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Rogers' Q1 Revenue Drops

Published: 05 May 2009
 by Staff
ROGERS, CT – Rogers Corp. reported first-quarter revenue fell 33% from last year to $65.5 million on inventory takedowns and end market declines. The amount includes $2.8 million in severance charges and other one-time charges totaling nearly $2.9 million.
 
For the quarter, sales of printed circuit materials fared the best, dropping only 8.9% to $30 million. Sales to China’s 3G wireless market were strong, while high frequency circuit material for defense and high reliability markets remained stable.

Custom electrical component sales saw the steepest decline in sales, falling 53% to 13.2 million. The company cites weak demand in electroluminescent lamps for the drop.
 
Cautious consumer spending resulted in low numbers across all end markets. High performance foams had $17.2 million in sales for the quarter, a 41.4% slide from last year. Cell phones applications bore the brunt, but Rogers reports a slight recovery in the market.
 
Gross margin was 21.3% for the quarter, compared to 32.2% last year.
 
“I believe the worst is behind us and that we will make steady progress during the rest of the year,” says Robert Wachob, president and CEO. Second-quarter sales are forecast between $68 million and $73 million.
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