Exhibit 99.1

XERIUM TECHNOLOGIES REPORTS SECOND QUARTER 2006 RESULTS

Company Announces Fifth Consecutive Quarterly Dividend

YOUNGSVILLE, NC, August 10, 2006 – Xerium Technologies, Inc. (NYSE: XRM), a leading global manufacturer of clothing and roll covers used primarily in the paper production process, today reported results for the second quarter ended June 30, 2006. Highlights for the quarter include:

Thomas Gutierrez, Chief Executive Officer of Xerium Technologies, said, “We are pleased with Xerium’s continued growth in top and bottom line performance. Our results for the second quarter represent a continuation of the sequential sales increases we have produced since the third quarter of 2005, and quarter-to-quarter improvements in operating income since the second quarter of 2005. The solid growth in our clothing segment demonstrates that the production output and inventory issues associated with the transition of our press felt manufacturing to Starkville, Mississippi have been resolved. During the quarter, pricing levels remained firm throughout our business, which we see as a reflection of modest improvements in the economic stability of our customers. Demand for our products remains strong, and we believe that we are finally starting to see the benefits from the new business awards received last year, as well as positive contributions from the new products that we have recently introduced. In addition, our efforts to mitigate the effects of inflation on our business continue to be successful. During the

quarter, the effects of inflation on Xerium’s total cost structure, as compared to the second quarter of last year, were limited to an overall rise of approximately 1.5%, including material costs that increased approximately 1.3% as compared to the second quarter of last year.

“Our cash position remains strong, which has enabled us to maintain our dividend at the annual rate we set forth when we went public last year, while at the same time continuing to invest in the business at a rate designed to drive continuing growth. Capital spending plans for 2006 remain generally consistent with previous years at approximately $40 million. In addition to this planned level of capital spending, we expect to invest up to an additional $8.4 million in 2006 for certain expansion projects as permitted under our revised credit agreement.”

Mr. Gutierrez concluded, “Our optimism about the Company’s prospects for 2006 is building. Our view of the markets we serve remains consistent with the outlook we shared with you last quarter, with perhaps more optimism that the improving financial condition of our customers will yield further growth in our business through the balance of the year and into 2007. We had expected overall pricing to be flat to slightly up for this year, and thus far, we have seen no evidence that would cause us to change this expectation. Moreover, our restructuring efforts over the past few years have adjusted our worldwide footprint in a manner that enables us to compete more effectively, while generating measurable cost savings. Our market approach remains unchanged as we believe that our value-added strategy of offering innovative, technologically-advanced products to customers that help them reduce costs while optimizing quality is a winning one for both Xerium and our customers, and it is one which we now see is delivering good results.”

ADDITIONAL QUARTERLY FINANCIAL HIGHLIGHTS

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The following table presents net sales for the second quarters of 2006 and 2005 by segment and the effect of currency on pricing and translation on second quarter 2006 net sales:

* Increase in second quarter 2006 net sales due to currency translation is calculated by subtracting (i) an amount equal to net sales for the second quarter of 2005 from (ii) net sales for the second quarter of 2005 at the applicable average foreign currency exchange rate for the second quarter of 2006.

** Change in the second quarter 2006 net sales due to currency effect on pricing relates to sales prices indexed in U.S. dollars by certain non-U.S. operations and is calculated based on the difference in the exchange rate from the time of pricing commitment to the customer and the point at which the sale transaction is recorded.

Clothing Segment Commentary

Roll Covers Segment Commentary

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SIX MONTHS RESULTS

CONFERENCE CALL

The Company plans to hold a conference call to discuss these results tomorrow, Friday, August 11, 2006, beginning at 8 am ET. The call is accessible via the Company’s website (www.xerium.com) following the links to investor relations and webcasts. To access the conference call, please dial 1-866-362-5158, using passcode 79582497, at least 10 minutes prior to the call’s start. Internationally, the call may be accessed by dialing 1-617-597-5397, using the same passcode. The call will be available as an archived webcast on the Company’s website beginning approximately an hour after the call is completed.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA and EBITDA are not measures of performance under generally accepted accounting principles (“GAAP”); they are non-GAAP financial measures. Xerium Technologies uses these measures as supplementary non-GAAP financial measures to assist in evaluating liquidity and financial performance, specifically in evaluating the Company’s ability to service indebtedness and to fund ongoing capital expenditures and dividends. Xerium Technologies’ credit facility includes covenants based upon Adjusted EBITDA. If Adjusted EBITDA declines below certain levels, the Company could go into default under the credit facility or be required to prepay the credit facility or could be prohibited from paying dividends. Neither Adjusted EBITDA nor EBITDA should be considered in isolation or as a substitute for net cash provided by operating activities (as determined in accordance with GAAP) or income from operations (as determined in accordance with GAAP). For additional information regarding Adjusted EBITDA and EBITDA, and a reconciliation of such measures to the most comparable financial measures

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under GAAP, please see below. The information in this press release should be read in conjunction with the financial statements and footnotes contained in our documents to be filed with the Securities and Exchange Commission.

