Core Molding Technologies CMT today announced results for the year and fourth quarter ended December 31, 2010.
Net income for the year ended December 31, 2010 was $2,433,000, or $.36 per basic and $.34 per diluted share, compared with $1,107,000, or $.16 per basic and diluted share for the year ended December 31, 2009. Excluding a non-cash income tax charge of $1,021,000 related to changes in U.S. healthcare legislation; $1,467,000 ($968,000 net of tax) of expenses for transferring certain operations between the Company's facilities; and considering the associated impact to profit sharing expense of $293,000 ($194,000 net of tax), net income for the year ended 2010 would have been $4,228,000, or $.62 per basic and $.60 per diluted share.
Total net sales were $100,258,000 in 2010, compared with $83,339,000 in 2009. Product sales increased 18% to $89,903,000 in 2010, up from $76,167,000 in 2009. The increase in product sales was primarily due to higher demand from North American medium and heavy-duty truck customers and recent new business awards. Tooling sales totaled $10,355,000 in 2010 versus $7,172,000 in 2009. Revenue from tooling is sporadic in nature and fluctuates in regard to scope and related revenue on a period to period basis.
Total net sales for the fourth quarter were $31,045,000, compared with $23,229,000 in the same quarter of 2010. Product sales totaled $25,693,000, increasing 17% from $21,892,000 for the fourth quarter of 2009.
Net income for the quarter ended December 31, 2010 was $1,821,000, or $.27 per basic and $.25 per diluted share, compared with $1,740,000, or $.26 per basic and $.25 per diluted share in the fourth quarter of 2009.
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