-----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, CNBo3L7UYtPKIU7BkDUnWcBBhTJ8vBKHVc1srZStbjMtmCXaVCTH++0g/Ky5eCjW taPAtXJM9nFSrG/RedMukQ== 0001157523-07-007888.txt : 20070806 0001157523-07-007888.hdr.sgml : 20070806 20070806164924 ACCESSION NUMBER: 0001157523-07-007888 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070626 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Material Impairments ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070806 DATE AS OF CHANGE: 20070806 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: 1230 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-04347 FILM NUMBER: 071028414 BUSINESS ADDRESS: STREET 1: P.O. BOX 188 STREET 2: ONE TECHNOLOGY DRIVE CITY: ROGERS STATE: CT ZIP: 06263-0188 BUSINESS PHONE: 860-779-5756 MAIL ADDRESS: STREET 1: ONE TECHNOLOGY DRIVE CITY: ROGERS STATE: CT ZIP: 06263 8-K/A 1 a5465508.txt ROGERS CORPORATION 8-K/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- FORM 8-K/A CURRENT REPORT (Amendment No. 1) Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): June 26, 2007 ROGERS CORPORATION (Exact name of Registrant as specified in Charter) Massachusetts 1-4347 06-0513860 (State or Other (Commission File Number) (I.R.S. Employer Jurisdiction Identification No.) of Incorporation) One Technology Drive, P.O. Box 188, Rogers, Connecticut 06263-0188 (Address of Principal Executive Offices and Zip Code) (860) 774-9605 (Registrant's telephone number, including area code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 204.13e-4(c)) ================================================================================ Item 2.02 Results of Operations and Financial Condition. In a Press Release dated August 6, 2007, Rogers Corporation (the "Registrant" or "Rogers") announced its final second quarter 2007 results. The Registrant's Press Release is furnished herewith as Exhibit 99.1. The press release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Registrant has provided reconciliations within the earnings release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Rogers believes that net income from continuing operations and diluted earnings per share, excluding the effect of any restructuring and impairment charges, is a measure that should be presented in addition to income determined in accordance with generally accepted accounting principles (GAAP) and is useful to investors. The following matters should be considered when evaluating these non-GAAP financial measures: o Rogers reviews the operating results of its businesses excluding the impact of any restructuring and impairment charges because it provides an additional basis of comparison. We believe that these events are unusual in nature, and would not be indicative of ongoing operating results. As a result, management believes such charges should be excluded in order to compare past, current and future periods. o Restructuring and impairment charges principally represent adjustments to the carrying value of certain assets and do not typically require a cash payment. o Restructuring and impairment charges are typically material and are considered to be outside the normal operations of a business. Corporate management is responsible for making decisions about such charges. The non-GAAP financial measures included in the earnings release have been reconciled to the comparable GAAP results. This reconciliation can also be found on the Registrant's web site at www.rogerscorporation.com. The information in this Form 8-K/A and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. ITEM 2.05 Costs Associated with Exit or Disposal Activities On June 27, 2007, the Registrant announced that it committed to a plan to restructure its workforce and reduce other related costs. Together with the plan announced on June 13, 2007 related to the employee reduction in the Company's Custom Electrical Components reporting segment, the Registrant expected that the total cash severance charge would be approximately $3 million. On August 6, 2007, the Registrant concluded that it would take restructuring charges of $12.9 million or $8.0 million net of taxes. Of the $12.9 million, approximately $7.1 million is attributable to the Durel division of the Custom Electrical Components reportable segment and approximately $2.7 million is related to the Flexible Circuit Materials portion of the Printed Circuit Materials reporting segment. The remainder of the charges of approximately $3.1 million primarily relates to severance associated with the company-wide work force reductions. As a result of these restructuring activities, the Company also expects to incur additional charges of approximately $2.7 million over the next three quarters. A copy of the press release issued by the Registrant on August 6, 2007 announcing the amount of the restructuring charges is filed as Exhibit 99.1 to this Form 8-K/A and is incorporated herein by reference. ITEM 2.06 Material Impairments On June 27, 2007, the Registrant announced that it had concluded that it would potentially take a non-cash charge in the second quarter of 2007 related