Rogers, Connecticut - Rogers Corp., a speciality foam materials producer, will record in its second quarter 2009 (Q2) results one-time net charges of around $61.5 - $69 million, the company revealed 27 July.
The charges relate to valuation reserves against the company's US deferred tax assets, the impairment of certain long-lived operating assets, and other non-recurring items, in accordance with "generally accepted financial principles," the statement said.
"These charges reflect the reality of the current world economy, particularly in the US, and the resulting impact on some of our products," said Rogers ceo, Robert Wachob. "We remain a strong and vibrant company with technology and business platforms that we believe will drive sustained, profitable growth as we move out of this current recession," Wachob added. The Rogers ceo also 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.
"We expect second quarter sales to be on the low end of the previously announced guidance, although operating results will likely be better than guidance excluding the impact of the one-time charges. We look forward to our projected return to profitability in the third quarter of 2009," Wachob concluded. (RD)