Rogers Corporation Announces Record First Quarter Profits

Apr 11, 2001, 01:00 ET from Rogers Corporation

    ROGERS, Conn., April 11 /PRNewswire/ -- Rogers Corporation (NYSE:   ROG)
 today announced record first quarter profits and earnings per share.  Profits
 and earnings per share for the first quarter of 2001 were higher than the
 first quarter of 2000 due mostly to increased income from joint ventures.
     First quarter 2001 net income was $6.7 million and diluted earnings per
 share were $0.42, both 14% higher than the $5.9 million and $0.37 earned in
 last year's first three months.
     Net sales in the first quarter of 2001 were $63.8 million slightly higher
 than the $63.6 million sold in the first quarter of 2000. Combined Sales,
 which include one half of the sales from three of Rogers 50% owned joint
 ventures, were a record $79 million for the quarter, up from the $77 million
 reported in the first quarter of 2000.  Sales of the Company's products
 manufactured in Europe were particularly strong, increasing 35% from the first
 quarter of 2000.  These European sales increases resulted from the strength in
 Rogers sales of bus bars, high frequency laminates and shielding materials to
 the electronics market.
     Sales of Printed Circuit Materials for the quarter totaled $27.3 million,
 an increase of over 8% compared to the first quarter of 2000.  Sales in this
 segment of the Company's business were led by high frequency circuit
 laminates, which set a new quarterly record.  High Performance Foam sales were
 $13.8 million for this year's first quarter, down 6% from quarter one last
 year.  Sales in the High Performance Foam segment suffered from the dramatic
 weakness in cellphone handsets and lower sales to the automotive and imaging
 markets.  Some of our other businesses were effected as well by the slowdowns
 in these markets.
     Durel Corporation, Rogers joint venture with 3M, experienced the full
 brunt of the large worldwide cellphone inventory situation which contributed
 to a very significant 38% decline in sales from the fourth quarter of 2000.
 However, increased sales to the personal digital assistant (PDA) marketplace
 were a bright spot.  By making significant adjustments in the workforce and
 other expenses, Durel was able to remain profitable for the quarter.
     Rogers Inoac Corporation (RIC) and Polyimide Laminate Systems (PLS), two
 of the Company's other 50% owned joint ventures, had good performances in the
 first quarter of 2001.  Rogers joint venture in Taiwan, Rogers Chang Chun
 Technologies (RCCT), is progressing as planned with over 80% of the new
 manufacturing facility now complete.
     In Ghent, Belgium, the Company broke ground on a new greenfield site that
 will eventually house Rogers newest high frequency laminate manufacturing
 line.  Regarding the new planned facility, Walter E. Boomer, President and CEO
 commented, "Despite the weakening economic environment, design-in activities
 for this family of high frequency materials is strong and the Company
 anticipates the need for additional capacity before the end of 2001."
     Mr. Boomer concluded by saying, "We are starting to see a broadening in
 the softness in the markets we serve.  The magnitude and duration of this
 slowdown is not yet clear.  We will face challenges this year, as will most,
 especially during the second quarter, when earnings may be as low as $0.20 to
 $0.25 per share.  However, we continue to be cautiously optimistic about the
 results for the year.  I am extremely confident of Rogers continued success
 over the long term.  My reasons for optimism are several-fold: Rogers
 materials continue to be designed into new applications at a record rate; our
 materials serve broadly diverse markets; our cash flow and balance sheet are
 strong; and we are in a position to further reduce costs without effecting our
 strategic growth."
 
     Safe Harbor Statement
     Statements in this news release that are not strictly historical may be
 deemed to be "forward-looking" statements which should be considered as
 subject to the many uncertainties that exist in the Company's operations and
 environment.  These uncertainties, which include economic conditions, market
 demand and pricing, competitive and cost factors, and the like, are
 incorporated by reference in the Rogers Corporation 2000 Form 10-K filed with
 the Securities and Exchange Commission.  Such factors could cause actual
 results to differ materially from those in the forward-looking statements.
 
