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Airtech

Core Materials Reports Increased Sales And Earnings Improvements

02 May 2000

Core Materials Corporation announced results for the first quarter ended March 31, 2000. Net income for the first quarter of 2000 was $822,000, representing a reversal of the losses recorded in the third and fourth quarters of 1999. The improvement in earnings for the first quarter of 2000 is the result of increased sales and operational improvements achieved from the Company's Profitability Improvement Plan announced late last year. Management has realigned the Company's manufacturing plants and processes by focusing on continuous improvement in three areas: reducing manufacturing costs, achieving superior customer satisfaction and strengthening the Company's employee development systems. We have continued to develop the organization by strengthening the management teams both in Columbus and Gaffney in areas such as materials, quality, engineering, human resources and accounting. Both the Columbus and Gaffney operations have continued to show operational improvements over the previous quarters. However, the Gaffney facility continues to operate below expected performance levels. Core Materials Corporation is a compounder and compression molder of sheet molding composites (SMC). The company produces high quality fiberglass reinforced, molded products and SMC materials for varied markets, including transportation, marine, agricultural and commercial products. Core Materials, with its headquarters in Columbus, Ohio, operates plants in Columbus and Gaffney, South Carolina.