Re: Asia Warnings
Speaks for itself.
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Rogers Comments On Second Quarter Performance
ROGERS, Conn., June 11 /PRNewswire/ -- Following record sales and earnings in the first quarter, Rogers Corporation projected today that sales and earnings for the second quarter, and probably the third quarter, will be below expectations.
Second quarter 1998 sales are expected to be as much as 10% lower than the record first quarter 1998 sales of $58 million. Diluted earnings per share for the second quarter of 1998 are expected to be in the $0.30 to $0.32 range, well below the $0.53 per share earned in the second quarter of 1997 and the $0.56 per share earned in the first quarter 1998.
Walter E. Boomer, Rogers President and C.E.O., said, "In the first four months of the year we seemed to be modestly effected by the situation in Southeast Asia. However, during the month of May it became much clearer that conditions in the Asia Pacific area were impacting our customers adversely, particularly in wireless communications and computer markets. Our plan for 1998 anticipated substantial sales growth in order to overcome higher costs, particularly in our Arizona operations, as we transition both the microwave and flexible circuit materials manufacturing units to new processes and equipment." |