to the write-down of impaired assets within the Registrant's Printed Circuit Materials reporting segment. The Registrant could not at that time estimate the amount or the range of amounts of the impairment charge and indicated that it would provide this information when it is able to make a determination of such estimate or range of estimates. On August 6, 2007, the Registrant announced that it concluded that the initiatives taken in the second quarter of 2007 did not result in impairment charges, however it did incur the restructuring charges disclosed in Item 2.05. A copy of the press release issued by the Registrant on August 6, 2007 announcing the Registrant's conclusion to not take an impairment charge is filed as Exhibit 99.1 to this Form 8-K/A and is incorporated herein by reference. ITEM 7.01 Regulation FD Disclosure On August 6, 2007, the Registrant provided earnings guidance for the third quarter of 2007. A copy of the August 6, 2007 press release is furnished herewith as Exhibit 99.1. The discussion in Item 2.02 of this 8-K/A with regard to non-GAAP financial measures is incorporated by reference into this Item 7.01. The information in this Form 8-K/A and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description - ----------- ----------- 99.1 Press release, dated August 6, 2007, issued by Rogers Corporation (filed herewith pursuant to Items 2.05 and 2.06 and furnished herewith pursuant to Items 2.02 and 7.01) 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 hereunto duly authorized. ROGERS CORPORATION By: /s/ Dennis M. Loughran --------------------------- Dennis M. Loughran Vice President, Finance and Chief Financial Officer Date: August 6, 2007 EX-99.1 2 a5465508ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Rogers Corporation Reports Second Quarter Results ROGERS, Conn.--(BUSINESS WIRE)--Aug. 6, 2007--Rogers Corporation (NYSE:ROG) today announced that for the second fiscal quarter of 2007, the Company lost $0.26 per diluted share, compared to earnings of $0.23 per diluted share in the second quarter of 2006. This year's second quarter loss included restructuring charges of $12.9 million or $0.47 per diluted share. In the second quarter of 2006, the Company recognized impairment charges of $11.3 million or $0.52 per diluted share. Excluding these charges, non-GAAP net income for the second quarter was $0.21 per diluted share, slightly above the revised guidance provided on June 27, 2007, compared to non-GAAP net income of $0.75 per diluted share for the second quarter of 2006. A reconciliation of GAAP to non-GAAP earnings for the second quarter of 2007 and 2006 is included at the end of this release. Net sales in this year's second quarter were $99.0 million, compared to $104.8 million in the second quarter of 2006. This is slightly above the Company's June 27, 2007 revised guidance of $95 to $97 million. On June 27th, the Company reported it might incur restructuring and impairment charges as a result of a change in business conditions and future outlook associated with two of the Company's product lines. After careful evaluation, the Company determined that the initiatives taken in the second quarter of 2007 did not result in impairment charges; however it did incur restructuring charges of $12.9 million or $8.0 million net of taxes. Of the $12.9 million, approximately $7.1 million is attributable to the Durel Division of the Custom Electrical Components reportable segment and approximately $2.7 million is related to the Flexible Circuit Materials portion of the Printed Circuit Materials reporting segment. The remainder of the charges of approximately $3.1 million primarily relate to severance associated with the company-wide work force reductions. As a result of these restructuring activities, the Company also expects to incur additional charges of approximately $2.7 million spread over the next three quarters. Robert D. Wachob, Rogers' President and CEO commented; "By the end of the second quarter, all production for Durel electroluminescent (EL) lamps for the portable communications market was in China. By the end of this year we expect to have substantially all EL, including our automotive lamp production, in China. This change in production locations will significantly reduce our cost structure and we anticipate a return to profitability in the Custom Electrical Components segment in 2008. On the flexible materials side, we are currently evaluating our strategic options for this business going forward." Printed Circuit Materials Sales of Printed Circuit Materials totaled $33.5 million, down 6.7% from the second quarter of 2006. The downturn in sales is attributed to a softening in the portable communication and hard disk drive markets and by the imposition of new export licensing regulatory requirements for the Company's flexible cover film and bond ply materials. This licensing issue, which for the most part has been resolved, prevented the Company from shipping those specific materials during most of the second quarter. However, sales into communications infrastructure and satellite TV