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Core Materials Reports Results for Second Quarter 2000

  • Tuesday, 8th August 2000
  • Reading time: about 2 minutes

Core Materials Corporation (Amex: CME) announced results for the second quarter ended June 30, 2000. Net income for the second quarter of 2000 was $415,000, an increase of $265,000, or 177%, over the earnings for the second quarter of 1999 of $150,000. Net sales for the three months ended June 30, 2000, totaled $23,207,000, down 4%, from the $24,236,000 for the same period a year-ago. Core Materials has approximately $20 million of operating tax loss carryforwards that are available to offset income taxes on future earnings. These tax loss carryforwards do not begin to expire until the year 2007. The second quarter also saw Core Materials announce an agreement with Lear Corporation, one of the world’s largest Tier I automotive suppliers, to supply sheet molding composite (SMC) products for three new sport utility/pick up truck models to be introduced by an automotive original equipment manufacturer. Core Materials will produce SMC seat bottoms and seat backs for these vehicles. The products manufactured by Core Materials will be shipped to Lear Corporation, which will produce full seat assemblies for the automotive original equipment manufacturer. As announced earlier, Core Materials’ estimated revenues, based on planning volumes released by the automotive original equipment manufacturer and Lear Corporation, would approach $25 million annually at peak levels; however, volumes are not guaranteed. Production of two of the models is expected to begin in early 2001 with the third model starting later that year. “This represents a major piece of new business for Core Materials as it enables us to aggressively compete for market share in the structural end of the automotive market and strategically diversify our customer base,” said James L. Simonton, president and chief executive officer, Core Materials. “This will be particularly important for the company as we work to offset the expected continued softness in the heavy truck manufacturing market.” Core Materials also announced that it had completed its review of production facility alternatives during the second quarter and will integrate the manufacture of the Lear parts at its existing manufacturing facilities, enabling the company to make greater utilization of its current capacity. 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.

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