Rogers reports Q2 results
Jul 21, 2005
Rogers Corporation (NYSE:ROG) announced that for the second fiscal quarter of 2005, the Company lost $0.54 per diluted share, which includes a non-cash charge involving the impairment of certain long-lived assets and the write down of inventory and receivables within the polyolefin foam operation of $13.2 million, or $0.81 per diluted share, as previously announced on July 7, 2005. Last year Rogers earned $0.68 per diluted share in the second quarter. Excluding the one-time $13.2 million, after-tax impairment charge, non-GAAP net income for this quarter was $4.4 million or $0.27 per diluted share.
Net sales in the second quarter were $83.4 million, compared to the $93.3 million in the second quarter of 2004. This is in line with the Company's July 7, 2005 revised guidance of approximately $84 million.
Printed Circuit Materials segment sales totaled $37.0 million, down 22% from the second quarter of 2004. This business segment's operating profit was $4.2 million, compared to $11.5 million a year ago. The primary reason for the sales shortfall was with flexible circuit material sales, which had a number of programs end and some new programs delayed. The Company expects flexible laminate sales to significantly improve in the third quarter as new programs ramp up. High frequency circuit material sales for the quarter were 7% lower compared to last year, which was in line with Company expectations.