Xerium's Improved Performance Recognized by NYSE
YOUNGSVILLE, N.C.--(BUSINESS WIRE)-- Xerium Technologies, Inc. (NYS: XRM) , a leading global provider of industrial consumable products and services, announced today that it has received notice from the New York Stock Exchange (NYSE) informing the company that is has regained full compliance with all NYSE quantitative listing standards.
Xerium had fallen out of compliance with NYSE listing standards in 2012 as a result of poor performance and an inadequate market capitalization. Since that time, the company made a few leadership changes and began a fundamental restructuring of its business. The NYSE's decision is a result of Xerium's markedly improved performance over the last 2 quarters and a recovered market capitalization.
"We are happy that our improved performance has led the NYSE to return Xerium to full compliance," said Harold Bevis, Xerium's President and CEO. "We are at the beginning of the restructuring of Xerium's operations and we are pleased with our initial results. Xerium is committed to improving its results and increasing shareholder value."
About Xerium Technologies
Xerium Technologies, Inc. (NYS: XRM) is a leading global provider of industrial consumable products and services. Xerium utilizes 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 28 manufacturing facilities in 12 countries around the world, Xerium has approximately 3,200 employees.
This press release and the referenced article contain forward-looking statements. The words "believe," "estimate," "expect," "intend," "anticipate," "goals," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Forward-looking statements involve risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. These risks and uncertainties include the following items: (1) our efforts at regaining compliance with NYSE listing standards are no guarantee that we will be able to maintain compliance with those standards in the future; (2) our efforts to improve performance may not be as effective as we anticipate; and (3) the other risks and uncertainties discussed elsewhere in this press release, our Form 10-K for the year ended December 31, 2012, our Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 and our other SEC filings. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement in this press release or the referenced article reflects our current views with respect to future events. Except as required by law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise. Copies of our SEC filings are available from the SEC and in the investor relations section of our website at www.xerium.com.
Xerium Technologies, Inc.
Phillip B. Kennedy, 919-526-1444
KEYWORDS: United States North America North Carolina
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