Rogers Corporation (NYSE:ROG) today announced second quarter 2012 net sales of $126.7 million and income from continuing operations of $0.38 per diluted share, which includes net one-time charges of $0.09 per diluted share associated primarily with the ceasing of operations in its leased facility in Bremen, Germany. Excluding these net one-time charges, non-GAAP income from continuing operations would have been $0.47 per diluted share. Net sales and non-GAAP income from continuing operations fell within the Company’s previously announced second quarter guidance ranges of $125 to $132 million in net sales with income from continuing operations of $0.37 to $0.47 per diluted share (as the original guidance did not include any anticipated one-time charges). Second quarter 2011 net sales were $143.5 million with income from continuing operations of $0.81 per diluted share.
A reconciliation of the non-GAAP to GAAP operating results discussed in the preceding paragraph and the third quarter guidance presented below are included at the end of this release.
Business Segment Discussion
High Performance FoamsIn the second quarter of 2012, High Performance Foams reported net sales of $43.3 million, a decrease of 1.6% compared to the second quarter 2011 record sales of $44.0 million. Sales were down slightly in this year’s second quarter primarily due to softer sales in general industrial applications. This was partially offset by continued strong demand for PORON ® urethane foams in tablet computers and for PORON® XRD® extreme impact protection materials for protective cases for smart phones and tablets, as well as sports impact apparel. Printed Circuit Materials Net sales of Printed Circuit Materials totaled $40.5 million for the second quarter of 2012, a decrease of 6.7% from the $43.4 million reported in the second quarter of 2011. In the second quarter of 2012, the segment experienced weaker demand from many global OEM’s in the wireless infrastructure market, as deployments of base stations were lower than in the previous year’s second quarter. Net sales into high reliability applications were also generally soft as customers continued to align their inventories with demand. However, there was continued strength into automotive radar safety and base station antenna applications, as the Company continues to gain design wins with its new laminate products.