ROGERS, CT -- Rogers reported third-quarter revenues of $81 million, down 15.9% year-over-year but up 20.2% sequentially.

For the quarter, the laminate maker reported net earnings of $6.33 million, down 20.2% from $7.94 million in the year-ago quarter.

Revenues and earnings exceeded the company's Sept. 15 updated guidance of $74 million to $77 million in sales.

Printed circuit materials sales for the quarter were $28.6 million, down 10.1% from a year ago on strong demand for high frequency circuit materials for satellite TV applications. Sales into the wireless infrastructure market were down slightly in the third quarter compared to last year’s third quarter as sales for 3G systems in China were minimal. Additionally, high frequency circuit material sales into the defense and high reliability markets were up modestly in the third quarter. The company expects sales for high frequency printed circuit materials for the China 3G build-out to increase slightly in the fourth quarter.

Rogers took $7.7 million in charges related to the impairment of certain long-lived assets in its Flexible Circuit Materials segment. The company in the second quarter had decided to exit the flexible circuit materials market and discontinue new product development.

At quarter's end, the company had cash and short-term investment of $43.3 million. Gross margins were 30.4%, down from 31.7% in the third quarter of 2008.

Rogers president and CEO Bob Wachob said, “While we did reduce costs earlier this year we also expended considerable effort in improving our productivity and that contributed significantly to our performance in the third quarter. We are poised to continue to take advantage of the developing economic recovery around the world."

He added that September quarter sales were boosted by the timing of China's National Day Golden Week, which may have increased September sales by $3 million to $4 million as companies ordered early. He guided for fourth-quarter sales of $73 million to $77 million.

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