Prospector
Profile
3-24-005
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| Xerium Technologies, Inc. |
NAICS |
322121 |
| 14101 Capital Boulevard,
Youngsville, NC 27596 |
Description |
Paper Mills |
| (919) 556-7235 |
Employees |
3821 |
| http://www.xerium.com |
Revenue |
(mil) |
601.4400 |
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Income |
(mil) |
31.2900 |
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Assets |
(mil) |
990.7300 |
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Liability |
(mil) |
874.1500 |
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(for the year ended 2006-12-31) |
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Category:
Covenant Problems
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Event:
Xerium Technologies, Inc., said that it may file for bankruptcy if it failed to meet the terms of a financial covenant with lenders under a credit agreement, according to the Company regulatory filing with the Securities and Exchange Commission. In light of Xerium's risk of financial covenant default under its credit and guaranty agreement, Stephen Light, Xerium's new chief executive officer, and other members of senior management have been devoting the substantial portion of their time seeking solutions to these financial covenant issues. Xerium says that its board of directors has determined not to declare a dividend on its common stock in the first quarter of 2008, but instead, determined to retain cash that would have otherwise been used for a dividend for the repayment of debt or other purposes. Xerium adds that it does not currently expect to pay dividends on its common stock for the foreseeable future.
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Intellectual Property:
The Company currently has approximately 220 domestic and foreign patents and approximately 180 pending patent applications. The Company's patents and patent applications cover approximately 85 different inventions. The Company also currently licenses certain of its patents or technologies to some of its competitors, which the Company believes helps further demonstrate its technological leadership in the industry. [SEC Filing 10-K/A 08-23-07]
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Description:
Xerium Technologies, Inc., manufactures and supplies consumable products used in the production of paper-clothing and roll covers. The company operates in two segments, Clothing and Roll Covers.
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Officers:
Stephen R. Light (Pres. & CEO); Michael P. O'Donnell (CFO); Josef Mayer (EVP)
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Auditor:
Ernst & Young LLP
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Securities:
Common Stock Symbol XRM, NYSE; 45,459,274 common stocks outstanding as of November 6, 2007.
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