Total pages included - 13
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended July 1, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-4347
ROGERS CORPORATION
(Exact name of Registrant as specified in its charter)
Massachusetts 06-0513860
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. Box 188, One Technology Drive, Rogers, Connecticut 06263-0188
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (860) 774-9605
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
The number of shares outstanding of the Registrant's classes of common
stock as of July 29, 2001:
Capital Stock, $1 Par Value-15,638,867 shares
ROGERS CORPORATION AND SUBSIDIARIES
FORM 10-Q
July 1, 2001
INDEX
Page No.
PART I--FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited):
Consolidated Statements of Income--
Three Months and Six Months Ended
July 1, 2001 and July 2, 2000 3
Consolidated Balance Sheets--
July 1, 2001 and December 31, 2000 4-5
Consolidated Statements of Cash Flows--
Six Months Ended July 1, 2001 and
July 2, 2000 6
Supplementary Notes 7-10
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 10-12
PART II--OTHER INFORMATION
Item 5. Other Information 13
Item 6. Reports on Form 8-K 13
SIGNATURES 13
-2-
PART I - FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
ROGERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except for Per Share Amounts)
Three Months Ended: Six Months Ended:
---------------------- ------------------------
July 1, July 2, July 1, July 2,
2001 2000 2001 2000
---------------------- ------------------------
Net Sales $ 53,162 $ 61,266 $116,912 $124,906
Cost of Sales 37,361 41,194 80,457 83,687
Selling and
Administrative Expenses 9,912 9,709 20,057 19,894
Acquisition/Restructuring
Costs 1,995 -- 1,995 --
Research and Development
Expenses 2,965 3,246 6,090 6,175
-------- -------- -------- --------
Total Costs and Expenses 52,233 54,149 108,599 109,756
-------- -------- -------- --------
Operating Income 929 7,117 8,313 15,150
Other Income less
Other Charges 1,750 1,846 3,869 2,058
Interest Income, Net 26 110 125 186
-------- -------- -------- --------
Income Before Income Taxes 2,705 9,073 12,307 17,394
Income Taxes:
Federal and Foreign 784 2,540 3,569 4,870
State 27 91 123 174
-------- -------- -------- --------
Net Income $ 1,894 $ 6,442 $ 8,615 $ 12,350
======== ======== ======== ========
Net Income Per Share
(Note E):
Basic $ 0.12 $ 0.43 $ 0.57 $ 0.84
======== ======== ======== ========
Diluted $ 0.12 $ 0.41 $ 0.54 $ 0.78
======== ======== ======== ========
Shares Used in Computing
(Note E):
Basic 15,243,000 14,814,000 15,211,000 14,758,000
========== ========== ========== ==========
Diluted 15,842,000 15,773,000 15,932,000 15,783,000
========== ========== ========== ==========
The accompanying notes are an integral part of the consolidated financial
statements.
-3-
ROGERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
(Dollars in Thousands)
July 1, 2001 December 31, 2000
-------------- -----------------
Current Assets:
Cash and Cash Equivalents $ 17,309 $ 10,100
Accounts Receivable, Net 30,799 35,067
Accounts Receivable,
Joint Ventures 9,352 11,198
Inventories:
Raw Materials 14,009 12,702
In-Process and Finished 17,393 17,721
-------------- ---------------
Total Inventories 31,402 30,423
Current Deferred Income Taxes 5,000 5,000
Other Current Assets 1,826 1,061
-------------- ---------------
Total Current Assets 95,688 92,849
-------------- ---------------
Property, Plant and Equipment,
Net of Accumulated
Depreciation of $84,523 and
$78,319 93,927 94,199
Investment in Unconsolidated
Joint Ventures 14,314 11,577
Pension Asset 6,407 6,407
Goodwill and Other
Intangibles, Net 13,828 14,068
Other Assets 2,376 2,414
-------------- ---------------
Total Assets $226,540 $221,514
============== ===============
The accompanying notes are an integral part of the consolidated financial
statements.
