Core Molding Technologies Reports Record Results For The Year And Fourth Quarter Ended December 31, 2012

COLUMBUS, Ohio, March 26, 2013 /PRNewswire/ -- Core Molding Technologies, Inc. (NYSE MKT: CMT) today announced results for the year and fourth quarter ended December 31, 2012. 

Net income for the year ended December 31, 2012 was $8,190,000, or $1.15 per basic and $1.11 per diluted share, compared with net income of $10,526,000, or $1.51 per basic and $1.44 per diluted share for the year ended December 31, 2011. 

Total net sales were $162,450,000 in 2012, compared with $143,421,000 in 2011.  Product sales increased 8% to $149,698,000 in 2012, up from $138,845,000 in 2011.  The increase in sales was primarily due to higher demand from North American heavy and medium-duty truck customers and recent new business awards.  Tooling sales totaled $12,752,000 in 2012 versus $4,576,000 in 2011.  Revenue from tooling is sporadic in nature and fluctuates in regard to scope and related revenue on a period-to-period basis.

Total net sales for the fourth quarter were $35,696,000, compared with $41,302,000 in the same quarter of 2011.  Product sales totaled $32,009,000, decreasing 18% from $39,151,000 for the fourth quarter of 2011.

Net income for the quarter ended December 31, 2012 was $2,063,000, or $0.29 per basic and $0.28 per diluted share, compared with $2,559,000, or $0.36 per basic and $0.35 per diluted share in the fourth quarter of 2011. 

"In 2012, we recorded our highest level of sales and our second best earnings per share in our history.  Although 2012 earnings were below 2011 levels, net income for the year resulted in a very respectable after tax return on stockholders' equity of 16%," said Kevin L. Barnett, President and Chief Executive Officer.

"As we expected and previously communicated, our sales in the fourth quarter were lower due to a slowdown in our customers' production build rates.  Although sales were lower, we were able to increase our fourth quarter gross margins meaningfully over the third quarter due to improved performance," Barnett added. 

"For the first half of 2013, we expect sales to be comparatively below 2012 levels but expect to see an overall year over year increase in sales for 2013.  Our customers and industry analysts are forecasting increases in truck build rates in the second half of 2013.  These forecasts combined with our recently announced new business and the impact of other new program launches support overall sales growth for 2013," Barnett concluded.

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, 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 press release: business conditions in the plastics, transportation, watercraft 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 two 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; compliance 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; 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 2011 Annual Report to Shareholders on Form 10-K.

CORE MOLDING TECHNOLOGIES, INC.







Condensed Consolidated Income Statements







(in thousands, except per share data)









Three Months Ended

December 31,


Twelve Months Ended

December 31,


2012


2011


2012


2011


(Unaudited)


(Unaudited)


(Unaudited)











Product Sales

$

32,009



$

39,151



$

149,698



$

138,845


Tooling Sales

3,687



2,151



12,752



4,576


Net Sales

35,696



41,302



162,450



143,421


Cost of Sales

29,494



33,912



136,602



113,538


Gross Margin

6,202



7,390



25,848



29,883


Selling, General and Admin. Expense

3,126



3,422



13,358



12,939


Operating Income

3,076



3,968



12,490



16,944


Interest Expense - Net

113



76



334



696


Income before Income Taxes

2,963



3,892



12,156



16,248


Income Tax Expense

900



1,333



3,966



5,722


Net Income

$

2,063



$

2,559



$

8,190



$

10,526


Net Income per Common Share








Basic

$

0.29



$

0.36



$

1.15



$

1.51


Diluted

$

0.28



$

0.35



$

1.11



$

1.44


Weighted Average Shares Outstanding








Basic

7,131



7,039



7,104



6,954


Diluted

7,368



7,347



7,379



7,300










Condensed Consolidated Balance Sheets







(in thousands)









As of December 31,






2012


2011






(Unaudited)







Assets:








Cash

$

7,838



$

4,634






Accounts Receivable

14,623



22,048






Inventories

9,965



11,408






Other Current Assets

5,300



3,707






Property, Plant & Equipment - Net

51,558



49,344






Deferred Tax Asset - Net

1,466



1,045






Other Assets

1,099



1,112






Total Assets

$

91,849



$

93,298














Liabilities and Stockholders' Equity:








Current Portion of Long-term Debt and Interest Rate Swaps

$

3,848



$

4,277






Accounts Payable

6,871



9,813






Compensation and Related Benefits

6,284



7,147






Accrued Liabilities and Other

1,019



2,748






Long-Term Debt and Interest Rate Swaps

5,842



9,635






Post Retirement Benefits Liability

9,987



9,582






Stockholders' Equity

57,998



50,096






Total Liabilities and Stockholders' Equity

$

91,849



$

93,298






 

SOURCE Core Molding Technologies, Inc.



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