Core Molding Technologies Inc., a compounder of sheet molding composites (SMC) and molder of fiberglass reinforced plastics, yesterday announced its financial results for the year and fourth quarter ended December 31, 2010.
Net income for the year ended December 31, 2010, was $2.43 million, or $.36 per basic and $.34 per diluted share, compared with $1.10 million, or $.16 per basic and diluted share, reported for the year ended December 31, 2009. Net income for the fourth quarter ended December 31, 2010, was $1.82 million, or $0.27 per basic and $0.25 diluted share, as compared to $1.74 million, or $0.26 per basic and $0.25 per diluted share, in the fourth quarter of the year prior.
Full-year 2010 revenues were $100.25 million, as compared to $83.33 million reported for full year 2009. Fourth-quarter revenues were $31.04 million, compared with $23.22 million in the same quarter of 2010.
Kevin L. Barnett, president and CEO of the company, said the results reflect a growing demand for the company’s products in combination with new business initiatives.
“For the year as a whole, we are pleased with our ability to respond to increased demand and with our improved profitability,” Barnett stated in the press release. “Not only did we see increased demand in 2010 but we also launched several new business programs and successfully transferred business between our facilities to better serve our customers.”
In the upcoming year the company said it anticipates solid sales, noting positive industry expectations.
“Looking forward to 2011 we expect to see continued recovery in our sales. Industry analysts and our truck customers are collectively forecasting meaningful growth throughout 2011 and into 2012. We also intend to keep our focus on improving our products, serving the needs of our customers and growing our business,” said Barnett.
For more information visit www.coremt.com