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Core Materials Corporation’s results for the second quarter showed a decrease in sales from a year ago due to the weaker economic climate.
Net income for the second quarter of 2001 was $176,000, compared with net income of $415,000 in the second quarter of 2000. Net sales for the second quarter were $17,458,000, a 25% decline from $23,207,000 in the second quarter of 2000.
“”Business remained soft across our markets in the second quarter,”” said James L. Simonton, president and chief executive officer. “”Sales were off 25% from the year-ago quarter and down 9% from the first quarter. Even with these adverse conditions we were able to show a profit for the quarter.””
The primary reason for the decrease in sales from a year ago is the weaker economic climate, which has resulted in a significant decline in demand for new trucks that resulted in lower product orders from our truck customers. Additionally, as anticipated, sales of personal watercraft products also decreased for the quarter as a result of the same economic conditions and normal industry cycles. Sales to personal watercraft makers were down 30% compared with the year-ago quarter and 38% compared with the unusually strong first quarter of 2001. Lower sales to our truck and personal watercraft customers were slightly offset by a 4% increase in sales to other customers primarily as a result of previously announced new business.
“”We remain on track for the third-quarter launch in Columbus of new products for International’s new high-performance 4000 series truck,”” said Simonton. “”We are also on track to begin production of SMC hood assemblies for Peterbilt’s new 387 Class 8 model in the fourth quarter in Gaffney. As disclosed earlier, the Peterbilt business represents an estimated $3-$5 million in new annual revenue for Core Materials.””
“”Looking ahead, we are planning for continued softness through the remainder of the year,”” said Simonton. “”The third quarter is typically our weakest due to normal seasonal production shutdowns in the truck and personal watercraft industry. We expect to show a loss for the third quarter and then return to profitability in the fourth quarter.””
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.
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