-4-
ROGERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
LIABILITIES AND SHAREHOLDERS' EQUITY
(Dollars in Thousands)
July 1, 2001 December 31, 2000
----------------- -----------------
Current Liabilities:
Accounts Payable $ 12,746 $ 12,418
Accrued Employee Benefits and
Compensation 7,711 12,830
Accrued Income Taxes Payable 8,179 5,554
Taxes, Other than Federal
and Foreign Income 1,341 1,643
Other Accrued Liabilities 6,627 6,300
---------------- ----------------
Total Current Liabilities 36,604 38,745
---------------- ----------------
Long-Term Debt 9,116 9,116
Noncurrent Deferred Income Taxes 8,427 8,626
Noncurrent Pension Liability 9,676 9,676
Noncurrent Retiree Health Care
and Life Insurance Benefits 5,990 5,990
Other Long-Term Liabilities 3,459 3,548
Shareholders' Equity:
Capital Stock, $1 Par Value:
Authorized Shares 50,000,000;
Issued Shares 15,626,140
and 15,485,570 15,626 15,486
Additional Paid-In Capital 32,417 32,262
Treasury Stock (382,900 shares) (13,436) (13,436)
Accumulated Other Comprehensive
Loss (3,658) (2,203)
Retained Earnings 122,319 113,704
---------------- ---------------
Total Shareholders'
Equity 153,268 145,813
--------------- ---------------
Total Liabilities and
Shareholders' Equity $226,540 $221,514
=============== ===============
The accompanying notes are an integral part of the consolidated
financial statements.
-5-
ROGERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
Six Months Ended:
---------------------------
July 1, July 2,
2001 2000
-------- ---------
CASH FLOWS PROVIDED BY (USED IN)
OPERATING ACTIVITIES:
Net Income $ 8,615 $ 12,350
Adjustments to Reconcile
Net Income to Net Cash
Provided by Operating Activities:
Depreciation and Amortization 7,594 6,517
Expense for Deferred Income Taxes -- 13
Equity in Undistributed Income of
Unconsolidated Joint Ventures, Net (1,241) (1,238)
Loss on Disposition of Assets -- 325
Noncurrent Pension and Postretirement
Benefits 226 43
Other, Net (271) (30)
Changes in Operating Assets
and Liabilities:
Accounts Receivable 3,265 (6,052)
Accounts Receivable - Affiliates 1,846 (3,104)
Inventories (1,499) (6,231)
Prepaid Expenses (844) (276)
Accounts Payable and
Accrued Expenses (1,000) 6,254
-------- --------
Net Cash Provided by
Operating Activities 16,691 8,571
CASH FLOWS PROVIDED BY (USED IN)
INVESTING ACTIVITIES:
Capital Expenditures (7,705) (9,776)
Investment in Unconsolidated
Joint Ventures and Affiliates (1,495) 882
-------- --------
Net Cash (Used in)
Investing Activities (9,200) (8,894)
CASH FLOWS PROVIDED BY (USED IN)
FINANCING ACTIVITIES:
Proceeds from Short and Long-Term Borrowings 66 377
Repayments of Debt Principal (395) (306)
Proceeds from Sale of Capital Stock (31) 1,045
-------- --------
Net Cash Provided by
(Used in) Financing Activities (360) 1,116
Effect of Exchange Rate Changes on Cash 78 90
-------- --------
Net Increase in Cash and Cash Equivalents 7,209 883
Cash and Cash Equivalents at
Beginning of Year 10,100 9,955
-------- --------
Cash and Cash Equivalents
at End of Quarter $ 17,309 $ 10,838
======== ========
The accompanying notes are an integral part of the consolidated
financial statements.
-6-
ROGERS CORPORATION AND SUBSIDIARIES
SUPPLEMENTARY NOTES
A. The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. For
further information, refer to the audited consolidated financial
statements and footnotes thereto included in the Company's annual report
on Form 10-K for the fiscal year ended December 31, 2000.
