Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - XERIUM TECHNOLOGIES INC | d251823d8k.htm |
| EX-99.1 - PRESS RELEASE - XERIUM TECHNOLOGIES INC | d251823dex991.htm |
| EX-99.2 - SUPPLEMENTAL PRESENTATION OF SELECTED DATA - XERIUM TECHNOLOGIES INC | d251823dex992.htm |
EXHIBIT 99.3
Xerium Technologies, Inc.
Reconciliation of Trailing Twelve Month Bank Adjusted EBITDA (in thousands)
| Q4 2008 | Q1 2009 | Q2 2009 | Q3 2009 | Q4 2009 | Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | Q1 2011 | Q2 2011 | Q3 2011 | |||||||||||||||||||||||||||||||||||||
| Net Income (loss) |
$ | (4,350 | ) | $ | (9,448 | ) | $ | 1,601 | $ | (7,381 | ) | $ | (96,765 | ) | $ | (30,157 | ) | $ | (40,011 | ) | $ | (3,656 | ) | $ | 738 | $ | 647 | $ | 1,622 | $ | 3,488 | |||||||||||||||||
| Goodwill impairment |
— | — | — | — | 80,600 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Stock-based compensation |
3,513 | 161 | 885 | 778 | 481 | 2,103 | 1,356 | 1,756 | 2,098 | 1,250 | 831 | 172 | ||||||||||||||||||||||||||||||||||||
| Depreciation |
9,652 | 9,205 | 9,547 | 10,269 | 10,518 | 9,871 | 9,511 | 9,644 | 9,937 | 10,232 | 10,686 | 10,655 | ||||||||||||||||||||||||||||||||||||
| Amortization of intangibles |
579 | 583 | 583 | 582 | 580 | 580 | 579 | 578 | 581 | 576 | 576 | 577 | ||||||||||||||||||||||||||||||||||||
| Curtailment/settlement gain |
— | — | — | — | — | — | — | — | — | — | — | 425 | ||||||||||||||||||||||||||||||||||||
| Deferred financing cost amortization |
1,131 | 1,536 | 1,158 | 1,201 | 1,522 | 1,575 | 3,908 | 238 | 232 | 236 | 366 | 1,011 | ||||||||||||||||||||||||||||||||||||
| Unrealized foreign exhange (gain) loss on revaluation of debt |
(7,762 | ) | (482 | ) | (88 | ) | (1,149 | ) | 93 | 149 | 693 | (1,567 | ) | (896 | ) | (610 | ) | (804 | ) | 2,484 | ||||||||||||||||||||||||||||
| Deferred taxes |
(3,530 | ) | 633 | 806 | 1,396 | 4,751 | 558 | 2,174 | 1,573 | 4,309 | 660 | 549 | 1,037 | |||||||||||||||||||||||||||||||||||
| (Gain) loss on disposition of property and equipment |
(443 | ) | (1,233 | ) | (783 | ) | (8 | ) | 45 | 86 | 23 | (171 | ) | (2,043 | ) | (538 | ) | (26 | ) | (40 | ) | |||||||||||||||||||||||||||
| Asset impairment |
3,517 | — | — | 1,667 | 2 | — | 748 | 2,123 | 19 | (0 | ) | — | — | |||||||||||||||||||||||||||||||||||
| Non-cash interest expense related to interest rate swaps |
468 | 397 | 396 | 859 | 2,165 | 3,211 | 2,147 | 2,160 | 2,203 | 0 | — | — | ||||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt |
— | — | — | — | — | (0 | ) | — | — | — | — | 2,926 | — | |||||||||||||||||||||||||||||||||||
| Non-cash reorganization expenses |
— | — | — | — | — | 14,283 | 14,400 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Reorganization expenses accrued |
— | — | — | — | — | — | 4,546 | (3,231 | ) | (1,200 | ) | (115 | ) | 115 | — | |||||||||||||||||||||||||||||||||
| Net change in operating assets and liabilities |
21,452 | (9,195 | ) | (13,781 | ) | 3,093 | 8,350 | 2,575 | (7,066 | ) | (3,821 | ) | 1,291 | (12,540 | ) | (9,886 | ) | 4,266 | ||||||||||||||||||||||||||||||
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| Net cash provided by (used in) operating activities |
24,232 | (7,842 | ) | 324 | 11,307 | 12,342 | 4,834 | (6,995 | ) | 5,626 | 17,269 | (194 | ) | 6,955 | 24,075 | |||||||||||||||||||||||||||||||||
| Cash interest expense, net |
