ROGERS, Conn.—Rogers Corp. reported a decline in net income for 2013, decreasing 55 percent to $37.8 million.
Net income for the fourth quarter 2013, however, increased nearly 228 percent to $11.5 million.
The firm said those figures include a special charge of $0.17 per diluted share associated with an impairment charge related to a year end accounting revaluation of an investment made in 2009. Excluding that charge, Rogers reported its non-GAAP net income for 2013 at $0.81 per diluted share, up from $0.58 per diluted share in 2012.
The company's net sales for 2013 increased by 7.8 percent from 2012, to $537.5 million. The firm also reported increased fourth quarter sales at $136.2 million, up $12 million from 2012.
Its high performance foams business unit reported a 13.4 percent decrease in sales to $47.6 million. Rogers cited a mobile internet device design change that negatively impacted its sales into that market.
The firm said it hopes to gain market penetration in consumer applications as sales of cushioning, sealing and impact protection materials increased in the fourth quarter.
The Rogers Corp. manufactures and designs specialty material and components for consumer electronics, power electronics, mass transit, clean energy and telecommunications infrastructure.