B. Interest paid during the first six months of 2001 and 2000 was $495,000.
and $442,000, respectively.
C. Income taxes paid were $255,000 and $378,000 in the first six months of
2001 and 2000, respectively.
D. The components of comprehensive income, net of related tax, are as follows:
Three Months Ended: Six Months Ended:
-------------------- ------------------
(Dollars In Thousands)
July 1, July 2, July 1, July2,
2001 2000 2001 2000
--------------------------------------------
Net income $ 1,894 $ 6,442 $ 8,615 $12,350
Foreign currency
translation adjustments (951) (47) (1,455) (536)
-------------------- ------------------
Comprehensive Income $ 943 $ 6,395 $ 7,160 $11,814
==================== ==================
Accumulated balances related to each component of Other Comprehensive Loss
are as follows:
July 1, 2001 December 31, 2000
Foreign currency translation
adjustments $(1,789) $ (334)
Minimum pension liability,
net of $1,145 in taxes (1,869) (1,869)
-------------- ---------------
$(3,658) $(2,203)
============== ===============
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SUPPLEMENTARY NOTES, CONTINUED
E. The following table sets forth the computation of basic and diluted earnings
per share in conformity with Statement of Financial Accounting Standards
No. 128, "Earnings per Share":
Three Months Ended: Six Months Ended:
------------------- -------------------
(Dollars in Thousands,
Except Per Share Amounts) July 1, July 2, July 1, July 2,
2001 2000 2001 2000
------------------- -------------------
Numerator:
Net income $ 1,894 $ 6,442 $ 8,615 $12,350
Denominator:
Denominator for basic
earnings per share -
weighted-average shares 15,243 14,814 15,211 14,758
Effect of stock options 599 959 721 1,025
------------------- -------------------
Denominator for diluted
earnings per share -
adjusted weighted-
average shares and
assumed conversions 15,842 15,773 15,932 15,783
=================== ===================
Basic earnings per share $ 0.12 $ 0.43 $ 0.57 $ 0.84
=================== ===================
Diluted earnings per share $ 0.12 $ 0.41 $ 0.54 $ 0.78
=================== ===================
F. Segment information has been prepared in accordance with Financial
Accounting Standards Board (FASB) Statement of Financial Accounting
Standards (FAS) No. 131, "Disclosures about Segments of an Enterprise
and Related Information." Certain reclassifications were made in 2000
to reflect the way that the business segments are viewed by top management
and the Board of Directors. The prior year information presented has been
restated to reflect these reclassifications. The quarterly information
required by FAS No. 131 is presented below.
(Dollars in Millions)
High Printed Polymer
Performance Circuit Materials &
Foams Materials Components Total
---------------------------------------------------------------------------
Three months ended
July 1, 2001
Net Sales $ 12.0 $ 21.6 $ 19.6 $ 53.2
Operating Income 0.5 0.1 0.3 0.9
Three months ended
July 2, 2000
Net Sales $ 14.8 $ 23.3 $ 23.2 $ 61.3
Operating Income 3.0 2.7 1.4 7.1
Six months ended
July 1, 2001
Net Sales $ 25.8 $ 48.8 $ 42.3 $116.9
Operating Income 2.2 4.5 1.6 8.3
Six months ended
July 2, 2000
Net Sales $ 29.5 $ 48.5 $ 46.9 $124.9
Operating Income 5.7 6.7 2.8 15.2
Inter-segment sales, which are generally priced with reference to costs or
prevailing market prices, are not material in relation to consolidated net
sales and have been eliminated from the sales data in the previous tables.
-8-
SUPPLEMENTARY NOTES, CONTINUED
G. The Company is subject to federal, state, and local laws and regulations
concerning the environment and is currently engaged in proceedings involving
a number of sites under these laws, as a participant in a group of
potentially responsible parties (PRPs).