14,688 | 14,024 | 14,016 | 14,365 | 15,661 | 10,858 | 10,810 | 9,622 | 9,831 | 9,618 | 9,616 | 8,862 | ||||||||||||||||||||||||||||||||||||
| Net change in operating assets and liabilities |
(21,452 | ) | 9,195 | 13,781 | (3,093 | ) | (8,350 | ) | (2,575 | ) | 7,066 | 3,821 | (1,291 | ) | 12,532 | 9,886 | (4,266 | ) | ||||||||||||||||||||||||||||||
| Cash income tax expense |
1,087 | 3,259 | 1,891 | 2,028 | (2,447 | ) | 1,578 | 2,876 | 2,745 | 2,453 | 2,758 | 2,481 | 2,227 | |||||||||||||||||||||||||||||||||||
| Goodwill impairment |
— | — | — | — | (80,600 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Stock-based compensation |
(3,513 | ) | (161 | ) | (885 | ) | (778 | ) | (481 | ) | (2,103 | ) | (1,353 | ) | (1,756 | ) | (2,098 | ) | (1,250 | ) | (831 | ) | (172 | ) | ||||||||||||||||||||||||
| Curtailment/settlement gain |
— | — | — | — | — | — | — | — | — | — | — | (425 | ) | |||||||||||||||||||||||||||||||||||
| Asset impairment |
(3,517 | ) | — | — | (1,667 | ) | (2 | ) | — | (748 | ) | (2,123 | ) | (19 | ) | 0 | — | — | ||||||||||||||||||||||||||||||
| Unrealized foreign exhange (gain) loss on revaluation of debt |
7,762 | 482 | 88 | 1,149 | (93 | ) | (149 | ) | (693 | ) | 1,567 | 896 | 610 | 804 | (2,484 | ) | ||||||||||||||||||||||||||||||||
| Gain (loss) on disposition of property and equipment |
443 | 1,233 | 783 | 8 | (45 | ) | (86 | ) | (23 | ) | 171 | 2,043 | 538 | 26 | 40 | |||||||||||||||||||||||||||||||||
| Non-cash reorganization expenses |
— | — | — | — | — | (14,283 | ) | (18,946 | ) | 3,231 | 1,200 | 115 | (115 | ) | — | |||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt |
— | — | — | — | — | 0 | — | — | — | — | (2,926 | ) | — | |||||||||||||||||||||||||||||||||||
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| EBITDA |
19,726 | 20,189 | 29,998 | 23,319 | (64,015 | ) | (1,927 | ) | (8,004 | ) | 22,904 | 30,284 | 24,727 | 25,896 | 27,857 | |||||||||||||||||||||||||||||||||
| Unrealized foreign exhange (gain) loss on revaluation of debt |
285 | — | — | — | — | — | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||||||||||||||||||||
| Amendment/termination costs |
— | |||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of interest rate swaps |
(468 | ) | (398 | ) | (397 | ) | (859 | ) | (2,164 | ) | — | |||||||||||||||||||||||||||||||||||||
| Changes in value of other derivatives |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Operational Restructuring Expense |
— | 114 | 1,026 | 87 | 1,184 | 1,567 | 1,796 | 1,199 | 2,552 | 168 | 542 | 577 | ||||||||||||||||||||||||||||||||||||
| Inventory write-offs under restructuring programs |
256 | 103 | 142 | 104 | (0 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Growth program costs |
— | — | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
| Non-cash Compensation and related expenses |
1,237 | 161 | 885 | 778 | 481 | 2,389 | 1,041 | 2,067 | 1,812 | 1,250 | 831 | 172 | ||||||||||||||||||||||||||||||||||||
| Non-cash impairment charges |
3,517 | — | — | 1,667 | 80,602 | — | 748 | 2,123 | 19 | (0 | ) | — | — | |||||||||||||||||||||||||||||||||||
| Non-recurring expenses resulting from cost reduction programs |
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| Change in accounting policies |
— | — | — | — | — | (1,400 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Financial restructuring costs (see note B below) |
