An audio replay of the conference call will be available from July 29, 2021 at approximately 8 pm ET through August 5, 2021 at 11:59 pm ET, by dialing 1-888-203-1112 from the United States, and entering the replay passcode of 9771089.
Additionally, the archived webcast will be available on the Rogers website at approximately 8 pm ET on July 29, 2021.
Additional information
Please contact the Company directly via email or visit the Rogers website.
(Financial statements follow)
Condensed Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
Three Months Ended |
|
Six Months Ended |
||||||||||||||
(DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) |
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|||||||||
Net sales |
$ |
234,906 |
|
$ |
191,157 |
|
$ |
464,171 |
|
$ |
389,967 |
|
||||
Cost of sales |
|
145,073 |
|
|
121,188 |
|
|
284,839 |
|
|
254,368 |
|
||||
Gross margin |
|
89,833 |
|
|
69,969 |
|
|
179,332 |
|
|
135,599 |
|
||||
|
|
|
|
|
||||||||||||
Selling, general and administrative expenses |
|
44,959 |
|
|
41,694 |
|
|
87,372 |
|
|
82,024 |
|
||||
| Research and development expenses |
|
7,492 |
|
|
7,295 |
|
|
14,664 |
|
|
15,100 |
|
||||
| Restructuring and impairment charges |
|
747 |
|
|
— |
|
|
2,253 |
|
|
— |
|
||||
| Other operating (income) expense, net |
|
890 |
|
|
(112 |
) |
|
2,105 |
|
|
(92 |
) |
||||
| Operating income |
|
35,745 |
|
|
21,092 |
|
|
72,938 |
|
|
38,567 |
|
||||
|
|
|
|
|
|
||||||||||||
| Equity income in unconsolidated joint ventures |
|
1,930 |
|
|
1,022 |
|
|
4,111 |
|
|
2,240 |
|
||||
| Pension settlement charges |
|
— |
|
|
(55 |
) |
|
— |
|
|
(55 |
) |
||||
| Other income (expense), net |
|
1,239 |
|
|
634 |
|
|
4,207 |
|
|
(152 |
) |
||||
| Interest expense, net |
|
(404 |
) |
|
(1,779 |
) |
|
(1,011 |
) |
|
(2,986 |
) |
||||
| Income before income tax expense |
|
38,510 |
|
|
20,914 |
|
|
80,245 |
|
|
37,614 |
|
||||
| Income tax expense |
|
9,855 |
|
|
6,394 |
|
|
20,372 |
|
|
9,835 |
|
||||
| Net income |
$ |
28,655 |
|
$ |
14,520 |
|
$ |
59,873 |
|
$ |
27,779 |
|
||||
|
|
|
|
|
|
||||||||||||
| Basic earnings per share |
$ |
1.53 |
|
$ |
0.78 |
|
$ |
3.20 |
|
$ |
1.49 |
|
||||
|
|
|
|
|
|
||||||||||||
| Diluted earnings per share |
$ |
1.52 |
|
$ |
0.78 |
|
$ |
3.18 |
|
$ |
1.49 |
|
||||
|
|
|
|
|
|
||||||||||||
| Shares used in computing: |
|
|
|
|
||||||||||||
| Basic earnings per share |
|
18,729 |
|
|
18,676 |
|
|
18,721 |
|
|
18,673 |
|
||||
| Diluted earnings per share |
|
18,846 |
|
|
18,681 |
|
|
18,810 |
|
|
18,686 |
|
||||
| Condensed Consolidated Statements of Financial Position (Unaudited) |
||||||||
| (DOLLARS AND SHARES IN THOUSANDS, EXCEPT PAR VALUE) |
June 30, 2021 |
December 31, 2020 |
||||||
| Assets |
|
|
||||||
| Current assets |
|
|
||||||
| Cash and cash equivalents |
$ |
203,945 |
|
$ |
191,785 |
|
||
| Accounts receivable, less allowance for doubtful accounts of $1,319 and $1,682 |
|
157,471 |
|
|
134,421 |
|
||
| Contract assets |
|
30,285 |
|
|
26,575 |
|
||
| Inventories |
|
110,761 |
|
|
102,360 |
|
||
| Prepaid income taxes |
|
2,904 |
|
|
2,960 |
|
||
| Asbestos-related insurance receivables, current portion |
|
2,986 |
|
|
2,986 |
|
||
| Other current assets |
|
16,773 |
|
|
13,088 |
|
||
| Total current assets |
|
525,125 |
|
|
474,175 |
|
||
| Property, plant and equipment, net of accumulated depreciation of $364 and $366 |
|
282,543 |
|
272,378 |
||||
| Investments in unconsolidated joint ventures |
|
16,904 |
|
|
15,248 |
|
||
| Deferred income taxes |
|
25,986 |
|
|
28,667 |
|
||
| Goodwill |
|
267,192 |
|
|
270,172 |
|
||
| Other intangible assets, net of amortization |
|
111,404 |
|
|
118,026 |
|
||
| Pension assets |
|
5,694 |
|
|
5,278 |
|
||
| Asbestos-related insurance receivables, non-current portion |
|
63,807 |
|
|
63,807 |
|
||
| Other long-term assets |
|
14,821 |
|
|
16,254 |
|
||
| Total assets |
$ |
1,313,476 |
|
$ |
1,264,005 |
|
||
| Liabilities and Shareholders’ Equity |
|
|
||||||
| Current liabilities |
|
|
||||||
| Accounts payable |
$ |
53,471 |
|
$ |
35,987 |
|
||
| Accrued employee benefits and compensation |
|
43,915 |
|
|
41,708 |
|
||
| Accrued income taxes payable |
|
5,177 |
|
|
8,558 |
|
||
| Asbestos-related liabilities, current portion |
|
3,615 |
|
|
3,615 |
|
||
| Other accrued liabilities |
|
20,844 |
|
|
21,641 |
|
||
| Total current liabilities |
|
127,022 |
|
|
111,509 |
|
||
| Borrowings under revolving credit facility |
|
— |
|
|
25,000 |
|
||
| Pension and other postretirement benefits liabilities |
|
1,658 |
|
|
1,612 |
|
||
| Asbestos-related liabilities, non-current portion |
|
69,469 |
|
|
69,620 |
|
||
| Non-current income tax |
|
16,930 |
|
|
16,346 |
|
||
| Deferred income taxes |
|
9,537 |
|
|
8,375 |
|
||
| Other long-term liabilities |
|
12,198 |
|
|
10,788 |
|
||
| Shareholders’ equity |
|
|
||||||
| Capital stock - $1 par value; 50,000 authorized shares; 18,722 and 18,677 shares issued and outstanding |
|
18,722 |
|
|
18,677 |
|
||
| Additional paid-in capital |
|
154,330 |
|
|
147,961 |
|
||
| Retained earnings |
|
933,565 |
|
|
873,692 |
|
||
| Accumulated other comprehensive loss |
|
(29,955 |
) |
|
(19,575 |
) |
||
| Total shareholders' equity |
|
1,076,662 |
|
|
1,020,755 |
|
||
| Total liabilities and shareholders' equity |
$ |
1,313,476 |
$ |
1,264,005 |
||||
