11-7-13 8:00 AM EST | Email Article

COLUMBUS, Ohio, Nov. 7, 2013 /PRNewswire/ -- Core Molding Technologies, Inc. (NYSE Amex: CMT) today announced results for the third quarter ended September 30, 2013. 

Net income for the third quarter ended September 30, 2013 was $1,960,000, or $0.27 per basic and $0.26 per diluted share, compared with $1,151,000, or $0.16 per basic and $0.16 per diluted share in the third quarter of 2012.  Total net sales for the third quarter were $37,434,000, compared with $37,681,000 in the same quarter of 2012. Product sales totaled $32,342,000, increasing 1% from $32,149,000 for the third quarter of 2012.

For the first nine months of 2013, net income was $5,230,000 or $0.73 per basic and $0.71 per diluted share, compared with net income of $6,127,000, or $0.86 per basic and $0.83 per diluted share, for the same period of 2012.  Total net sales for the first nine months of 2013 were $106,477,000, compared with $126,754,000 for the same period of 2012.  Product sales decreased 17%, to $97,346,000 through nine months of 2013 compared to $117,689,000 for the same period in 2012. 

"We are pleased to report our best quarterly earnings of the year," said Kevin L. Barnett, President and Chief Executive Officer.  "While our product sales have remained relatively stable over the past five quarters we have seen our operations produce solid margins and net incomes for the last four quarters," Barnett continued.

"Although a little slower than originally anticipated, we now have the production tools in place for our new business with Volvo Group North America and we expect the ramp up of this business to contribute about $5 million of revenue in the fourth quarter," Barnett added "The new Volvo business contributed less than $1 million to revenues in the third quarter," Barnett noted.  

Core Molding Technologies, Inc. is a manufacturer of sheet molding compound (SMC) and molder of fiberglass reinforced plastics. Core specializes in large-format moldings and offers a wide range of fiberglass processes, including compression molding of SMC, glass mat thermoplastics (GMT) and bulk molding compounds (BMC); spray-up, lay-up, resin transfer (RTM) and vacuum resin transfer molding (V-RTM). Additionally, the company offers liquid molding of dicyclopentadiene (DCPD). Core serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, agriculture, construction and other commercial products. Headquartered in Columbus, Ohio, Core maintains plants in Columbus and Batavia, Ohio; Gaffney, South Carolina and Matamoros, Mexico. For further information, visit the company's website at 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, marine and commercial product industries; federal and state regulations (including engine emission regulations); general economic, social and political environments in the countries in which Core Molding Technologies operates; safety and security conditions in Mexico; dependence upon certain major customers as the primary source of Core Molding Technologies' sales revenues; efforts of Core Molding Technologies to expand its customer base; the actions of competitors, customers, and suppliers; failure of Core Molding Technologies' suppliers to perform their obligations; the availability of raw materials; inflationary pressures; new technologies; regulatory matters; labor relations; the loss or inability of Core Molding Technologies to attract and retain key personnel; 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; 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 2012 Annual Report to Shareholders on Form 10-K.

SEE ATTACHED FINANCIALS

 

CORE MOLDING TECHNOLOGIES, INC.














Condensed Consolidated Statements of Income
(Unaudited)







(in thousands, except per share data)








Three Months Ended


Nine Months Ended


9/30/2013


9/30/2012


9/30/2013


9/30/2012









Product Sales

$

32,342



$

32,149



$

97,346



$

117,689


Tooling Sales

5,092



5,532



9,131



9,065


Net Sales

37,434



37,681



106,477



126,754


Cost of Sales

31,064



32,692



88,228



107,108


Gross Margin

6,370



4,989



18,249



19,646


Selling, General and Admin. Expense

3,422



3,032



10,184



10,232


Operating Income

2,948



1,957



8,065



9,414


Interest Expense - Net

45



96



183



221


Income before Taxes

2,903



1,861



7,882



9,193


Income Tax Expense

943



710



2,652



3,066


Net Income

$

1,960



$

1,151



$

5,230



$

6,127


Net Income per Common Share








Basic

$

0.27



$

0.16



$

0.73



$

0.86


Diluted

$

0.26



$

0.16



$

0.71



$

0.83


Weighted Average Shares Outstanding








Basic

7,257



7,127



7,186



7,094


Diluted

7,418



7,383



7,411



7,381










 

Condensed Consolidated Balance Sheets



(in thousands)





As of




9/30/2013


As of


(Unaudited)


12/31/2012

Assets:




Cash

$

3,376



$

7,838


Accounts Receivable

19,439



14,623


Inventories

9,865



9,965


Other Current Assets

4,369



5,300


Property, Plant & Equipment - Net

54,834



51,558


Deferred Tax Asset - Net

1,519



1,466


Other Assets

1,097



1,099


Total Assets

$

94,499



$

91,849


Liabilities and Stockholders' Equity:




Current Portion of Long-term Debt and Interest Rate Swaps

$

3,393



$

3,848


Accounts Payable

7,811



6,871


Compensation and Related Benefits

5,613



6,284


Accrued Liabilities and Other

1,484



1,019


Long-Term Debt and Interest Rate Swaps

2,902



5,842


Post Retirement Benefits Liability

9,800



9,987


Stockholders' Equity

63,496



57,998


Total Liabilities and Stockholders' Equity

$

94,499



$

91,849


 

SOURCE Core Molding Technologies, Inc.

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