The Company is currently involved as a PRP in two cases involving waste
disposal sites, both of which are Superfund sites. These proceedings are at
an early stage and it is impossible to estimate the cost of remediation, the
timing and extent of remedial action which may be required by governmental
authorities, and the amount of liability, if any, of the Company alone or in
relation to that of any other PRPs. The Company also has been seeking to
identify insurance coverage with respect to these matters. Where it has been
possible to make a reasonable estimate of the Company's liability, a
provision has been established. Insurance proceeds have only been taken
into account when they have been confirmed by or received from an insurance
company. Actual costs to be incurred in future periods may vary from these
estimates. Based on facts presently known to it, the Company does not
believe that the outcome of these proceedings will have a material adverse
effect on its financial position.
In addition to the above proceedings, the Company has been actively working
with the Connecticut Department of Environmental Protection (CT DEP) related
to certain polychlorinated biphenyl (PCB) contamination in the soil beneath
a section of cement flooring at its Woodstock, Connecticut facility. The
Company completed clean-up efforts in 2000 and will be continually
monitoring the site for the next several years. On the basis of estimates
prepared by environmental engineers and consultants, the Company recorded
a provision of approximately $1,600,000 prior to 1998, and based on updated
estimates provided an additional $600,000 in 1998 and $400,000 in 1999 for
costs related to this matter. Prior to 1998, $700,000 was charged against
this provision. In 1998, 1999, and 2000, expenses of $200,000, $400,000,
and $900,000 were charged, respectively against the provision. The
remaining amount in the reserve is primarily for testing, monitoring,
sampling and any minor residual treatment activity. Management believes,
based on facts currently available, that the balance of this provision is
adequate to complete the project.
In this same matter the United States Environmental Protection Agency
(EPA) has alleged that the Company improperly disposed of PCBs. An
administrative law judge found the Company liable for this alleged
disposal and assessed a penalty of approximately $300,000. The Company
reflected this fine in expense in 1998 but disputes the EPA allegations
and has appealed the administrative law judge's findings and penalty
assessment. The original findings were upheld internally by the EPA's
Environmental Appeals Board, and the Company has now placed that
decision on appeal with the District of Columbia Federal Court of Appeals.
The Company has not had any material recurring costs and capital
expenditures relating to environmental matters, except as specifically
described in the preceding statements.
H. To help widen the distribution and enhance the marketability of the
Company's Capital Stock, the Board of Directors, effected a two-for-one
stock split in the form of a 100% stock dividend on May 12, 2000. All
references in the financial statements to number of shares and per share
amounts have been restated to reflect the increased number of capital
shares outstanding.
-9-
SUPPLEMENTARY NOTES, CONTINUED
I. On August 17, 2000, the Board of Directors authorized the Company to
repurchase up to $2.0 million of its common stock. No shares have been
repurchased pursuant to this authority.
J. On February 7, 2001, the Company entered into a definitive agreement to
purchase the Advanced Dielectric Division (ADD) of Tonoga, Inc. (commonly
known as Taconic), which operates facilities in Petersburgh, New York and
Mullingar, Ireland. On May 11, 2001, the Company announced that active
discussions with Taconic to acquire the ADD business have been suspended
and it is not anticipated that the acquisition will occur. Accordingly,
$1.5 million in costs associated with this potential acquisition were
written off during the second quarter.
K. Other income less other charges was $3.9 million in the first half of 2001
compared to $2.1 million in the same period in 2000. The increase is
primarily due to the performance of Rogers joint ventures, particularly
Polyimide Laminate Systems, LLC (PLS) and Rogers Inoac Corporation (RIC)
and higher royalty income.
L. In the second quarter of 2001, the Company incurred a restructuring charge
in the amount of $500,000. This amount primarily consists of $300,000 in
severance benefits for the termination of 20 employees at the Printed
Circuit Materials segment and $200,000 in costs associated with the merging
of two business units within the segment. All 20 of these employees were
terminated during the second quarter and $400,000 of this charge remains
accrued at July 1, 2001.
