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Rogers Corporation Updates Guidance for the First Quarter

  Rogers Corporation Updates Guidance for the First Quarter

Business Wire

ROGERS, Conn. -- April 18, 2013

Rogers Corporation (NYSE:ROG) (“Rogers” or the “Company”) today announced
revised guidance for its fiscal first quarter ended March 31, 2013. Rogers now
projects first quarter net sales from continuing operations of approximately
$126 million compared to the February 19, 2013 guidance of $129 to $133
million. The GAAP earnings per diluted share from continuing operations for
the first quarter 2013 are expected to be approximately $0.39 per share. These
per share estimates include anticipated net special adjustments of
approximately $0.05 per diluted share during the quarter. Excluding these
charges, non-GAAP earnings per diluted share from continuing operations are
expected to be $0.44 compared to the previous non-GAAP guidance of $0.57 to
$0.61 per diluted share. The first quarter results were primarily impacted by
lower demand and lower production absorption in the quarter, as well as
start-up costs associated with the installation of the new molded urethane
foam manufacturing line.

The special adjustments are comprised of:

  *$0.7 million of pre-tax charges related to severance costs associated with
    workforce reductions during the quarter. This charge impacts Selling
    General & Administrative expenses (SG&A).
  *$0.5 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,
    and the costs are expensed as they are incurred. This charge also impacts
    SG&A.

The Company is currently working through its quarterly closing process to
finalize results, which it expects to report at the end of April 2013. A table
reconciling the GAAP and non-GAAP earnings amounts disclosed in this press
release is included below.

Bruce D. Hoechner, President and CEO commented, “This year’s first quarter
sales were up about $5.8 million or 4.8% over the first quarter of 2012, but
fell slightly below the low end of our guidance for the quarter by about $3
million or 2.4%. As reported by industry sources, the quarterly reduction in
global demand for tablet devices and reduced military spending impacted our
first quarter results more than anticipated. However, High Performance Foams
had record first quarter sales up 5.0% and our Printed Circuit Materials
operating segment started the year strong with sales up 10.6%, both relative
to the first quarter of 2012. We see positive signs in the markets we serve
and expect market conditions to improve for the balance of 2013, led by
anticipated increases in spending in the telecom market as the rollout of 4G
infrastructure progresses.”

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.

Updated Reconciliation of non-GAAP to GAAP Income Per Share Guidance for the
First Quarter of 2013:

The following table includes non-recurring charges related to the move of
Curamik’s final inspection operations to Hungary and other special
adjustments.

                                                                  Q1 2013
                                                               
                                                                  EPS Estimate
                                                                  
Estimated Q1 2013 GAAP income per diluted share from              $    0.39
continuing operations
                                                                       
Add back special adjustments, net of tax:
Charges related to severance costs associated with workforce           0.03
reductions
Expenses related to relocation of Curamik’s final inspection          0.02
operation
Total special adjustment charges                                       0.05
                                                                  
Estimated Q1 2013 Non-GAAP income per diluted share from          $    0.44
continuing operations
                                                                       

Reconciliation of non-GAAP to GAAP Income Per Share Guidance for the First
Quarter of 2013:

The following table includes non-recurring charges related to the move of
Curamik’s final inspection operations to Hungary and other special charges.

                                                                 Q1 2013
                                                              
                                                                 EPS Guidance
Guidance Q1 2013 GAAP income per diluted share from              $0.54 - $0.58
continuing operations
                                                                 
Add back special charges, net of tax:
Estimated expense related to relocation of Curamik’s final       0.01
inspection operation
Other special charges                                            0.02
Total special adjustment charges                                 0.03
                                                                 
Guidance Q1 2013 non-GAAP income per diluted share from          $0.57 - $0.61
continuing operations
                                                                 

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 www.rogerscorp.com.

Safe Harbor Statement

Statements in this press release, including but not limited to projections of
financial results 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 global sovereign debt issues,
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 April 18, 2013 and Rogers
undertakes no duty to update this information unless required by law.

Contact:

Rogers Corporation
Investor Contact:
William J. Tryon, 860-779-4037
Director of Investor and Public Relations
william.tryon@rogerscorp.com
Fax: 860-779-5509
or
Website Address:
http://www.rogerscorp.com
 
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