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Rogers Corporation Reports 2012 Third Quarter Results

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

Non-GAAP Financial Measures

Management believes non-GAAP information provides meaningful supplemental information regarding the Company’s performance by excluding certain expenses that are generally non-recurring and accordingly may not be indicative of the core business operating results. The Company believes that this additional financial information is useful to management and investors in assessing the Company’s historical performance and when planning, forecasting and analyzing future periods. However, the non-GAAP information has limitations as analytical tools and should not be considered in isolation from, or as alternatives to, financial information prepared in accordance with GAAP.

 
  Q3 2012   YTD 2012
GAAP earnings per diluted share from continuing operations $ 3.46 $ 3.77
Special item adjustments, net of tax:
Pension settlement charge 0.08 0.08
Closure of Bremen manufacturing operations in Germany 0.06 0.12
Severance and related charges - 0.24
Impairment charge on auction rate security liquidation - 0.10
Other special charges, net 0.03 0.07
US tax valuation allowance reversal (2.74 ) (2.74 )
Other net discrete tax items   (0.20 )   (0.20 )
Total net special items   (2.77 )   (2.33 )
 
Non-GAAP earnings per diluted share from continuing operations $ 0.69   $ 1.44  
 
 
Q3 2011 YTD 2011
GAAP earnings per diluted share from continuing operations $ 0.93 $ 2.40
Special item adjustments, net of tax:
Derivative mark to market adjustments 0.02 0.02
Costs related to acquisition of Curamik 0.00 0.06
Net discrete tax items  

(0.06

)  

(0.06

)
Total net special items   (0.04 )   0.02  
 
Non-GAAP earnings per diluted share from continuing operations $ 0.89   $ 2.42  
 

In its press release dated July 31, 2012, the Company provided the following reconciliation of the non-GAAP earnings per diluted share guidance it provided at that time for the third quarter of 2012:

Reconciliation of non-GAAP to GAAP Earnings Per Share Guidance for the Third Quarter of 2012:

The following table includes non-recurring charges related to (i) payment of pension related benefits to Robert D. Wachob, former President and Chief Executive Officer who retired at the beginning of 2012, and (ii) the shutdown of the Company's manufacturing facility in Bremen, Germany. The reconciliation does not include non-recurring charges related to the move of Curamik’s final inspection operations to Hungary as such charges cannot be reasonably estimated as of the date of this press release.

 
Q3 2012
Guidance Q3 2012 GAAP earnings per diluted share from continuing operations $0.45 - $0.55
Add back one-time charges, net of tax:
(i) Estimated expense related to payment of pension benefits 0.09
(ii) Estimated cost related to Bremen shutdown 0.06
Guidance Q3 2012 non-GAAP earnings per diluted share from continuing operations $0.60 - $0.70




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