FOR IMMEDIATE RELEASE
CONTACT:
Kevin Barnett
(614) 870-5603
CORE MOLDING TECHNOLOGIES REPORTS RESULTS FOR THE YEAR
AND FOURTH QUARTER ENDED DECEMBER 31, 2014
COLUMBUS, Ohio - March 12, 2015 - Core Molding Technologies, Inc. (NYSE MKT: CMT) today announced results for the year and fourth quarter ended December 31, 2014.
For the year ended December 31, 2014, net income was $9,634,000 or $1.28 per basic and diluted share, compared with net income of $6,866,000, or $0.95 per basic and $0.92 per diluted share, for the same period of 2013. Total net sales for 2014 were $175,204,000, compared with $144,125,000 for the same period of 2013. Product sales increased 27%, to $169,744,000 in 2014 compared to $134,096,000 for the same period in 2013.
Net income for the fourth quarter ended December 31, 2014 was $2,566,000, or $0.34 per basic and diluted share, compared with $1,636,000, or $0.22 per basic and diluted share in the fourth quarter of 2013. Total net sales for the fourth quarter were $44,414,000, compared with $37,648,000 in the same quarter of 2013. Product sales totaled $42,592,000, increasing 16% from $36,750,000 for the fourth quarter of 2013.
“The Company finished 2014 on a strong note with solid fourth quarter sales and net income increasing 57% over 2013’s fourth quarter.” said Kevin L. Barnett, President and Chief Executive Officer. “The strength of the fourth quarter capped a very good year for us with the Company setting an all-time annual revenue record, improving our gross margin percentage and increasing net income over the prior year by 40%,” Barnett continued. “In 2014 we were pleased to have integrated over $37 million of new business, installed four new compression molding presses, added a new SMC compounding line, introduced new materials and still managed to improve our production efficiencies.”
"Going forward Core will continue to work on our strategic initiatives including diversification of our markets, materials and processes along with positioning our company as a leader in operational excellence," Barnett said. "For 2015, we are expecting to achieve continued growth in sales and earnings, based on customer and industry forecasts and due to our continued efforts to improve our operational effectiveness."
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, agriculture, construction 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
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 2013 Annual Report to Shareholders on Form 10-K.
SEE ATTACHED FINANCIALS
CORE MOLDING TECHNOLOGIES, INC.
Condensed Consolidated Statements of Income (Unaudited)
(in thousands, expect per share data)
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Year Ended |
| | | 12/31/2014 |
| | 12/31/2013 |
| | 12/31/2014 |
| | 12/31/2013 |
|
| Product Sales | $ | 42,592 |
| | $ | 36,750 |
| | $ | 169,744 |
| | $ | 134,096 |
|
| Tooling Sales | 1,822 |
| | 898 |
| | 5,460 |
| | 10,029 |
|
| Net Sales | 44,414 |
| | 37,648 |
| | 175,204 |
| | 144,125 |
|
| Cost of Sales | 36,619 |
| | 32,323 |
| | 145,018 |
| | 120,551 |
|
| Gross Margin | 7,795 |
| | 5,325 |
| | 30,186 |
| | 23,574 |
|
| Selling, General and Admin. Expense | 3,841 |
| | 3,276 |
| | 15,539 |
| | 13,460 |
|
| Operating Income | 3,954 |
| | 2,049 |
| | 14,647 |
| | 10,114 |
|
| Interest Expense - Net | 22 |
| | 31 |
| | 122 |
| | 214 |
|
| Income before Taxes | 3,932 |
| | 2,018 |
| | 14,525 |
| | 9,900 |
|
| Income Tax Expense | 1,366 |
| | 382 |
| | 4,891 |
| | 3,034 |
|
| Net Income | $ | 2,566 |
| | $ | 1,636 |
| | $ | 9,634 |
| | $ | 6,866 |
|
| Net Income per Common Share | | | | | | | |
| | Basic | $ | 0.34 |
| | $ | 0.22 |
| | $ | 1.28 |
| | $ | 0.95 |
|
| | Diluted | $ | 0.34 |
| | $ | 0.22 |
| | $ | 1.28 |
| | $ | 0.92 |
|
| Weighted Average Shares Outstanding | | | | | | | |
| | Basic | 7,556 |
| | 7,318 |
| | 7,508 |
| | 7,220 |
|
| | Diluted | 7,586 |
| | 7,508 |
| | 7,553 |
| | 7,435 |
|
Condensed Consolidated Balance Sheets
(in thousands)
|
| | | | | | | | |
| | | As of 12/31/2014 (Unaudited) | | As of 12/31/2013 |
| Assets: | | | | |
| Cash | | $ | 2,312 |
| | $ | 2,266 |
|
| Accounts Receivable | | 34,360 |
| | 22,069 |
|
| Inventories | | 11,635 |
| | 10,827 |
|
| Other Current Assets | | 6,316 |
| | 4,088 |
|
| Property, Plant &Equipment - Net | | 61,995 |
| | 56,478 |
|
| Deferred Tax Asset - Net | | — |
| | 296 |
|
| Other Assets | | 1,097 |
| | 1,097 |
|
| Total Assets | | $ | 117,715 |
| | $ | 97,121 |
|
| | | | | |
| Liabilities and Stockholders' Equity | | | | |
| Current Portion of Long-term Debt and Interest Rate Swaps | | $ | 4,516 |
| | $ | 3,385 |
|
| Accounts Payable | | 9,256 |
| | 9,625 |
|
| Compensation and Related Benefits | | 7,087 |
| | 5,952 |
|
| Tooling in progress | | 8,068 |
| | 334 |
|
| Accrued Liabilities and Other | | 1,388 |
| | 1,142 |
|
| Long-Term Debt and Interest Rate Swaps | | 717 |
| | 2,461 |
|
| Deferred Tax Liability - Net | | 1,365 |
| | — |
|
| Post Retirement Benefits Liability | | 9,172 |
| | 6,774 |
|
| Stockholders' Equity | | 76,146 |
| | 67,448 |
|
| Total Liabilities and Stockholders' Equity | | $ | 117,715 |
| | $ | 97,121 |
|
| | | | | |
