-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S33qDKl+OuTUJ6z5JidOdZojNJO7KIzQXCIVYv3Ea+TCQfiCmYjgo1VAP0vH2Wo6 vtQk18+kcxQbJTffrEXdUA== 0000084748-98-000021.txt : 19980819 0000084748-98-000021.hdr.sgml : 19980819 ACCESSION NUMBER: 0000084748-98-000021 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980705 FILED AS OF DATE: 19980818 SROS: AMEX SROS: PCX FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROGERS CORP CENTRAL INDEX KEY: 0000084748 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821] IRS NUMBER: 060513860 STATE OF INCORPORATION: MA FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-04347 FILM NUMBER: 98693658 BUSINESS ADDRESS: STREET 1: P.O. BOX 188 STREET 2: ONE TECHNOLOGY DRIVE CITY: ROGERS STATE: CT ZIP: 06263-0188 BUSINESS PHONE: 860 774-96 10-Q 1 Total pages included - 14 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 5, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-4347 ROGERS CORPORATION (Exact name of Registrant as specified in its charter) Massachusetts 06-0513860 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) P.O. Box 188, One Technology Drive, Rogers, Connecticut 06263-0188 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (860) 774-9605 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No The number of shares outstanding of the Registrant's classes of common stock as of August 2, 1998: Capital Stock, $1 Par Value-7,614,545 shares -1- ROGERS CORPORATION AND SUBSIDIARIES FORM 10-Q July 5, 1998 INDEX Page No. PART I--FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited): Consolidated Statements of Income-- Three Months and Six Months Ended July 5, 1998 and June 29, 1997 3 Consolidated Balance Sheets-- July 5, 1998 and December 28, 1997 4-5 Consolidated Statements of Cash Flows-- Six Months Ended July 5, 1998 and June 29, 1997 6 Supplementary Notes 7-8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9-13 PART II--OTHER INFORMATION Item 6. Reports on Form 8-K 14 SIGNATURES 14 -2- PART I - FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS ROGERS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Dollars in Thousands Except for Per Share Amounts) Three Months Ended: Six Months Ended: ----------------------------------------------- July 5, June 29, July 5, June 29, 1998 1997 1998 1997 ----------------------------------------------- Net Sales $ 53,389 $ 45,788 $ 111,702 $ 90,128 Cost of Sales 40,242 32,183 82,475 63,449 Selling and Administrative Expenses 7,534 6,179 14,806 11,789 Research and Development Expenses 2,521 2,516 5,132 4,967 ----------------------------------------------- Total Costs and Expenses 50,297 40,878 102,413 80,205 ----------------------------------------------- Operating Income 3,092 4,910 9,289 9,923 Other Income less Other Charges 468 520 320 934 Interest Income, Net 131 194 362 301 ----------------------------------------------- Income Before Income Taxes 3,691 5,624 9,971 11,158 Income Taxes: Federal and Foreign 950 1,394 2,651 2,763 State 120 125 240 250 ----------------------------------------------- Net Income $ 2,621 $ 4,105 $ 7,080 $ 8,145 =============================================== Net Income Per Share (Note G): Basic $ 0.35 $ 0.55 $ 0.93 $ 1.09 =============================================== Diluted $ 0.33 $ 0.53 $ 0.89 $ 1.05 =============================================== Shares Used in Computing (Note G): Basic 7,595,000 7,462,000 7,591,000 7,441,794 =============================================== Diluted 7,947,000 7,801,000 7,953,000 7,770,490 =============================================== The accompanying notes are an integral part of the consolidated financial statements. -3- ROGERS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS (Dollars in Thousands) July 5, 1998 December 28, 1997 ------------ ----------------- Current Assets: Cash and Cash Equivalents $ 10,081 $ 18,791 Marketable Securities 3,015 2,764 Accounts Receivable, Net 31,323 28,658 Inventories: Raw Materials 11,633 10,262 In-Process and Finished 10,629 11,323 ---------- --------- Total Inventories 22,262 21,585 Current Deferred Income Taxes 1,936 1,936 Assets Held for Sale, Net of Valuation Reserves of $492 in each period (Note B) 5,158 5,158 Other Current Assets 508 591 ---------- --------- Total Current Assets 74,283 79,483 ---------- --------- Property, Plant and Equipment, Net of Accumulated Depreciation of $67,979 and $63,856 64,659 52,201 Investment in Unconsolidated Joint Venture 5,253 5,373 Pension Asset 4,731 4,731 Goodwill and Other Intangibles, Net 14,316 14,500 Other Assets 2,093 2,152 ---------- --------- Total Assets $ 165,335 $ 158,440 ========== ========= The accompanying notes are an integral part of the consolidated financial statements. -4- ROGERS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED LIABILITIES AND SHAREHOLDERS' EQUITY (Dollars in Thousands) July 5, 1998 December 28, 1997 ------------ ----------------- Current Liabilities: Accounts Payable $ 15,902 $ 16,771 Current Maturities of Long-Term Debt 600 600 Accrued Employee Benefits and Compensation 7,418 8,098 Accrued Income Taxes Payable 3,865 3,628 Taxes, Other than Federal and Foreign Income 1,006 