— | — | — | — | — | 9,563 | 15,251 | 799 | 584 | — | — | — | ||||||||||||||||||||||||||||||||||||
| Write-off of deferred financing costs as “reorganization items” |
— | — | — | 14,283 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Expenses Incurred in connection with indebtedness or refinancing transaction |
— | — | — | — | — | — | 14,400 | — | — | — | 2,926 | — | ||||||||||||||||||||||||||||||||||||
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| Adjusted EBITDA for the quarter as previously reported |
$ | 24,549 | $ | 20,169 | $ | 31,652 | $ | 25,096 | $ | 16,088 | $ | 24,476 | $ | 25,230 | $ | 29,094 | $ | 35,250 | $ | 26,145 | $ | 30,195 | $ | 28,606 | ||||||||||||||||||||||||
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| Less: disallowed items under New Credit Agreement: |
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| Unrealized foreign exchange gain on revaluation of debt |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Amendment/termination costs |
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| Change in fair value of interest rate swaps |
468 | 398 | 397 | 859 | 2,164 | |||||||||||||||||||||||||||||||||||||||||||
| Changes in value of other derivatives |
— | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Growth program costs |
— | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Plus: new items under the New Credit Agreement: |
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| Non-cash change in or adoption of accounting policies |
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| Financial Restructuring Costs |
274 | 1,961 | 6,501 | |||||||||||||||||||||||||||||||||||||||||||||
| Non-cash expense from granting of Common Stock |
1,628 | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-cash expense relating to pension or benefit arrangements |
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| Proforma Adjusted EBITDA under the New Credit Agreement |
$ | 26,647 | $ | 20,567 | $ | 32,325 | $ | 27,916 | $ | 24,753 | $ | 24,476 | $ | 25,230 | $ | 29,093 | $ | 35,251 | $ | 26,145 | $ | 30,195 | $ | 28,606 | ||||||||||||||||||||||||
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| Adjusted EBITDA for the trailing twelve months (“TTM”) |
$ | 107,455 | $ | 105,561 | $ | 109,470 | $ | 102,375 | $ | 103,552 | $ | 114,050 | $ | 115,719 | $ | 120,684 | $ | 120,197 | ||||||||||||||||||||||||||||||
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Note (A) — Adjusted EBITDA for all periods above have been presented in accordance with the definition of Adjusted EBITDA in the New Credit Facility except as noted below.
Note (B) — Financial restructuring costs under the definition of Adjusted EBITDA in the New Credit Facility are not adjustments added back to net income (loss) to arrive at Adjusted EBITDA for periods beginning after the quarter ended June 30, 2011. For the three and nine months ended September 30, 2010 such items were added back to net income (loss) to arrive at Adjusted EBITDA based on the terms of the Amended and Restated Credit Facility. Had these adjustments not been in place in 2010, Adjusted EBITDA would have decreased by $794 and $25,613 in the three and nine months ended September 30, 2010 respectively.
Xerium Technologies, Inc.
