Exhibit 99.1

XERIUM TECHNOLOGIES REPORTS THIRD QUARTER 2005 RESULTS

Company Lowers Financial Outlook for 2005

WESTBOROUGH, MA, November 14, 2005 – Xerium Technologies, Inc. (NYSE: XRM), a leading global manufacturer of clothing and roll covers used primarily in the paper production process, today reported results for the third quarter of 2005 ended September 30, 2005. Highlights for the quarter include:

Thomas Gutierrez, Chief Executive Officer of Xerium Technologies, said, “While our cash position continues to strengthen and recent new business awards validate the strength of our product offerings and business strategy, we are disappointed as delays in achieving the benefits of certain restructuring efforts and associated costs have impacted our operational results during the quarter. The majority of our net income shortfall this quarter relates to production output issues in our North American clothing business. As we reported last quarter, these production issues have arisen in connection with our restructuring efforts involving the closure of our clothing facility in Farmville, Virginia and the transfer of production to our Starkville, Mississippi facility. The recovery in production output has been much slower than we had planned, and the impact of this production issue on net income has been exacerbated by our effective tax rate in the United States, where we are in a net operating loss position for tax purposes. We have directed some North American clothing customers to other sources, in the short-term, to ensure their

continuing supply and, while we expect improvement over the coming quarters, we currently anticipate that we will not reach our target clothing production levels in North America until the second quarter of 2006. The quarter was also impacted by an overall business climate that has not allowed us to achieve the price increases that we had anticipated. These issues will affect our financial results for the remainder of 2005, and accordingly we have lowered our financial outlook for 2005.”

Mr. Gutierrez continued, “As we look forward into 2006, we believe that once our North American clothing business production issues are fully resolved, we will be positioned to achieve the full benefits of the plant consolidation project that we initiated in that business in 2004. In addition, the new products we have launched this year have been well received, and we are continuing to work on new business opportunities. We have built a considerable cash position, which we believe helps to position us to serve the investment needs of the business, expand into growing sectors of the market and support our dividend policy.”

He concluded, “The global market for our products remains challenging as more customers announce significant restructuring actions both in North America and Europe. We believe that the benefits of the restructuring actions that we have taken in Europe and North America, once fully realized, and the investments that we are making, will help enhance our profitability and deliver value to our shareholders over the long-term. However, we expect that growth will be constrained in the short to mid term by the continuing focus on capacity rationalization throughout the industry.”

ADDITIONAL QUARTERLY FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS FOR THE NINE MONTHS PERIOD

Highlights for the first nine months of 2005 include:

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The following table presents net sales for the first nine months of 2005 and the first nine months of 2004 by segment and the effect of changes in currency translation rates:

(dollars in millions)

FINANCIAL OUTLOOK FOR 2005

The Company currently anticipates that net income (loss) per diluted share for the full year 2005 will be in a range from $(0.08) to $(0.03) on a GAAP basis, which equates to an anticipated range of net income per diluted share of $0.57 to $0.62 excluding the impact of IPO Related Costs, as described below. Previously, the Company had anticipated that net income per diluted share for the full year 2005 would be in a range from $0.45 to $0.55 on a GAAP basis, which equated to an anticipated range of net income per diluted share of $1.14 to $1.24, excluding the impact of IPO Related Costs. These expectations are based upon assumed diluted common shares outstanding on a weighted average basis for 2005 of 38,899,423 shares.

CONFERENCE CALL

The Company plans to hold a conference call to discuss these results today beginning at 5:00 pm ET. The call is accessible via the Company’s website (www.xerium.com) following the links to investor relations and webcasts. To access the conference call, please dial 1-866-713-8563, using passcode 56069119, at least 10 minutes prior to the call’s start. Internationally, the call may be accessed by dialing

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1-617-597-5311, using the same passcode. The call will be available as an archived webcast on the Company’s website beginning approximately an hour after the call is completed.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA and EBITDA are not measures of performance under generally accepted accounting principles (“GAAP”); they are non-GAAP financial measures. Xerium Technologies uses these measures as supplementary non-GAAP financial measures to assist in evaluating liquidity and financial performance, specifically in evaluating the Company’s ability to service indebtedness and to fund ongoing capital expenditures and dividends. Xerium Technologies’ credit facility includes covenants based upon Adjusted EBITDA. If Adjusted EBITDA declines below certain levels, the Company could go into default under the credit facility or be required to prepay the credit facility or could be prohibited from paying dividends. Neither Adjusted EBITDA nor EBITDA should be considered in isolation or as a substitute for net cash provided by operating activities (as determined in accordance with GAAP) or income from operations (as determined in accordance with GAAP). This press release also sets forth expectations for net income per diluted share excluding the impact of IPO Related Costs. Xerium Technologies believes that this measure of net income per diluted share will assist investors in analyzing the financial outlook of the Company because of the non-recurring nature of the IPO Related Costs. However, net income per diluted share excluding the impact of IPO Related Costs should not be considered in isolation or as a substitute for net income per diluted share (as determined in accordance with GAAP). For additional information regarding Adjusted EBITDA, EBITDA and net income per diluted share excluding the impact of IPO Related Costs and a reconciliation of such measures to the most comparable financial measures under GAAP, please see below. The information in this press release should be read in conjunction with the financial statements and footnotes contained in our documents to be filed with the Securities and Exchange Commission.

ABOUT XERIUM TECHNOLOGIES

Xerium Technologies, Inc. (NYSE: XRM) is a leading global manufacturer and supplier of two types of products used primarily in the production of paper: clothing and roll covers. The Company, which operates around the world under a variety of brand names, owns 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 35 manufacturing facilities in 15 countries around the world, Xerium Technologies has approximately 3,900 employees.