839 Other Accrued Liabilities 5,424 4,047 --------- ---------- Total Current Liabilities 34,215 33,983 --------- ---------- Long-Term Debt, less Current Maturities 13,660 13,660 Noncurrent Deferred Income Taxes 2,283 2,311 Noncurrent Pension Liability 3,901 3,900 Noncurrent Retiree Health Care and Life Insurance Benefits 6,277 6,277 Other Long-Term Liabilities 4,303 3,931 Shareholders' Equity: Capital Stock, $1 Par Value: Authorized Shares 50,000,000; Issued and Outstanding Shares 7,613,735 and 7,543,699 7,613 7,544 Additional Paid-In Capital 31,516 31,097 Less Treasury Stock (12,800 shares) (423) 0 Unrealized Loss on Marketable Securities (12) (4) Currency Translation Adjustment 342 1,160 Retained Earnings 61,660 54,581 --------- ---------- Total Shareholders' Equity 100,696 94,378 --------- ---------- Total Liabilities and Shareholders' Equity $ 165,335 $ 158,440 ========= ========== The accompanying notes are an integral part of the consolidated financial statements. -5- ROGERS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in Thousands) Six Months Ended: -------------------------- July 5, June 29, 1998 1997 CASH FLOWS PROVIDED BY (USED IN) OPERATING -------------------------- ACTIVITIES: Net Income $ 7,079 $ 8,145 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation and Amortization 4,536 4,187 Equity in Undistributed (Income) Loss of Unconsolidated Joint Ventures, Net 62 (473) Loss on Disposition of Assets 51 50 Noncurrent Pension and Postretirement Benefits 1,034 585 Other, Net 391 124 Changes in Operating Assets and Liabilities Excluding Effects of Disposition of Assets: Accounts Receivable (3,070) (3,797) Inventories (759) (2,602) Prepaid Expenses 79 (29) Accounts Payable and Accrued Expenses (1,048) 3,525 -------------------------- Net Cash Provided by Operating Activities 8,355 9,715 CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: Capital Expenditures (16,907) (5,958) Proceeds from Sales of Business -- -- Acquisition of Business -- (1,294) Proceeds from Sale of Property, Plant & Equipment (96) 53 Proceeds from Sale of Marketable Securities (252) 22 Purchase of Marketable Securities -- -- Investment in Unconsolidated Joint Ventures and Affiliates 333 386 -------------------------- Net Cash Provided by (Used in) Investing Activities (16,922) (6,791) CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: Proceeds from Short and Long-Term Borrowings 286 1,500 Repayments of Debt Principal (269) (1,500) Acquisition of Treasury Stock (423) -- Proceeds from Sale of Capital Stock 489 589 -------------------------- Net Cash Provided by Financing Activities 83 589 Effect of Exchange Rate Changes on Cash (226) (109) -------------------------- Net Increase in Cash and Cash Equivalents (8,710) 3,404 Cash and Cash Equivalents at Beginning of Year 18,791 18,675 -------------------------- Cash and Cash Equivalents at End of Quarter $ 10,081 $ 22,079 ========================== The accompanying notes are an integral part of the consolidated financial statements. -6- ROGERS CORPORATION AND SUBSIDIARIES SUPPLEMENTARY NOTES A. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the audited consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the fiscal year ended December 28, 1997. B. Net Assets Held for Sale consist of land and a building in Chandler, Arizona, currently being leased to the purchaser of the Company's flexible interconnection business in 1993. C. In September 1997 the Company cancelled its $5.0 million unsecured revolving credit agreement with Fleet National Bank and replaced it with an unsecured multi-currency revolving credit agreement, also with Fleet. Under the new arrangement, the Company can borrow up to $15.0 million, or the equivalent in Belgian Francs and/or Japanese Yen. Amounts borrowed under this agreement are to be paid in full by September 19, 2002. The Company borrowed 390,207,039 Belgian Francs under the new arrangement to facilitate the Rogers Induflex acquisition in Belgium in September 1997. D. Interest paid during the first six months of 1998 and 1997 was $593,000 and $403,000, respectively. E. Income taxes paid were $2,170,000 and $1,792,000 in the first six months of 1998 and 1997, respectively. F. As of the beginning of 1998, the Company adopted Financial Accounting Standard Board Statement No. 130 (FAS No. 130), "Reporting Comprehensive Income". FAS No. 130 establishes new rules for the reporting and display of comprehensive income and its components; however, the adoption of this Statement had no impact on the Company's net income or shareholders' equity. FAS No. 130 requires unrealized gains or losses on the Company's available-for-sale securities and foreign currency translation adjustments, which prior to adoption were reported separately in shareholders' equity, to be included in other comprehensive income. Prior year financial statements have been reclassified to conform to the requirements of Statement 130. During the second quarters of 1998 and 1997, total comprehensive income amounted to $2.7 million and $3.9 million, respectively. For the first six months of 1998 and 1997, total comprehensive income amounted to $6.3 million and $7.2 million, respectively. -7- SUPPLEMENTARY NOTES, CONTINUED G. In 1997, the Financial Accounting Standards Board issued Statement No. 128 (FAS No. 128), "Earnings per Share." FAS No. 128 replaced the calculation of primary and fully diluted earnings per share with basic and diluted earnings per share. Unlike primary earnings per share, basic earnings per share excludes any dilutive effects of options, warrants and convertible securities. Diluted earnings per share is very similar to the previously reported fully diluted earnings per share. All earnings per share amounts for all periods presented have been restated to conform to the FAS No. 128 requirements. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended: Six Months Ended: -------------------------------------- (In Thousands, Except Per Share July 5, June 29, July 5, June 29, Amounts) 1998 1997 1998 1997 -------------------------------------- Numerator: Net income $ 2,621 $ 4,105 $ 7,079 $ 8,145 Denominator: Denominator for basic earnings per share - weighted-average shares 7,595 7,462 7,591 7,442 Effect of stock options 352 339 362 328 --------------------------------------- Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions 7,947 7,801 7,953 7,770 ======================================= Basic earnings per share $ 0.35 $ 0.55 $ 0.93 $ 1.09 ======================================= Diluted earnings per share $ 0.33 $ 0.53 $ 0.89 $ 1.05 ======================================= H. The Company's fiscal year begins on the Monday nearest January 1 and ends on the Sunday nearest December 31. The fiscal year ending January 3, 1999 is a 53 week year and the additional week is included in the first quarter of 1998. -8- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Net sales were $53.4 million in the second quarter and $111.7 million for the first six months of 1998, up 17% and 24%, respectively, over the comparable periods in 1997. Combined Sales, which include one-half of the sales from Rogers two 50% owned joint ventures, were $61.1 million for the quarter and $126.9 million for the half, up 13% and 20%, respectively, over the same periods in 1997. However, second quarter 1998 sales were 7% below the sales levels in the first quarter. Sales of Polymer Materials in the second quarter and first half of 1998 were 4% and 10%, respectively, above the levels in the same periods of 1997. During the first half a new application for Nitrophyl floats for fuel level sensing in propane tanks contributed to substantial sales growth at the Elastomer Components Unit. Also sales of R/bak plate backing and mounting products were significantly higher than the first half of 1997 reflecting strong growth in South America and Europe. The moldable phenolic composites business had strong growth in Europe and record sales in the first half of 1998. Last year a major capital investment was made to expand capacity for this business. Sales of Electronic Materials for the second quarter and first six months increased 32% and 41%, respectively, from the comparable 1997 periods. A majority of the second quarter and first half year-to-year volume increase came from sales of Induflex, the European flexible laminates business Rogers acquired at the end of September 1997, and sales of a customized FLEX-I-MID material to Hutchinson Technology Incorporated. In addition, the Microwave Materials Division continued to grow in sales for commercial high frequency applications in wireless communications with both second quarter and first half 1998 sales significantly exceeding those in the comparable 1997 periods. Europe remains a bright spot for sales growth with sales for the second quarter and first six months of 1998 growing 14% and 25%, respectively over the same periods in 1997 even when sales from the recently acquired Induflex business are not included. Furthermore, the strength of the U.S. Dollar dampened reported European sales. Stated in local currency, Rogers European sales growth, excluding Induflex sales, was actually 35% for the first six months of 1998. All of Rogers core products are now stocked in Europe, and Rogers is adding a microwave materials production facility and expanding its power distribution bus bar production capability in Belgium. Profits before tax of $3.7 million for the second quarter and $10.0 million for the first half of 1998 were down 34% and 11%, respectively, from the same periods in 1997. Net income of $2.6 million for the second quarter and $7.1 million for the second half were down 36% and 13%, respectively. -9- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, CONTINUED Earnings per share (diluted) for the second quarter this year were $0.33, down from $0.53 in the same period last year. For the first half of 1998, earnings per share (diluted) were $0.89 compared to $1.05 in the initial six-month period a year ago. This disappointing performance in the second quarter was due to a number of factors including softness in the domestic computer market as well as conditions in Southeast Asia where customers are being adversely impacted, particularly in the wireless communications and computer markets. These