Reconciliation of Total Working Capital as a Percentage of Revenue (in thousands)
| Q3 2009 | Q4 2009 | Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | Q1 2011 | Q2 2011 | Q3 2011 | ||||||||||||||||||||||||||||
| Net Sales |
$ | 130,308 | $ | 132,437 | $ | 135,015 | $ | 132,827 | $ | 135,899 | $ | 144,593 | $ | 143,166 | $ | 150,378 | $ | 148,227 | ||||||||||||||||||
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| Accounts Receivable |
$ | 88,165 | $ | 83,602 | $ | 88,475 | $ | 83,268 | $ | 91,503 | $ | 93,332 | $ | 99,359 | $ | 98,068 | $ | 93,432 | ||||||||||||||||||
| Inventory |
82,128 | 78,174 | 75,583 | 72,802 | 78,863 | 81,927 | 90,177 | 98,833 | 91,364 | |||||||||||||||||||||||||||
| Less: “Trade AP” (per calculation below) |
25,212 | 27,652 | 26,057 | 27,029 | 26,517 | 32,779 | 30,834 | 29,162 | 25,955 | |||||||||||||||||||||||||||
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| Trade Working Capital |
$ | 145,081 | $ | 134,124 | $ | 138,001 | $ | 129,041 | $ | 143,849 | $ | 142,480 | $ | 158,702 | $ | 167,739 | $ | 158,124 | ||||||||||||||||||
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| % of Net Sales |
27.8 | % | 25.3 | % | 25.6 | % | 24.3 | % | 26.5 | % | 24.6 | % | 27.7 | % | 27.9 | % | 26.7 | % | ||||||||||||||||||
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| Calculation of Trade AP |
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| Accounts Payable |
$ | 27,703 | $ | 32,124 | $ | 30,488 | $ | 30,923 | $ | 31,991 | $ | 41,686 | $ | 37,992 | $ | 36,270 | $ | 33,474 | ||||||||||||||||||
| Less: Deposits Received |
(1,550 | ) | (2,014 | ) | (2,899 | ) | (2,394 | ) | (3,493 | ) | (3,415 | ) | (4,913 | ) | (5,486 | ) | (5,881 | ) | ||||||||||||||||||
| Less: Other Payables |
(941 | ) | (2,458 | ) | (1,532 | ) | (1,500 | ) | (1,981 | ) | (5,492 | ) | (2,245 | ) | (1,622 | ) | (1,638 | ) | ||||||||||||||||||
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| Trade AP |
$ | 25,212 | $ | 27,652 | $ | 26,057 | $ | 27,029 | $ | 26,517 | $ | 32,779 | $ | 30,834 | $ | 29,162 | $ | 25,955 | ||||||||||||||||||
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Xerium Technologies, Inc.
Reconciliation of Selling, General & Administrative Expenses as a Percentage of Revenue, excluding Operational Restructuring Expense and Financial Restructuring Expense
| Q3 2009 | Q4 2009 | Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | Q1 2011 | Q2 2011 | Q3 2011 | ||||||||||||||||||||||||||||
| Net Sales |
$ | 130,308 | $ | 132,437 | $ | 135,015 | $ | 132,827 | $ | 135,899 | $ | 144,593 | $ | 143,166 | $ | 150,378 | $ | 148,227 | ||||||||||||||||||
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| Calculation of Selling, General & Administrative Expense, excluding Operational Restructuring Expense: |
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| Selling Expense |
$ | 16,991 | $ | 17,234 | $ | 18,042 | $ | 17,901 | $ | 18,043 | $ | 18,897 | $ | 19,524 | $ | 20,507 | $ | 19,817 | ||||||||||||||||||
| General & Administrative Expense |
15,397 | 21,097 | 26,829 | 17,585 | 15,609 | 14,684 | 17,353 | 16,136 | 14,071 | |||||||||||||||||||||||||||
| Research & Development Expense |
2,708 | 3,142 | 2,868 | 2,952 | 2,887 | 2,720 | 3,088 | 2,925 | 2,907 | |||||||||||||||||||||||||||
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| Total Selling and General & Administrative Expense, excluding Operational Restructuring Expenses |
$ | 35,127 | $ | 41,444 | $ | 47,760 | $ | 38,448 | $ | 36,582 | $ | 36,318 | $ | 39,992 | $ | 39,568 | $ | 36,795 | ||||||||||||||||||
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| % of Net Sales, excluding Operational Restructuring Expense |
27.0 | % | 31.3 | % | 35.4 | % | 28.9 | % | 26.9 | % | 25.1 | % | 27.9 | % | 26.3 | % | 24.8 | % | ||||||||||||||||||
