ROGERS, CT -- Rogers Corporation announced 2008 sales of $365.4 million, an 11.5% decline compared to 2007 sales of $412.7 million. Fourth-quarter 2008 revenues slipped 25% to $78.6 million, compared to $104.5 million in the fourth quarter of 2007.

Full year net income for 2008 was $1.67 per diluted share, an increase of 26.5% over the $1.32 earned for the full year 2007.

Fourth-quarter revenues were in line with revised guidance. Earnings per diluted share were higher than the revised guidance, primarily related to improved business unit operating performance and a favorable tax rate benefit.

Robert D. Wachob, Rogers’ President and CEO commented: “While 2008 sales declined by almost 12%, the Rogers team did a great job of maximizing earnings which were up 26% to $1.67 per share… we are expecting a difficult 2009 and have already reduced salaried positions by 10% and removed an estimated $27 million of annualized expenses, which will not meaningfully benefit results until the second quarter. Currently, we expect first quarter 2009 sales of $60 to $65 million and a loss of $0.45 to $0.55 per share after approximately $2.5 million or $0.13 per share of severance charges.

The company’s 2008 revenues were impacted by significantly lower sales for its Durel and flexible circuit material products.

Sales of printed circuit materials for the fourth quarter of 2008 totaled $28.9 million, down approximately 15.7% from the $34.3 million reported in the fourth quarter of 2007.

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