Exhibit 99.1
Rogers
Corporation Reports 2012 Third Quarter Results
ROGERS, Conn.--(BUSINESS WIRE)--November 5, 2012--Rogers Corporation
(NYSE:ROG) (“Rogers” or the “Company”) today announced third quarter
2012 net sales of $130.2 million and earnings per share from continuing
operations of $3.46 per diluted share, which includes net favorable
special adjustments of $2.77 per diluted share. Excluding these special
adjustments, non-GAAP income from continuing operations was $0.69 per
diluted share. Net sales and non-GAAP income from continuing operations
were within the Company’s previously announced third quarter guidance
ranges of $127 to $135 million in net sales with non-GAAP earnings from
continuing operations of $0.60 to $0.70 per diluted share. Third quarter
2011 net sales were $147.3 million with income from continuing
operations of $0.93 per diluted share, which included net favorable
special adjustments of $0.04 per diluted share.
During the third quarter of 2012, Rogers benefited from one-time net
discrete tax items of $50.0 million, the most significant of which was
the reversal of a valuation allowance on the majority of the Company’s
U.S. deferred tax assets. The Company also recorded net charges of $1.0
million related to the closure of its manufacturing facility in Bremen,
Germany, $1.3 million in charges related to a previously disclosed
pension payout to its former Chief Executive Officer, and $0.5 million
of other restructuring related charges. A reconciliation of the non-GAAP
to GAAP operating results discussed in the preceding paragraph is
included at the end of this release.
Business Segment Discussion
High Performance Foams
In the third quarter of 2012, High Performance Foams reported net sales
of $48.0 million, a decrease of 3.5% compared to the third quarter 2011
all-time record sales of $49.8 million. Sales were down slightly in this
year’s third quarter primarily due to a decline in sales of PORON® foam
into tablet computer applications due to inventory in the supply chain
during model changeover. This was partially offset by continued strong
demand for PORON® XRD® extreme impact protection materials for
protective cases for smart phones and tablets, as well as sports impact
apparel. This segment also saw an increase in sales into general
industrial applications, including automotive and hybrid electric
vehicles.
Printed Circuit Materials
Net sales of Printed Circuit Materials totaled $43.4 million for the
third quarter of 2012, an increase of 1.0% from the $43.0 million
reported in the third quarter of 2011. There was continued strength in
demand for automotive radar safety sensors and antenna applications for
communications infrastructure, partially offset by weaker demand in the
high reliability market. Additionally, during the quarter, demand
increased for printed circuit materials in the telecom base station
market in China.
Power Electronics Solutions
Curamik Electronics Solutions reported net sales of $22.1 million for
the third quarter of 2012, a decrease of 40.0% compared to the third
quarter 2011 record net sales of $36.8 million. Lower net sales at
Curamik in the third quarter of 2012 were primarily related to the
ongoing slowdown in global capital and infrastructure spending, which
negatively impacted demand for industrial motor drives and wind energy
applications. The Company believes that these markets will remain at
these levels for the near term but the long term outlook remains
positive.
Power Distribution Systems (PDS) third quarter of 2012 net sales were
$9.4 million, a decrease of 16.7% compared to $11.3 million in the third
quarter of 2011. The decline in sales was due primarily to continued
curtailed spending on infrastructure projects in the mass transit
market, primarily in Europe and China. Also, overall sales into the wind
and solar energy markets continued to lag. These declines were partially
offset by a significant increase in demand for its power distribution
products in the automotive market.
Joint Ventures
Rogers’ 50% owned High Performance Foams joint venture sales totaled
$20.0 million this quarter, an increase of 13.0% compared to the $17.7
million sold in the third quarter of 2011. The increase was due to
higher demand in the gaming console market as customers prepared for the
upcoming holiday season.
Operational Highlights
As previously announced, the Company has undertaken several initiatives
to streamline its operations and rationalize its cost structure. These
initiatives contributed approximately $4.5 million of cost improvements
in the third quarter of 2012, which is ahead of the previously projected
improvement of about $3.0 million for the third quarter.
