##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 001-12505
 CORE MOLDING TECHNOLOGIES, INC.
  Delaware
(State or other jurisdiction of incorporation or organization)
    
    31-1481870
(I.R.S. Employer Identification No.)800 Manor Park Drive, Columbus, Ohio
    
    43228 - 0183(Address of principal executive offices)
    
    (Zip Code)
   Title of each class 
Common Stock, par value $0.01
Preferred Stock purchase rights, par value $0.01
    
    Name of each exchange on which registered
NYSE Amex
NYSE Amex
 
 Yes o No þ
 Yes o No þ
 þ o
 o o
 o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
 o þ




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##### 



CORE MOLDING TECHNOLOGIES, INC. AND SUBSIDIARIES
 TABLE OF CONTENTS
 Defined TermsPart IItem 1. Business
    
    
    3Item 1A. Risk Factors
    
    
    9Item 1B. Unresolved Staff Comments
    
    
    14Item 2. Properties
    
    
    15Item 3. Legal Proceedings
    
    
    16Item 4. (Removed and Reserved)
    
    
    16Part IIItem 5. Market for the Registrants Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
    
    
    17Item 6. Selected Financial Data
    
    
    18Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    19Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    25Item 8. Financial Statements and Supplementary Data
    
    
    26Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
    
    
    50Item 9A(T). Controls and Procedures
    
    
    50Item 9B. Other Information
    
    
    50Part IIIItem 10. Directors, Executive Officers, and Corporate Governance
    
    
    51Item 11. Executive Compensation
    
    
    51Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    51Item 13. Certain Relationships, Related Transactions, and Director Independence
    
    
    51Item 14. Principal Accountant Fees and Services
    
    
    51Part IVItem 15. Exhibits and Financial Statement Schedules
    
    
    52Signatures
    
    
    53Exhibit Index
    
    
    55Exhibit 10(i)Exhibit 23Exhibit 24Exhibit 31(a)Exhibit 31(b)Exhibit 32(a)Exhibit 32(b)
   2




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PART I
 
 ITEM 1.
    
    BUSINESS
 HISTORICAL DEVELOPMENT OF BUSINESS OF CORE MOLDING TECHNOLOGIES, INC.
        3




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DESCRIPTION OF BUSINESS OF CORE MOLDING TECHNOLOGIES, INC.
 Certain statements under this caption of this Annual Report on Form 10-K constitute forward-looking
statements within the meaning of the federal securities laws. As a general matter, forward-looking
statements are those focused upon future plans, objectives or performance as opposed to historical
items and include statements of anticipated events or trends and expectations and beliefs relating
to matters not historical in nature. Such forward-looking statements involve known and unknown
risks and are subject to uncertainties and factors relating to Core Molding Technologies
operations and business environment, all of which are difficult to predict and many of which are
beyond Core Molding Technologies control. These uncertainties and factors could cause Core Molding
Technologies actual results to differ materially from those matters expressed in or implied by
such forward-looking statements.
 Core Molding Technologies believes that the following factors, among others, could affect its
future performance and cause actual results to differ materially from those expressed or implied by
forward-looking statements made in this report: business conditions in the plastics,
transportation, watercraft and commercial product industries; federal and state regulations
(including engine emission regulations); general economic, social and political environments in the
countries in which Core Molding Technologies operates; safety and security conditions in Mexico;
dependence upon two major customers as the primary source of Core Molding Technologies sales
revenues; recent efforts of Core Molding Technologies to expand its customer base; the actions of
competitors, customers, and suppliers; failure of Core Molding Technologies suppliers to perform
their obligations; the availability of raw materials; inflationary pressures; new technologies;
regulatory matters; labor relations; the loss or inability of Core Molding Technologies to attract
and retain key personnel; federal, state and local environmental laws and regulations; the
availability of capital; the ability of Core Molding Technologies to provide on-time delivery to
customers, which may require additional shipping expenses to ensure on-time delivery or otherwise
result in late fees; risk of cancellation or rescheduling of orders; risks related to the transfer
of production from Core Molding Technologies Columbus facility to its Matamoros facility;
managements decision to pursue new products or businesses which involve additional costs, risks or
capital expenditures; and other risks identified from time-to-time in Core Molding Technologies
other public documents on file with the Securities and Exchange Commission, including those
described in Item 1A of this Annual Report on Form 10-K.
   
    
    heat resistance;
    
    corrosion resistance;
    
    lighter weight;
    
    lower cost;
    
    greater flexibility in product design;
    
    part consolidation for multiple piece assemblies;
    
    lower initial tooling costs for lower volume applications;
    
    high strength-to-weight ratio; and
    
    dent-resistance in comparison to steel or aluminum.
   4




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MAJOR COMPETITORS
  MAJOR CUSTOMERS
   Relationship with Navistar
   Relationship with PACCAR
    5




