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Author Topic: XRM XERIUM TECHNOLOGIES
BooDog
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Will they survive? That is the question.

XERIUM TECHNOLOGIES(NYSE: XRM)
After Hours: 0.00 N/A (N/A) 7:00pm ET

Last Trade: 0.67
Trade Time: Nov 23
Change: 0.00 (0.00%)
Prev Close: 0.67
Open: N/A
Bid: N/A
Ask: N/A
1y Target Est: 1.00
Day's Range: N/A - N/A
52wk Range: 0.30 - 2.20
Volume: 0
Avg Vol (3m): 316,868
Market Cap: 32.79M
P/E (ttm): N/A
EPS (ttm): -0.41
Div & Yield: 0.
http://www.sec.gov/Archives/edgar/data/1287151/000119312509227541/d10q.htm

Excerpts...

The number of shares of the registrant’s common stock, $0.01 par value, outstanding as of November 2, 2009 was 48,934,820.

Because the Waiver Agreement expires December 15, 2009, the accompanying balance sheet as of September 30, 2009 includes a reclassification of $585,156 to reflect as current the long-term debt under the Credit Agreement that was anticipated to be in default. Additionally, related deferred financing costs of approximately $16,948 were also reclassified to other current assets from other assets as of September 30, 2009.

Additionally, during the first quarter of 2009 the Company suspended its 401(k) plan match in the United States until further notice.

Profile

Xerium Technologies Inc.
8537 Six Forks Road
Suite 300
Raleigh, NC 27615
United States - Map
Phone: 919-526-1400
Web Site: http://www.xerium.com

DETAILS
Index Membership: N/A
Sector: Industrial Goods
Industry: Textile Industrial
Full Time Employees: 3,648


BUSINESS SUMMARY
Xerium Technologies, Inc. engages in the manufacture and supply of consumable products that are used in the production of paper. It operates in two segments: Clothing and Roll Cover. The Clothing segment manufactures clothing products, such as forming fabrics, press felts, and dryer fabrics that are used on paper-making machines. This segment also manufactures clothing, which is used in other industrial applications, such as steel, plastics, leather, and textiles manufacturing; and auto-joining equipment. The Roll Cover segment manufactures, refurbishes, and replaces covers for working rolls, including vacuum rolls and press rolls; calendar rolls; and coater rolls that are used on paper-making machines. This segment also provides roll cover refurbishment services for previously installed roll covers; and mechanical services for the internal mechanisms of rolls. In addition, it manufactures and repairs spreader rolls. Xerium Technologies markets its products under the Huyck Wangner, Weavexx, Stowe Woodward, Mount Hope, Robec, and Xibe brand names in North America, Europe, South America, the Asia-Pacific region, and internationally. The company was founded in 1999 and is based in Youngsville, North Carolina.

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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

Posts: 7800 | From: Virginia | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
BooDog
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549




FORM 8-K




CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): November 18, 2009




XERIUM TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)







Delaware 001-32498 42-1558674
(State or other jurisdiction of

incorporation or organization)
(Commission

File Number)
(I.R.S. Employer

Identification No.)


8537 Six Forks Road, Raleigh, North Carolina 27615

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (919) 526-1400



(Former name or former address, if changed since last report.)




Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):



¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))








--------------------------------------------------------------------------------
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On November 18, 2009, Xerium Technologies, Inc. (the “Company”) was notified by NYSE Regulation, Inc. (“NYSER”) that it was not in compliance with the New York Stock Exchange’s (“NYSE”) continued listing criteria under Section 802.01C of the NYSE Listed Company Manual (the “Listed Company Manual”). Specifically, the Company is considered below criteria by the NYSE because the average closing price of the Company’s common stock was less than $1.00 per share over a consecutive 30 trading day period. On November 24, 2009, the Company issued a press release announcing that it had received a notice from NYSER that it was not in compliance with the NYSE’s continued listing criteria under Sections 802.01C of the Listed Company Manual. A copy of the press release issued by the Company is attached as Exhibit 99.1 hereto and incorporated herein by reference.

This notification represents the second instance that the Company was not in compliance with this criterion during the past twelve months. On December 29, 2008, the Company was first notified by NYSER that, in addition to not being in compliance with this criterion, the Company was also not in compliance with continued listing criteria under Section 802.01B of the Listed Company Manual because its average total market capitalization was less than $75 million over the same consecutive 30 trading day period and its most recently reported stockholders’ equity was less than $75 million. In February 2009, the NYSE submitted to the Securities and Exchange Commission an immediately effective rule filing that reduced these amounts to $50 million, respectively. The Company cured the first instance of noncompliance under the $1.00 share price listing standard, which represented the end of the six-month cure period prescribed by NYSE rules.