The shutdown and partial relocation of the Bremen, Germany silicone
operations continues as planned. The Company anticipates that this move
will result in profitability improvements of approximately $1.4 million
annually. The Company recognized approximately $1.4 million of pre-tax
charges related to this action in the third quarter of 2012, bringing
the total pre-tax charges to date to approximately $2.9 million. This
project is on track to be completed by early 2013.
Early in the third quarter of 2012, the Company announced its plan to
move the final inspection process stage of Curamik Electronics
Solutions’ manufacturing operations from its site in Eschenbach, Germany
to Hungary, keeping the final product inspection in close proximity to
much of the customer base. The move is expected to enable more cost
effective performance of the inspection operations. The Company expects
the move to be completed during 2013 and related expenses and charges
will be incurred in the second half of 2012 into 2013. The Company is
not able to reasonably estimate those charges at this time.
The Company ended the third quarter of 2012 with cash and cash
equivalents of $91.1 million. Capital expenditures were approximately
$5.7 million for the third quarter of 2012 and are expected to total
approximately $30 million for the year.
The Company reported gross margins of 33.0% in the third quarter of 2012
compared to 34.4% in the third quarter of 2011. Gross margins in the
third quarter of 2012 were negatively impacted by the lost contribution
from the decline in sales volumes and certain costs associated with the
shutdown of the Bremen operation, as well as a decline in inventory
levels during the period, but were favorably impacted by streamlining
benefits of approximately $2.5 million for the quarter. Overall, the
Company expects better operating profit leverage on future sales growth
due to the lower cost structure now in place as a result of the
streamlining initiatives.
The Company’s 2012 third quarter effective tax rate was a benefit of
446.6%. The tax rate benefited from net one-time discrete tax items of
approximately $50.0 million, the most significant of which was the
aforementioned reversal of the valuation allowance on the majority of
the Company’s U.S. deferred tax assets, as well as a favorable mix of
earnings in different taxing jurisdictions and the Company believes its
effective tax rate in the fourth quarter of 2012 will be approximately
25%.
Bruce D. Hoechner, Rogers’ President and CEO commented: "Despite the
difficulties we face in the global economy, we exit the third quarter
with net sales up almost 3% over the second quarter and our streamlining
initiatives helping us to offset market conditions. Our two largest
businesses are both performing well and we believe that all of our
businesses have strong growth prospects as we look toward the future. On
the top line, we continue to win new designs in emerging application
areas including 4G base station antennas, automotive, and impact
protection materials for handheld electronics and in sporting apparel.
Weakness in global infrastructure and capital spending continues to
impact demand for our products targeting clean technology and mass
transit markets. Looking ahead, we expect these market conditions to
remain relatively flat through the end of the year. In the high speed
digital market, we have delayed capital spending on capacity expansion
as we work to align capacity with our latest view of market timing. For
the fourth quarter of 2012, we forecast revenues between $129 to $135
million and non-GAAP earnings from continuing operations of between
$0.69 and $0.79 per diluted share, which excludes any non-recurring
severance and restructuring expenses related to the relocation of the
Curamik inspection operations and any other special charges.”
About Rogers Corporation
Rogers Corporation (NYSE:ROG) is a global technology leader in specialty
materials and components that enable high performance and reliability of
consumer electronics, power electronics, mass transit, clean technology,
and telecommunications infrastructure. With more than 180 years of
materials science and process engineering knowledge, Rogers provides
product designers with solutions to their most demanding challenges.
Rogers’ products include advanced circuit materials for wireless
infrastructure, power amplifiers, radar systems, high speed digital;
power electronics for high-voltage rail traction, hybrid electric
vehicles, wind and solar power conversion; and high performance foams
for sealing and energy management in smartphones, aircraft and rail
interiors, automobiles and apparel; and other advanced materials for
diverse markets including defense and consumer products. Headquartered
in Connecticut (USA), Rogers operates manufacturing facilities in the
United States, Belgium, China, Germany, and South Korea, with joint
ventures and sales offices worldwide. For more information, visit www.rogerscorp.com.