     Additional Information and April 12th Conference Call
 For more information, please contact the Company directly, visit Rogers
 Website on the Internet, or send a message by e-mail:
 
     Website Address:  http://www.rogers-corp.com
     Financial E-mail Address:  finfo@rogers-corp.com
     Financial News Contact: Frank H. Roland, Vice President and Chief
 Financial Officer, Phone: 860-774-9605, Fax: 860-779-5585
     Editorial Contact: Debra J. Granger, Manager of Investor and Public
 Relations, Phone: 860-774-9605, Fax: 860-779-5509, email:
 debra.granger@rogers-corp.com
 
     A conference call to discuss first quarter results will be held on
 Thursday, April 12th at 9:00 a.m. (Eastern Time)
 
     Rogers participants in the conference call will be:
     Walter E. Boomer, President and CEO
     Robert D. Wachob, Executive Vice President
     Frank H. Roland, Vice President, Finance and CFO
     Robert M. Soffer, Vice President and Treasurer
 
     A Q&A session will immediately follow management's comments.
 
     To participate in the conference call, please call:  1-888-935-0259 in the
 United States and 1-312-470-0008 internationally and provide the name -
 "Walter Boomer" - which is both the passcode and the leader's name.  For
 playback access, please call:  1-888-562-7631 in the United States and 1-402-
 220-6508 internationally through 4:00 PM, Thursday, April 19th.  The passcode
 for replay access is 9258.
     The call will also be webcast live in a listen only mode.  The webcast may
 be accessed through links available on both the PRNewswire
 (www.prnewswire.com) website and the Rogers Corporation website or by going
 directly to:  http://www.videonewswire.com/ROGERS/041201.  Replay of the
 archived webcast will be available on the Rogers website until May 12, 2001.
 
 
                         (Financial Statements Follow)
                       Consolidated Statements of Income
                                                          Quarters Ended
 (In Thousands, Except Per Share Amounts)          April 1,2001   April 2,2000
     Net Sales                                        $63,750        $63,640
     Costs and Expenses:
       Cost of Sales                                   43,096         42,493
       Selling and Administrative                      10,145         10,185
       Research and Development                         3,125          2,929
     Total Costs and Expenses
      (Including Depreciation and
       Amortization of: 2001 - $3,762; 2000 - $3,225)
                                                       56,366         55,607
     Operating Income                                   7,384          8,033
       Other Income less Other Charges                   2119            212
       Interest Income, Net                                99             76
     Income Before Income Taxes                         9,602          8,321
       Income Taxes                                     2,881          2,413
     Net Income                                        $6,721         $5,908
     Net Income Per Share:
       Basic                                            $0.44          $0.40
       Diluted                                          $0.42          $0.37
     Shares Used in Computing:
       Basic                                           15,178         14,702
       Diluted                                         16,023         15,792
 
                          Consolidated Balance Sheets
                                 (In Thousands)
                                                  April 1,2001    Dec. 31, 2000
     ASSETS
     Current Assets:
       Cash and Cash Equivalents                       $9,303       $ 10,100
       Accounts Receivable, Net                        38,670         35,067
       Accounts Receivable - Joint Ventures            12,394         11,198
       Inventories                                     31,642         30,423
       Other Current Assets                             6,006          6,061
         Total Current Assets                          98,015         92,849
     Property, Plant and Equipment, Net                92,796         94,199
     Investment in Unconsolidated Joint Ventures       11,387         11,577
     Pension Asset                                      6,427          6,407
     Goodwill and Other Intangible Assets, Net         13,942         14,068
     Other Assets                                       2,708          2,414
         Total Assets                                $225,275       $221,514
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Current Liabilities:
       Accounts Payable                               $12,068        $12,418
       Accrued Employee Benefits and Compensation       8,656         12,830
       Other Current Liabilities                       15,211         13,497
         Total Current Liabilities                     35,935         38,745
     Long-Term Debt, less Current Maturities            9,116          9,116
     Noncurrent Deferred Income Taxes                   8,513          8,626
     Noncurrent Pension Liability                       9,676          9,676
     Noncurrent Retiree Health Care
      and Life Insurance                                5,990          5,990
 
     Benefits
      Other Long-Term Liabilities                       3,657          3,548
      Shareholders' Equity                            152,388        145,813
         Total Liabilities and
          Shareholders' Equity                       $225,275       $221,514
 