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| Calculation of Selling, General & Administrative Expense, excluding Operational and Financial Restructuring Expense: |
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| Total Selling and General & Administrative Expense, excluding Operational Restructuring Expenses (calculated above) |
$ | 35,127 | $ | 41,444 | $ | 47,760 | $ | 38,448 | $ | 36,582 | $ | 36,318 | $ | 39,992 | $ | 39,568 | $ | 36,795 | ||||||||||||||||||
| Less: Financial Restructuring Expenses |
(1,962 | ) | (6,500 | ) | (9,463 | ) | (459 | ) | — | — | — | — | — | |||||||||||||||||||||||
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| Total Selling and General & Administrative Expense, excluding Operational and Financial Restructuring Expenses |
$ | 33,165 | $ | 34,944 | $ | 38,297 | $ | 37,989 | $ | 36,582 | $ | 36,318 | $ | 39,992 | $ | 39,568 | $ | 36,795 | ||||||||||||||||||
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| % of Net Sales, excluding Operational and Financial Restructuring Expenses |
25.5 | % | 26.4 | % | 28.4 | % | 28.6 | % | 26.9 | % | 25.1 | % | 27.9 | % | 26.3 | % | 24.8 | % | ||||||||||||||||||
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Xerium Technologies, Inc.
Analysis of Foreign Currency Effect
Quarter ending September 30, 2011
| Q3 09/30/2011 | Q3 09/30/2010 | Currency Effect Fav(Unfav) |
Q3 2010 Adjusted to Current Rates |
% Change to Adjusted Fav(Unfav) |
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| ($ in millions) | ||||||||||||||||||||
| Net Sales |
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| Clothing |
$ | 97.5 | $ | 90.3 | $ | 4.3 | $ | 94.6 | 3.2 | % | ||||||||||
| Rolls |
50.7 | 45.6 | 2.1 | 47.7 | 6.6 | % | ||||||||||||||
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| Total |
148.2 | 135.9 | 6.4 | 142.3 | 4.3 | % | ||||||||||||||
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| Cost of Product Sold |
94.0 | 83.3 | (4.8 | ) | 88.1 | (7.2 | %) | |||||||||||||
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| Gross Margin |
54.2 | 52.6 | 1.6 | 54.2 | (0.0 | %) | ||||||||||||||
| Gross Margin / Sales % |
36.6 | % | 38.7 | % | ||||||||||||||||
| Selling |
19.8 | 18.0 | (1.2 | ) | 19.2 | (3.3 | %) | |||||||||||||
| General and administrative |
14.0 | 15.7 | (0.9 | ) | 16.6 | 16.5 | % | |||||||||||||
| Research & Development |
2.9 | 2.9 | (0.1 | ) | 3.0 | 2.1 | % | |||||||||||||
| Restructuring and Impairments |
0.6 | 3.3 | (0.0 | ) | 3.3 | 83.7 | % | |||||||||||||
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| Total Selling, G&A Expenses |
37.3 | 39.9 | (2.2 | ) | 42.1 | 12.1 | % | |||||||||||||
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| Income from Operations |
16.9 | 12.7 | (0.6 | ) | 12.1 | 37.8 | % | |||||||||||||
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| Interest Expense, Net |
(9.9 | ) | (12.0 | ) | (0.5 | ) | (12.5 | ) | 21.7 | % | ||||||||||
| Other items - FX gain / loss |
(0.3 | ) | 0.7 | (0.0 | ) | 0.7 | (134.4 | %) | ||||||||||||
| Loss on early extinguishment of debt |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | % | ||||||||||||||
| Reorganization Expense |
0.0 | (0.8 | ) | (0.0 | ) | (0.8 | ) | 100.0 | % | |||||||||||
| Total Provision for Income Taxes |
3.2 | 4.3 | (0.3 | ) | 4.6 | 33.4 | % | |||||||||||||
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| Net Income |
3.5 | (3.7 | ) | (1.4 | ) | (5.1 | ) | 231.1 | % | |||||||||||
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| Adjusted EBITDA per Bank |
$ | 28.6 | $ | 29.1 | $ | 0.3 | $ | 29.4 | (2.8 | %) | ||||||||||
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Xerium Technologies, Inc.
