Core Molding Technologies, Inc. reported net income of $1.02 million, or $0.15 per diluted share, in 2009. This was a sharp drop from the net income of $5.6 million, or $0.81 per diluted share, reported in 2008.
Revenues also fell precipitously on a year over year basis, to $82.3 million in 2009 from $116.6 million in 2008. The company blamed the decline in revenues and net income on the economic recession and its effect on the North American heavy and medium duty truck market, as well as the start up costs of a new manufacturing facility in Mexico.
Kevin L. Barnett, the CEO of Core Molding Technologies, Inc., said, “Looking back over 2009 we are pleased with our ability to respond to the significant decreases in volume resulting from the economic downturn…Our focus on operating efficiencies and fixed cost reductions resulted in another profitable year even in light of one of the most challenging economic times in recent memory and while absorbing over $2,000,000 of transition expenses.”
Core Molding Technologies, Inc. designs and manufactures plastic, fiberglass and sheet molded products for sale to the bus, automotive, truck and consumer markets. The company is headquartered in Ohio, and has manufacturing facilities in Ohio, South Carolina and Mexico.