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OTHER CUSTOMERS
  EXPORT SALES
  FOREIGN OPERATIONS
   PRODUCTS
 Sheet
Molding Compound (SMC)
   
    
    Control information during various production processes; and
 
    
    Data for statistical batch controls.
  SMC PoundsProducedYear
    
    (Millions)2010
    
    
    182009
    
    
    14
  6




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Glass Mat Thermoplastic Compound (GMT)
  Closed Molded Products
  Compression Molding 
     Resin Transfer Molding (RTM) 
 Open Molded Products
  Hand-Lay-Up 
 Spray-Up 
  7




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Assembly, Machining, and Paint Products
   RAW MATERIALS
  BACKLOG
  CAPACITY CONSTRAINTS
  CAPITAL EXPENDITURES AND RESEARCH AND DEVELOPMENT
    8




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ENVIRONMENTAL COMPLIANCE
    EMPLOYEES
  PATENTS, TRADE NAMES, AND TRADEMARKS
  SEASONALITY & BUSINESS CYCLE
  
 ITEM 1A.
    
    RISK FACTORS
   9




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##### Table of Contents



We are dependent on sales to our major customers.
    Our business is affected by the cyclical nature of the industries and markets that we serve.
  Price increases in raw materials and availability of raw materials could adversely affect our
operating results and financial condition.
  Cost reduction and quality improvement initiatives by original equipment manufacturers could have a
material adverse effect on our business, results of operations, or financial condition.
   10




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We operate in highly competitive markets.
  We may be subject to additional shipping expense or late fees if we are not able to meet our
customers on-time demand for our products.
  If we fail to attract and retain key personnel our business could be harmed .
  Work stoppages or other labor issues at our facilities or at our customers facilities could
adversely affect our operations.
   Changes in the legal, regulatory and social responses to climate change, including any possible
effect on energy prices, could adversely affect our business and reduce our profitability.
   11




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Our business is subject to risks associated with manufacturing processes.
   Our insurance coverage may be inadequate to protect against the potential hazards incident to our
business.
  We have made acquisitions and may make acquisitions in the future. We may not realize the improved
operating results that we anticipate from these acquisitions or from acquisitions we may make in
the future, and we may experience difficulties in integrating the acquired businesses or may
inherit significant liabilities related to such businesses.
   If we are unable to meet future capital requirements, our business may be adversely affected.
   12




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Our failure to comply with our debt covenants could have a material adverse effect on our business,
financial condition or results of operations.
  We may not achieve expected efficiencies related to the proximity of our customers production
facilities to our manufacturing facilities, or with respect to existing or future production
relocation plans.
  Our products may be rendered obsolete or less attractive if there are changes in technology,
regulatory requirements, or competitive processes.
  Our stock price can be volatile.
  We are subject to environmental rules and regulations that may require us to make substantial
expenditures.
  Although we do not presently anticipate terminating any senior management employees, certain senior
management employees have entered into potentially costly severance arrangements with us if
terminated after a change in control.
   13




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Our stock price may be adversely affected as a result of shares eligible for future sale by
Navistar.
  Our foreign operations subject us to risks that could negatively affect our business.
  Economic conditions and disruptions in the financial markets could have an adverse effect on
our business, financial condition and results of operations.
  
 ITEM 1B.
    
    UNRESOLVED STAFF COMMENTS
   14




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ITEM 2.
    
    PROPERTIES
   ApproximateSquare FeetManufacturing/Warehouse
    
    
    315,409Office
    
    
    16,149Total
    
    
    331,558
  ApproximateSquare FeetManufacturing/Warehouse
    
    
    105,700Office
    
    
    5,200Total
    
    
    110,900
  ApproximateSquare FeetManufacturing/Warehouse
    
    
    422,000Office
    
    
    15,000Total
    
    
    437,000
   ApproximateSquare FeetManufacturing/Warehouse
    
    
    103,976Office
    
    
    3,764Total
    
    
    107,740
   15




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ITEM 3.
    
    LEGAL PROCEEDINGS
  
 ITEM 4.
    
    (Removed and Reserved)
  16




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PART II
 
 ITEM 5.
    
    MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER
MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
   Core Molding Technologies, Inc.
    