     These statements are subject to year-end audit
 
 

SOURCE Rogers Corporation
    ROGERS, Conn., April 11 /PRNewswire/ -- Rogers Corporation (NYSE:   ROG)
 today announced record first quarter profits and earnings per share.  Profits
 and earnings per share for the first quarter of 2001 were higher than the
 first quarter of 2000 due mostly to increased income from joint ventures.
     First quarter 2001 net income was $6.7 million and diluted earnings per
 share were $0.42, both 14% higher than the $5.9 million and $0.37 earned in
 last year's first three months.
     Net sales in the first quarter of 2001 were $63.8 million slightly higher
 than the $63.6 million sold in the first quarter of 2000. Combined Sales,
 which include one half of the sales from three of Rogers 50% owned joint
 ventures, were a record $79 million for the quarter, up from the $77 million
 reported in the first quarter of 2000.  Sales of the Company's products
 manufactured in Europe were particularly strong, increasing 35% from the first
 quarter of 2000.  These European sales increases resulted from the strength in
 Rogers sales of bus bars, high frequency laminates and shielding materials to
 the electronics market.
     Sales of Printed Circuit Materials for the quarter totaled $27.3 million,
 an increase of over 8% compared to the first quarter of 2000.  Sales in this
 segment of the Company's business were led by high frequency circuit
 laminates, which set a new quarterly record.  High Performance Foam sales were
 $13.8 million for this year's first quarter, down 6% from quarter one last
 year.  Sales in the High Performance Foam segment suffered from the dramatic
 weakness in cellphone handsets and lower sales to the automotive and imaging
 markets.  Some of our other businesses were effected as well by the slowdowns
 in these markets.
     Durel Corporation, Rogers joint venture with 3M, experienced the full
 brunt of the large worldwide cellphone inventory situation which contributed
 to a very significant 38% decline in sales from the fourth quarter of 2000.
 However, increased sales to the personal digital assistant (PDA) marketplace
 were a bright spot.  By making significant adjustments in the workforce and
 other expenses, Durel was able to remain profitable for the quarter.
     Rogers Inoac Corporation (RIC) and Polyimide Laminate Systems (PLS), two
 of the Company's other 50% owned joint ventures, had good performances in the
 first quarter of 2001.  Rogers joint venture in Taiwan, Rogers Chang Chun
 Technologies (RCCT), is progressing as planned with over 80% of the new
 manufacturing facility now complete.
     In Ghent, Belgium, the Company broke ground on a new greenfield site that
 will eventually house Rogers newest high frequency laminate manufacturing
 line.  Regarding the new planned facility, Walter E. Boomer, President and CEO
 commented, "Despite the weakening economic environment, design-in activities
 for this family of high frequency materials is strong and the Company
 anticipates the need for additional capacity before the end of 2001."
     Mr. Boomer concluded by saying, "We are starting to see a broadening in
 the softness in the markets we serve.  The magnitude and duration of this
 slowdown is not yet clear.  We will face challenges this year, as will most,
 especially during the second quarter, when earnings may be as low as $0.20 to
 $0.25 per share.  However, we continue to be cautiously optimistic about the
 results for the year.  I am extremely confident of Rogers continued success
 over the long term.  My reasons for optimism are several-fold: Rogers
 materials continue to be designed into new applications at a record rate; our
 materials serve broadly diverse markets; our cash flow and balance sheet are
 strong; and we are in a position to further reduce costs without effecting our
 strategic growth."
 
     Safe Harbor Statement
     Statements in this news release that are not strictly historical may be
 deemed to be "forward-looking" statements which should be considered as
 subject to the many uncertainties that exist in the Company's operations and
 environment.  These uncertainties, which include economic conditions, market
 demand and pricing, competitive and cost factors, and the like, are
 incorporated by reference in the Rogers Corporation 2000 Form 10-K filed with
 the Securities and Exchange Commission.  Such factors could cause actual
 results to differ materially from those in the forward-looking statements.
 