conditions have contributed to somewhat slower growth in sales to the wireless communications market and significantly lower sales of the flexible circuit materials manufactured at the Circuit Materials Division which are primarily used in computer hard disk drives. Sales of the customized material to Hutchinson Technology Incorporated continue to grow, but Rogers does not manufacture this material, and, therefore, it carries a lower margin. The costs of transitioning to new manufacturing processes and equipment in the two Arizona divisions further reduced profitability for the quarter. In addition, only relatively modest profits were earned by the two operations that were acquired last year, the Bisco silicone foam business and the Induflex unit in Europe. Both acquisitions have excellent future prospects, but they are still in the early stages of integration into the Company. Manufacturing profit as a percentage of sales in the first six months of 1998 and 1997 was 26% and 30%, respectively. The decrease from 1997 to 1998 was primarily attributable to several factors at the Circuit Materials Division. The growing sales of customized materials to Hutchinson Technology Incorporated are produced for Rogers by Mitsui Chemical Incorporated in Japan and carry a lower margin than material that Rogers manufactures. Margins on the lower sales of flexible circuit materials manufactured at the Circuit Materials Division for use in computer hard disk drives declined due to lower prices and inventory write-offs. Selling and administrative expense for the first six months of 1998 increased in total dollars, but as a percentage of sales were approximately the same as the comparable period in the previous year. The increase in dollars reflects steps taken to develop the internal organization and new information systems. Research and Development expense in the first six months of 1998 increased 3% over the comparable 1997 period. Major development activities in Electronic Materials included process and product improvements to the RO3000 and RO4000 high frequency circuit laminate materials, which are designed for use in high volume, low cost commercial wireless communication applications. In flexible circuit materials, development efforts focused on improved adhesives and improved processing in the Company's plant and at customers' facilities. Polymer Materials activity continue to include the commercialization of a slow rebound PORON urethane material for the foot comfort market, as well as improvements to a variety of other PORON materials for industrial and printing applications. New ENDUR component formulations are being developed to provide improved friction properties and -10- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, CONTINUED longevity in document handling applications. Finally, higher strength phenolic composites continue to receive technical support as does improved cure monitoring of phenolic compounds which should lead to improved processing by customers. The Company's core technical capabilities in polymers and fillers were applied to immediate as well as longer term development tasks. Net interest income for 1998 increased from 1997 due mainly to a tax interest refund received from the Internal Revenue Service. As of September 1997, the Company may borrow up to $15.0 million, or the equivalent in Belgian Francs and/or Japanese Yen, under an unsecured multi- currency revolving credit agreement with Fleet National Bank. Amounts borrowed under this agreement are to be repaid in full by September 19, 2002. The Company has borrowed 390 million Belgian Francs under this agreement as of July 5, 1998. Other income less other charges was $0.3 million for the first six months of 1998 compared with $0.9 million for the same period in 1997. This change is attributable to lower gains on sale of assets and to a decline in joint venture and royalty income. Durel Corporation, the joint venture with 3M, which manufactures electroluminescent lamps, is making slower progress than anticipated in shifting its sales and manufacturing toward the high volume, low price demands of the wireless communications market. A new judge has been appointed for the patent infringement lawsuit brought by Durel to protect its proprietary technology, and Rogers is hopeful that a trial will take place before year-end. Rogers INOAC Corporation (RIC), the joint venture with INOAC Corporation, continues to deal with changes in the disk drive industry and is being hurt by economic conditions in Japan and Southeast Asia. Net cash provided by operating activities in the first six months of 1998 totaled $8.4 million compared with $9.7 million in the comparable 1997 period. This difference was caused by a mix of factors, the largest of which was a change in the level of Accounts Payable. Capital expenditures totaled $16.9 million and $6.0 million for the first six months of 1998 and 1997, respectively. More than half of 1998 spending is related to expansion projects in the Microwave Materials Division and the Poron Materials Unit. Management expects that spending for 1998, primarily for capacity expansions, new process