Rogers, Connecticut - Rogers Corp. has reported sales in its High Performance Foams business, which includes urethane and silicone foams, were down 14.8 percent to $25.4 million in the second quarter of 2009 (Q2), compared to the same period last year.
Although Q2 sales were lower across many market segments due to the global economic recession, the company reported foam sales in the consumer electronics market segment, including portable handset applications, improved during the second quarter against the previous quarter, as severe supply chain inventory corrections from Q1 were largely completed.
The integration of the recently acquired MTI Global Inc.'s silicone foam products line is expected to be completed by the end of the year, Rogers said.
Regarding joint ventures, the company said that despite significantly lower sales volumes and a 20.5 percent drop in sales revenue to $23.2 million, operating results were slightly higher than Q2 2008, primarily because of the strong performance of the company's foam joint ventures in China and Japan.
Overall net sales for the company fell to $67 368 million from $92 432 million in Q2 2008.
"I believe the worst is behind us," said Rogers ceo, Robert Wachob. "We have completed our planned cost-reduction efforts and have dealt with all the known asset impairments including the required current accounting treatment of our deferred tax assets," he added.
"For the third quarter we project sales of $68 to $73 million and earnings of $0.05 to $0.15 per share, which include $1 million or $0.06 per share of one-time integration costs associated with the silicone business assets the company acquired during the second quarter," he concluded.