Core Molding Technologies Reports Results for the Year and Fourth Quarter Ended December 31, 2010

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.