8-K

 

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): August 9, 2007

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, P.O.BOX 28183, 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 August 9, 2007, Core Molding Technologies, Inc. announced earnings for the second quarter and six months ended June 30, 2007. A copy of the press release announcing this event is included in this form 8-K as exhibit 99(a).

Item 9.01 Financial Statements and Exhibits.

Exhibit 99(a)

Press release announcing earnings for Core Molding Technologies, Inc. for the second quarter and six months ended June 30, 2007.

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.
August 9, 2007	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.(a)	Press release

EX-99.(A)

Draft Not
FOR IMMEDIATE RELEASE	CONTACT:
	Herman F. Dick, Jr. (614) 870-5604

CORE MOLDING TECHNOLOGIES REPORTS SECOND QUARTER 2007 RESULTS

COLUMBUS, Ohio – August 9, 2007 – Core Molding Technologies, Inc. (AMEX: CMT) today announced results for the second quarter and six months ended June 30, 2007.

The Company recorded net income for the second quarter of 2007 of $1,266,000, or $.12 per basic and diluted share, compared with $2,503,000, or $.25 per basic and $.24 per diluted share, in the second quarter of 2006. Total net sales for the second quarter were $38,295,000, compared with $39,511,000 in the same quarter of 2006. Product sales for the three months ended June 30, 2007 decreased 36 percent, to $24,685,000, from $38,426,000 for the same period one year ago. The decrease in sales is primarily due to an industry-wide, general decline in truck orders resulting from new federal emissions standards that went into effect on January 1, 2007. Tooling sales totaled $13,610,000 for the second quarter 2007 versus $1,085,000 for the similar time period in 2006. Revenue from tooling projects is sporadic in nature.

For the first six months of 2007, net income was $2,479,000, or $.24 per basic and $.23 per diluted share, compared with $4,785,000, or $.48 per basic and $.46 per diluted share, for the first six months of 2006. Total net sales for the first half of 2007 were $69,524,000, compared with $76,013,000 in the first half of 2006. Product sales for the first six months of 2007 decreased 25 percent to $55,336,000 from $73,781,000 for the same period in 2006. Tooling sales totaled $14,188,000 for the first six months of 2007 versus $2,232,000 for the same period in 2006.

Sales results were in line with previous forecasts of a 20 to 40 percent decrease in orders for heavy and medium-duty trucks products as a result of the expected overall slow down in the North American truck market.

“As anticipated, business continued to soften across the truck market in the second quarter,” said Kevin L. Barnett, president and chief executive officer. “As sales volumes have decreased, we have been conscientious in adjusting our operations and reducing our controllable spending where appropriate. We continue to remain focused on meeting the needs of our customers, improving our operations and focusing on our growth opportunities in anticipation of the rebound in truck volumes expected in 2008.”

Core Molding Technologies, Inc. is a compounder of sheet molding composites (SMC) and molder of fiberglass reinforced plastics. The Company’s processing capabilities include the compression molding of SMC, resin transfer molding, multiple insert tooling (MIT), spray up and hand lay up processes. The Company produces high quality fiberglass reinforced, molded products and SMC materials for varied markets, including light, medium and heavy-duty trucks, automobiles, automobile aftermarket, personal watercraft and other commercial products. Core Molding Technologies, with its headquarters in Columbus, Ohio, operates plants in Columbus and Batavia, Ohio, Gaffney, South Carolina, and Matamoros, Mexico.

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; general economic conditions in the markets in which Core Molding Technologies operates; dependence upon two major customers as the primary source of Core Molding Technologies’ sales revenues; 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 key personnel; 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 2006 Annual Report to Shareholders on Form 10-K.

CORE MOLDING TECHNOLOGIES, INC.

Condensed Income Statement
(in thousands, except per share data)

	Three Months Ended					Six Months Ended
	06/30/07		06/30/06			06/30/07		06/30/06
	(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
Product Sales	$	24,685	$	38,426		$	55,336	$	73,781
Tooling Sales		13,610		1,085			14,188		2,232
Net Sales		38,295		39,511			69,524		76,013
Cost of Sales		33,690		31,664			60,093		61,338
Gross Margin		4,605		7,847			9,431		14,675
Selling, General and Admin. Expense		2,787		3,901			5,879		7,077
Operating Income		1,818		3,946			3,552		7,598
Interest Income/(Expense) – Net		122		(27	)		230		(66	)
Income before Taxes		1,940		3,919			3,782		7,532
Income Tax Expense		674		1,416			1,303		2,747
Net Income	$	1,266	$	2,503		$	2,479	$	4,785
Net Income per Common Share
Basic	$	0.12	$	0.25		$	0.24	$	0.48
Diluted	$	0.12	$	0.24		$	0.23	$	0.46
Weighted Average Shares Outstanding:
Basic		10,313		10,072			10,289		10,059
Diluted		10,618		10,402			10,617		10,427

Condensed Balance Sheet
(in thousands)

	As of		As of
	06/30/07		12/31/06
	(Unaudited)
Assets
Cash	$	17,455	$	16,096
Accounts Receivable		19,675		22,456
Inventories		7,361		7,393
Other Current Assets		3,905		4,724
Property, Plant & Equipment – net		29,972		30,538
Deferred Tax Asset – net		6,862		6,917
Other Assets		1,372		1,382
Total Assets		86,602	$	89,506
Liabilities and Stockholders’ Equity
Current Portion of Long-term Debt	$	1,840	$	1,816
Current Portion of Post Retirement Benefits Liability		247		247
Accounts Payable		10,079		10,735
Accrued Liabilities and Other		4,879		10,338
Long-term Debt		6,852		7,815
Post Retirement Benefits Liability		16,757		15,861
Stockholders’ Equity		45,948		42,694
Total Liabilities and Stockholders’ Equity	$	86,602	$	89,506