M. In June 2001, the Financial Accounting Standards Board issued Statements
of Financial Accounting Standards No. 141, Business Combinations, and
No. 142, Goodwill and Other Intangible Assets, effective for fiscal
years beginning after December 15, 2001. Under the new rules, goodwill
(and intangible assets deemed to have indefinite lives) will no longer
be amortized but will be subject to annual impairment tests in
accordance with the Statements. Other intangible assets will continue
to be amortized over their useful lives.
The Company will apply the new rules on accounting for goodwill and
other intangible assets beginning in the first quarter of 2002.
Application of the provisions of the Statements is not expected to
have a material impact.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Net sales of $53.2 million in the second quarter and $116.9 million for the
first half of 2001 were down 13% and 6%, respectively, from the comparable
periods in 2000. Combined Sales which include one-half of the sales from
three of Rogers 50% owned joint ventures, were $67.2 million for the quarter
and $146.5 million for the first half, down 14% and 6%, respectively, over
the same periods in 2000. The decrease in sales is primarily attributable
to the widespread slowdown in wireless communications, specifically associated
with cellular phones, infrastructure, and a temporary reduction in satellite
television-related sales. Weak sales to the automotive market also contributed
to the lower revenues.
High Performance Foam sales were $12.0 million and $25.8 million for this
year's second quarter and first half, down 19% and 13%, respectively from the
comparable periods in 2000. Sales in this segment
-10-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS, CONTINUED
suffered from the dramatic inventory correction that is occurring in
cellular phone handsets and from the softness in the automotive market.
Sales of these products into Europe were especially soft.
Sales of Printed Circuit Materials for the second quarter and first half
totaled $21.6 million and $48.8 million, respectively, a decrease of 7% and an
increase of 1% compared to the second quarter and first half of 2000. Sales in
this segment of the Company's business were led by high-frequency circuit
laminates, which continue to see high rates of adoption in wireless
communication devices and infrastructure but are being negatively impacted by
the slowdown in these markets that has now spread worldwide. Sales of flexible
circuit laminates were significantly affected, declining over 20% in quarter
two of 2001 compared to last year's second quarter. However sales of Rogers
Induflex(R) EMI/RFI cable shielding materials experienced year-over-year first
half growth of 21%. In May, the Company merged two of its operating units
within this segment, a move that is expected to save in excess of $1.0 million
annually.
Sales of Polymer Materials and Components were $19.6 million and $42.3 million,
respectively for the second quarter and first half of 2001, a decrease of 15%
and 10%, respectively, from the comparable 2000 periods. The largest factor
contributing to lower revenues in this segment of the Company's business was
decreased sales of molding compounds to the automotive market.
Profits and earning per share for the second quarter and the first half of 2001
were down from the comparable periods of 2000. Compared with the second quarter
and first half of last year, earnings decreased by 71% and 30%, respectively, to
$1.9 million and $8.6 million. This decrease reflected a one-time pre-tax
charge of $2.0 million in the second quarter of 2001. Without this charge, the
Company's earnings would have been $3.3 million for the second quarter and
$10.0 million for the first half. Diluted earnings per share for the second
quarter were $0.12 after the $0.09 per share one-time pre-tax charge, down
from the $0.41 earned in the second quarter of 2000. For the first half of
2001, diluted earnings per share were $0.54 after the $0.09 per share one-time
pre-tax charge, down from the $0.78 earned in the first half of 2000.
Manufacturing profit as a percentage of sales in the first six months of 2001
and 2000 was 31% and 33%, respectively. This decrease continues the trend of
the first quarter and can be attributed to the lower sales volumes caused by
the slowdown in wireless communications and automotive markets.
Selling and administrative expenses for the second quarter and first half of
2001 increased slightly in both total dollars and as a percentage of sales.