    
    High
    
    
    LowFourth Quarter
    
    
    2010
    
    
    $
    6.07
    
    
    $
    4.29Third Quarter
    
    
    2010
    
    
    
    6.15
    
    
    
    3.99Second Quarter
    
    
    2010
    
    
    
    6.12
    
    
    
    3.40First Quarter
    
    
    2010
    
    
    
    3.80
    
    
    
    2.85Fourth Quarter
    
    
    2009
    
    
    $
    3.39
    
    
    $
    2.69Third Quarter
    
    
    2009
    
    
    
    4.19
    
    
    
    2.16Second Quarter
    
    
    2009
    
    
    
    3.00
    
    
    
    1.30First Quarter
    
    
    2009
    
    
    
    2.99
    
    
    
    1.16
   Equity Compensation Plan Information
  Number of Shares tobe Issued Upon
    
    
    Weighted AverageExercise of
    
    
    Exercise Price of
    
    
    Number of SharesOutstanding Options
    
    
    Outstanding
    
    
    Remainingor Vesting of
    
    
    Options or
    
    
    Available forPlan Category
    
    Restricted Grants
    
    
    Restricted Grants
    
    
    Future IssuanceEquity compensation plans approved by
stockholders
    
    
    568,422
    
    
    $
    3.56
    
    
    
    1,814,766Equity compensation plans not
approved by
stockholders (1)
    
    
    155,650
    
    
    $
    3.21
    
    
    
    
 (1)
    
    On August 4, 2003, the Company issued 261,250 options that were not covered under the Plan
at $3.21 to its Directors.  17




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##### Table of Contents



ITEM 6.
    
    SELECTED FINANCIAL DATA
  (In thousands,
    
    Years Ended December 31,except per share data)
    
    2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Operating Data:Product sales
    
    $
    89,903
    
    
    $
    76,167
    
    
    $
    110,539
    
    
    $
    101,045
    
    
    $
    150,174Tooling sales
    
    
    10,355
    
    
    
    7,172
    
    
    
    6,116
    
    
    
    21,667
    
    
    
    12,156Net sales
    
    
    100,258
    
    
    
    83,339
    
    
    
    116,655
    
    
    
    122,712
    
    
    
    162,330Gross margin
    
    
    16,349
    
    
    
    11,425
    
    
    
    21,210
    
    
    
    16,968
    
    
    
    29,869Income before interest and
taxes
    
    
    6,417
    
    
    
    2,485
    
    
    
    9,190
    
    
    
    5,569
    
    
    
    15,856Net income
    
    
    2,433
    
    
    
    1,107
    
    
    
    5,741
    
    
    
    3,829
    
    
    
    10,519Earnings Per Share Data:Net income per common share:Basic
    
    
    .36
    
    
    
    .16
    
    
    
    .85
    
    
    
    .44
    
    
    
    1.04Diluted
    
    
    .34
    
    
    
    .16
    
    
    
    .82
    
    
    
    .43
    
    
    
    1.01Balance Sheet Data:Total assets
    
    
    79,062
    
    
    
    79,176
    
    
    
    74,676
    
    
    
    62,467
    
    
    
    90,635Working capital
    
    
    14,916
    
    
    
    13,587
    
    
    
    10,631
    
    
    
    6,253
    
    
    
    27,575Long-term debt
    
    
    13,581
    
    
    
    17,733
    
    
    
    11,129
    
    
    
    5,914
    
    
    
    7,779Stockholders equity
    
    
    38,065
    
    
    
    30,232
    
    
    
    29,820
    
    
    
    22,599
    
    
    
    43,823Return on Equity
    
    
    6%
    
    
    
    4%
    
    
    
    19%
    
    
    
    17%
    
    
    
    24%
  18




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ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
 This Managements Discussion and Analysis of Financial Condition and Results of Operations contains
forward-looking statements within the meaning of the federal securities laws. As a general matter,
forward-looking statements are those focused upon future plans, objectives or performance as
opposed to historical items and include statements of anticipated events or trends and expectations
and beliefs relating to matters not historical in nature. Such forward-looking statements involve
known and unknown risks and are subject to uncertainties and factors relating to Core Molding
Technologies operations and business environment, all of which are difficult to predict and many
of which are beyond Core Molding Technologies control. These uncertainties and factors could cause
Core Molding Technologies actual results to differ materially from those matters expressed in or
implied by such forward-looking statements.
 Core Molding Technologies believes that the following factors, among others, could affect its
future performance and cause actual results to differ materially from those expressed or implied by
forward-looking statements made in this report: business conditions in the plastics,
transportation, watercraft and commercial product industries; federal and state regulations
(including engine emission regulations); general economic, social and political environments in the
countries in which Core Molding Technologies operates; safety and security conditions in Mexico;
dependence upon two major customers as the primary source of Core Molding Technologies sales
revenues; recent efforts of Core Molding Technologies to expand its customer base; the actions of
competitors, customers, and suppliers; failure of Core Molding Technologies suppliers to perform
their obligations; the availability of raw materials; inflationary pressures; new technologies;
regulatory matters; labor relations; the loss or inability of Core Molding Technologies to attract
and retain key personnel; federal, state and local environmental laws and regulations; the
availability of capital; the ability of Core Molding Technologies to provide on-time delivery to
customers, which may require additional shipping expenses to ensure on-time delivery or otherwise
result in late fees; risk of cancellation or rescheduling of orders; risks related to the transfer
of production from Core Molding Technologies Columbus facility to its Matamoros facility;
managements decision to pursue new products or businesses which involve additional costs, risks or
capital expenditures; and other risks identified from time-to-time in Core Molding Technologies
other public documents on file with the Securities and Exchange Commission, including those
described in Item 1A of this Annual Report on Form 10-K.
 OVERVIEW
    19