Safe Harbor Statement
This release contains statements that may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are based on
management’s expectations, estimates, projections and assumptions. Words
such as “expects,” “anticipates,” “intends,” “believes,” “estimates,”
“should,” “target,” “may,” “project,” “guidance,” and variations of such
words and similar expressions are intended to identify such
forward-looking statements. Such forward-looking statements involve
known and unknown risks, uncertainties, and other factors that may cause
our actual results or performance to be materially different from any
future results or performance expressed or implied by such
forward-looking statements. Such factors include, but are not limited
to, changing business, economic, and political conditions both in the
United States and in foreign countries, particularly in light of the
sovereign debt crisis being experienced globally and the uncertain
outlook for global economic growth, particularly in several of our key
markets; increasing competition; any difficulties in integrating
acquired businesses into our operations and the possibility that
anticipated benefits of acquisitions may not materialize as expected;
delays or problems in completing planned operational enhancements to
various facilities; our achieving less than anticipated benefits and/or
incurring greater than anticipated costs relating to streamlining
initiatives or that such initiatives may be delayed or not fully
implemented due to operational, legal or other challenges; changes in
product mix; the development and marketing of new products and
manufacturing processes and the inherent risks associated with such
efforts and the ability to identify and enter new markets; the outcome
of current and future litigation; our ability to retain key personnel;
our ability to adequately protect our proprietary rights; the
possibility that we may be required to recognize impairment charges
against goodwill and non-amortizable assets in the future; increases in
our employee benefit costs could reduce our profitability; the accuracy
of our analysis of our potential asbestos-related exposure and insurance
coverage; the fact that our stock price has historically been volatile
and may not be indicative of future prices; changes in the availability
and cost and quality of raw materials; changes in environmental
regulation, which could increase expenses and affect operating results;
our ability to accurately predict reserve levels; our ability to obtain
favorable credit terms with our customers and collect accounts
receivable; our ability to service our debt; certain covenants in our
debt documents could adversely restrict our financial and operating
flexibility; fluctuations in foreign currency exchange rates; and
changes in tax rates and exposure which may increase our tax
liabilities. Such factors also apply to our joint ventures. We make no
commitment to update any forward-looking statement or to disclose any
facts, events, or circumstances after the date hereof that may affect
the accuracy of any forward-looking statements, unless required by law.
Additional information about certain factors that could cause actual
results to differ from such forward-looking statements include, but are
not limited to, those items described in our filings with the Securities
and Exchange Commission, including in Item 1A, Risk Factors, to the
Company’s Form 10-K for the year-ended December 31, 2011 and previously
filed Form 10-Qs.
Additional Information and November 5, 2012 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.rogerscorp.com
A conference call to discuss third quarter results will be held on
Monday, November 5, 2012 at 9:00AM (Eastern Time).
A slide presentation will be made available prior to the start of the
call. The slide presentation may be accessed on the Rogers Corporation
website under the Investor Relations section of the following web page www.rogerscorp.com/ir
The Rogers participants in the conference call will be:
|
Bruce D. Hoechner, President and CEO
|
|
Robert C. Daigle, Senior Vice President and CTO
|
|
Dennis M. Loughran, Vice President Finance and CFO
|
|
|
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
|
|
1-973-935-8524
|
|
|
|
Internationally
|
|
There is no passcode for the live teleconference.
|
|
|
For playback access, please call: 1-855-859-2056 in the United States
and 1-404-537-3406 internationally through 11:59PM (Eastern Time),
Tuesday, November 13 2012. The passcode for the audio replay is 49593248.
