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Rogers Sees Q3 Sales Drop
Written by Mike Buetow
Friday, 02 November 2007
ROGERS, CT – Rogers Corp. reported third-quarter net earnings from continuing operations fell 48% to $8.95 million on a 9.8% drop in net sales to $110 million. Sales exceeded company’s guidance, on strong demand for foams, high frequency circuit materials and power distribution systems, and one-time gains.
Printed circuit materials sales were down 7.2% to $37.1 million on lower sales for portable communications and hard disk drives. All commodity-based flex circuit material production for these markets will move to Rogers’ Taiwanese joint venture in the fourth quarter. High frequency circuit materials achieved record quarterly sales on demand from satellite TV and digital applications.
In the quarter, Rogers took a pretax restructuring charge of $1.7 million as a result of a change in business conditions and future outlook associated with its Durel and flexible circuit materials businesses. These charges were substantially offset by the sale of inventory previously reserved, related to EL lamps and flexible circuit materials, resulting in a net unfavorable pretax impact in the quarter of approximately $500,000. Additional charges of approximately $1.5 million in total over the next two quarters are expected.
Gross margin from continuing operations was 28.4%, down from 31% in the prior year. Inventory was reduced by approximately $8.9 million during the quarter and roughly $14 million from the 2007 peak. At quarter’s end Rogers’ had cash and short-term investment balance of $66.1 million.
Rogers guided for fourth-quarter sales of $99 million to $103 million.
In a press statement, president and CEO Robert D. Wachob said, “We started to realize the benefits from our restructuring efforts, coupled with an increase in revenues. Efforts to gain sales in our core operating units are showing progress as three businesses attained record quarterly sales this period – high performance foams, high frequency circuit materials and power distribution systems.”
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