In February 2009, the Company submitted a plan advising the NYSE of definitive actions the Company has taken, or proposed to take, that would bring it into compliance with the market capitalization listing standards within 18 months of receipt of the initial letter which is June 29, 2010. The Company continues to provide the NYSE with quarterly updates to this submitted plan. Such quarterly updates include detailed commentary and description of the actions the Company is taking with its lenders in order to resolve the financial covenant non-compliance under its senior credit facility for the period ended September 30, 2009, which is presently waived through December 15, 2009. The Company believes that the covenant noncompliance is negatively affecting the Company’s share price and market capitalization.

NYSER is reviewing the second instance of noncompliance under the $1.00 share price standard in connection with its broader assessment of the Company’s progress on this previously submitted 18-month business plan in order to determine the appropriate action concerning the Company. NYSER is continuing to monitor and assess the situation with the Company. Depending on the circumstances, NYSER could truncate the procedures outlined in Section 802.01C that would otherwise be applicable to companies that are not in compliance with the share price standard or it may initiate suspension or delisting procedures against the Company. Additionally, NYSER may also take accelerated listing action in the event that the Company’s common stock were to trade at levels deemed to be abnormally low over a sustained period of time or in the case of other material adverse developments.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished herewith.




Exhibit No.
Description


99.1 Press Release of Xerium Technologies, Inc. dated November 24, 2009.


--------------------------------------------------------------------------------

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




XERIUM TECHNOLOGIES, INC.

Date: November 24, 2009 By: /S/ DAVID G. MAFFUCCI
Name: David G. Maffucci
Title: Executive Vice President and Chief Financial Officer




--------------------------------------------------------------------------------

INDEX TO EXHIBITS




Exhibit No.
Description


99.1 Press Release of Xerium Technologies, Inc. dated November 24, 2009.

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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

Posts: 7800 | From: Virginia | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
BooDog
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Xerium again faces NYSE delistingTriangle Business Journal - by James Gallagher

Xerium Technologies Inc. has fallen out of compliance with the New York Stock Exchange for the second time in the past 12 months, and the company’s shares could be delisted as a result.

The stock exchange notified the Youngsville-based manufacturer of industrial textiles used in paper production (NYSE: XRM) on Nov. 18 that its shares have held a closing price below $1 for 30 consecutive trading days, in violation of NYSE standards.

This is the second time the company’s share prices have fallen below the $1 threshold for a month-long period. The stock exchange sent a similar letter to Xerium on Dec. 29, 2008. The exchange gave Xerium six months to correct the situation, and the company was successful in that effort.

The stock exchange also reduced minimum market capitalization requirements for Xerium from $75 million, to $50 million.

Xerium had submitted in February a plan to the exchange outlining actions it had taken or planned to take that would bring it within in compliance by June 29, 2010, and the company has provided quarterly updates regarding its progress toward that end.

NYSE is reviewing the latest noncompliance in context of the company’s progress in its 18-month plan to determine appropriate action. The exchange could truncate rules regarding compliance standards, suspend trading of the shares or initiate delisting procedures.

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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

Posts: 7800 | From: Virginia | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
BooDog
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Certain aspects of Xerium have my interest. As they get run through the grinder of potential delisting and analyst downgrades and everything else to try and throw them under the bus there are hints that if a couple of their major "IF's" are fulfilled they could scrape by after some consolidation. Of course there are plenty of other companies that I could pick but I want to see if I can track this one to see how things turn out. Already made one decent flip and looking for other opportunities as they bounce around. Their possible delisting news could spark a bit of volume as others run for the hills so looking for the dead cat bounce as I wait for Xerium to prepare and post their plan to try and stay on the nyse. These are only my thoughts, as always - do your own DD.
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Xerium Technologies Reports Third Quarter Results
RALEIGH, N.C., Nov 05, 2009 (BUSINESS WIRE) -- Xerium Technologies, Inc. (NYSE:XRM), a leading global manufacturer of industrial textiles and rolls used primarily in the paper production process, today reported results for its third quarter ended September 30, 2009.

http://phx.corporate-ir.net/phoenix.zhtml?c=179598&p=irol-newsArticle&ID=1352117 &highlight=

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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

Posts: 7800 | From: Virginia | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
   

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