XERIUM TECHNOLOGIES INC

CIK:0001287151|SEC Filings

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net Sales	$ 125,284	$ 120,339	$ 251,359	$ 240,205
Costs and expenses:
Cost of products sold	76,310	71,344	155,152	143,584
Selling	15,249	15,936	30,926	31,610
General and administrative	17,216	15,263	30,313	27,686
Research and development	1,613	1,666	3,181	3,410
Restructuring	206	874	1,030	4,038
Costs and expenses	110,594	105,083	220,602	210,328
Income from operations	14,690	15,256	30,757	29,877
Interest expense, net	(13,130)	(13,281)	(25,895)	(26,544)
Other components of net periodic pension cost	(262)	(307)	(528)	(668)
Loss on extinguishment of debt	0	(7)	0	(32)
Foreign exchange loss	(3,126)	(1,246)	(2,594)	(2,371)
(Loss) income before provision for income taxes	(1,828)	415	1,740	262
Provision for income taxes	(2,516)	(3,826)	(3,853)	(6,507)
Net loss	(4,344)	(3,411)	(2,113)	(6,245)
Comprehensive (loss) income	$ (23,139)	$ (146)	$ (14,777)	$ 6,660
Net loss per share:
Basic (in dollars per share)	$ (0.26)	$ (0.21)	$ (0.13)	$ (0.39)
Diluted (in dollars per share)	$ (0.26)	$ (0.21)	$ (0.13)	$ (0.39)
Shares used in computing net loss per share:
Basic (in shares)	16,427,603	16,262,867	16,412,921	16,208,293
Diluted (in shares)	16,427,603	16,262,867	16,412,921	16,208,293

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities
Net loss	$ (2,113)	$ (6,245)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation	618	2,046
Depreciation	15,601	15,662
Amortization of intangible assets	613	546
Deferred financing cost amortization	1,864	1,810
Foreign exchange loss on revaluation of debt	425	534
Deferred taxes	(742)	312
Asset impairment	0	55
Gain on disposition of property and equipment	(73)	(85)
Loss on extinguishment of debt	0	32
Provision for doubtful accounts	257	142
Change in assets and liabilities which (used) provided cash:
Accounts receivable	(8,863)	(5,400)
Inventories	(957)	(3,213)
Prepaid expenses	(2,521)	(441)
Other current assets	69	(1,179)
Accounts payable and accrued expenses	6,115	528
Deferred and other long-term liabilities	(1,646)	(2,106)
Net cash provided by operating activities	8,647	2,998
Investing activities
Capital expenditures	(4,928)	(8,517)
Proceeds from disposals of property and equipment	459	290
Net cash used in investing activities	(4,469)	(8,227)
Financing activities
Proceeds from borrowings	41,625	66,578
Principal payments on debt	(44,782)	(59,282)
Payment of financing fees	0	(393)
Payment of obligations under capital leases	(2,670)	(2,794)
Employee taxes paid on equity awards	(59)	(832)
Net cash (used in) provided by financing activities	(5,886)	3,277
Effect of exchange rate changes on cash flows	(763)	203
Net decrease in cash	(2,471)	(1,749)
Cash and cash equivalents at beginning of period	17,253	12,808
Cash and cash equivalents at end of period	$ 14,782	$ 11,059

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 14,782	$ 17,253
Accounts receivable, net	81,629	76,633
Inventories, net	72,630	74,725
Prepaid expenses	13,124	11,335
Other current assets	14,482	15,316
Total current assets	196,647	195,262
Property and equipment, net	261,989	282,378
Goodwill	64,159	64,783
Intangible assets	5,352	5,965
Non-current deferred tax asset	9,987	10,103
Other assets	9,054	9,358
Total assets	547,188	567,849
Current liabilities:
Notes payable	8,112	8,398
Accounts payable	41,338	39,856
Accrued expenses	65,914	64,155
Current maturities of long-term debt	9,238	10,614
Total current liabilities	124,602	123,023
Long-term debt, net of current maturities	473,168	473,904
Liabilities under capital leases	13,757	15,952
Non-current deferred tax liability	12,113	12,897
Pension, other post-retirement and post-employment obligations	65,166	69,205
Other long-term liabilities	9,399	9,334
Commitments and contingencies
Stockholders’ deficit
Preferred stock, $0.001 par value, 1,000,000 shares authorized; no shares outstanding as of June 30, 2018 and December 31, 2017	0	0
Common stock, $0.001 par value, 20,000,000 shares authorized; 16,427,603 and 16,367,743 shares outstanding as of June 30, 2018 and December 31, 2017, respectively	16	16
Paid-in capital	433,048	432,489
Accumulated deficit	(460,158)	(457,712)
Accumulated other comprehensive loss	(123,923)	(111,259)
Total stockholders’ deficit	(151,017)	(136,466)
Total liabilities and stockholders’ deficit	$ 547,188	$ 567,849