FORWARD LOOKING STATEMENTS

This press release may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “indicates,” “suggests” and similar expressions. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include, but are not limited to: (i) adverse changes in general economic or market conditions, including without limitation those affecting the paper industry; (ii) labor unrest; (iii) currency fluctuations; (iv) competitive factors, including but not limited to pricing pressures and new product introductions; (v) the relative and varying rates of product price and component cost changes and the volume and mixture of product and service revenues; (vi) transitions to new products, the uncertainty of customer acceptance of new product offerings and technological and market change; (vii) the lack of any requirement to make dividend payments on our common stock at any particular level or at all; (viii) limitations imposed by our credit facility on the amount of dividends we are permitted to pay; (ix) our high degree of leverage and significant debt service obligations, together with our dividend policy, may cause us to have insufficient cash to fund growth and unexpected cash needs; (x) war or acts of terrorism in any country in which we conduct business; (xi) changes in U.S. or foreign government policies, laws, regulations and practices, including without limitation those regarding the repatriation of funds and taxes; and (xii) those other risks described under the heading “Risk Factors” in the prospectus dated May 16, 2005 related to the Company’s initial public offering of common stock and filed with the Securities and Exchange Commission. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such forward-looking statements after the date of this release.

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Xerium Technologies, Inc.

Condensed Consolidated Balance Sheets—(Unaudited)

(dollars in thousands, except per share data)

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Xerium Technologies, Inc.

Condensed Consolidated Statements of Operations – (Unaudited)

(dollars in thousands, except per share data)

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Xerium Technologies, Inc.

Condensed Consolidated Statements of Cash Flows - (Unaudited)

(dollars in thousands)

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Xerium Technologies, Inc.

EBITDA and Adjusted EBITDA Reconciliation

EBITDA is defined as net income before interest expense, income tax provision and depreciation and amortization. Adjusted EBITDA is defined in the credit facility of Xerium Technologies and is EBITDA plus (i) expenses or losses incurred on or prior to the completion of our initial public offering in connection with proposed or completed debt or equity financing transactions, including expenses or losses related to the early retirement or extinguishment of debt and any bonuses paid in connection with such financing transactions, (ii) unrealized foreign exchange (gain) loss on indebtedness, net, (iii) restructuring or related impairment expenses (not to exceed $11 million in 2005, $4 million in 2006, $3.5 million in 2007 and $1.5 million in each year thereafter), (iv) reserves for inventory in connection with plant closings, (v) stock-based and other non-cash compensation charges, charges from forgiveness of loans made to employees in connection with the purchase of equity and any tax gross-up payments made in respect of such loan forgiveness in connection with or prior to the completion of our initial public offering, (vi) certain transaction costs, including costs incurred in connection with our initial public offering and the related debt financing and the legal reorganization of Brazilian subsidiaries, (vii) costs associated with payments to management prior to the completion of our initial public offering in connection with the termination of incentive plans, (viii) non-cash charges resulting from the application of purchase accounting, (ix) any fees, expenses or charges deducted in computing net income which have been determined by management, which determination is reasonably acceptable to the administrative agent under our credit facility, to be non-recurring by virtue of changes in our method of operations pursuant to our cost reduction programs, (x) non-cash losses (net of non-cash gains) resulting from marking-to-market hedging obligations, (xi) non-cash expenses resulting from the granting of stock options, restricted stock or restricted stock unit awards under equity compensation programs solely with respect to our common stock and (xii) expenses not exceeding $5 million per year incurred as a result of the repurchase, redemption or retention of common stock earned under equity compensation programs solely in order to make withholding tax payments. Adjusted EBITDA, as defined in the credit facility and calculated below, may not be comparable to similarly titled measurements used by other companies. The following table provides a reconciliation from net cash provided by operating activities, which is the most directly comparable GAAP financial measure, to EBITDA and Adjusted EBITDA:

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Comparable fees, expenses and charges to those in the table above were not added back to Adjusted EBITDA for the three and nine month periods ending September 30, 2004. Adjusted EBITDA for the three months ended September 30, 2004 would have been $38,682 after adding back $3,100 of such fees, expenses and charges (consisting of $2,500 of environmental charges in connection with facility closure pursuant to cost reduction programs and $600 of operating costs incurred in connection with the transition of production operations from a closed facility to another facility). Adjusted EBITDA for the nine months ended September 30, 2004 would have been $125,207 after adding back $3,350 of such fees, expenses and charges (consisting of $2,750 of environmental charges in connection with facility closure pursuant to cost reduction programs and $600 of operating costs incurred in connection with the transition of production operations from a closed facility to another facility).

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IPO Related Costs

The following table describes the IPO Related Costs, excluding related tax benefits, impacting operating income (loss) and net income (loss) for the nine months ended September 30, 2005 and which will impact such measures for the year ended December 31, 2005:

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The expected tax effect (benefit) for the standalone IPO Related Costs for the year ended December 31, 2005 based upon the taxing jurisdiction into which these costs were incurred is approximately $4.1 million. Previously, the Company had anticipated that such tax effect would be approximately $2.6 million. Accordingly, the anticipated impact of IPO Related Costs, adjusted for this expected tax benefit, on net income for 2005 is as follows:

Financial Outlook for 2005

The following table provides a reconciliation of the anticipated net income per share range for the full year 2005 to the anticipated range for the full year 2005 of net income per share excluding the impact of IPO Related Costs (including the expected tax effect of these costs):

The anticipated per share data above is based upon an assumed weighted average number of diluted shares of 38,899,423 for 2005.

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The following table lists IPO Related Costs which impacted net cash provided by operating activities for the nine months ended September 30, 2005:

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