95,292 Net debt leverage 5.0 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 anticipated cash restructuring and cash tax
requirements and debt reduction plans. 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 financial 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 Annual
Report on Form 10-K for the year ended December 31, 2017 filed on
February 28, 2018 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 publicly
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/20180228006284/en/
Xerium Technologies, Inc.Cliff PietrafittaChief Financial
OfficerInvestor relations line: 919-526-1444
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