Feb 13, 2003
Rogers, CT � Rogers Corp.�s fourth quarter sales were up 7% to $51.5 million for the fourth quarter ended Dec. 29. Sales fell sequentially, due mostly to the divestiture of Roger�s Moldable Composites division, Rogers said.
Rogers guided for revenues of $48 million to $51 million, and diluted earnings per share of 32 35 cents, a 33% to 46% increase year-on-year.
Net 2002 sales were $219.4 million, up from $216 in 2001. Including half the sales from Rogers� four 50%-owned joint ventures, sales were $286.7 million, up 4%. Full-year after-tax profits increased 18% to $18.6 million.
Revenues from printed circuit materials were $21.6 million, up 12%, driven by cellphone applications and sales to a U.S. customer for disk drives. For the year, PCB materials sales were $82.4 million, down $5.9 million. Rogers noted in a press statement �some positive trends in order rates� recently for high-frequency laminates.
Polyimide Laminate Systems, a JV that makes adhesiveless laminates for trace suspension assemblies, recorded its best quarter.
Cash from operations increased. Rogers spent $12 million on a new building in Chicago and paid off $3 million in long-term debt. Rogers also took a $1.6 million restructuring charge due to workforce reductions.
During the current quarter, Rogers will begin production of high-frequency laminates in Evergem, Belgium, replacing operations in Afrikalaan, Belgium.
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