SUMMARIZED FINANCIAL INFORMATION OF UNCONSOLIDATED JOINT VENTURES

12 Months Ended

Dec. 31, 2011

SUMMARIZED FINANCIAL INFORMATION OF UNCONSOLIDATED JOINT VENTURES

NOTE 7 - SUMMARIZED FINANCIAL INFORMATION OF UNCONSOLIDATED JOINT VENTURES

As of December 31, 2011, we had two joint ventures, each 50% owned, that are accounted for under the equity method of accounting.

Joint Venture	Location	Operating Segment	Fiscal Year-End
Rogers INOAC Corporation	Japan	High Performance Foams	October-31
Rogers INOAC Suzhou Corporation	China	High Performance Foams	December-31

Equity income related to our share of the underlying net income of the joint ventures amounted to $5.5 million, $8.7 million, and $5.5 million for 2011, 2010, and 2009, respectively.  We had commission income from PLS of $0.6 million and $1.8 million for 2010, and 2009, respectively, which is included in “Other income, net” on our consolidated statements of operations.

On March 31, 2010, Rogers and Mitsui Chemicals, Inc., the 50% owners of the PLS, LLC joint venture, entered into an agreement to dissolve the joint venture and to have Rogers assume on that date any outstanding assets and liabilities of PLS, which resulted in a $0.1 million charge recorded as of March 31, 2010.  The parties also agreed that, going forward, all the distribution activity that PLS had previously engaged in would be conducted through Rogers.  Therefore, beginning in the second quarter of 2010, these activities were reported on a gross basis as part of our consolidated results.

In October 2010, we sold our ownership interest in the 50/50 joint venture, Rogers Chang Chun Technology Co., Ltd. (RCCT) to our joint venture partner, Chang Chun Plastics Co., Ltd., for $9.3 million, which resulted in a $3.2 million gain recorded during 2010.

Summarized Information for Joint Ventures:

(Dollars in thousands)	December 31, 2011		December 31, 2010
Current assets	$	38,314	$	41,429
Noncurrent assets		17,988		19,842
Current liabilities		8,566		10,367
Shareholders’ equity		47,736		50,904

	For the years then ended:
(Dollars in thousands)	December 31, 2011		December 31, 2010		December 31, 2009
Net sales	$	70,368	$	104,570	$	95,321
Gross profit		13,638		21,302		16,078
Net income		10,902		17,316		10,924

The effect of sales made between the unconsolidated joint ventures and the Company were appropriately accounted for on a consolidated basis.  Receivables from joint ventures arise during the normal course of business from transactions between us and the joint ventures, typically from the joint venture purchasing raw materials from us to produce end products, which are sold to third parties.