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RESULTS OF OPERATIONS
 2010 COMPARED WITH 2009
      20




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LIQUIDITY AND CAPITAL RESOURCES
      21




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CONTRACTUAL OBLIGATIONS AND OFF-BALANCE SHEET TRANSACTIONS
   22




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2011
    
    
    2012  2013
    
    
    2014  2015
    
    
    2016 and after
    
    
    TotalDebt
    
    $
    4,151,000
    
    
    $
    7,840,000
    
    
    $
    5,028,000
    
    
    $
    714,000
    
    
    $
    17,733,000Line of credit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Interest
    
    
    633,000
    
    
    
    735,000
    
    
    
    208,000
    
    
    
    7,000
    
    
    
    1,583,000Operating lease obligations
    
    
    316,000
    
    
    
    179,000
    
    
    
    
    
    
    
    
    
    
    
    495,000Contractual commitments for
capital expenditures
    
    
    184,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    184,000Post retirement benefits
    
    
    933,000
    
    
    
    1,360,000
    
    
    
    1,447,000
    
    
    
    7,097,000
    
    
    
    10,837,000Total
    
    $
    6,217,000
    
    
    $
    10,114,000
    
    
    $
    6,683,000
    
    
    $
    7,818,000
    
    
    $
    30,832,000
  CRITICAL ACCOUNTING POLICIES AND ESTIMATES
   Accounts Receivable Allowances
  Inventories
   23




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Goodwill and Long-Lived Assets
  Self-Insurance
  Post Retirement Benefits
  Revenue Recognition
  Income Taxes
    24




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Inflation
  Recent Accounting Pronouncements
  
 ITEM 7A.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
       25




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ITEM 8.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    /s/ Crowe Horwath LLPColumbus, OhioMarch 29, 2011
  26




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Core Molding Technologies, Inc. and Subsidiaries
 
 Consolidated Statements of Income
 Years Ended December 31,2010
    
    
    2009Net sales:Products
    
    $
    89,903,012
    
    
    $
    76,166,975Tooling
    
    
    10,354,632
    
    
    
    7,171,701Total sales
    
    
    100,257,644
    
    
    
    83,338,676Total cost of sales
    
    
    83,908,976
    
    
    
    71,913,360Gross margin
    
    
    16,348,668
    
    
    
    11,425,316Total selling, general, and administrative expense
    
    
    9,931,351
    
    
    
    8,939,820Income before interest and income taxes
    
    
    6,417,317
    
    
    
    2,485,496Interest expense
    
    
    1,341,734
    
    
    
    951,051Income before income taxes
    
    
    5,075,583
    
    
    
    1,534,445Income taxes:Current
    
    
    1,665,551
    
    
    
    (608,815
    )Deferred
    
    
    976,960
    
    
    
    1,036,189Total income taxes
    
    
    2,642,511
    
    
    
    427,374Net income
    
    $
    2,433,072
    
    
    $
    1,107,071Net income per common share:Basic
    
    $
    .36
    
    
    $
    .16Diluted
    
    $
    .34
    
    
    $
    .16Weighted average common shares outstanding:Basic
    
    
    6,846,993
    
    
    
    6,772,065Diluted
    
    
    7,067,020
    
    
    
    6,824,552
   27




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Core Molding Technologies, Inc. and Subsidiaries
 
 Consolidated Balance Sheets
 December 31,2010
    
    
    2009AssetsCurrent assets:Cash and cash equivalents
    
    $
    5,656,865
    
    
    $
    4,141,838Accounts receivable (less allowance for doubtful accounts: 2010
 $118,000 and 2009  $113,000)
    
    
    14,746,138
    
    
    
    11,936,335Inventories:Finished goods
    
    
    1,491,886
    
    
    
    863,166Work in process
    
    
    1,125,153
    
    
    
    1,253,975Stores
    
    
    5,791,491
    
    
    
    4,896,221Total inventories, net
    
    
    8,408,530
    
    
    
