Xerium continues to shed jobs

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Xerium loses $9.4 million in first quarter

Losses doubled in the latest quarter at Xerium Technologies, a Youngsville manufacturer of equipment used in paper production.

The company lost $9.4million, or 19 cents per share, in the first quarter. A year ago it lost $4.7million.

The decline was primarily because of lower sales and foreign currency fluctuations. Sales totaled $116.5million -- down 27 percent from a year earlier. After adjusting for currency fluctuations, sales decreased 18 percent.

Xerium makes progress in debt talks

Shares of Xerium Technologies got a boost this morning in the wake of the company's announcement that it is making progress with lenders on restructuring its debt.

Xerium shares were trading at 88 cents at mid-morning, up 24 cents. The company, which produces equipment for the papermaking industry, shifted its headquarters from Youngsville to Raleigh earlier this year.

Xerium announced after the markets closed Monday that it has negotiated "a non-binding framework" for an agreement with a steering committee representing its lenders.

Lower sales hurt Xerium

Losses doubled in the latest quarter at Xerium Technologies, a Youngsville manufacturer of equipment used in paper production.

The company reported late Tuesday that it lost $9.4 million, or 19 cents per share, in the first quarter. A year ago it lost $4.7 million.

The decline was primarily because of lower sales and foreign currency fluctuations. Sales totaled $116.5 million, down 27 percent from a year earlier. After adjusting for currency fluctuations, sales decreased 18 percent.

Xerium again on brink of delisting

Xerium Technologies, which makes equipment for the papermaking industry, reported Tuesday that its shares face delisting from the New York Stock Exchange, again.

The Youngsville-based company was first notified in December by the NYSE that its shares didn't meet minimum listing requirements. Xerium avoided delisting partly because its stock rose above $1 in June.

The stock closed below $1 again Nov. 6 and hasn't recovered. Tuesday, the stock fell 2 cents to close at 65 cents.

Lenovo's latest cuts don't reach Triangle

Chinese computer maker Lenovo is slashing still more jobs in China, but the company says it isn't brewing plans for another round of cutbacks in Morrisville.

Lenovo, which ranks fourth among the world's PC makers, announced today that it would accelerate its cost-cutting efforts by eliminating 450 jobs in China. The latest cutbacks at the 21,000-employee company come on top of 2,500 positions the company said it would eliminate in January.

"The job cuts in China do not affect Morrisville," spokesman Ray Gorman said this morning. "We're not planning any job cuts in Morrisville." He added, however, that the company can't speculate on what the future will bring.