     Additional Information and April 12th Conference Call
 For more information, please contact the Company directly, visit Rogers
 Website on the Internet, or send a message by e-mail:
 
     Website Address:  http://www.rogers-corp.com
     Financial E-mail Address:  finfo@rogers-corp.com
     Financial News Contact: Frank H. Roland, Vice President and Chief
 Financial Officer, Phone: 860-774-9605, Fax: 860-779-5585
     Editorial Contact: Debra J. Granger, Manager of Investor and Public
 Relations, Phone: 860-774-9605, Fax: 860-779-5509, email:
 debra.granger@rogers-corp.com
 
     A conference call to discuss first quarter results will be held on
 Thursday, April 12th at 9:00 a.m. (Eastern Time)
 
     Rogers participants in the conference call will be:
     Walter E. Boomer, President and CEO
     Robert D. Wachob, Executive Vice President
     Frank H. Roland, Vice President, Finance and CFO
     Robert M. Soffer, Vice President and Treasurer
 
     A Q&A session will immediately follow management's comments.
 
     To participate in the conference call, please call:  1-888-935-0259 in the
 United States and 1-312-470-0008 internationally and provide the name -
 "Walter Boomer" - which is both the passcode and the leader's name.  For
 playback access, please call:  1-888-562-7631 in the United States and 1-402-
 220-6508 internationally through 4:00 PM, Thursday, April 19th.  The passcode
 for replay access is 9258.
     The call will also be webcast live in a listen only mode.  The webcast may
 be accessed through links available on both the PRNewswire
 (www.prnewswire.com) website and the Rogers Corporation website or by going
 directly to:  http://www.videonewswire.com/ROGERS/041201.  Replay of the
 archived webcast will be available on the Rogers website until May 12, 2001.
 
 
                         (Financial Statements Follow)
                       Consolidated Statements of Income
                                                          Quarters Ended
 (In Thousands, Except Per Share Amounts)          April 1,2001   April 2,2000
     Net Sales                                        $63,750        $63,640
     Costs and Expenses:
       Cost of Sales                                   43,096         42,493
       Selling and Administrative                      10,145         10,185
       Research and Development                         3,125          2,929
     Total Costs and Expenses
      (Including Depreciation and
       Amortization of: 2001 - $3,762; 2000 - $3,225)
                                                       56,366         55,607
     Operating Income                                   7,384          8,033
       Other Income less Other Charges                   2119            212
       Interest Income, Net                                99             76
     Income Before Income Taxes                         9,602          8,321
       Income Taxes                                     2,881          2,413
     Net Income                                        $6,721         $5,908
     Net Income Per Share:
       Basic                                            $0.44          $0.40
       Diluted                                          $0.42          $0.37
     Shares Used in Computing:
       Basic                                           15,178         14,702
       Diluted                                         16,023         15,792
 
                          Consolidated Balance Sheets
                                 (In Thousands)
                                                  April 1,2001    Dec. 31, 2000
     ASSETS
     Current Assets:
       Cash and Cash Equivalents                       $9,303       $ 10,100
       Accounts Receivable, Net                        38,670         35,067
       Accounts Receivable - Joint Ventures            12,394         11,198
       Inventories                                     31,642         30,423
       Other Current Assets                             6,006          6,061
         Total Current Assets                          98,015         92,849
     Property, Plant and Equipment, Net                92,796         94,199
     Investment in Unconsolidated Joint Ventures       11,387         11,577
     Pension Asset                                      6,427          6,407
     Goodwill and Other Intangible Assets, Net         13,942         14,068
     Other Assets                                       2,708          2,414
         Total Assets                                $225,275       $221,514
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Current Liabilities:
       Accounts Payable                               $12,068        $12,418
       Accrued Employee Benefits and Compensation       8,656         12,830
       Other Current Liabilities                       15,211         13,497
         Total Current Liabilities                     35,935         38,745
     Long-Term Debt, less Current Maturities            9,116          9,116
     Noncurrent Deferred Income Taxes                   8,513          8,626
     Noncurrent Pension Liability                       9,676          9,676
     Noncurrent Retiree Health Care
      and Life Insurance                                5,990          5,990
 
     Benefits
      Other Long-Term Liabilities                       3,657          3,548
      Shareholders' Equity                            152,388        145,813
         Total Liabilities and
          Shareholders' Equity                       $225,275       $221,514
 
     These statements are subject to year-end audit
 
 SOURCE  Rogers Corporation