    7,013,362Deferred tax asset
    
    
    1,390,928
    
    
    
    1,195,831Foreign sales tax receivable
    
    
    1,001,039
    
    
    
    652,155Income tax receivable
    
    
    
    
    
    
    562,176Prepaid expenses and other current assets
    
    
    874,041
    
    
    
    1,021,093Total current assets
    
    
    32,077,541
    
    
    
    26,522,790Property, plant, and equipment
    
    
    83,657,334
    
    
    
    81,670,080Accumulated depreciation
    
    
    (40,314,403
    )
    
    
    (36,726,836
    )Property, plant, and equipment, net
    
    
    43,342,931
    
    
    
    44,943,244Deferred tax asset
    
    
    2,519,567
    
    
    
    6,570,802Goodwill
    
    
    1,097,433
    
    
    
    1,097,433Other assets
    
    
    24,793
    
    
    
    42,029Total Assets
    
    $
    79,062,265
    
    
    $
    79,176,298Liabilities and Stockholders EquityLiabilities:Current liabilities:Current portion long-term debt
    
    $
    4,151,420
    
    
    $
    3,675,005Accounts payable
    
    
    6,487,983
    
    
    
    4,805,468Tooling in progress
    
    
    320,041
    
    
    
    484,786Current portion of post retirement benefits liability
    
    
    933,000
    
    
    
    667,000Accrued liabilities:Compensation and related benefits
    
    
    3,678,692
    
    
    
    2,400,587Interest payable
    
    
    67,971
    
    
    
    102,069Taxes
    
    
    456,351
    
    
    
    Other
    
    
    1,065,727
    
    
    
    800,912Total current liabilities
    
    
    17,161,185
    
    
    
    12,935,827Long-term debt
    
    
    13,581,425
    
    
    
    17,732,842Interest rate swaps
    
    
    350,916
    
    
    
    198,809Post retirement benefits liability
    
    
    9,904,000
    
    
    
    18,076,696Total Liabilities
    
    
    40,997,526
    
    
    
    48,944,174Commitments and Contingencies
    
    
    
    
    
    
    Stockholders Equity:Preferred stock  $0.01 par value, authorized shares 
10,000,000;
outstanding shares: 2010 and 2009  0
    
    
    
    
    
    
    Common stock  $0.01 par value, authorized shares 
20,000,000;
outstanding shares: 2010  6,880,295 and 2009  6,799,641
    
    
    68,803
    
    
    
    67,996Paid-in capital
    
    
    23,790,263
    
    
    
    23,336,197Accumulated other comprehensive income (loss), net of income
tax
    
    
    3,213,197
    
    
    
    (1,805,897
    )Treasury stock
    
    
    (26,253,478
    )
    
    
    (26,179,054
    )Retained earnings
    
    
    37,245,954
    
    
    
    34,812,882Total Stockholders Equity
    
    
    38,064,739
    
    
    
    30,232,124Total Liabilities and Stockholders Equity
    
    $
    79,062,265
    
    
    $
    79,176,298
   28




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Core Molding Technologies, Inc. and Subsidiaries
 
 Consolidated Statements of Stockholders Equity
for the Years Ended December 31, 2010 and 2009
 AccumulatedOtherCommon Stock
    
    
    
    
    
    
    
    
    
    
    Comprehensive
    
    
    
    
    
    
    TotalOutstanding
    
    
    Paid-In
    
    
    Retained
    
    
    Income
    
    
    Treasury
    
    
    StockholdersShares
    
    
    Amount
    
    
    Capital
    
    
    Earnings
    
    
    (Loss)
    
    
    Stock
    
    
    EquityBalance at December 31, 2008
    
    
    6,765,790
    
    
    $
    67,658
    
    
    $
    23,002,472
    
    
    $
    33,705,811
    
    
    $
    (776,175
    )
    
    $
    (26,179,054
    )
    
    $
    29,820,712Net Income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,107,071
    
    
    
    
    
    
    
    
    
    
    
    1,107,071Change in post retirement benefits,
net of tax of $800,823
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,094,177
    )
    
    
    
    
    
    
    (1,094,177
    )Change in interest rate swaps, net of
tax of $29,076
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    64,455
    
    
    
    
    
    
    
    64,455Comprehensive Income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    77,349Restricted stock issued
    
    
    33,851
    
    
    
    338
    
    
    
    183,070
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    183,408Share-based compensation
    
    
    
    
    
    
    
    
    
    
    150,655
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    150,655Balance at December 31, 2009
    
    
    6,799,641
    
    
    $
    67,996
    
    
    $
    23,336,197
    
    
    $
    34,812,882
    
    
    $
    (1,805,897
    )
    
    $
    (26,179,054
    )
    