The increases are primarily due to the cost of added salaried employees
during 2000.
Acquisition/Restructuring costs for the second quarter and first six months
of 2001 were $2.0 million. These expenses are new for this year and are
attributed to the suspended Taconic acquisition and the merging of two business
units within the Company's Printed Circuit Materials segment. This amount
primarily consists of $300,000 in severance benefits and $200,000 in costs
associated with the merging of business units and $1.5 million for the
suspended Taconic acquisition.
Research and development expenses of $6.1 million for the first six months of
2001 were down slightly from the $6.2 million incurred in the first half of
2000. The slight decrease is attributed to cost savings techniques being
carried out throughout the Company.
-11-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS, CONTINUED
Net interest income for 2001 remained about the same as the comparable
period in 2000.
Other income was $3.9 million in the first half of 2001 compared to $2.1
million in the comparable period in 2000. The increase is primarily due to
the performance of Rogers joint ventures, particularly PLS and RIC and
higher royalty income. On June 28, 2001, Durel Corporation, the Company's
50% owned joint venture with 3M, was informed that the patent infringement
lawsuit it filed against Osram Sylvania Inc., which had been decided in
Durel's favor in February 2000, had been reversed by the U.S. Court
of Appeals. Durel does not anticipate that this judgement will have
any substantive effect on its business now or in the future. Durel intends
to petition the appellate court for a rehearing.
Net cash provided by operating activities in the first six months of 2001
totaled $16.7 million. This compares with $8.6 million provided by operations
for the comparable 2000 period. This difference is primarily attributable
to lower accounts receivable and inventory levels offset by lower net income.
In 2001, investments in capital equipment totaled $7.7 million in the first
six months and are expected to approach $24 million for the year. In 2000
capital expenditures in the first six months were $9.8 million and they
finished at $22.7 million for the year. Despite the economic climate, Rogers
is continuing to invest in its long-term future. Work is proceeding as planned
on the Ghent facility and it should be operational in the fourth quarter. The
Rogers Chang Chun Technology building in Taiwan is now complete. The
equipment for this new joint venture facility has arrived and is being
installed. Startup for this plant, that will produce flexible circuit
laminates for the Taiwanese market, is still planned for late this fall.
Management believes that in the near term internally generated funds plus
available lines of credit will be sufficient to meet the regular needs of
the business. The Company currently has an unsecured multi-currency revolving
credit agreement with two domestic banks and can borrow up to $75 million, or
the equivalent in certain other foreign currencies. The borrowing at July 1,
2001 was for 390.2 million Belgian francs ($9.1 million) and the interest rate
on the loan was 5.07%. Shortly after the end of the second quarter this loan
was repaid in full.
During the second quarter of 2001 there were no material developments relative
to environmental matters or other contingencies. Refer to Note G.
Statements in this report that are not strictly historical may be deemed
to be "forward-looking" statements which should be considered as subject
to the many uncertainties that exist in the Company's operations and
environment. These uncertainties, which include economic conditions, market
demand and pricing, competitive and cost factors, rapid technological
change, new product introductions, and the like, are incorporated by reference
in the Rogers Corporation 2000 Form 10-K filed with the Securities and
Exchange Commission. Such factors could cause actual results to differ
materially from those in the forward-looking statements.
-12-
PART II - OTHER INFORMATION
Item 5. Other Information
On May 11, 2001, the Company announced that active discussions
with Taconic to acquire their Advanced Dielectric Division business
have been suspended and it is not anticipated that the acquisition
will occur.
Item 6. Exhibits and Reports on Form 8-K
(a) List of Exhibits:
(b) There were no reports on Form 8-K filed for the three months
ended July 1, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ROGERS CORPORATION
(Registrant)
/s/ Frank H. Roland
----------------------------
Frank H. Roland
Vice President, Finance and
Chief Financial Officer
Dated: August 10, 2001
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