Rogers Corporation (NYSE:ROG) (the “Company”) today announced financial results for its fourth quarter of 2013, reporting net sales of $136.2 million and net income from continuing operations of $0.64 per diluted share, which includes a special charge of $0.17 per diluted share associated with an impairment charge related to a year-end accounting revaluation of an investment made in 2009. Excluding this net special charge, non-GAAP net income from continuing operations was $0.81 per diluted share. Net sales and non-GAAP net income from continuing operations were above the Company’s guidance announced on October 29, 2013 of $129 to $135 million in net sales and net income from continuing operations of $0.68 to $0.80 per diluted share, respectively (the original guidance did not include any anticipated special charges). Fourth quarter 2012 net sales were $124.2 million with net income from continuing operations of $0.30 per diluted share, which included net special charges of $0.28 per diluted share. Excluding these special charges, fourth quarter 2012 non-GAAP net income from continuing operations was $0.58 per diluted share.
Net sales from continuing operations for the full year 2013 were $537.5 million, a 7.8% increase from the $498.8 million reported for the full year 2012. Full year 2013 income from continuing operations was $2.12 per diluted share, which included net special charges of $0.49 per diluted share compared to $4.07 per diluted share for the full year 2012, which included a net benefit from special items of $2.06 per diluted share. The 2012 special items were primarily related to the reversal of a tax valuation allowance on the majority of the Company’s United States deferred tax assets. Excluding special adjustments, non-GAAP net income from continuing operations was $2.61 per diluted share for 2013 compared to $2.01 per diluted share for 2012, an increase of almost 30%.
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