Earnings Call Excerpt
Rogers Corporation (ROG)
F2Q08 Earnings Call
July 31, 2008 9:00 am ET
Executives
Robert D. Wachob – President & Chief Executive Officer
Dennis M. Loughran – Vice President – Finance & Chief Financial Officer
Debra J. Granger – Vice President – Corporate Compliance and Controls
Analysts
Jiwon Lee – Sidoti & Company, LLC
Tom Lewis – Century Management
Russ Piazza – Front Street Capital
Bob Fetch – Lord, Abbett & Co.
Dana Walker – Kalmar Investments
Presentation
Operator
Good morning, my name is Caylee and I’ll be your conference operator today. At this time I would like to welcome everyone to the Rogers Corporation second quarter conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. (Operator Instructions)
Mr. Wachob, you may begin your conference.
Robert D. Wachob
Good morning, Ladies and Gentlemen. With me today are Dennis Loughran, Chief Financial Officer, Deb Granger, Vice President, Compliance and Controls, Paul Middleton, Treasurer, Robert Soffer, Vice President and Secretary, Bill Tryon, Manager of Investor Relations, and Ron Pelletier, Manager of Financial Reporting.
First, Dennis will dispense with the formalities and then we will get right down to business.
Dennis M. Loughran
I would like to point out to all our listeners that statements in this conference call that are not strictly historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and should be considered as subject to the many uncertainties that exists in Rogers’ operations and environment. These uncertainties include economic conditions, market demands and competitive factors. Such factors could cause actual results to differ materially from those of any forward-looking statements.
I’ll now turn it back over to Bob.
Robert D. Wachob
Despite a very slow U.S. economy and a slowing in Europe, Rogers continues to perform as projected. Our new products introduced over the last few years as well as some new applications are making up for the declines at Durel and allowing us to perform reasonably well considering us the external environment. The quarter turned out as we expected. Once again, our performance foams and power distribution systems led the way with record sales. Our performance foams’ second shift in China is fully operational and we are now preparing a third shift. This has allowed a significant reduction in overtime in the U.S. The silicone foam business in Carol Stream, Illinois also significantly reduced overtime as a third shift there is now operating.
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