dish markets continue to gain momentum. Also, the Company expects to benefit from the recent direct broadcast industry addition of newer High Definition (HD) TV satellites, which will expand HD channel offerings to consumers. This market development will require consumers to upgrade their satellite dishes, a high percentage of which we believe use the Company's materials. In addition, Rogers' advanced circuit materials are well positioned in next generation cellular infrastructure systems, commonly referred to as "3G", which provide broadband access to wireless subscribers. Custom Electrical Components Custom Electrical Components sales for the quarter were $28.5 million, compared to $30.5 million for last year's second quarter. The sales decline was attributed to the beginning of an end of life cycle for one program in the portable communications market driving reduced volumes and pricing. This negative sales trend was partially offset by significant growth in the locomotive market serviced with our power distribution products. Due to the dramatic reduction in demand experienced for EL lamps in the portable communications market, the Company expects lower production rates as we reduce inventories of these products for the remainder of the year, resulting in unfavorable operating variances. This change, along with a significant drop in selling prices on some programs, will adversely impact profits for this product line for the remainder of the year. Driven by demand in Asia, the Company continues to see future growth in the power distribution systems market, with record sales again this quarter. The Company's Suzhou, China Campus is well positioned to service this growing demand. High Performance Foams High Performance Foams quarterly sales were $25.0 million, down $1.1 million or 4.1% from the second quarter of last year. The decline is primarily due to shifting production for one customer to the Company's joint venture in China. Excluding this event, the Company has experienced and foresees additional growth in this segment. The Company launched two unique new foam products during the quarter, bringing the total of significant new foam products introduced this year to three. Among these new products is the thinnest, most compressible foam ever provided to the consumer electronics market, which continues to trend toward thinner, smaller devices packed with more delicate components. This new product has already been specified into a number of new portable electronic devices entering production in the third quarter. The other new foam products will allow the Company to expand its presence in the printing and healthcare industries. Given the anticipated growth, the Company is adding a new polyurethane foam line in its Suzhou facility that will be combined with its China foams joint venture to maximize leverage. This line is close to completion and will be finalizing qualifications through the second half of this year. Joint Ventures Rogers' 50% owned joint ventures had quarterly sales totaling $26.2 million compared to $23.9 million in the second quarter of 2006. The increase is primarily attributed to increased sales from our high performance foams joint ventures. Second quarter 2007 GAAP gross margin was 16.4%. Excluding the effect of the restructuring charges, non-GAAP gross margin was 25.5% as compared to 32.4% in the prior year and 30.4% in the first quarter. The softer gross margin, excluding the restructuring charges, was driven from lower sales volumes in all segments and pricing pressure in the Custom Electrical Components and Printed Circuit Materials segments. Rogers' balance sheet ended the quarter with a cash and short-term investment balance of $64.1 million. Capital expenditures were approximately $9.0 million for the second quarter and $16.7 million year-to-date; total expenditures for the year are expected to be in the range of $30 to $35 million. During the second quarter the Company bought back approximately 242,000 shares for $10.0 million. To date the Company has repurchased approximately 529,000 shares for $23.9 million under its current buyback program which authorizes a total buyback of up to $50 million depending on market and business circumstances, and the Company expects to continue repurchasing shares. During the second quarter the Company experienced a favorable tax rate due to the effect of the restructuring charges and due to overall softening of income projections. The Company expects its annualized tax rate, excluding the effects of the restructuring charges, for the year to be 26%. Mr. Wachob, continued "During the second quarter we were faced with the need to better align our resources with our revenues, based on the sudden changes that impacted our Durel and flexible circuit materials businesses. During the quarter, we aggressively addressed the rapid sales decline in two of our businesses and are now positioned to move the Company forward and sequentially become more profitable during the remainder of the year. We expect to see immediate results but the full benefit of our restructuring