2016 Q2 Form 10-Q Financial Statement

#000008474816000020 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $157.5M $163.1M
YoY Change -3.44% 6.26%
Cost Of Revenue $97.29M $102.4M
YoY Change -5.02% 6.31%
Gross Profit $60.20M $60.66M
YoY Change -0.76% 6.17%
Gross Profit Margin 38.22% 37.19%
Selling, General & Admin $34.37M $33.03M
YoY Change 4.07% -4.27%
% of Gross Profit 57.09% 54.44%
Research & Development $7.074M $7.053M
YoY Change 0.3% 9.86%
% of Gross Profit 11.75% 11.63%
Depreciation & Amortization $9.300M $8.500M
YoY Change 9.41% 26.87%
% of Gross Profit 15.45% 14.01%
Operating Expenses $41.44M $40.08M
YoY Change 3.4% -2.05%
Operating Profit $18.76M $20.58M
YoY Change -8.87% 26.9%
Interest Expense -$1.115M -$1.304M
YoY Change -14.49% 81.11%
% of Operating Profit -5.94% -6.34%
Other Income/Expense, Net $191.0K -$517.0K
YoY Change -136.94% 580.26%
Pretax Income $18.54M $19.15M
YoY Change -3.2% 16.18%
Income Tax $13.16M $5.599M
% Of Pretax Income 71.0% 29.23%
Net Earnings $5.377M $13.55M
YoY Change -60.33% 24.33%
Net Earnings / Revenue 3.41% 8.31%
Basic Earnings Per Share $0.30 $0.73
Diluted Earnings Per Share $0.29 $0.71
COMMON SHARES
Basic Shares Outstanding 18.01M shares 18.63M shares
Diluted Shares Outstanding 18.25M shares 19.06M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $247.4M $209.8M
YoY Change 17.92% -4.07%
Cash & Equivalents $247.4M $209.8M
Short-Term Investments
Other Short-Term Assets $10.72M $10.86M
YoY Change -1.33% 10.24%
Inventory $88.26M $87.03M
Prepaid Expenses
Receivables $109.3M $107.3M
Other Receivables $8.300M $9.100M
Total Short-Term Assets $468.1M $441.1M
YoY Change 6.11% 5.37%
LONG-TERM ASSETS
Property, Plant & Equipment $174.8M $181.5M
YoY Change -3.7% 23.66%
Goodwill $177.1M $178.6M
YoY Change -0.87% 64.42%
Intangibles $70.31M
YoY Change
Long-Term Investments $16.65M $17.23M
YoY Change -3.34% -10.38%
Other Assets $3.328M $6.264M
YoY Change -46.87% -15.77%
Total Long-Term Assets $502.1M $526.6M
YoY Change -4.65% 24.53%
TOTAL ASSETS
Total Short-Term Assets $468.1M $441.1M
Total Long-Term Assets $502.1M $526.6M
Total Assets $970.2M $967.7M
YoY Change 0.26% 15.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.75M $24.92M
YoY Change 7.33% 4.25%
Accrued Expenses $44.50M $45.00M
YoY Change -1.11% 5.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.653M $2.750M
YoY Change 32.84% -86.25%
Total Short-Term Liabilities $88.54M $87.72M
YoY Change 0.93% -10.3%
LONG-TERM LIABILITIES
Long-Term Debt $171.7M $177.3M
YoY Change -3.11% 254.5%
Other Long-Term Liabilities $3.201M $3.337M
YoY Change -4.08% 881.47%
Total Long-Term Liabilities $174.9M $180.6M
YoY Change -3.13% 258.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $88.54M $87.72M
Total Long-Term Liabilities $174.9M $180.6M
Total Liabilities $263.5M $268.3M
YoY Change -1.8% 81.12%
SHAREHOLDERS EQUITY
Retained Earnings $563.4M $518.6M
YoY Change 8.63% 11.76%
Common Stock $133.0M $165.2M
YoY Change -19.48% 13.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $613.2M $599.9M
YoY Change
Total Liabilities & Shareholders Equity $970.2M $967.7M
YoY Change 0.26% 15.0%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $5.377M $13.55M
YoY Change -60.33% 24.33%
Depreciation, Depletion And Amortization $9.300M $8.500M
YoY Change 9.41% 26.87%
Cash From Operating Activities $25.10M $9.500M
YoY Change 164.21% -20.17%
INVESTING ACTIVITIES
Capital Expenditures -$5.200M -$5.800M
YoY Change -10.34% -28.4%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.200M -$5.800M
YoY Change -10.34% -27.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.300M 1.100M
YoY Change -218.18% -222.22%
NET CHANGE
Cash From Operating Activities 25.10M 9.500M
Cash From Investing Activities -5.200M -5.800M
Cash From Financing Activities -1.300M 1.100M
Net Change In Cash 18.60M 4.800M
YoY Change 287.5% 60.0%
FREE CASH FLOW
Cash From Operating Activities $25.10M $9.500M
Capital Expenditures -$5.200M -$5.800M
Free Cash Flow $30.30M $15.30M
YoY Change 98.04% -23.5%

Facts In Submission

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400000 USD
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us-gaap Income Loss From Equity Method Investments
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1300000 USD
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708000 USD
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1300000 USD
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100000 USD
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100000 USD
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200000 USD
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5500000 USD
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4800000 USD
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2100000 USD
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124000 USD
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us-gaap Proceeds From Stock Plans
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us-gaap Repayments Of Debt
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350 shares
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P3Y3M18D
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3085731 USD
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CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P3Y1M6D
us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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427000 USD
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56000000 USD
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600000 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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9700000 USD
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429000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
452000 shares
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
246000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
248000 shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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19003000 shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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18234000 shares
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18627000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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18551000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18007000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17986000 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As used herein, the terms &#8220;Company,&#8221; &#8220;Rogers,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; and similar terms mean Rogers Corporation and its subsidiaries, unless the context indicates otherwise.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information. Accordingly, these statements do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements include all normal recurring adjustments necessary for their fair presentation in accordance with GAAP. All significant intercompany transactions have been eliminated.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain statement of financial position reclassifications have been made to prior period balances in order to conform to the current period's presentation.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interim results are not necessarily indicative of results for a full year. For further information regarding our accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents information about our recent asbestos claims activity:</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:684px;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:532px;" rowspan="1" colspan="1"></td><td style="width:10px;" rowspan="1" colspan="1"></td><td style="width:136px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asbestos Claims Activity</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Claims outstanding at December 31, 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">488</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">New claims filed</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">162</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pending claims concluded</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(76</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Claims outstanding at June 30, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">574</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

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