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Wednesday, 2 May 2012

Rogers Corporation Reports 2012 First Quarter Results









http://best-mobile-operator-review.blogspot.in/




        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), 
 

Wednesday, May 9, 2012. The passcode for the audio replay is 74533332.

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 http://best-mobile-operator-review.blogspot.in/ Replay of the archived webcast will be available 
 

on the Rogers website approximately two hours following the webcast.
 





        
 
 

 Condensed Consolidated Statements of Operations (Unaudited)
                                                                     Three Months Ended
        (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)         March 31,         March 31,
                                                                   2012              2011
        ------------------------------------------------     ---------------   ---------------
        Net sales                                                $    121,373      $    135,928
        Cost of sales                                                  84,932            93,386
                                                                   ----------        ----------
        Gross margin                                                   36,441            42,542
        Selling and administrative expenses                            24,393            24,101
        Research and development expenses                               5,348             5,209
        Restructuring and impairment charges                            7,384                 -
                                                                   ----------        ----------
        Operating income (loss)                                         (684)            13,232
        Equity income in unconsolidated joint ventures                    657             1,428
        Other income (expense), net                                     (140)             1,351
        Net realized gain (loss)                                      (3,245)                 2
        Interest income (expense), net                                (1,190)           (1,579)
                                                                   ----------        ----------
        Income (loss) before income taxes                             (4,602)            14,434
        Income tax expense (benefit)                                  (2,902)             3,369
                                                                   ----------        ----------
        Income (loss) from continuing operations                      (1,700)            11,065
        Loss from discontinued operations                               (108)           (1,631)
                                                                   ----------        ----------
        Net Income (loss)                                        $    (1,808)      $      9,434
                                                             ----- ----------  ----- ----------
        Basic net income (loss) per share:
            Income (loss) from continuing operations             $     (0.10)      $       0.70
            Income (loss) from discontinuing operations          $     (0.01)      $     (0.10)
                                                             ----- ----------  ----- ----------
            Net income (loss)                                    $     (0.11)      $       0.60
        Diluted net income (loss) per share:
            Income (loss) from continuing operations             $     (0.10)      $       0.67
            Income (loss) from discontinuing operations          $     (0.01)      $     (0.10)
                                                             ----- ----------  ----- ----------
            Net income (loss)                                    $     (0.11)      $       0.57
        Shares used in computing:
            Basic                                                  16,232,856        15,893,475
            Diluted                                                16,232,856        16,528,710
        



                                
        Condensed Consolidated Statements of Financial Position
        (Unaudited)
        (IN THOUSANDS)                                                                       March 31, 2012     December 31, 2011
        -------------------------------------------------------------------------------     ----------------   ------------------
        Assets
          Current assets:
              Cash and cash equivalents                                                           $  93,517           $   79,728
              Accounts receivable, net                                                               77,687               77,682
              Accounts receivable from joint ventures                                                 1,727                1,640
              Accounts receivable, other                                                              3,536                3,819
              Taxes receivable                                                                        2,843                2,713
              Inventories                                                                            81,347               78,320
              Prepaid income taxes                                                                    4,418                4,315
              Deferred income taxes                                                                   1,820                2,146
              Asbestos related insurance receivables                                                  6,471                6,459
              Assets held for sale                                                                    1,400                1,400
              Other current assets                                                                   10,207                7,360
              Assets of discontinued operations                                                           -                   50
                                                                                                    -------             --------
                  Total current assets                                                              284,973              265,632
           Property, plant and equipment, net                                                       148,368              148,182
           Investments in unconsolidated joint ventures                                              21,637               23,868
           Deferred income taxes                                                                     22,881               20,117
           Goodwill and other intangibles                                                           160,817              158,627
           Asbestos related insurance receivables                                                    21,261               21,943
           Long term marketable securities                                                                -               25,960
           Investments, other                                                                         5,000                5,000
           Other long term assets                                                                     8,409                8,299
                                                                                                    -------             --------
                  Total assets                                                                    $ 673,346           $  677,628
                                                                                            ------- -------    -------- --------
        Liabilities and Shareholders' Equity
           Current liabilities:
              Accounts payable                                                                    $  17,208           $   15,787
              Accrued employee benefits and compensation                                             34,712               30,135
              Accrued income taxes payable                                                              639                1,799
              Current portion of lease obligation                                                     1,634                1,596
              Current portion of long term debt                                                      25,750                7,500
              Asbestos related liabilities                                                            6,471                6,459
              Other current liabilities                                                              10,536               15,368
              Liabilities of discontinued operations                                                      -                  153
                                                                                                    -------             --------
                  Total current liabilities                                                          96,950               78,797
           Long term debt                                                                            95,500              115,000
           Long term lease obligation                                                                 7,540                7,610
           Pension liability                                                                         58,871               68,871
           Retiree health care and life insurance benefits                                            9,486                9,486
           Asbestos related liabilities                                                              21,468               22,326
           Non-current income tax                                                                    18,176               17,588
           Deferred income taxes                                                                     19,562               19,259
           Other long term liabilities                                                                  567                  435
           Liabilities of discontinued operations                                                         -                    -
           Shareholders' equity                                          345,226              338,256
                                                                                                    -------             --------
                  Total liabilities and shareholders' equity           $ 673,346           $  677,628
                                                                                            ------- -------    -------- --------
        

Notes to Reconciliation of Non-GAAP Financial Measures to the Comparable GAAP

Financial Measures

Management believes non-GAAP information provides meaningful supplemental 
 

information regarding the Company's performance by excluding certain expenses 
 

that are generally nonrecurring and accordingly may not be indicative of the 
 

core business operating results. Rogers believes that this additional financial 
 

information is useful to management and investors in assessing the Company's 
 

historical performance and liquidity and when planning, forecasting and analyzing 
 

future periods.
 

 
 

 
 


Raj Rajput  [  MBA ]
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