roger wilco
4 years ago
COLUMBUS, Ohio, May 11, 2020 /PRNewswire/ -- Core Molding Technologies, Inc. (NYSE American: CMT) ("Core Molding", "Core" or the "Company") today announced results for the first quarter ended March 31, 2020.
The Company had net income of $8.0 million in the first quarter of 2020 compared to a net loss of $3.8 million for the first quarter of 2019.
"The turn-around phase of Core Molding is complete and we are now focusing our efforts on continuous improvement and profitable growth," said David Duvall, President and Chief Executive Officer. "Our immediate focus is on providing a safe work environment for our employees and supporting our local communities in getting through the COVID-19 pandemic by producing personal protective equipment. How we treat people and customers during this difficult time will be how we are remembered. We expect to come out of the pandemic stronger than when it started. I especially want to thank all of our employees for their contributions and dedication throughout this challenging time," Duvall continued.
Sales declined in the first quarter of 2020, due to the industry demand decline in North American heavy-duty trucks. Based on industry analysts' estimates, the North American heavy-duty truck industry production decreased approximately 28% in the first quarter of 2020 compared to the same period in the prior year. Net sales decreased $8.2 million or 11.4% for the first quarter of 2020 compared to the same period last year. Product sales, excluding tooling sales, decreased $9.5 million or 13.3% for the first quarter of 2020 compared to the first quarter of 2019.
First Quarter 2020 Compared to First Quarter 2019:
Net sales were $64.0 million compared to $72.3 million.
Product sales were $61.9 million compared to $71.5 million.
Gross margin was 16.8% compared to 4.4%.
Selling, general and administrative expenses were $6.5 million compared to $7.2 million.
Operating income was $4.3 million compared to operating loss of $4.0 million.
Net income was $8.0 million, or $0.97 per diluted share, compared with net loss of $3.8 million, or $0.49 per diluted share.
Cash flow from operations was $5.4 million compared to $2.9 million.
First quarter 2020 gross margin improved by 3.8 times or 282% compared to first quarter of the prior year. Significantly improved operational performance, reduced selling, general and administrative expenses and a $5.6 million favorable impact from the utilization of a fully reserved tax net operating loss allowed the company to achieve a net income of $8.0 million for the quarter. Excluding the net operating loss benefit, net income would have been $2.3 million or $.0.28 per share for the first quarter. "We are now seeing the results in the overall operating performance, as our integrated operational systems begin working together to create flow and eliminate daily disruptions," said Eric Palomaki, Executive Vice President of Operations. "The improvement in financial performance was driven by sustained productivity improvements, across the organization, that we have been relentlessly focused on improving throughout the turnaround. It is a clear picture showing that we are now running a profitable business. It has taken a lot of work by all of us to make this happen and I want to thank the entire team for bringing Core back to profitability," said John Zimmer, Chief Financial Officer. "It is both rewarding and exciting to see the winning culture that has been created at Core. We are building a strong employer brand that will help us retain and hire highly qualified team members," said Renee Anderson, Executive Vice President of Human Resources.
Financial Position at March 31, 2020:
Total assets of $174.7 million.
Total debt of $44.2 million.
Stockholders' equity of $90.7 million.
The Company's debt to equity ratio is 49%. During the first quarter 2020 the Company reduced its outstanding debt by $5.3 million. The Company is currently in default of its credit facility as a result of not achieving certain financial covenant requirements. The Company is operating under a forbearance agreement that extends through May 29, 2020. The Company continues to seek refinancing alternatives, although the impact of COVID-19 and the resulting economic uncertainty due to the pandemic have delayed the Company's ability to complete a refinancing. The Company and its current lenders intend to extend the forbearance period to allow the Company to complete its refinancing once the immediate impacts of COVID-19 subside.
roger wilco
5 years ago
COLUMBUS, Ohio, May 7, 2019 /PRNewswire/
Core Molding Technologies, Inc. (NYSE American: CMT) ("Core Molding", "Core" or the "Company") today announced results for the first quarter ended March 31, 2019.
Strong sales growth continued in the first quarter of 2019, led by increased demand from North American heavy-duty truck customers. Net sales increased $9.2 million or 14.6% for the first quarter of 2019 compared to the same period last year. Product sales, excluding tooling sales, increased 19.7% for the first quarter of 2019 compared to the first quarter of 2018.
The Company had a net loss of $3.8 million in the first quarter of 2019 compared to net income of $0.5 million for the first quarter of 2018. "Spending to stabilize operations, while the Company is undertaking its turnaround, continued to be elevated in the first quarter of 2019," said David Duvall, President and Chief Executive Officer. "The business is more stable than it was six months ago, as our output levels have increased, allowing us to meet increasing customer demand while significantly improving on time delivery and reducing past due orders by 80%. During the first quarter we began to decrease spending on third party technical services that we added in the fourth quarter of 2018 to stabilize the business. We expect to continue to decrease these costs moving forward and begin seeing gross margin improvement," Duvall continued.
https://ih.advfn.com/stock-market/AMEX/core-molding-CMT/stock-news/79850203/core-molding-technologies-reports-first-quarter-20
roger wilco
6 years ago
8K filing Number 2 Officer at $CMT "resigns" after poor quarter
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 15, 2018, Core Molding Technologies, Inc. (the "Company") announced that Robert P. Price, Vice President of Operations, was no longer employed by the Company.
In connection with Mr. Price's resignation, the Company and Mr. Price entered into a separation agreement ("the Separation Agreement"), dated August 17, 2018. Pursuant to the Separation Agreement, Mr. Price agreed to, among other things, (a) receive two months separation compensation, (b) customary non-disparagement and confidentiality covenants and (c) release and waive any and all claims against the Company and its representatives, including claims that arise out of his employment or relationship with the Company or any of its representatives and the cessation of his employment, except for the enforcement of the Separation Agreement.
