Supplemental reconciliations of non-GAAP information.

EX-99.3 4 dex993.htm SUPPLEMENTAL RECONCILIATIONS OF NON-GAAP INFORMATION. Supplemental reconciliations of non-GAAP information.

EXHIBIT 99.3

Xerium Technologies, Inc.

Reconciliation of Trailing Twelve Month Bank Adjusted EBITDA


	Q2 2006		Q3 2006			Q4 2006			Q1 2007			Q2 2007			Q3 2007			Q4 2007			Q1 2008			Q2 2008			Q3 2008			Q4 2008			Q1 2009			Q2 2009			Q3 2009			Q4 2009
Net income (loss)	$	13,105	$	2,240		$	3,508		$	3,041		$	7,678		$	7,076		$	(168,007	)	$	(4,709	)	$	14,118		$	21,536		$	(4,349	)	$	(9,448	)	$	1,601		$	(7,381	)	$	(96,765	)
Income tax provision (benefit)		3,686		1,963			2,510			1,401			4,604			3,208			(11,558	)		3,639			1,911			794			(2,443	)		3,892			2,697			3,424			2,304
Interest expense, net		8,386		14,484			10,930			12,187			11,155			13,995			15,789			25,221			766			16,230			16,287			15,957			15,570			16,425			19,348
Depreciation and amortization		11,313		11,619			11,480			10,999			11,230			11,465			11,846			12,003			11,956			11,738			10,231			9,788			10,130			10,851			11,098

EBITDA		36,490		30,306			28,428			27,628			34,667			35,744			(151,930	)		36,154			28,751			50,298			19,726			20,189			29,998			23,319			(64,015	)
Unrealized foreign exchange gain on revaluation of debt		1,465		(322	)		(571	)		19			(20	)		519			3,680			(1,985	)		0			0			0			0			0			0			0
Amendment/termination costs		—		—			116			—			—			—			—			800			5,198			483			285			—			—			—			—
Change in fair value of interest rate swaps		—		—			—			—			—			—			—			—			13,704			450			(468	)		(398	)		(397	)		(859	)		(2,164	)
Changes in value of other derivatives		—		—			—			—			—			(451	)		(3,503	)		(2,126	)		—			—			—			—			—			—			—
Restructuring expenses		176		1,274			969			4,133			1,220			805			1,186			532			2,651			1,817			—			114			1,026			87			1,184
Inventory write-offs under restructuring programs		—		—			—			14			80			(21	)		75			—			—			199			256			103			142			104			—
Growth program costs		—		—			—			617			1,587			1,255			1,197			1,764			—			—			—			—			—			—			—
Non-cash compensation and related expenses		779		389			561			535			660			578			(24	)		471			(197	)		500			1,235			161			885			778			481
Non-cash impairment charges		—		—			2,095			—			—			—			185,689			—			67			405			3,517			—			—			1,667			80,602
Non-recurring expenses resulting from cost reduction programs		1,030		561			5,009			(102	)		34			—			150			—			—			—			—			—			—			—			—

Adjusted EBITDA for the quarter	$	39,940	$	32,208		$	36,607		$	32,844		$	38,228		$	38,429		$	36,520		$	35,610		$	50,174		$	54,152		$	24,551		$	20,169		$	31,654		$	25,096		$	16,088


Adjusted EBITDA for the last twelve months (LTM)									$	141,599		$	139,887		$	146,108		$	146,021		$	148,787		$	160,733		$	176,456		$	164,487		$	149,046		$	130,526		$	101,470		$	93,007



Xerium Technologies, Inc. Reconciliation of Total Working Capital as a Percentage of Revenue
																					Q1 2008			Q2 2008			Q3 2008			Q4 2008			Q1 2009			Q2 2009			Q3 2009			Q4 2009
Net Sales																						158,987			170,393			159,307			149,452			116,503			120,843			130,308			132,437
Accounts Receivable																						118,877			118,511			105,419			100,574			82,751			83,216			88,165			83,602
Inventory																						118,658			118,328			96,245			85,543			84,565			86,259			82,128			78,174
Less: “Trade AP” (per calculation below)																						42,135			40,131			33,934			40,801			30,099			27,341			25,213			27,653

Total Working Capital																						195,400			196,708			167,730			145,316			137,217			142,134			145,080			134,123

% of Net Sales																						30.7	%		28.9	%		26.3	%		24.3	%		29.4	%		29.4	%		27.8	%		25.3	%


Calculation of Trade AP
Accounts Payable																						48,699			46,102			39,968			53,076			35,184			30,172			27,703			32,124
Less:Deposits Received																						(1,596	)		(3,257	)		(4,243	)		(2,558	)		(3,692	)		(2,074	)		(1,550	)		(2,014	)
Less: Other Payables																						(4,969	)		(2,715	)		(1,792	)		(9,718	)		(1,394	)		(758	)		(941	)		(2,458	)

Trade AP																						42,135			40,131			33,934			40,801			30,099			27,341			25,213			27,653