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Rogers Corporation Reports 2012 Third Quarter Results

Stocks in this article: ROG

Additional Information and November 5, 2012 Conference Call

For more information, please contact the Company directly, visit Rogers’ website on the Internet, or send a message by email.

Website Address: http://www.rogerscorp.com

A conference call to discuss third quarter results will be held on Monday, November 5, 2012 at 9:00AM (Eastern Time).

A slide presentation will be made available prior to the start of the call. The slide presentation may be accessed on the Rogers Corporation website under the Investor Relations section of the following web page www.rogerscorp.com/ir

The Rogers participants in the conference call will be:

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), Tuesday, November 13 2012. The passcode for the audio replay is 49593248.

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 www.rogerscorp.com/ir. Replay of the archived webcast will be available on the Rogers website approximately two hours following the webcast.

   

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

 
Three Months Ended   Nine Months Ended
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) September 30,

2012

  September 30,

2011

  September 30,

2012

  September 30,

2011

Net sales $ 130,248   $ 147,344 $ 378,292   $ 426,773
Cost of sales   87,288       96,598       262,018       284,914  
Gross margin 42,960 50,746 116,274 141,859
 
Selling and administrative expenses 26,255 27,462 73,117 78,001
Research and development expenses 4,838 5,361 14,685 16,198
Restructuring and impairment charges   1,766       -       9,980       -  
Operating income 10,101 17,923 18,492 47,660
 
Equity income in unconsolidated joint ventures

1,773

1,290

3,735

4,041

Other income (expense), net 19 302 141 1,931
Net realized investment gain (loss) - (235 ) (3,245 ) (203 )
Interest income (expense), net   (1,104 )     (1,040 )     (3,366 )     (3,884 )
Income before income tax expense 10,789 18,240 15,757 49,545
 
Income tax expense (benefit)   (48,187 )     2,579       (47,973 )     9,390  
Income (loss) from continuing operations 58,976 15,661 63,730 40,155
Income (loss) from discontinued operations, net of income taxes

-

(1,305

)

(108

)

(4,236

)

Net income $ 58,976 $ 14,356 $ 63,622 $ 35,919
 
Basic net income (loss) per share:
Income from continuing operations $ 3.58 $ 0.97 $ 3.90 $ 2.52
(Loss) from discontinued operations   -       (0.08 )     (0.01 )     (0.27 )
Net Income $ 3.58     $ 0.89     $ 3.89     $ 2.25  
 
Diluted net income (loss) per share:
Income from continuing operations $ 3.46 $ 0.93 $ 3.77 $ 2.40
(Loss) from discontinued operations   -       (0.08 )     (0.01 )     (0.25 )
Net Income $ 3.46     $ 0.85     $ 3.76     $ 2.15  
 
Shares used in computing:
Basic 16,484,957 16,106,054 16,342,289 15,981,337
Diluted     17,024,137       16,934,423       16,903,224       16,713,837  
 

 

Condensed Consolidated Statements of Financial Position (Unaudited)

   
(IN THOUSANDS) September 30, 2012   December 31, 2011
Assets
Current assets:
Cash and cash equivalents $ 91,101 $ 79,728
Restricted cash 929 -
Accounts receivable, net 88,581 77,682
Accounts receivable from joint ventures 6,418 1,640
Accounts receivable, other 2,965 3,819
Taxes receivable 3,019 2,713
Inventories 70,072 78,320
Prepaid income taxes 3,454 4,315
Deferred income taxes 7,618 2,146
Asbestos related insurance receivables 6,471 6,459
Other current assets 9,359 7,360
Assets held for sale - 1,400
Assets of discontinued operations   -       50  
Total current assets 289,987 265,632
 
Property, plant and equipment, net 146,943 148,182
Investments in unconsolidated joint ventures 20,524 23,868
Deferred income taxes 68,633 20,117
Goodwill and other intangibles 155,828 158,627
Asbestos related insurance receivables 21,262 21,943
Investments, other 5,000 5,000
Other long term assets 8,122 8,299
Long term marketable securities   -       25,960  
Total assets $ 716,299     $ 677,628  
 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 16,581 $ 15,787
Accrued employee benefits and compensation 34,875 30,135
Accrued income taxes payable 671 1,799
Current portion of lease obligation 1,592 1,596
Current portion of long term debt 16,750 7,500
Asbestos related liabilities 6,471 6,459
Other current liabilities 10,776 15,368
Liabilities of discontinued operations   -       153  
Total current liabilities 87,716 78,797
 
Long term debt 89,250 115,000
Long term lease obligation 6,847 7,610
Pension liability 46,545 68,871
Retiree health care and life insurance benefits 9,486 9,486
Asbestos related liabilities 21,468 22,326
Non-current income tax 18,559 17,588
Deferred income taxes 18,918 19,259
Other long term liabilities 635 435
 
Shareholders’ equity
Capital stock 16,570 16,221
Additional paid in capital 63,748 52,738
Retained earnings 395,721 332,099
Accumulated other comprehensive income (loss)   (59,164 )     (62,802 )
Total shareholders’ equity   416,875       338,256  
Total liabilities and shareholders’ equity $ 716,299     $ 677,628  
 




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