    $
    30,232,124Net Income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,433,072
    
    
    
    
    
    
    
    
    
    
    
    2,433,072Change in post retirement benefits,
net
of tax of $2,739,066
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,946,813
    
    
    
    
    
    
    
    4,946,813Change in interest rate swaps, net of
tax of $37,236
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    72,281
    
    
    
    
    
    
    
    72,281Comprehensive Income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,452,166Common stock issued
    
    
    34,550
    
    
    
    346
    
    
    
    102,970
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    103,316Purchase of treasury stock
    
    
    (14,584
    )
    
    
    (146
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (74,424
    )
    
    
    (74,570
    )Restricted stock issued
    
    
    60,688
    
    
    
    607
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    607Share-based compensation
    
    
    
    
    
    
    
    
    
    
    351,096
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    351,096Balance at December 31, 2010
    
    
    6,880,295
    
    
    $
    68,803
    
    
    $
    23,790,263
    
    
    $
    37,245,954
    
    
    $
    3,213,197
    
    
    $
    (26,253,478
    )
    
    $
    38,064,739
   29




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 
 Consolidated Statements of Cash Flows
 Years Ended December 31,2010
    
    
    2009Cash flows from operating activities:Net income
    
    $
    2,433,072
    
    
    $
    1,107,071Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation and amortization
    
    
    3,949,378
    
    
    
    3,855,603Deferred income taxes
    
    
    1,224,758
    
    
    
    1,036,189Net post retirement benefits settlement loss
    
    
    329,609
    
    
    
    Share-based compensation
    
    
    351,703
    
    
    
    334,063Mark-to-market of interest rate swaps
    
    
    233,625
    
    
    
    (210,041
    )(Gain) loss on disposal of assets
    
    
    (7,823
    )
    
    
    31,405Gain on translation of foreign currency
financial statements
    
    
    (114,372
    )
    
    
    (135,769
    )Change in operating assets and liabilities:Accounts receivable
    
    
    (2,809,803
    )
    
    
    3,498,768Inventories
    
    
    (1,395,167
    )
    
    
    2,718,861Prepaid expenses and other assets
    
    
    (292,890
    )
    
    
    (75,086
    )Accounts payable
    
    
    1,769,585
    
    
    
    (1,745,662
    )Accrued and other liabilities
    
    
    2,362,605
    
    
    
    (3,153,925
    )Partial settlement of post retirement benefits liability
    
    
    (1,256,650
    )
    
    
    Post retirement benefits liability
    
    
    589,301
    
    
    
    972,799Net cash provided by operating activities
    
    
    7,366,931
    
    
    
    8,234,276Cash flows from investing activities:Purchase of property, plant, and equipment
    
    
    (2,227,748
    )
    
    
    (10,065,099
    )Proceeds from sale of property and equipment
    
    
    22,100
    
    
    
    18,000Net cash used in investing activities
    
    
    (2,205,648
    )
    
    
    (10,047,099
    )Cash flows from financing activities:Payment of principal on capex loan
    
    
    (1,714,286
    )
    
    
    (1,000,000
    )Payment of principal on term loan
    
    
    (1,285,716
    )
    
    
    (1,285,716
    )Payment of principal on industrial revenue bond
    
    
    (675,000
    )
    
    
    (620,000
    )Proceeds from issuance of common stock
    
    
    103,316
    
    
    
    Payments related to purchase of treasury stock
    
    
    (74,570
    )
    
    
    Gross repayments on revolving line of credit
    
    
    
    
    
    
    (34,389,061
    )Gross borrowings on revolving line of credit
    
    
    
    
    
    
    33,195,096Financing costs for new credit agreement
    
    
    
    
    
    
    (224,321
    )Borrowings on construction loans
    
    
    
    
    
    
    10,278,663Net cash (used in) provided by financing activities
    
    
    (3,646,256
    )
    
    
    5,954,661Net increase in cash and cash equivalents
    
    
    1,515,027
    
    
    
    4,141,838Cash and cash equivalents at beginning of year
    
    
    4,141,838
    
    
    
    Cash and cash equivalents at end of year
    
    $
    5,656,865
    
    
    $
    4,141,838Cash paid during the year for:Interest
    
    $
    1,048,339
    
    
    $
    1,146,159Income taxes (net of tax refunds)
    
    $
    570,583
    
    
    $
    300,958Non Cash:Fixed asset purchases in accounts payable
    
    $
    51,247
    
    
    $
    23,946
   30




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 
 Notes to Consolidated Financial Statements
 1. Business Formation, Nature of Operations and Basis of Presentation
    2. Summary of Significant Accounting Policies
 Principles of Consolidation
 Use of Estimates
 Revenue Recognition
  31




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
 Cash and Cash Equivalents
 Accounts Receivable Allowances
 Inventories
 Property, Plant, and Equipment
 Ranges of estimated useful lives for computing depreciation are as follows:Land improvements
    
    20 yearsBuilding and improvements
    
    20-40 yearsMachinery and equipment
    
    3-15 yearsTools, dies and patterns
    
    3-5 years
  Long-Lived Assets st
 Income Taxes
 Self-insurance
 Fair Value of Financial Instruments
   32




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
   
    
    Level 1 inputs are quoted prices (unadjusted) in active markets for
identical asset or liabilities that the company has the ability to
access as of the reporting date.
    