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.rogerscorp.com/ir. Replay of the archived webcast
will be available on the Rogers website approximately two hours
following the webcast.
|
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income
(Loss) (Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
|
|
September 30,
2012
|
|
September 30,
2011
|
|
September 30,
2012
|
|
September 30,
2011
|
|
Net sales
|
|
$
|
130,248
|
|
|
$
|
147,344
|
|
|
$
|
378,292
|
|
|
$
|
426,773
|
|
|
Cost of sales
|
|
|
87,288
|
|
|
|
96,598
|
|
|
|
262,018
|
|
|
|
284,914
|
|
|
Gross margin
|
|
|
42,960
|
|
|
|
50,746
|
|
|
|
116,274
|
|
|
|
141,859
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and administrative expenses
|
|
|
26,255
|
|
|
|
27,462
|
|
|
|
73,117
|
|
|
|
78,001
|
|
|
Research and development expenses
|
|
|
4,838
|
|
|
|
5,361
|
|
|
|
14,685
|
|
|
|
16,198
|
|
|
Restructuring and impairment charges
|
|
|
1,766
|
|
|
|
-
|
|
|
|
9,980
|
|
|
|
-
|
|
|
Operating income
|
|
|
10,101
|
|
|
|
17,923
|
|
|
|
18,492
|
|
|
|
47,660
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity income in unconsolidated joint ventures
|
|
|
1,773
|
|
|
|
1,290
|
|
|
|
3,735
|
|
|
|
4,041
|
|
|
Other income (expense), net
|
|
|
19
|
|
|
|
302
|
|
|
|
141
|
|
|
|
1,931
|
|
|
Net realized investment gain (loss)
|
|
|
-
|
|
|
|
(235
|
)
|
|
|
(3,245
|
)
|
|
|
(203
|
)
|
|
Interest income (expense), net
|
|
|
(1,104
|
)
|
|
|
(1,040
|
)
|
|
|
(3,366
|
)
|
|
|
(3,884
|
)
|
|
Income before income tax expense
|
|
|
10,789
|
|
|
|
18,240
|
|
|
|
15,757
|
|
|
|
49,545
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit)
|
|
|
(48,187
|
)
|
|
|
2,579
|
|
|
|
(47,973
|
)
|
|
|
9,390
|
|
|
Income (loss) from continuing operations
|
|
|
58,976
|
|
|
|
15,661
|
|
|
|
63,730
|
|
|
|
40,155
|
|
|
Income (loss) from discontinued operations, net of income taxes
|
|
|
-
|
|
|
|
(1,305
|
)
|
|
|
(108
|
)
|
|
|
(4,236
|
)
|
|
Net income
|
|
$
|
58,976
|
|
|
$
|
14,356
|
|
|
$
|
63,622
|
|
|
$
|
35,919
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
3.58
|
|
|
$
|
0.97
|
|
|
$
|
3.90
|
|
|
$
|
2.52
|
|
|
(Loss) from discontinued operations
|
|
|
-
|
|
|
|
(0.08
|
)
|
|
|
(0.01
|
)
|
|
|
(0.27
|
)
|
|
Net Income
|
|
$
|
3.58
|
|
|
$
|
0.89
|
|
|
$
|
3.89
|
|
|
$
|
2.25
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
3.46
|
|
|
$
|
0.93
|
|
|
$
|
3.77
|
|
|
$
|
2.40
|
|
|
(Loss) from discontinued operations
|
|
|
-
|
|
|
|
(0.08
|
)
|
|
|
(0.01
|
)
|
|
|
(0.25
|
)
|
|
Net Income
|
|
$
|
3.46
|
|
|
$
|
0.85
|
|
|
$
|
3.76
|
|
|
$
|
2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
16,484,957
|
|
|
|
16,106,054
|
|
|
|
16,342,289
|
|
|
|
15,981,337
|
|
|
Diluted
|
|
|
17,024,137
|
|
|
|
16,934,423
|
|
|
|
16,903,224
|
|
|
|
16,713,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Financial Position
(Unaudited)
|
|
|
|
|
|
|
|
(IN THOUSANDS)
|
|
September 30, 2012
|
|
December 31, 2011
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
91,101
|
|
|
$
|
79,728
|
|
|
Restricted cash
|
|
|
929
|
|
|
|
-
|
|
|
Accounts receivable, net
|
|
|
88,581
|
|
|
|
77,682
|
|
|
Accounts receivable from joint ventures
|
|
|
6,418
|
|
|
|
1,640
|
|
|
Accounts receivable, other
|
|
|
2,965
|
|
|
|
3,819
|
|
|
Taxes receivable
|
|
|
3,019
|
|
|
|
2,713
|
|
|
Inventories
|
|
|
70,072
|
|
|
|
78,320
|
|
|
Prepaid income taxes
|
|
|
3,454
|
|
|
|
4,315
|
|
|
Deferred income taxes
|
|
|
7,618
|
|
|
|
2,146
|
|
|
Asbestos related insurance receivables
|
|
|
6,471
|
|
|
|
6,459
|
|
|
Other current assets
|
|
|
9,359
|
|
|
|
7,360
|
|
|
Assets held for sale
|
|
|
-
|
|
|
|
1,400
|
|
|
Assets of discontinued operations
|
|
|
-
|
|
|
|
50
|
|
|
Total current assets
|
|
|
289,987
|
|
|
|
265,632
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
146,943
|
|
|
|
148,182
|
|
|
Investments in unconsolidated joint ventures
|
|
|
20,524
|
|
|
|
23,868
|
|
|
Deferred income taxes
|
|
|
68,633
|
|
|
|
20,117
|
|
|
Goodwill and other intangibles
|
|
|
155,828
|
|
|
|
158,627
|
|
|
Asbestos related insurance receivables
|
|
|
21,262
|
|
|
|
21,943
|
|
|
Investments, other
|
|
|
5,000
|
|
|
|
5,000
|
|
|
Other long term assets
|
|
|
8,122
|
|
|
|
8,299
|
|
|
Long term marketable securities
|
|
|
-
|
|
|
|
25,960
|
|
|
Total assets
|
|
$
|
716,299
|
|
|
$
|
677,628
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
16,581
|
|
|
$
|
15,787
|
|
|
Accrued employee benefits and compensation
|
|
|
34,875
|
|
|
|
30,135
|
|
|
Accrued income taxes payable
|
|
|
671
|
|
|
|
1,799
|
|
|
Current portion of lease obligation
|
|
|
1,592
|
|
|
|
1,596
|
|
|
Current portion of long term debt
|
|
|
16,750
|
|
|
|
7,500
|
|
|
Asbestos related liabilities
|
|
|
6,471
|
|
|
|
6,459
|
|
|
Other current liabilities
|
|
|
10,776
|
|
|
|
15,368
|
|
|
Liabilities of discontinued operations
|
|
|
-
|
|
|
|
153
|
|
|
Total current liabilities
|
|
|
87,716
|
|
|
|
78,797
|
|
|
|
|
|
|
|
|
Long term debt
|
|
|
89,250
|
|
|
|
115,000
|
|
|
Long term lease obligation
|
|
|
6,847
|
|
|
|
7,610
|
|
|
Pension liability
|
|
|
46,545
|
|
|
|
68,871
|
|
|
Retiree health care and life insurance benefits
|
|
|
9,486
|
|
|
|
9,486
|
|
|
Asbestos related liabilities
|
|
|
21,468
|
|
|
|
22,326
|
|
|
Non-current income tax
|
|
|
18,559
|
|
|
|
17,588
|
|
|
Deferred income taxes
|
|
|
18,918
|
|
|
|
19,259
|
|
|
Other long term liabilities
|
|
|
635
|
|
|
|
435
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
|
|
|
Capital stock
|
|
|
16,570
|
|
|
|
16,221
|
|
|
Additional paid in capital
|
|
|
63,748
|
|
|
|
52,738
|
|
|
Retained earnings
|
|
|
395,721
|
|
|
|
332,099
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
(59,164
|
)
|
|
|
(62,802
|
)
|
|
Total shareholders’ equity
|
|
|
416,875
|
|
|
|
338,256
|
|
|
Total liabilities and shareholders’ equity
|
|
$
|
716,299
|
|
|
$
|
677,628
|
|
|
|
Notes to Reconciliation of non-GAAP Financial Measures to the
Comparable GAAP Measures
Non-GAAP Financial Measures
Management believes non-GAAP information provides meaningful
supplemental information regarding the Company’s performance by
excluding certain expenses that are generally non-recurring and
accordingly may not be indicative of the core business operating
results. The Company believes that this additional financial information
is useful to management and investors in assessing the Company’s
historical performance and when planning, forecasting and analyzing
future periods. However, the non-GAAP information has limitations as
analytical tools and should not be considered in isolation from, or as
alternatives to, financial information prepared in accordance with GAAP.
