ROGERS CORP 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Capital Stock Market Prices and Dividend Policy Our capital stock is traded on the New York Stock Exchange under the symbol “ROG”. As of the end of business on February 12, 2021, we had 327 shareholders of record. We currently retain all of our earnings for use in the operation and expansion of our business, to repurchase or redeem capital stock, and in the repayment of our debt. We have never declared or paid any cash dividends on our capital stock and may not pay any cash dividends in the foreseeable future. Whether or not dividends will be paid in the future will depend on, among other things, our results of operations, financial condition, level of indebtedness, cash requirements, covenants in our financings, contractual restrictions and other factors that our board of directors and our shareholders may deem relevant. Performance Graph The following graph compares the cumulative total return on Rogers’ capital stock over the past five fiscal years with the cumulative total return on the Standard & Poor’s Industrials Index (S&P Industrials) and the S&P Small Cap 600 Electronic Equipment, Instruments & Components Index. The graph tracks the performance of a $100 investment in the Company’s common stock and in each of the indexes (with the reinvestment of all dividends) on the date specified. Issuer Purchases of Equity Securities In 2015, we initiated a share repurchase program (the Program) of up to $100.0 million of the Company’s capital stock. We initiated the Program to mitigate the dilutive effects of stock option exercises and vesting of restricted stock units granted by the Company, in addition to enhancing shareholder value. The Program has no expiration date and may be suspended or discontinued at any time without notice. There were no share repurchases in 2020. As of December 31, 2020, $49.0 million remained available to purchase under the Program. For additional information regarding share repurchases, refer to “Note 18 – Share Repurchases” to “Item 8. Financial Statements and Supplementary Data.” 18 Item 6. Selected Financial Data (Dollars in thousands, except per share amounts) 2020 2019 2018 2017 2016 Financial Results Net sales $ 802,583 $ 898,260 $ 879,091 $ 821,043 $ 656,314 Income before income tax expense $ 68,534 $ 55,126 $ 110,589 $ 132,925 $ 82,280 Net income $ 49,990 $ 47,319 $ 87,651 $ 80,459 $ 48,283 Per Share Data Basic earnings per share $ 2.68 $ 2.55 $ 4.77 $ 4.43 $ 2.68 Diluted earnings per share $ 2.67 $ 2.53 $ 4.70 $ 4.34 $ 2.65 Book value $ 54.65 $ 50.27 $ 46.12 $ 41.99 $ 35.28 Financial Position Current assets $ 474,175 $ 464,102 $ 485,786 $ 454,523 $ 458,401 Current liabilities $ 111,509 $ 100,225 $ 107,180 $ 113,808 $ 101,185 Ratio of current assets to current liabilities 4.3 to 1 4.6 to 1 4.5 to 1 4.0 to 1 4.5 to 1 Cash and cash equivalents $ 191,785 $ 166,849 $ 167,738 $ 181,159 $ 227,767 Net working capital $ 362,666 $ 363,877 $ 378,606 $ 340,715 $ 357,216 Property, plant and equipment, net $ 272,378 $ 260,246 $ 242,759 $ 179,611 $ 176,916 Total assets $ 1,264,005 $ 1,273,181 $ 1,279,344 $ 1,125,134 $ 1,056,500 Borrowings under revolving credit facility $ 25,000 $ 123,000 $ 228,482 $ 130,982 $ 235,877 Shareholders’ equity $ 1,020,755 $ 933,900 $ 848,324 $ 766,573 $ 635,786 Borrowings under revolving credit facility as a percentage of shareholders’ equity 2.4 % 13.2 % 26.9 % 17.1 % 37.1 % Other Data Depreciation and amortization $ 71,425 $ 49,162 $ 50,073 $ 44,099 $ 37,847 Research and development expenses $ 29,320 $ 31,685 $ 33,075 $ 29,547 $ 28,582 Capital expenditures $ 40,385 $ 51,597 $ 90,549 $ 27,215 $ 18,136 Number of employees (approximate) 3,350 3,600 3,700 3,400 3,100 Net sales per employee $ 240 $ 250 $ 238 $ 241 $ 212 Number of shares outstanding as of December 31 18,677 18,577 18,395 18,255 18,021 The financial data included within the preceding table should be read in conjunction with our Management’s Discussion and Analysis of Results of Operations and Financial Position as well as the Financial Statements and Supplementary Data included in Items 7 and 8, respectively, of this Form 10-K, and with our previously filed Forms 10-K. 19