    Level 2 inputs are inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either
directly or indirectly through corroboration with observable market
data.
    
    Level 3 inputs are unobservable inputs, such as internally developed
pricing models for the asset or liability due to little or no market
activity for the asset or liability.
  Total Liabilities as of(Level 1)
    
    
    (Level 2)
    
    
    (Level 3)
    
    
    December 31, 2010Interest rate
swap
liabilities
    
    $
    
    
    
    $
    350,916
    
    
    $
    
    
    
    $
    350,916
 Total Liabilities as of(Level 1)
    
    
    (Level 2)
    
    
    (Level 3)
    
    
    December 31, 2009Interest rate
swap
liabilities
    
    $
    
    
    
    $
    198,809
    
    
    $
    
    
    
    $
    198,809
    Balance Sheet
    
    
    December 31,
    
    
    December 31,Location
    
    
    2010 Fair Value
    
    
    2009 Fair ValueDerivatives designated as hedging instruments
Interest rate risk activities
    
    Interest rate swaps
    
    $
    322
    
    
    $
    227,482Derivatives not designated as hedging instruments
Interest rate risk activities
    
    Interest rate swaps
    
    $
    350,594
    
    
    $
    (28,673
    )Total
    
    
    
    
    
    $
    350,916
    
    
    $
    198,809
  33




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
  Derivatives in Cash Flow Hedging Relationships
 Location of Gain(Loss) ReclassifiedAmount of Gain (Loss)
    
    
    from AOCI into
    
    
    Amount of Gain (Loss)Derivatives in Cash
    
    Recognized in OCI on
    
    
    Income
    
    
    Reclassified from AOCI intoFlow Hedging Relationships
    
    Derivative (Effective Portion)
    
    
    (Effective Portion)
    
    
    Expense (Effective Portion)December 31,
    
    
    December 31,
    
    
    
    
    
    
    December 31,
    
    
    December 31,Year ended
    
    2010
    
    
    2009
    
    
    
    
    
    
    2010
    
    
    2009Interest rate swaps
    
    $
    27,170
    
    
    $
    129,215
    
    
    Interest expense, net
    
    
    $
    (24,502
    )
    
    $
    (206,522
    )
 Location of Gain (Loss) Recognized
    
    Amount of Gain (Loss) Recognized inin Income on Derivative (Ineffective
    
    Income of Derivative (IneffectiveDerivatives in Cash Flow
    
    Portion and Amount Excluded from
    
    Portion and Amount Excluded fromHedging Relationship
    
    Effectiveness Testing)
    
    Effectiveness Testing)December 31,
    
    
    December 31,Year ended
    
    
    
    2010
    
    
    2009Interest rate swaps
    
    Interest income (expense)
    
    $
    
    
    
    $
    43,697
 Derivatives not designated as hedging instruments
 Amount of Realized/Unrealized GainDerivatives Not Designated as
    
    Location of Gain (Loss) Recognized
    
    (Loss) Recognized in Income onHedging Instruments
    
    in Income on Derivative
    
    DerivativesDecember 31,
    
    
    December 31,Year ended
    
    
    
    2010
    
    
    2009Interest rate swaps
    
    Interest income (expense)
    
    $
    (233,625
    )
    
    $
    166,344
  Concentration of Credit Risk
 Earnings Per Common Share
  34




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
  Years Ended December 31,2010
    
    
    2009Net income
    
    $
    2,433,072
    
    
    $
    1,107,071Weighted average common shares outstanding
    
    
    6,846,993
    
    
    
    6,772,065Effect of dilutive securities:Stock options
    
    
    120,601
    
    
    
    Restricted stock
    
    
    99,426
    
    
    
    52,487Weighted average common and potentially issuable
common shares outstanding  diluted
    
    
    7,067,020
    
    
    
    6,824,552Basic earnings per common share
    
    $
    .36
    
    
    $
    .16Diluted earnings per common share
    
    $
    .34
    
    
    $
    .16
  Accumulated Other Comprehensive Income (Loss)
 December, 312010
    
    
    2009Interest rate swaps
    
    $
    (121,800
    )
    
