Exhibit 99.1

XERIUM TECHNOLOGIES REPORTS FIRST QUARTER 2006 RESULTS

Company Announces Third Consecutive Quarter of Growth in Income from Operations

and Fourth Consecutive Quarterly Dividend

YOUNGSVILLE, NC, MAY 11, 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 first quarter ended March 31, 2006. Highlights for the quarter include:

Thomas Gutierrez, Chief Executive Officer of Xerium Technologies, said, “Our results for the first quarter represent a continuation of sequential growth in sales since the third quarter of 2005 and operating income since the second quarter of 2005. We are pleased that we are continuing to make significant progress in resolving the problems associated with the transition of our press felt manufacturing to Starkville, Mississippi that disrupted our operations, and believe that most of the associated production and inventory issues are now behind us. During the quarter we saw firmer pricing levels, which is particularly good news in Europe; limited inflation of 1.4% to our overall cost structure and an otherwise generally stable market environment.

“Our cash position remains strong, even after the payment of our third consecutive quarterly dividend, capital expenditures that support our aggressive growth plans, the acquisition of Coldwater Covers and a voluntary $5 million principal repayment earlier this year on our senior debt. 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 for certain expansion projects (as permitted under our revised credit agreement). We have also invested in the development of our worldwide sales force, which has grown by nearly 4% over the last year, as well as building inventory levels. All three areas of investment are designed to enable Xerium to capitalize on specific sales opportunities we have identified.”

Mr. Gutierrez continued, “After investing approximately $12 million in 2005 in cost reduction initiatives, our program is virtually complete and we anticipate incurring less than $1 million in restructuring expenses in 2006, while at the same time benefiting from the costs savings generated by these programs. We also believe that the effective tax rate achieved in the first quarter of 2006 will approximate the full year rate.”

Mr. Gutierrez concluded, “We are optimistic about the Company’s prospects for 2006 as the market for our products is starting to show positive signs of growth, and we expect our past investments to start generating returns, especially now that the production issues that disrupted our operations and kept us from capitalizing on our new business awards in the past, are generally behind us. We believe our value-added strategy that offers innovative, technologically-advanced products to customers who are continuously looking for ways to take costs out of the paper-making process, while simultaneously achieving their paper quality goals, is a winning approach for both Xerium and our customers, and it is one to which we are fully committed.”

ADDITIONAL QUARTERLY FINANCIAL HIGHLIGHTS

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

Clothing Segment Commentary

Rolls Segment Commentary

CONFERENCE CALL

The Company plans to hold a conference call to discuss these results tomorrow, Friday, May 12, 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 1-800-510-9836, using passcode 39025137, at least 10 minutes prior to the call’s start. Internationally, the call may be accessed by dialing 1-617-614-3670, 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 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.

Xerium Technologies, Inc.

Condensed Consolidated Balance Sheets—(Unaudited)

(dollars in thousands, except per share data)

Xerium Technologies, Inc.

Condensed Consolidated Income Statements – (Unaudited)

(dollars in thousands, except per share data)

Xerium Technologies, Inc.

Condensed Consolidated Statements of Cash Flows - (Unaudited)

(dollars in thousands)

Xerium Technologies, Inc.

EBITDA and Adjusted EBITDA Reconciliation

EBITDA is defined as net income (loss) before interest expense, income tax provision (benefit) and depreciation and amortization. Adjusted EBITDA is defined in our credit facility 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 $11million 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 (loss) 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 our own 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: