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Rogers Corporation – ROG – Pleased with the transformation and streamlining efforts that were initiated in the first quarter

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Rogers Corporation (NYSE:ROG) announced first quarter 2012 revenues of $121.4 million and a net loss from continuing operations of $0.10 per share, which includes net one-time charges of $0.36 per share related to the planned restructuring and streamlining initiatives announced in the Company’s April 2, 2012 press release. Excluding these one-time charges, income from continuing operations would have been $0.26 per diluted share. These results are in line with the Company’s first quarter guidance of $0.22 to $0.30 in earnings per diluted share on revenues of $120 to $126 million. This guidance excluded any one-time charges. First quarter 2011 revenues were $135.9 million with income from continuing operations of $0.67 per diluted share, which included approximately $0.06 per diluted share of one-time costs related to the Curamik acquisition.

Bruce D. Hoechner, Rogers’ President and CEO commented: “I am pleased with the transformation and streamlining efforts that were initiated in the first quarter. Our efforts to drive efficiency and focus across the enterprise are beginning to pay off with an expected second quarter savings of $1.5 million increasing to a quarterly rate of $3.3 million by the fourth quarter of 2012.”

Operational Highlights


During the quarter, the Company took action on its restructuring and streamlining activities.These improvements included efficiencies in supply chain and manufacturing operations, cost reduction activities, headcount reductions through a voluntary retirement program and the consolidation of some positions. In addition, the Company liquidated its auction rate securities portfolio. Total charges, net of tax, recognized in the first quarter of 2012 resulting from these initiatives were $6.1 million.

About Rogers Corporation – ROG

Rogers Corporation (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.

ROG 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.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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