CMT...1.20/1.25...Amex..sooner or later some fund will come in here..rev and earn for 9mo is $71 vs $53m and net inc of $1.72m vs loss of $606k or per sh $.18 vs loss of $.06...............SE over $18m..............9.8m shares outstanding.........:
B: Core Molding Technologies Reports Improved Third Quarter 200
B: Core Molding Technologies Reports Improved Third Quarter 2002 Results
COLUMBUS, Ohio, Nov 12, 2002 /PRNewswire-FirstCall via COMTEX/ -- Core Molding
Technologies, Inc. (Amex: CMT) today announced results for its third quarter
ended September 30, 2002.
The Company recorded net income for the quarter of $485,000, or $.05 per basic
and diluted share, compared with net loss of $786,000, or ($.08) per basic and
diluted share, in the third quarter of 2001. Net sales for the third quarter of
2002 were $23,399,000 compared with $14,535,000 in the same quarter of 2001, an
increase of 61%.
The Company's Mexican operation, established in October 2001, accounted for $6.0
million in sales in the third quarter 2002, or approximately 68% of the sales
increase, compared with the third quarter of 2001. Customer tooling projects
completed in the third quarter 2002 were $2.4 million higher than in the third
quarter of 2001, accounting for approximately 27% of the sales increase. Tooling
project revenues are sporadic in nature and do not represent a recurring trend.
Excluding the revenues from the newly established Mexico operations and the
completed tooling projects, sales in the third quarter of 2002 were $400,000
higher compared with the third quarter of 2001, accounting for approximately 5%
of the sales increase.
For the nine months ended September 30, 2002 net income was $1,726,000, or $.18
per basic and diluted share, compared with a net loss of $606,000, or ($.06) per
basic and diluted share, for the same period of 2001. Net sales for the nine
months ended September 30, 2002 were $71,077,000, compared with $53,512,000 for
the same period of 2001, an increase of 33%.
The Company's new Mexican operation accounted for $15.3 million of the increase
or approximately 87%. Completed tooling projects accounted for $5.9 million of
the increase, while all other sales excluding Mexico and tooling decreased $3.7
million.
"We are encouraged with the results of the third quarter, which built on a solid
first half of 2002," said James L. Simonton, president and chief executive
officer. "Operational efficiencies in our Columbus operation, coupled with
increased sales from our newly established operations in Mexico, increased
tooling revenues and the sale of our former ticker symbol (for $297,000 net of
tax) enabled us to show an increase in revenues and improved earnings for the
third quarter 2002 and for the nine months ending September 30, 2002 as compared
with the same periods in 2001." |
