Core Molding Technologies Reports Results for the Third Quarter Ended September 30, 2012

    Core Molding Technologies Reports Results for the Third Quarter Ended
                              September 30, 2012

PR Newswire

COLUMBUS, Ohio, Nov. 8, 2012

COLUMBUS, Ohio, Nov. 8, 2012 /PRNewswire/ --Core Molding Technologies, Inc.
(NYSE Amex: CMT) today announced results for the third quarter ended
September30, 2012.

Net income for the third quarter ended September 30, 2012 was $1,151,000, or
$0.16 per basic and diluted share, compared with $2,856,000, or $0.41 per
basic and $0.39 per diluted share in the third quarter of 2011. Total net
sales for the third quarter were $37,681,000, compared with $37,836,000 in the
same quarter of 2011. Product sales totaled $32,149,000, decreasing 14% from
$37,173,000 for the third quarter of 2011. The decrease in sales was primarily
due to lower demand from North American heavy and medium-duty truck customers.

For the first nine months of 2012, net income was $6,127,000 or $0.86 per
basic and $0.83 per diluted share, compared with net income of $7,967,000, or
$1.15 per basic and $1.09 per diluted share, for the same period of 2011.
Total net sales for the first nine months of 2012 were $126,754,000, compared
with $102,119,000 for the same period of 2011. Product sales increased 18%,
to $117,689,000 through nine months of 2012 compared to $99,694,000 for the
same period in 2011.

"As we predicted and previously communicated, our sales were impacted by a
slowdown in the truck production build rates of our customers. While build
rates in the first half of the year were very strong those rates are expected
to be lower in the second half of 2012," said Kevin L. Barnett, President and
Chief Executive Officer. "These lower build rates also created
inefficiencies, which negatively impacted our gross margins, as we rebalanced
our production levels," Barnett added.

"Looking forward, we expect fourth quarter sales to be in line with those for
the third quarter. We also expect to see some improvement in our gross
margins as we adjust our operations and continue to make overall operational
improvements," Barnett continued. "For 2013, industry analysts and several of
our customers are expecting truck production levels to increase over 2012.
Additionally, we expect to see some benefit from new business launched in the
third and fourth quarters of 2012," 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

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.


Condensed Consolidated Statements of Income
(in thousands, except per share data)
                                Three Months Ended       Nine Months Ended
                                9/30/2012    9/30/2011   9/30/2012   9/30/2011
Product Sales                   $  32,149    $  37,173   $ 117,689   $ 99,694
Tooling Sales                   5,532        663         9,065       2,425
Net Sales                       37,681       37,836      126,754     102,119
Cost of Sales                   32,692       29,665      107,108     79,626
Gross Margin                    4,989        8,171       19,646      22,493
Selling, General and Admin.     3,032        3,417       10,232      9,517
Operating Income                1,957        4,754       9,414       12,976
Interest Expense - Net          96           171         221         620
Income before Taxes             1,861        4,583       9,193       12,356
Income Tax Expense              710          1,727       3,066       4,389
Net Income                      $  1,151     $  2,856    $ 6,127     $ 7,967
Net Income per Common Share
Basic                           $  0.16      $  0.41     $ 0.86      $ 1.15
Diluted                         $  0.16      $  0.39     $ 0.83      $ 1.09
Weighted Average Shares
Basic                           7,127        6,976       7,094       6,926
Diluted                         7,383        7,278       7,381       7,284
Condensed Consolidated Balance Sheets
(in thousands)
                                As of
                                9/30/2012    As of
                                (Unaudited)  12/31/2011
Cash                            $  —         $  4,634
Accounts Receivable             20,842       22,048
Inventories                     12,033       11,408
Other Current Assets            4,587        3,707
Property, Plant & Equipment -   52,338       49,344
Deferred Tax Asset - Net        1,120        1,045
Other Assets                    1,104        1,112
Total Assets                    $  92,024    $  93,298
Liabilities and Stockholders'
Revolving Line of Credit        $  752       $  —
Current Portion of Long-term
Debt and                        4,069        4,277
Interest Rate Swaps
Accounts Payable                9,160        9,813
Compensation and Related        5,444        7,147
Accrued Liabilities and Other   833          2,748
Long-Term Debt and Interest     6,293        9,635
Rate Swaps
Post Retirement Benefits        9,223        9,582
Stockholders' Equity            56,250       50,096
Total Liabilities and           $  92,024    $  93,298
Stockholders' Equity

SOURCE Core Molding Technologies, Inc.

Contact: Herman F. Dick, Jr., +1-614-870-5604
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