actions will not occur until 2008. The Company is firmly focused on growing its businesses and we remain excited about the many new potential opportunities that are in the pipeline. In the first half of the year we launched seven new products with potential fifth year sales of approximately $120 million. In addition, we are actively developing over twenty new products. In the short term, we expect continued softening in the portable communications market with commensurate pricing pressure, mitigated in part by continued strength in our transportation and communications infrastructure markets. We will be working diligently in the third quarter to make the restructuring initiatives we have kicked off a reality. Although difficult to project given the dynamics and recent volatility, our current third quarter forecast is for sales of $94 to $97 million with diluted non-GAAP earnings per share of $0.32 to $0.35 before approximately $1.5 million pretax expense of the related restructuring charges. Rogers Corporation (NYSE:ROG), headquartered in Rogers, CT, is a global technology leader in the development and manufacture of high performance, specialty-material-based products for a variety of applications in diverse markets including: portable communications, communications infrastructure, computer and office equipment, consumer products, ground transportation, aerospace and defense. Rogers operates manufacturing facilities in the United States (Arizona, Connecticut, and Illinois), Europe (Ghent, Belgium) and Asia (Suzhou, China). In Asia the company maintains sales offices in Japan, China, Taiwan, Korea and Singapore. Rogers has joint ventures in Japan and China with INOAC Corporation, in Taiwan with Chang Chun Plastics and in the U.S. with Mitsui Chemicals. The world runs better with Rogers. (R) www.rogerscorporation.com. Safe Harbor Statement Statements in this news release 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 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, rapid technological change, new product introductions, legal proceedings, and the like, are incorporated by reference in the Rogers Corporation 2006 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 August 6, 2007 and Rogers undertakes no duty to update this information unless required by law. Additional Information and August 7, 2007 Conference Call For more information, please contact the Company directly, visit Rogers' website on the Internet, or send a message by email. Website Address: http://www.rogerscorporation.com Financial News Contact: Dennis M. Loughran, Vice President Finance and Chief Financial Officer, Phone: 860-779-5508, FAX: 860-779-4714 Investor Contact: William J. Tryon, Manager of Investor and Public Relations Phone: 860-779-4037, FAX: 860-779-5509 Email: william.tryon@rogerscorporation.com A conference call to discuss second quarter results will be held on Tuesday, August 7, at 9:00AM (Eastern Time). The Rogers participants in the conference call will be: Robert D. Wachob, President and CEO Dennis M. Loughran, Vice President, Finance and CFO Robert C. Daigle, Vice President, Research and Development and Chief Technology Officer Robert M. Soffer, Vice President, Treasurer and Secretary Debra J. Granger, Vice President, Corporate Compliance and Controls Paul B. Middleton, Corporate Controller William J. Tryon, Manager of Investor and Public Relations A Q&A session will immediately follow management's comments. To participate in the conference call, please call: 1-800-574-8929 Toll-free in the United States 1-706-634-1907 Internationally There is no passcode for the live teleconference. For playback access, please call: 1-800-642-1687 in the United States and 1-706-645-9291 internationally through 11:59PM (Eastern Time), Tuesday, August 7, 2007. The passcode for the audio replay is 10970816. The call will also be webcast live in a listen-only mode. The webcast may be accessed through links available on the Rogers Corporation website at www.rogerscorporation.com. Replay of the archived webcast will be available on the Rogers website beginning two hours following the webcast. (Financial Statements Follow) Three Months Ended Six Months Ended (IN THOUSANDS, EXCEPT PER SHARE July 1, July 2, July 1, July 2, AMOUNTS) 2007 2006 2007 2006 - ------------------------------------------- -------- -------- -------- Net Sales $98,990 $104,781 $214,836 $207,913 Costs and Expenses: Cost of Sales(a) 82,805 70,784 163,453 137,629 Selling and Administrative(b) 17,568 14,244 36,859 31,629 Research and Development 6,043 6,009 11,731 11,970 Restructuring and Impairment 3,082 11,272 3,082 11,272 Charges(c) --------- -------- -------- -------- Total Costs and Expenses(d) 109,498 102,309 215,125 192,500 --------- -------- -------- -------- Operating (Loss) Income (10,508) 2,472 (289) 15,413 Other Income less Other Charges 1,659 2,578 3,514 5,451 Interest Income, Net 460 629 885 979 --------- -------- -------- -------- Income (Loss) Before Taxes (8,389) 5,679 4,110 21,843 Income Tax (Benefit) Expense (4,059) 1,682 (1,071) 5,238 --------- -------- -------- -------- Net (Loss) Income $(4,330) $3,997 $5,181 $16,605 --------- -------- -------- -------- Net (Loss) Income Per Share: Basic $(0.26) $0.24 $0.31 $1.00 Diluted $(0.26) $0.23 $0.29 $0.97 Shares Used in Computing: Basic 16,562 16,773 16,698 16,630 Diluted 16,562 17,224 17,584 17,094 (a) Second quarter 2007 includes $9.0 million of restructuring charges related to increased inventory reserves and accelerated depreciation of production equipment recorded in the Custom Electrical Components and Printed Circuit Materials segments. (b) Second quarter 2007 includes a $0.8 million restructuring charge related to the accelerated expense recognition of a prepaid license agreement recorded in the Custom Electrical Components segment. (c) Second quarter 2007 includes a $2.6 million charge related to severance associated with the company-wide work force reductions and a $0.5 million related to the impairment of goodwill for the composite materials operating segment. Second quarter 2006 includes an $11.3 million charge related to the impairment of goodwill for the polyolefin foams and the polyester based laminate materials operating segments. (d) Includes Depreciation and Amortization of: 2007 - $7.8 million and $13.2 million; 2006 - $4.0 million and $9.4 million. Consolidated Balance Sheets (IN THOUSANDS) July 1, December 31, 2007 2006 - ------------------------------------------------ -------- ------------ Assets Current Assets: Cash and Cash Equivalents $ 26,226 $ 13,638 Short-term Investments 37,850 68,185 Accounts Receivable, Net 64,829 86,311 Accounts Receivable - Joint Ventures 3,208 5,437 Accounts Receivable - Other 2,313 3,552 Note Receivable, Current 2,100 2,100 Inventories 68,324 70,242 Current Deferred Income Taxes 13,156 15,430 Asbestos-Related Insurance Receivables 4,244 4,244 Other Current Assets 5,806 3,415 -------- ------------ Total Current Assets 228,056 272,554 -------- ------------ Property, Plant and Equipment, Net 146,526 141,728 Investments in Unconsolidated Joint Ventures 25,482 26,629 Deferred Income Taxes 9,237 4,828 Pension Asset 974 974 Goodwill 10,131 10,656 Other Intangible Assets 226 454 Asbestos-Related Insurance Receivables 18,503 18,503 Other Assets 5,053 4,576 -------- ------------ Total Assets $444,188 $480,902 -------- ------------ Liabilities and Shareholders' Equity Current Liabilities: Accounts Payable $ 16,459 $ 25,715 Accrued Employee Benefits and Compensation 17,078 27,322 Accrued Income Taxes Payable 6,989 9,970 Asbestos-Related Liabilities 4,244 4,244 Other Current Liabilities 16,426 14,892 -------- ------------ Total Current Liabilities 61,196 82,143 -------- ------------ Noncurrent Pension Liability 11,698 11,698 Noncurrent Retiree Health Care and Life Insurance Benefits 10,021 10,021 Asbestos-Related Liabilities 18,694 18,694 Other Long-Term Liabilities 1,068 1,169 Shareholders' Equity 341,511 357,177 -------- ------------ Total Liabilities and Shareholders' Equity $444,188 $480,902 -------- ------------ (Reconciliation of Non-GAAP Figures Follow) Reconciliation of Second Quarter 2007 Non-GAAP Earnings per Diluted Share - ---------------------------------------------------------------------- GAAP Loss per Diluted Share $(0.26) Plus: Restructuring and Impairment Charges per Diluted Share 0.47 - ---------------------------------------------------------------------- Non-GAAP Earnings per Diluted Share $0.21 Reconciliation of Second Quarter 2006 Non-GAAP Earnings per Diluted Share - ---------------------------------------------------------------------- GAAP Income per Diluted Share $0.23 Plus: Non-cash Impairment Charge per Diluted Share 0.52 - ---------------------------------------------------------------------- Non-GAAP Earnings per Diluted Share $0.75 Notes to our Non-GAAP Financial measures: Rogers believes that net income from continuing operations and diluted earnings per share, excluding the effect of any restructuring and impairment charges, is a measure that should be presented in addition to income determined in accordance with generally accepted accounting principles (GAAP) and is useful to investors. The following matters should be considered when evaluating these non-GAAP financial measures: -- Rogers reviews the operating results of its businesses excluding the impact of any restructuring and impairment charges because it provides an additional basis of comparison. We believe that these events are unusual in nature, and would not be indicative of ongoing operating results. As a result, management believes such charges should be excluded in order to compare past, current and future periods. -- Restructuring and impairment charges principally represent adjustments to the carrying value of certain assets and do not typically require a cash payment. -- Restructuring and impairment charges are typically material and are considered to be outside the normal operations of a business. Corporate management is responsible for making decisions about such charges. CONTACT: Rogers Corporation William J. Tryon, 860-779-4037 william.tryon@rogerscorporation.com -----END PRIVACY-ENHANCED MESSAGE-----