equipment, and new information systems capability will total over $30 million, about double the amount spent in 1997. It is anticipated that this spending will be financed primarily with internal funds. Management believes that in the near term internally generated funds and its credit facility with Fleet National Bank will be sufficient to meet the needs of the business. The Company continually reviews and assesses its lending relationships. -11- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, CONTINUED The Company has completed an assessment and has modified or replaced portions of its internally developed software so that its computer systems will function properly with respect to dates in the year 2000 and thereafter. The Company also uses software purchased from vendors. Each such vendor was contacted and all software packages are year 2000 compliant. The only costs that will be incurred in the future will be for rigorous testing of the software and these costs are not expected to be significant. The Company is currently in the initial stages of analyzing third party compliance and its effect on operations. The Company is subject to federal, state, and local laws and regulations concerning the environment and is currently engaged in proceedings involving a number of sites under these laws, as a participant in a group of potentially responsible parties (PRPs). The Company is currently involved as a PRP in four cases involving waste disposal sites, all of which are Superfund sites. Several of these proceedings are at a preliminary stage and it is impossible to estimate the cost of remediation, the timing and extent of remedial action which may be required by governmental authorities, and the amount of liability, if any, of the Company alone or in relation to that of any other PRPs. The Company also has been seeking to identify insurance coverage with respect to these matters. Where it has been possible to make a reasonable estimate of the Company's liability, a provision has been established. Insurance proceeds have only been taken into account when they have been confirmed by or received from the insurance company. Actual costs to be incurred in future periods may vary from these estimates. Based on facts presently known to it, the Company does not believe that the outcome of these proceedings will have a material adverse effect on its financial position. In addition to the above proceedings, the Company has been actively working with the Connecticut Department of Environmental Protection (CT DEP) related to certain polychlorinated biphenyl (PCB) contamination in the soil beneath a section of cement flooring at its Woodstock, Connecticut facility. The Company is developing a remediation plan with the CT DEP. On the basis of estimates prepared by environmental engineers and consultants, the Company recorded a provision of approximately $900,000 in 1994 and based on updated estimates provided an additional $700,000 in 1997 for costs related to this matter. During 1995, $300,000 was charged against this provision and $200,000 was charged in both 1996 and 1997. Management believes, based on facts currently available, that the implementation of the aforementioned remediation will not have a material additional adverse impact on earnings. In this same matter, the United States Environmental Protection Agency (the "EPA") originally sought an administrative penalty of $227,000, which was later changed to $300,000. The EPA has alleged that the Company improperly disposed of PCBs. An administrative law judge found the Company liable for this alleged disposal and assessed a penalty of $281,000. The Company disputes the allegations and intends to contest the assessment of any penalty. The Company has not had any material recurring costs and capital expenditures relating to environmental matters, except as specifically described in the preceding statements. -12- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, CONTINUED Statements in this report that are not strictly historical may be deemed to be "forward-looking" statements which should be considered as subject to the many uncertainties that exist in the Company's operations and environment. These uncertainties, which include economic conditions, market demand and pricing, competitive and cost factors, and the like, are incorporated by reference in the Rogers Corporation 1997 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. -13- PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) List of Exhibits: (27) Financial Data Schedule (b)There were no reports on Form 8-K filed for the three months ended July 5, 1998. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ROGERS CORPORATION (Registrant) __________________________________ By s/DONALD F. O'LEARY Donald F. O'Leary Authorized Officer Corporate Controller Dated: August 18, 1998 -14- EX-27 2
5 1000 6-MOS JAN-03-1999 JUL-05-1999 10081 3015 31471 148 22262 74283 132638 67979 165335 34215 0 0 0 7613 93083 165335 111702 111702 82475 102413 320 0 (362) 9971 2891 7080 0 0 0 7080 .93 .89 This is basic earnings per share.
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