A copy of the Separation Agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Corporate Officers
Kevin L. Barnett
President and Chief Executive Officer
Robert P. Price
Vice President of Operations
Terrence O’Donovan
Vice President of Marketing and Sales
John P. Zimmer
Vice President, Secretary, Treasurer and Chief Financial Officer
roger wilco
6 years ago
CMT news !! Bullish morning
COLUMBUS, Ohio, Jan. 16, 2018 /PRNewswire/ --
Core Molding Technologies, Inc. (NYSE American: CMT) ("Core Molding" or the "Company"), a leading North American compounder of custom sheet molding compound and molder of fiberglass reinforced plastics, today announced it has acquired substantially all of the assets of Horizon Plastics International Inc. ("HPI"). Founded in 1972, HPI is a custom low-pressure structural plastic molder, which utilizes both structural foam and structural web process technologies, with approximately 250 employees operating within two manufacturing facilities located in Cobourg, Ontario, Canada and Nuevo Leon, Mexico. The transaction is an all-cash acquisition for approximately $63 million, which Core will finance utilizing existing cash on hand and a new $85 million senior secured credit facility consisting of a $45 million term loan and a $40 million revolver.
"Continuing to expand our technology offerings and diversifying our customer base and end-markets are key elements of our growth strategy," said Kevin L. Barnett, President and Chief Executive Officer of Core Molding Technologies. "HPI is a leader in structural foam and structural web molding and continues to innovate around these molding technologies," he said. "In addition to new technology offerings, the acquisition brings us existing programs with industry leading customers in several new markets, experienced leadership, a motivated and capable workforce, and expanded geographic reach. We intend to utilize this significant knowledge base and capabilities resident in both facilities to continue to grow the HPI operations."
roger wilco
7 years ago
Core Molding Technologies Reports Second Quarter 2017 Results
Core Molding Technologies, Inc. $CMT today announced results for the second quarter ended June 30, 2017.
“Core Molding delivered strong bottom line growth in the second quarter of 2017 with net income increasing 48% relative to the second quarter of 2016,” said Kevin Barnett, President and Chief Executive Officer. “Product sales were flat as we experienced a 1% decline in product sales to our heavy-duty truck customers offset by higher sales to our marine customers. Notably, the flat sales to our heavy-duty truck customers is a meaningful improvement over the double-digit declines we experienced in the past several quarters. Sales to our truck customers increased approximately 20% versus the first quarter of 2017, which we believe is indicative of a recovery in the truck market.”
Second Quarter 2017 Compared to Second Quarter 2016:
Net sales were $47.4 million compared to $39.0 million.
Product sales were $36.8 million compared to $36.8 million.
Gross margin was 15.5% compared to 16.2%.
Operating income was $3.2 million compared to $2.3 million.
Net income was $2.2 million, or $0.28 per diluted share, compared with $1.5 million, or $0.19 per diluted share.
First Half 2017 Compared to First Half 2016:
Net sales were $84.1 million compared to $84.5 million.
Product sales were $73.1 million compared to $79.3 million.
Gross margin was 16.5% compared to 18.0%.
Operating income was $5.7 million compared to $6.7 million.
Net income was $3.8 million, or $0.50 per diluted share, compared with $4.4 million, or $0.57 per diluted share.
Total sales for the second quarter 2017 of $47.4 million were 21% higher than second quarter 2016, primarily due to higher tooling sales for new and replacement programs. Total sales for the first half of 2017 were essentially flat year-over-year, as higher tooling sales offset a decrease in product sales, which occurred primarily in the first quarter. Second quarter and first half 2017 gross margin decreases were primarily a result of revenue mix and higher raw material cost. A portion of the raw material cost increase was caused by unplanned production downtime at a key supplier which resulted in a short-term increase in certain raw material costs. Higher sales in the second quarter 2017 compared to 2016 and better selling, general and administrative expense leverage increased the Company’s operating and net income amounts compared to second quarter 2016. While operating and net income amounts for the first half of 2017 were lower than the first half 2016, these results improved in the second quarter of 2017 relative to the first quarter of 2017 as headwinds from the heavy-duty truck market eased.
Financial Position at June 30, 2017:
Cash and cash equivalents of $31.1 million.
Total assets of $139.4 million.
Total debt of $8.3 million.
Stockholders’ equity of $101.4 million.
The Company increased its cash position at June 30, 2017 to $31.1 million from $28.3 million at December 31, 2016, as a result of positive cash flows from operations for the year.
Outlook
Mr. Barnett stated, “Looking forward to the second half of 2017, industry sources have raised their forecasts for 2017 and are now predicting North American heavy-duty truck production to be approximately 8% higher for full year 2017 compared to full year 2016. In addition, industry analysts continue to forecast year-over-year increases for Class 8 truck production in 2018 and 2019. We continue to be encouraged about our future growth prospects based on these favorable industry forecasts for the next two to three years.”
Mr. Barnett concluded, “Identifying and evaluating potential opportunities to further diversify into new markets, new materials and new processes remains a top priority for Core Molding. The Company’s consistent free cash flow generation enhances our strong balance sheet, and while we plan to utilize our strong liquidity position to grow via acquisition, we will remain disciplined in evaluating opportunities and executing transactions. Given the potential for increased demand in our main end-market, we have our sights set on growing organically as well. With stronger demand, focus on continuous improvement efforts to drive efficiencies, and a disciplined approach to acquisitions, we remain optimistic in our ability to build shareholder value in the near and longer term.”
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: http://www.coremt.com
roger wilco
9 years ago
Core Molding Technologies Reports Record Results For The Second Quarter Ended June 30, 2015
PR Newswire
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: http://www.coremt.com.
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