|
|
|
|
|
Q3 2012
|
|
YTD 2012
|
|
GAAP earnings per diluted share from continuing operations
|
|
$
|
3.46
|
|
|
$
|
3.77
|
|
|
Special item adjustments, net of tax:
|
|
|
|
|
|
Pension settlement charge
|
|
|
0.08
|
|
|
|
0.08
|
|
|
Closure of Bremen manufacturing operations in Germany
|
|
|
0.06
|
|
|
|
0.12
|
|
|
Severance and related charges
|
|
|
-
|
|
|
|
0.24
|
|
|
Impairment charge on auction rate security liquidation
|
|
|
-
|
|
|
|
0.10
|
|
|
Other special charges, net
|
|
|
0.03
|
|
|
|
0.07
|
|
|
US tax valuation allowance reversal
|
|
|
(2.74
|
)
|
|
|
(2.74
|
)
|
|
Other net discrete tax items
|
|
|
(0.20
|
)
|
|
|
(0.20
|
)
|
|
Total net special items
|
|
|
(2.77
|
)
|
|
|
(2.33
|
)
|
|
|
|
|
|
|
|
Non-GAAP earnings per diluted share from continuing operations
|
|
$
|
0.69
|
|
|
$
|
1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2011
|
|
YTD 2011
|
|
GAAP earnings per diluted share from continuing operations
|
|
$
|
0.93
|
|
|
$
|
2.40
|
|
|
Special item adjustments, net of tax:
|
|
|
|
|
|
Derivative mark to market adjustments
|
|
|
0.02
|
|
|
|
0.02
|
|
|
Costs related to acquisition of Curamik
|
|
|
0.00
|
|
|
|
0.06
|
|
|
Net discrete tax items
|
|
|
(0.06
|
)
|
|
|
(0.06
|
)
|
|
Total net special items
|
|
|
(0.04
|
)
|
|
|
0.02
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per diluted share from continuing operations
|
|
$
|
0.89
|
|
|
$
|
2.42
|
|
|
|
In its press release dated July 31, 2012, the Company provided the
following reconciliation of the non-GAAP earnings per diluted share
guidance it provided at that time for the third quarter of 2012:
Reconciliation of non-GAAP to GAAP Earnings Per Share Guidance for
the Third Quarter of 2012:
The following table includes non-recurring charges related to (i)
payment of pension related benefits to Robert D. Wachob, former
President and Chief Executive Officer who retired at the beginning of
2012, and (ii) the shutdown of the Company's manufacturing facility in
Bremen, Germany. The reconciliation does not include
non-recurring charges related to the move of Curamik’s final inspection
operations to Hungary as such charges cannot be reasonably estimated as
of the date of this press release.
|
|
|
|
|
Q3 2012
|
|
Guidance Q3 2012 GAAP earnings per diluted share from continuing
operations
|
$0.45 - $0.55
|
|
Add back one-time charges, net of tax:
|
|
|
(i) Estimated expense related to payment of pension benefits
|
0.09
|
|
(ii) Estimated cost related to Bremen shutdown
|
0.06
|
|
Guidance Q3 2012 non-GAAP earnings per diluted share from continuing
operations
|
$0.60 - $0.70
|
CONTACT:
Rogers Corporation
Financial News Contact:
Dennis
M. Loughran, 860-779-5508
Vice President Finance and Chief Financial
Officer
Fax: 860-779-4714
or
Investor Contact:
William
J. Tryon, 860-779-4037
Manager of Investor and Public Relations
Fax:
860-779-5509
william.tryon@rogerscorp.com