Analysis of Foreign Currency Effect
YTD ending September 30, 2011
| YTD 09/30/2011 | YTD 09/30/2010 | Currency Effect Fav(Unfav) |
YTD 2010 Adjusted to Current Rates |
% Change to Adjusted Fav(Unfav) |
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| ($ in millions) | ||||||||||||||||||||
| Net Sales |
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| Clothing |
$ | 291.1 | $ | 268.0 | $ | 11.8 | $ | 279.8 | 4.2 | % | ||||||||||
| Rolls |
150.7 | 135.7 | 5.3 | 141.0 | 7.1 | % | ||||||||||||||
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| Total |
441.8 | 403.7 | 17.1 | 420.8 | 5.2 | % | ||||||||||||||
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| Cost of Product Sold |
275.8 | 247.7 | (12.3 | ) | 260.0 | (6.4 | %) | |||||||||||||
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| Gross Margin |
166.0 | 156.0 | 4.8 | 160.8 | 3.3 | % | ||||||||||||||
| Gross Margin / Sales % |
37.6 | % | 38.7 | % | ||||||||||||||||
| Selling |
59.8 | 54.0 | (3.1 | ) | 57.1 | (5.1 | %) | |||||||||||||
| General and administrative |
47.6 | 60.1 | (2.6 | ) | 62.7 | 25.2 | % | |||||||||||||
| Research & Development |
8.9 | 8.7 | (0.1 | ) | 8.8 | (1.2 | %) | |||||||||||||
| Restructuring and Impairments |
1.3 | 7.4 | (0.3 | ) | 7.7 | 86.3 | % | |||||||||||||
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| Total Selling, G&A Expenses |
117.6 | 130.2 | (6.1 | ) | 136.3 | 14.4 | % | |||||||||||||
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| Income from Operations |
48.4 | 25.8 | (1.3 | ) | 24.5 | 92.4 | % | |||||||||||||
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| Interest Expense, Net |
(29.7 | ) | (44.4 | ) | (1.1 | ) | (45.5 | ) | 35.7 | % | ||||||||||
| Other items - FX gain / loss |
(0.3 | ) | 0.7 | (0.0 | ) | 0.7 | (136.5 | %) | ||||||||||||
| Loss on early extinguishment of debt |
(2.9 | ) | 0.0 | 0.0 | 0.0 | 0.0 | % | |||||||||||||
| Reorganization Expense |
0.0 | (44.4 | ) | (0.2 | ) | (44.6 | ) | 100.5 | % | |||||||||||
| Total Provision for Income Taxes |
9.7 | 11.5 | (0.6 | ) | 12.1 | 21.2 | % | |||||||||||||
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| Net Income |
5.8 | (73.8 | ) | (3.2 | ) | (77.0 | ) | 112.1 | % | |||||||||||
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| Adjusted EBITDA per Bank |
$ | 84.9 | $ | 78.8 | $ | 1.4 | $ | 80.2 | 6.1 | % | ||||||||||
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