Business News

Core Molding Technologies Reports First Quarter 2008 Results

Friday 09. May 2008 - Core Molding Technologies, Inc. (AMEX:CMT) today announced results for the first quarter ended March 31, 2008.

Net income for the quarter was $864,000, or $.13 per basic and $.12 per diluted share, compared with net income of $1,213,000, or $.12 per basic and $.11 per diluted share, in the first quarter of 2007. In July 2007, the Company purchased 3,600,000 shares of its common stock which reduced the shares outstanding and had a favorable impact on earnings per share for the three month period ended March 31, 2008 compared to the three month period ended March 31, 2007. Total net sales for the first quarter of 2008 were $29,085,000, compared with $31,229,000 in the same quarter of 2007. The Company’s product sales decreased 15% to $25,983,000, from $30,651,000, for the similar period in 2007. The primary reasons for the decrease in product sales are due to the continued downturn in the North American medium and heavy-duty truck market associated with new federal emissions standards and the general economic conditions.

“The first quarter of 2008 continued to be impacted by the downturn in the medium and heavy duty truck markets and the current uncertainty in the U.S. economy,” said Kevin L. Barnett, President and Chief Executive Officer. “While volumes have been challenging, we have continued to focus our efforts on improving our operations and developing new opportunities to build long- term shareholder value. Going forward we continue to expect some recovery in the truck market in 2008.”