COLUMBUS, Ohio, Aug. 10, 2015 /PRNewswire/ -- Core Molding
Technologies, Inc. (NYSE MKT: CMT) today announced results for
the second quarter ended June 30, 2015.
Net income for the second quarter
ended June 30, 2015 was $4,039,000,
or $0.53 per basic and diluted share, compared
with $2,520,000 or $0.34 per basic
and $0.33 per diluted share in
the second quarter of 2014. Total net sales for
the second quarter were $54,856,000, compared with $46,124,000 in the same quarter
of 2014. Product sales totaled $53,514,000, increasing
24% from $43,317,000 for the second quarter
of 2014.
For the first six months of 2015, net income was $7,235,000, or $0.96 per basic and $0.95 per diluted share, compared with
$4,640,000 or $0.62 per basic and diluted share for the same
period in 2014. Total net sales for the first six months of 2015
were $104,455,000, compared with
$87,199,000 for the same period in
2014. Product sales increased 21%, to $101,368,000 through six months of 2015 compared
to $83,981,000 for the same period in
2014.
"Second quarter sales, net income and earnings per share were
new all-time quarterly records surpassing the previous records set
in the first quarter of this year," said Kevin L. Barnett, President and Chief Executive
Officer. "Strong demand from our customers and new business from
CPI, which the Company acquired in the first quarter, pushed our
revenues to a new level. Our continued focus on operational
efficiencies as well as benefits from CPI drove our gross margin
percent to 20.0% and positively impacted our earnings," Barnett
continued.
"We are very pleased with the initial results from our
acquisition of CPI which have exceeded our original
expectations. We are working diligently to fully integrate
the CPI business including efforts to diversify the customer base,
cross-sell technologies and grow sales," said Barnett. "We
are already experiencing opportunities to offer CPI's D-LFT
technology to our existing customers and to cross-sell our
thermoset technology to CPI's customers," Barnett
added.
"We continue to remain optimistic regarding our overall
business. While we anticipate the third quarter being
impacted by seasonality and customer summer shut-downs, we expect
to finish the overall year with record results," Barnett
concluded.
About Core Molding Technologies, Inc.
Core Molding Technologies, Inc. is a manufacturer of sheet
molding compound (SMC) and molder of fiberglass reinforced
thermoset and thermoplastic materials. 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); compression
and transfer molding of direct long-fiber thermoplastics (D-LFT);
spray-up, lay-up, resin transfer (RTM) and vacuum resin transfer
molding (V-RTM). Additionally, the company offers reaction
injection molding (RIM) 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 markets. Headquartered in Columbus, Ohio, Core maintains plants in
Columbus and Batavia, Ohio; Gaffney, South Carolina; Winona, Minnesota; and Matamoros, Mexico. For further information,
visit the company's website at www.coremt.com.
This press release may contain 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 2014
Annual Report to Shareholders on Form 10-K.
CORE MOLDING TECHNOLOGIES, INC.
Condensed
Consolidated Statements of Income (Unaudited)
|
|
|
|
|
|
|
|
|
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
6/30/2015
|
|
6/30/2014
|
|
6/30/2015
|
|
6/30/2014
|
|
|
|
|
|
|
|
|
Product
Sales
|
$
|
53,514
|
|
$
|
43,317
|
|
$
|
101,368
|
|
$
|
83,981
|
Tooling
Sales
|
1,342
|
|
2,807
|
|
3,087
|
|
3,218
|
Net Sales
|
54,856
|
|
46,124
|
|
104,455
|
|
87,199
|
Cost of
Sales
|
43,874
|
|
38,525
|
|
84,448
|
|
72,955
|
Gross
Margin
|
10,982
|
|
7,599
|
|
20,007
|
|
14,244
|
Selling, General and
Admin. Expense
|
4,750
|
|
3,726
|
|
8,885
|
|
7,255
|
Operating
Income
|
6,232
|
|
3,873
|
|
11,122
|
|
6,989
|
Interest Expense -
Net
|
100
|
|
40
|
|
141
|
|
72
|
Income before
Taxes
|
6,132
|
|
3,833
|
|
10,981
|
|
6,917
|
Income Tax
Expense
|
2,093
|
|
1,313
|
|
3,746
|
|
2,277
|
Net Income
|
$
|
4,039
|
|
$
|
2,520
|
|
$
|
7,235
|
|
$
|
4,640
|
Net Income per Common
Share
|
|
|
|
|
|
|
|
Basic
|
$
|
0.53
|
|
$
|
0.34
|
|
$
|
0.96
|
|
$
|
0.62
|
Diluted
|
$
|
0.53
|
|
$
|
0.33
|
|
$
|
0.95
|
|
$
|
0.62
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
|
Basic
|
7,578
|
|
7,519
|
|
7,570
|
|
7,467
|
Diluted
|
7,637
|
|
7,616
|
|
7,622
|
|
7,542
|
Condensed
Consolidated Balance Sheets
|
|
|
(in
thousands)
|
|
|
|
|
As
of
|
|
|
|
6/30/2015
|
|
As
of
|
|
(Unaudited)
|
|
12/31/2014
|
Assets:
|
|
|
|
Cash
|
$
|
4,117
|
|
$
|
2,312
|
Accounts
Receivable
|
|
35,367
|
|
|
34,360
|
Inventories
|
|
12,806
|
|
|
11,635
|
Other Current
Assets
|
|
3,536
|
|
|
6,316
|
Property, Plant &
Equipment - Net
|
|
73,524
|
|
|
61,995
|
Other
Assets
|
|
3,041
|
|
|
1,097
|
Total
Assets
|
$
|
132,391
|
|
$
|
117,715
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
Revolving line of
credit
|
$
|
-
|
|
$
|
2,768
|
Current Portion of
Long-term Debt and Interest Rate Swaps
|
|
4,587
|
|
|
1,748
|
Accounts
Payable
|
|
12,634
|
|
|
9,256
|
Compensation and
Related Benefits
|
|
7,379
|
|
|
7,087
|
Tooling in
Progress
|
|
-
|
|
|
8,068
|
Accrued Liabilities
and Other
|
|
2,498
|
|
|
1,388
|
Long-Term Debt and
Interest Rate Swaps
|
|
11,250
|
|
|
717
|
Deferred Tax
Liability
|
|
1,365
|
|
|
1,365
|
Post Retirement
Benefits Liability
|
|
9,086
|
|
|
9,172
|
Stockholders'
Equity
|
|
83,592
|
|
|
76,146
|
Total Liabilities
and Stockholders' Equity
|
$
|
132,391
|
|
$
|
117,715
|
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visit:http://www.prnewswire.com/news-releases/core-molding-technologies-reports-record-results-for-the-second-quarter-ended-june-30-2015-300125839.html
SOURCE Core Molding Technologies, Inc.