Rogers Corporation Updates Guidance for the Fourth Quarter

  Rogers Corporation Updates Guidance for the Fourth Quarter

Business Wire

ROGERS, Conn. -- January 29, 2013

Rogers Corporation (NYSE:ROG) (“Rogers” or the “Company”) today announced
revised guidance for its fiscal fourth quarter ended December 31, 2012. Rogers
now projects fourth quarter net sales from continuing operations of
approximately $124 million compared to the November 5, 2012 guidance of $129
to $135 million. That guidance included $1.6 million of net sales from its
non-woven products operating segment, which the Company previously announced
would cease operations at the end of the 2012. This segment will be treated as
a discontinued operation as of the fourth quarter of 2012 and therefore, is
not included in the revised sales guidance. The Company's consolidated results
from continuing operations will no longer contain this segment, and prior
periods will be restated to reflect this change.

The GAAP earnings per diluted share from continuing operations for the fourth
quarter 2012 are now expected to range from $0.24 to $0.30. These per share
estimates include anticipated net special charges of approximately $0.28 per
diluted share during the quarter. Excluding these charges, non-GAAP earnings
per diluted share from continuing operations are expected to be in the range
of $0.52 to $0.58 compared to the November 5, 2012 guidance of $0.69 to $0.79
per diluted share. The quarterly earnings were negatively impacted by lower
demand and lower production absorption in the quarter; however, the Company
believes its streamlining initiatives are still delivering the expected cost

The special adjustments are comprised of:

  *$4.3 million of pre-tax charges primarily associated with moving the final
    inspection operation for Curamik Electronics Solutions from its site in
    Eschenbach, Germany to Hungary. This move had been previously announced,
    but the cost of the move could not be reasonably estimated until now.
  *$2.9 million pre-tax charge related to the lengthening of the forecast
    period for asbestos liabilities and the related insurance receivables. In
    the fourth quarter of 2012, the Company deemed it appropriate to increase
    the forecast period for asbestos litigation claims from 5 to 10 years as
    it now has a longer, more meaningful history of asbestos claims activity,
    which provides greater confidence in the reasonableness of the longer
    forecast period.
  *$1.1 million in fourth quarter losses relate to the negative foreign
    currency impact of the Japanese Yen depreciation and unfavorable mark to
    market valuation declines on copper commodity hedges during the period. In
    both cases, these valuation changes will result in lower costs to the
    Company in 2013 as currencies are exchanged and materials are purchased at
    the lower rates.
  *These charges were partially offset by approximately $2.1 million of
    favorable inventory adjustments as the Company updated its costing
    methodology during the quarter.

The Company is currently working through its year-end closing process to
finalize results, which it expects to report during the third week of February
2013. A table reconciling the GAAP and non-GAAP earnings amounts with the
updated guidance projections is included below in this press release.

Bruce D. Hoechner, President and CEO commented, “October and November sales
were very strong but during the month of December we experienced a
considerable decline in orders across all of our businesses. This decrease in
demand is likely related to the broader economic environment, including
concerns over the US fiscal cliff issues. The market indices appear to be more
positive as we enter 2013 and we believe we will see improved growth as the
year unfolds. There is still a strong outlook in 2013 for the build out of
4G/LTE in the telecom space and the China stimulus package that will benefit
the mass transit and energy markets. We continue to have a strong presence in
several faster growing markets such as hand held mobile devices and expect
them to have a favorable impact on our results going forward.”

Notes to Reconciliation of Non-GAAP Financial Measures to the Comparable GAAP
Financial Measures

Management believes non-GAAP information provides meaningful supplemental
information regarding the Company’s performance by excluding certain special
adjustments that may not be indicative of the core business operating results.
Rogers believes that this additional financial information is useful to
management and investors in assessing the Company’s historical performance and
liquidity and when planning, forecasting and analyzing future periods.

Projected Earnings per Diluted Share Guidance          Fourth Quarter 2012
Reconciliation:                                        EPS Range
                                                       Low         High
GAAP estimated net earnings from operations            $ 0.24      $ 0.30
Impact of special adjustment items:
Special charge streamlining – primarily Curamik          (0.19 )       (0.19 )
move to Hungary
Asbestos liability increase due to forecast period       (0.13 )       (0.13 )
Inventory valuation accounting change                    0.09          0.09
Foreign currency and hedge valuations                    (0.05 )       (0.05 )
Total special adjustments                                (0.28 )       (0.28 )
Non-GAAP estimated net earnings from operations        $ 0.52     $ 0.58  

About Rogers Corporation

Rogers Corporation (NYSE:ROG) is a global technology leader in specialty
materials and components for consumer electronics, power electronics, mass
transit, clean technology, and telecommunications infrastructure. With more
than 180 years of materials science and engineering experience, Rogers
provides product designers with solutions to help them power, protect and
connect our world with greater reliability, efficiency and performance.
Rogers’ three core businesses include Power Electronics Solutions for
high-voltage rail traction, energy efficient motor drives, wind and solar
power conversion; High Performance Foams for cushioning, sealing and impact
protection in tablets and smart phones, aircraft, rail and automotive
interiors, sporting goods, apparel and gear; and Printed Circuit Materials for
wireless infrastructure, power amplifiers, smart antennas, and radar systems
for automotive and defense applications. Headquartered in Connecticut (USA),
Rogers operates manufacturing facilities in the United States, China, Germany,
Belgium, and South Korea, with joint ventures and sales offices worldwide. For
more information, visit

Safe Harbor Statement

Statements in this press release, including but not limited to projections of
financial results and planned operational enhancements that are not strictly
historical may be deemed to be “forward looking” statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward looking
statements are based on management’s current expectations and are subject to
uncertainties and risks. These uncertainties and risks include, but are not
limited to, changing business, economic, and political conditions both in the
United States and in other countries, particularly in light of the sovereign
debt issues globally, market demand and pricing, the possibility that
anticipated benefits of acquisitions may not materialize as expected,
competitive and cost factors, unanticipated delays or problems in completing
our planned operational enhancements to various facilities, rapid
technological change, new product introductions, legal proceedings, and the
like. Forward looking statements in this press release should be evaluated
together with these as well as the other uncertainties and risks that affect
Rogers Corporation’s business, particularly those discussed in its most recent
Form 10-K filed with the Securities and Exchange Commission. Such factors
could cause actual results to differ materially from those in the forward
looking statements. All information in this press release is as of January 29,
2013 and Rogers undertakes no duty to update this information unless required
by law.


Rogers Corporation
Investor Contact:
William J. Tryon, 860-779-4037
Director of Investor and Public Relations
Fax: 860-779-5509
Website Address:
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