0001026655-12-000013.txt : 20120509 0001026655-12-000013.hdr.sgml : 20120509 20120509152251 ACCESSION NUMBER: 0001026655-12-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120509 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120509 DATE AS OF CHANGE: 20120509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORE MOLDING TECHNOLOGIES INC CENTRAL INDEX KEY: 0001026655 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 311481870 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12505 FILM NUMBER: 12825418 BUSINESS ADDRESS: STREET 1: 800 MANOR PARK DRIVE STREET 2: P O BOX 28183 CITY: COLUMBUS STATE: OH ZIP: 43228 BUSINESS PHONE: 8006666960 MAIL ADDRESS: STREET 1: 800 MANOR PARK DR STREET 2: P O BOX 28183 CITY: COLUMBUS STATE: OH ZIP: 43228 FORMER COMPANY: FORMER CONFORMED NAME: CORE MATERIALS CORP DATE OF NAME CHANGE: 19961107 8-K 1 a8-k33112resultsofoperatio.htm LIVE FILING 8-K 3/31/12 Results of Operations


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
Date of Report (Date of Earliest Event Reported):
 
May 9, 2012

CORE MOLDING TECHNOLOGIES, INC.
__________________________________________
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
001-12505
31-1481870
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
 
 
 
800 Manor Park Drive, Columbus, Ohio
 
43228-0183
________________________________
(Address of principal executive offices)
 
___________
(Zip Code)

 
 
 
Registrant’s telephone number, including area code:
 
614-870-5000

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02 Results of Operations and Financial Condition.

On May 9, 2012, Core Molding Technologies, Inc. announced earnings for the first quarter ended March 31, 2012. A copy of the press release announcing this event is included in this form 8-K as exhibit 99.1.



Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1

Press release announcing earnings for Core Molding Technologies, Inc. for the first quarter ended March 31, 2012.





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
CORE MOLDING TECHNOLOGIES, INC.
May 9, 2012
 
By:
 
/s/ Herman F. Dick, Jr.
 
 
 
 
 
 
 
 
 
Name: Herman F. Dick, Jr.
 
 
 
 
Title: Vice President, Secretary, Treasurer and Chief Financial Officer



EX-99.1 2 exhibit991-33112resultsofo.htm EXHIBIT 99.1 Exhibit 99.1 - 3/31/12 Results of Operations


FOR IMMEDIATE RELEASE
CONTACT:
 
Herman F. Dick, Jr.
 
(614) 870-5604

COLUMBUS, Ohio, May 9, 2012 -- Core Molding Technologies, Inc. (NYSE Amex: CMT) today announced results for the first quarter ended March 31, 2012.

Net income for the first quarter ended March 31, 2012 was $2,635,000, or $0.37 per basic and $0.36 per diluted share, compared with $2,269,000, or $0.33 per basic and $0.31 per diluted share in the first quarter of 2011.

Total net sales for the first quarter were $44,529,000, compared with $28,989,000 in the same quarter of 2011. Product sales totaled $44,331,000, increasing 53% from $28,974,000 for the first quarter of 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.

"We experienced mixed results for the first quarter. Overall sales and earnings surpassed those of the first quarter 2011 reflecting continued strong demand from our customers. Operationally we experienced some production inefficiencies and startup costs which negatively impacted net income for the quarter," said Kevin L. Barnett, President and Chief Executive Officer. "While we did not convert as much of our overall sales growth to income as desired, our overall level of profitability remains very respectable," Barnett continued. "Going forward we will continue to focus our efforts on growing our business and improving our operations," Barnett added.

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 operates plants in Columbus and Batavia, Ohio; Gaffney, South Carolina; Warsaw, Kentucky 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.

SEE ATTACHED FINANCIALS







CORE MOLDING TECHNOLOGIES, INC.
Condensed Consolidated Statements of Income
 
 
(in thousands, except per share data)
 
 
 
 
Three Months Ended
 
3/31/2012
 
3/31/2011
 
(Unaudited)
 
(Unaudited)
 
 
 
 
Product Sales
$
44,331

 
$
28,974

Tooling Sales
198

 
15

Net Sales
44,529

 
28,989

Cost of Sales
36,898

 
22,397

Gross Margin
7,631

 
6,592

Selling, General and Admin. Expense
3,613

 
2,923

Operating Income
4,018

 
3,669

Interest Expense - Net
109

 
181

Income before Income Taxes
3,909

 
3,488

Income Tax Expense
1,274

 
1,219

Net Income
$
2,635

 
$
2,269

Net Income per Common Share:
 
 
 
     Basic
$
0.37

 
$
0.33

     Diluted
$
0.36

 
$
0.31

Weighted Average Shares Outstanding:
 
 
 
     Basic
7,070

 
6,892

     Diluted
7,397

 
7,241

 
 
 
 
Condensed Consolidated Balance Sheets
 
 
(in thousands)
 
 
 
 
As of
 
As of
 
3/31/2012
 
12/31/11
 
  (Unaudited)
 
 
Assets:
 
 
 
Cash
$

 
$
4,634

Accounts Receivable
25,044

 
22,048

Inventories
12,385

 
11,408

Other Current Assets
3,687

 
3,707

Property, Plant & Equipment - net
50,300

 
49,344

Deferred Tax Asset - net
1,070

 
1,045

Other Assets
1,109

 
1,112

Total Assets
$
93,595

 
$
93,298

 
 
 
 
Liabilities and Stockholders' Equity:
 
 
 
Revolving Line of Credit
$
193

 
$

Current Portion of Long-term Debt and Interest Rate Swaps
4,299

 
4,277

Accounts Payable
11,050

 
9,813

Compensation and Related Benefits
4,262

 
7,147

Accrued Liabilities and Other
4,185

 
2,748

Long-Term Debt and Interest Rate Swaps
7,362

 
9,635

Post Retirement Benefits Liability
9,392

 
9,582

Stockholders' Equity
52,852

 
50,096

Total Liabilities and Stockholders' Equity
$
93,595

 
$
93,298