ABOUT XERIUM TECHNOLOGIES

Xerium Technologies, Inc. (NYSE: XRM) is a leading global manufacturer and supplier of two types of products used primarily in the production of paper: clothing and roll covers. The Company, which operates around the world under a variety of brand names, owns 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 36 manufacturing facilities in 15 countries around the world, Xerium Technologies has approximately 3,900 employees.

FORWARD LOOKING STATEMENTS

This press release may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “indicates,” “suggests” and similar expressions. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include, but are not limited to: (i) adverse changes in general economic or market conditions, including without limitation those affecting the paper industry; (ii) labor unrest; (iii) currency fluctuations; (iv) competitive factors, including but not limited to pricing pressures and new product introductions; (v) the relative and varying rates of product price and component cost changes and the volume and mixture of product and service revenues; (vi) transitions to new products, the uncertainty of customer acceptance of new product offerings and technological and market change; (vii) the lack of any requirement to make dividend payments on our common stock at any particular level or at all; (viii) limitations imposed by our credit facility on the amount of dividends we are permitted to pay; (ix) our high degree of leverage and significant debt service obligations, together with our dividend policy, may cause us to have insufficient cash to fund growth and unexpected cash needs; (x) war or acts of terrorism in any country in which we conduct business; (xi) changes in U.S. or foreign government policies, laws, regulations and practices, including without limitation those regarding the repatriation of funds and taxes; and (xii) those other risks described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for period ended December 31, 2005 filed with the Securities and Exchange Commission. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such forward-looking statements after the date of this release.

— Financial Tables Follow —

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Xerium Technologies, Inc.

Condensed Consolidated Statements of Operations – (Unaudited)

(dollars in thousands, except per share data)

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Xerium Technologies, Inc.

Condensed Consolidated Balance Sheets—(Unaudited)

(dollars in thousands, except per share data)

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Xerium Technologies, Inc.

Condensed Consolidated Statements of Cash Flows—(Unaudited)

(dollars in thousands)

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EBITDA and Adjusted EBITDA Reconciliation

EBITDA is defined as net income before interest expense, income tax provision and depreciation and amortization. Adjusted EBITDA is defined in the credit facility of Xerium Technologies and is EBITDA plus (i) expenses or losses incurred on or prior to the completion of our initial public offering in connection with proposed or completed debt or equity financing transactions, including expenses or losses related to the early retirement or extinguishment of debt and any bonuses paid in connection with such financing transactions, (ii) unrealized foreign exchange (gain) loss on indebtedness, net, (iii) restructuring or related impairment expenses (not to exceed $11 million in 2005, $4 million in 2006, $3.5 million in 2007 and $1.5 million in each year thereafter), (iv) reserves for inventory in connection with plant closings, (v) stock-based and other non-cash compensation charges, charges from forgiveness of loans made to employees in connection with the purchase of equity and any tax gross-up payments made in respect of such loan forgiveness in connection with or prior to the completion of our initial public offering, (vi) certain transaction costs, including costs incurred in connection with our initial public offering and the related debt financing and the legal reorganization of Brazilian subsidiaries, (vii) costs associated with payments to management prior to the completion of our initial public offering in connection with the termination of incentive plans, (viii) non-cash charges resulting from the application of purchase accounting, (ix) any fees, expenses or charges deducted in computing net income which have been determined by management, which determination is reasonably acceptable to the administrative agent under our credit facility, to be non-recurring by virtue of changes in our method of operations pursuant to our cost reduction programs, (x) non-cash losses (net of non-cash gains) resulting from marking-to-market hedging obligations, (xi) non-cash expenses resulting from the granting of stock options, restricted stock or restricted stock unit awards under equity compensation programs solely with respect to our common stock and (xii) expenses not exceeding $5 million per year 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. Adjusted EBITDA, as defined in the credit facility and calculated below, may not be comparable to similarly titled measurements used by other companies. The following table provides a reconciliation from net cash provided by operating activities, which is the most directly comparable GAAP financial measure, to EBITDA and Adjusted EBITDA:

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(A) Restructuring expenses, plus related reserves for inventory of $696 in connection with plant closings which are classified in cost of products sold, that can be added back to determine Adjusted EBITDA were capped at $11,000 for 2005.

(B) In accordance with the definition of Adjusted EBITDA in our credit facility, certain fees, expenses and charges deducted in computing net income determined by us to be non-recurring, which determination was accepted by the administrative agent under the facility, by virtue of changes in our method of operations pursuant to our cost reduction programs have been added back to Adjusted EBITDA for the three and six months ended June 20, 2006 and June 30, 2005. These fees, expenses and charges include certain operating costs incurred in connection with the transition of production operations from a closed facility to another facility.

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