COLUMBUS, Ohio, Nov. 5, 2015 /PRNewswire/ -- Core Molding
Technologies, Inc. (NYSE MKT: CMT) today announced results for
the third quarter ended September 30, 2015.
Net income for the third quarter
ended September 30, 2015 was $2,484,000,
or $0.33 per basic and diluted share, compared
with $2,428,000 or $0.32 per basic
and diluted share in the third quarter of 2014.
Total net sales for the third quarter were $48,049,000, compared with $43,591,000 in the same quarter
of 2014. Product sales totaled $44,243,000, increasing
2.5% from $43,171,000 for the third quarter
of 2014.
For the first nine months of 2015, net income was $9,719,000, or $1.28 per basic and $1.27 per diluted share, compared with
$7,068,000 or $0.94 per basic and diluted share for the same
period in 2014. Total net sales for the first nine months of 2015
were $152,505,000, compared with
$130,790,000 for the same period in
2014. Product sales increased 14.5%, to $145,612,000 through nine months of 2015 compared
to $127,152,000 for the same period
in 2014.
"Although our business was impacted in the third quarter from a
recent slowdown in demand from our customers, the Company still
delivered solid results for the quarter," said Kevin L. Barnett, President and Chief Executive
Officer. "Year-to-date we remain on pace to achieve record
sales, net income and earnings per share in 2015," Barnett
continued.
"The Company continued its focus on growing revenues from new
programs. During the quarter we launched several new programs
utilizing our dicyclopentadiene molding process. These
programs began late in the third quarter and additional programs
will continue to launch over the balance of the year," Barnett
added.
"Looking forward, we expect product sales to continue to be
lower than the near record levels experienced in the first half of
2015. Our truck customers have experienced a slowdown
in new truck orders and accordingly have reduced production.
Customer forecasts and industry analysts project 2016 truck
production levels to be 10 to 15 percent lower than 2015.
Although lower, 2016 truck production is expected to be relatively
strong compared to historical levels," Barnett noted. "Going
forward we will continue our efforts to grow the business by
expanding our markets, increasing our customer base and adding new
materials and processes," 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
|
|
Nine Months
Ended
|
|
|
|
9/30/2015
|
|
9/30/2014
|
|
9/30/2015
|
|
9/30/2014
|
|
|
|
|
|
|
|
|
|
Product
Sales
|
|
$
|
44,243
|
|
|
$
|
43,171
|
|
|
$
|
145,612
|
|
|
$
|
127,152
|
|
Tooling
Sales
|
|
3,806
|
|
|
420
|
|
|
6,893
|
|
|
3,638
|
|
Net Sales
|
|
48,049
|
|
|
43,591
|
|
|
152,505
|
|
|
130,790
|
|
Cost of
Sales
|
|
39,738
|
|
|
35,444
|
|
|
124,186
|
|
|
108,399
|
|
Gross
Margin
|
|
8,311
|
|
|
8,147
|
|
|
28,319
|
|
|
22,391
|
|
Selling, General and
Admin. Expense
|
|
4,409
|
|
|
4,443
|
|
|
13,294
|
|
|
11,698
|
|
Operating
Income
|
|
3,902
|
|
|
3,704
|
|
|
15,025
|
|
|
10,693
|
|
Interest Expense -
Net
|
|
95
|
|
|
27
|
|
|
237
|
|
|
99
|
|
Income before
Taxes
|
|
3,807
|
|
|
3,677
|
|
|
14,788
|
|
|
10,594
|
|
Income Tax
Expense
|
|
1,323
|
|
|
1,249
|
|
|
5,069
|
|
|
3,526
|
|
Net Income
|
|
$
|
2,484
|
|
|
$
|
2,428
|
|
|
$
|
9,719
|
|
|
$
|
7,068
|
|
Net Income per Common
Share
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.33
|
|
|
$
|
0.32
|
|
|
$
|
1.28
|
|
|
$
|
0.94
|
|
Diluted
|
|
$
|
0.33
|
|
|
$
|
0.32
|
|
|
$
|
1.27
|
|
|
$
|
0.94
|
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
7,597
|
|
|
7,540
|
|
|
7,578
|
|
|
7,492
|
|
Diluted
|
|
7,625
|
|
|
7,576
|
|
|
7,623
|
|
|
7,542
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
As
of
|
|
|
|
|
9/30/2015
|
|
As
of
|
|
|
(Unaudited)
|
|
12/31/2014
|
Assets:
|
|
|
|
|
Cash
|
|
$
|
2,700
|
|
|
$
|
2,312
|
|
Accounts
Receivable
|
|
39,063
|
|
|
34,360
|
|
Inventories
|
|
12,633
|
|
|
11,635
|
|
Other Current
Assets
|
|
3,142
|
|
|
6,316
|
|
Property, Plant &
Equipment - Net
|
|
73,675
|
|
|
61,995
|
|
Other
Assets
|
|
3,028
|
|
|
1,097
|
|
Total
Assets
|
|
$
|
134,241
|
|
|
$
|
117,715
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
Revolving line of
credit
|
|
$
|
—
|
|
|
$
|
2,768
|
|
Current Portion of
Long-term Debt and Interest Rate Swaps
|
|
4,150
|
|
|
1,748
|
|
Accounts
Payable
|
|
13,343
|
|
|
9,256
|
|
Compensation and
Related Benefits
|
|
7,833
|
|
|
7,087
|
|
Tooling in
Progress
|
|
20
|
|
|
8,068
|
|
Accrued Liabilities
and Other
|
|
1,783
|
|
|
1,388
|
|
Long-Term Debt and
Interest Rate Swaps
|
|
10,500
|
|
|
717
|
|
Post Retirement
Benefits Liability
|
|
9,059
|
|
|
9,172
|
|
Deferred Tax
Liability
|
|
1,365
|
|
|
1,365
|
|
Stockholders'
Equity
|
|
86,188
|
|
|
76,146
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
134,241
|
|
|
$
|
117,715
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/core-molding-technologies-reports-results-for-the-third-quarter-ended-september-30-2015-300173080.html
SOURCE Core Molding Technologies