ROGERS, Conn. (July 29, 2009)—Rogers Corp., a specialty foam materials producer, will record in its second quarter 2009 results one-time net charges of around $61.5-$69 million.
The charges relate to valuation reserves against the company's U.S. deferred tax assets, the impairment of certain long-lived operating assets, and other nonrecurring items, in accordance with "generally accepted financial principles," the firm said.
CEO Robert Wachob said these charges reflect the reality of the current world economy, particularly in the U.S., and the resulting impact on some of our products. He said that the charges do no affect the company's cash balances or operating cash flow and the company is launching more new products than ever before.
Wachob said Rogers expects second quarter sales to be on the low end of the previously announced estimation, although operating results will likely be better than expected excluding the impact of the one-time charges.