0001026655-13-000006.txt : 20130327 0001026655-13-000006.hdr.sgml : 20130327 20130327084828 ACCESSION NUMBER: 0001026655-13-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130326 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130327 DATE AS OF CHANGE: 20130327 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: 13718340 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-k12x31x12resultsofopera.htm LIVE FILING 8-K 12-31-12 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):
 
March 26, 2013

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 March 26, 2013, Core Molding Technologies, Inc. announced earnings for the fourth quarter and year ended December 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 fourth quarter and year ended December 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.
March 27, 2012
 
By:
 
/s/ Herman F. Dick, Jr.
 
 
 
 
 
 
 
 
 
Name: Herman F. Dick, Jr.
 
 
 
 
Title: Vice President, Secretary, Treasurer and Chief Financial Officer





Exhibit Index
 
 
 
Exhibit No.
 
Description
 
 
 
99.1

 
Press Release




EX-99.1 2 a8-k12x31x12pressrelease.htm EXHIBIT 99.1 8-K 12-31-12 Press Release


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

CORE MOLDING TECHNOLOGIES REPORTS RECORD RESULTS
FOR THE YEAR AND FOURTH QUARTER ENDED DECEMBER 31, 2012

COLUMBUS, Ohio - March 26, 2013 -- 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.

"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