COLUMBUS, Ohio, Nov. 10 /PRNewswire-FirstCall/ -- Core Molding
Technologies, Inc. (AMEX:CMT) today announced results for the third
quarter and nine months ended September 30, 2009. The Company
recorded net income for the third quarter of 2009 of $827,000, or
$.12 per basic and diluted share, compared with net income of
$1,688,000, or $.25 per basic and $.24 per diluted share, in the
third quarter of 2008. Total net sales for the third quarter were
$24,426,000, compared with $30,031,000 in the same quarter of 2008.
Product sales for the three months ended September 30, 2009
decreased 33 percent, to $19,801,000, from $29,497,000 for the same
period one year ago. The decrease in sales is primarily due to
weakness in the North American medium and heavy-duty truck market
caused by overall economic conditions. While industry analysts are
forecasting an increase in truck orders toward the end of 2009 and
throughout 2010, the Company recognizes this expectation should be
considered in light of an uncertain economy. For the nine months
ended September 30, 2009, the Company incurred a net loss of
$700,000, or $.10 per basic and diluted share, compared with net
income of $4,268,000, or $.63 per basic and $.61 per diluted share,
for nine months ended September 30, 2008. Total net sales for nine
months ended September 30, 2009 were $60,110,000, compared with
$89,055,000 for the nine months ended September 30, 2008. Product
sales for the nine months ended September 30, 2009 decreased 36
percent, to $54,275,000 compared to $84,876,000 for the same period
in 2008. Negatively impacting the first nine months results were
over $2 million of transition and start-up expenses associated with
the Company's new production facility in Mexico. "Considering the
overall state of the markets we serve, we are pleased with the
improvements in our results for the third quarter as compared to
the first half of 2009," said Kevin L. Barnett, President and Chief
Executive Officer. "Going forward, we continue to expect
challenging times through the fourth quarter and into 2010 in light
of this very difficult economic climate. However, we will continue
to remain focused on cost reductions and improving all aspects of
our business," Barnett continued. Barnett also added that "we are
very pleased with the commitment and the efforts all of our
employees who have continued to be cost conscious while focusing on
improving the quality of our products and furthering our new
business opportunities." Core Molding Technologies is a compounder
of sheet molding compound (SMC) and molder of fiberglass-reinforced
plastics. The Company produces high quality fiberglass-reinforced,
molded products and SMC materials for varied markets, including
medium and heavy-duty trucks, automobiles, personal watercraft, and
other commercial products. The Company offers customers a range of
manufacturing processes to fit various volume and capital
requirements. These processes include compression molding, resin
transfer molding (RTM), epoxy molding, spray-up and hand-lay-up.
Core Molding Technologies has its headquarters in Columbus, Ohio,
and operates plants in Columbus and Batavia, Ohio, Gaffney, South
Carolina, and Matamoros, Mexico. More information on Core Molding
Technologies can be found at http://www.coremt.com/. This press
release contains certain forward-looking statements within the
meaning of the federal securities laws. As a general matter,
forward-looking statements are those focused upon future plans,
objectives or performance as opposed to historical items and
include statements of anticipated events or trends and expectations
and beliefs relating to matters not historical in nature. Such
forward-looking statements involve known and unknown risks and are
subject to uncertainties and factors relating to Core Molding
Technologies operations and business environment, all of which are
difficult to predict and many of which are beyond Core Molding
Technologies' control. These uncertainties and factors could cause
Core Molding Technologies' actual results to differ materially from
those matters expressed in or implied by such forward-looking
statements. Core Molding Technologies believes that the following
factors, among others, could affect its future performance and
cause actual results to differ materially from those expressed or
implied by forward-looking statements made in this report: business
conditions in the plastics, transportation, watercraft and
commercial product industries; federal and state regulations
(including engine emission regulations); general economic
conditions in the countries in which Core Molding Technologies
operates; dependence upon three major customers as the primary
source of Core Molding Technologies' sales revenues; recent efforts
of Core Molding Technologies to expand its customer base; failure
of Core Molding Technologies' suppliers to perform their
contractual obligations; the availability of raw materials;
inflationary pressures; new technologies; competitive and
regulatory matters; labor relations; the loss or inability of Core
Molding Technologies to attract and retain key personnel; changes
to federal, state and local environmental laws and regulations; the
availability of capital; the ability of Core Molding Technologies
to provide on-time delivery to customers, which may require
additional shipping expenses to ensure on-time delivery or
otherwise result in late fees; risk of cancellation or rescheduling
of orders; inefficiencies related to the transfer and start up of
Core Molding Technologies new Matamoros production facility;
management's decision to pursue new products or businesses which
involve additional costs, risks or capital expenditures; and other
risks identified from time-to-time in Core Molding Technologies
other public documents on file with the Securities and Exchange
Commission, including those described in Item 1A of the 2008 Annual
Report to Shareholders on Form 10-K. CORE MOLDING TECHNOLOGIES,
INC. Condensed Income Statement (in thousands, except per share
data) Three Months Ended Nine Months Ended 09/30/09 09/30/08
09/30/09 09/30/08 -------- -------- -------- --------
(Unaudited)(Unaudited)(Unaudited)(Unaudited) Product Sales $19,801
$29,497 $54,275 $84,876 Tooling Sales 4,625 534 5,835 4,179
-------- -------- -------- -------- Net Sales 24,426 30,031 60,110
89,055 Cost of Sales 20,442 23,993 53,568 73,080 -------- --------
-------- -------- Gross Margin 3,984 6,038 6,542 15,975 Selling,
General and Admin. Expense 2,131 3,186 6,887 8,994 --------
-------- -------- -------- Operating Income (Loss) 1,853 2,852
(345) 6,981 Interest Expense - Net (517) (179) (657) (541) --------
-------- -------- -------- Income (Loss) before Taxes 1,336 2,673
(1,002) 6,440 Income Tax Expense (Benefit) 509 985 (302) 2,172
-------- -------- -------- -------- Net Income (Loss) $827 $1,688
$(700) $4,268 ======== ======== ======== ======== Net Income (Loss)
per Common Share Basic $0.12 $0.25 $(0.10) $0.63 Diluted $0.12
$0.24 $(0.10) $0.61 Weighted Average Shares Outstanding: Basic
6,794 6,749 6,768 6,740 ======== ======== ======== ======== Diluted
6,839 7,049 6,812 7,054 ======== ======== ======== ========
Condensed Consolidated Balance Sheet (in thousands) As of As of
9/30/09 12/31/08 ------- -------- (Unaudited) Assets Cash $841 $ -
Accounts Receivable 14,391 15,435 Inventories 6,770 9,732 Other
Current Assets 3,910 3,330 Property, Plant & Equipment - net
45,660 38,815 Deferred Tax Asset - net 5,298 5,319 Other Assets
1,144 1,200 -------- -------- Total Assets $78,014 $73,831 ========
======== Liabilities and Stockholders' Equity Note Payable - Bank
Line-of -Credit $- $1,194 Current Portion of Long-term Debt 3,660
2,906 Accounts Payable 4,355 6,866 Compensation and Related
Benefits 3,898 4,716 Accrued Liabilities and Other 1,930 1,665
Long-term Debt and Interest rate swaps 18,966 11,631 Post
Retirement Benefits Liability 16,622 15,878 Stockholders' Equity
28,583 28,975 -------- -------- Total Liabilities and Stockholders'
Equity $78,014 $73,831 ======== ======== DATASOURCE: Core Molding
Technologies, Inc. CONTACT: Herman F. Dick, Jr., Core Molding
Technologies, +1-614-870-5604 Web Site: http://www.coremt.com/
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