    $
    (194,081
    )Post retirement benefits
    
    
    3,334,997
    
    
    
    (1,611,816
    )$
    3,213,197
    
    
    $
    (1,805,897
    )
 Research and Development
 Recent Accounting Pronouncements
 Foreign Currency Adjustments
 3. Major Customers
   35




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
  2010
    
    
    2009Navistar product sales
    
    $
    47,704,058
    
    
    $
    41,628,094Navistar tooling sales
    
    
    7,434,168
    
    
    
    3,049,675Total Navistar sales
    
    
    55,138,226
    
    
    
    44,677,769PACCAR product sales
    
    
    25,103,983
    
    
    
    23,114,813PACCAR tooling sales
    
    
    1,632,137
    
    
    
    1,069,320Total PACCAR sales
    
    
    26,736,120
    
    
    
    24,184,133Other product sales
    
    
    17,094,971
    
    
    
    11,424,068Other tooling sales
    
    
    1,288,327
    
    
    
    3,052,706Total other sales
    
    
    18,383,298
    
    
    
    14,476,774Total product sales
    
    
    89,903,012
    
    
    
    76,166,975Total tooling sales
    
    
    10,354,632
    
    
    
    7,171,701Total sales
    
    $
    100,257,644
    
    
    $
    83,338,676
 4. Foreign Operations
  5. Property, Plant, and Equipment
  2010
    
    
    2009Land and land improvements
    
    $
    5,097,692
    
    
    $
    5,097,692Buildings
    
    
    36,017,954
    
    
    
    35,395,651Machinery and equipment
    
    
    41,483,799
    
    
    
    40,363,751Tools, dies, and patterns
    
    
    796,266
    
    
    
    780,962Additions in progress
    
    
    261,623
    
    
    
    32,024Total
    
    
    83,657,334
    
    
    
    81,670,080Less accumulated depreciation
    
    
    (40,314,403
    )
    
    
    (36,726,836
    )Property, plant, and equipment  net
    
    $
    43,342,931
    
    
    $
    44,943,244
  36




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
  6. Debt and Leases
 December, 31Debt consists of the following at:
    
    2010
    
    
    2009Capex loan payable to a bank, interest at a
variable rate with monthly payments of
interest and principal over a seven-year
period through May 2016.
    
    $
    9,285,714
    
    
    $
    11,000,000Mexican loan payable to a bank, interest at
a variable rate with annual principal and
monthly interest payments over a five-year
period through May 2014.
    
    
    6,400,000
    
    
    
    6,400,000Term loan payable to a bank, interest at a
variable rate with monthly payments of
interest and principal over a seven-year
period through January 2011. Paid in full
during January 2011.
    
    
    107,131
    
    
    
    1,392,847Industrial Revenue Bond, interest adjustable weekly (2010 average 0.65%; 2009
average 1.82%), payable quarterly,
principal due in variable quarterly
installments through April 2013, secured by
a bank letter of credit with a balance of
$1,998,000 and $2,694,000 as of December
31, 2010 and 2009, respectively.
    
    
    1,940,000
    
    
    
    2,615,000Revolving line of credit
    
    
    
    
    
    
    Total
    
    
    17,732,845
    
    
    
    21,407,847Less current portion
    
    
    (4,151,420
    )
    
    
    (3,675,005
    )Long-term debt
    
    $
    13,581,425
    
    
    $
    17,732,842
     37




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
     Industrial Revenue Bond
   Revolving Line of Credit
   38




---



##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
 Annual maturities of long-term debt are as follows:
 2011
    
    $
    4,151,0002012
    
    
    4,106,0002013
    
    
    3,734,0002014
    
    
    3,314,0002015
    
    
    1,714,000Thereafter
    
    
    714,000Total
    
    $
    17,733,000
 Interest Rate Swaps
      39




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
 Bank Covenants
   Leases
   2011
    
    $
    316,0002012
    
    
    179,000Total minimum lease payments
    
    $
    495,000
 7. Equity
 Treasury Stock
   Anti-takeover Measures
   40




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
  Restrictions on Transfer
   8. Stock Based Compensation
     41




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
 Stock Options
    2010
    
    
    2009Weighted
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    AverageNumber
    
    
    Exercise
    
    
    Number of
    
    
    Exerciseof Options
    
    
    Price
    
    
    Options
    
    
    PriceOutstanding-
beginning of year
    
    
    558,825
    
    
    $
    3.30
    
    
    
    570,225
    
    
    $
    3.30Granted
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Exercised
    
    
    (34,550
    )
    
    
    2.99
    
    
    
    
    
    
    
    Forfeited
    
    
    (4,000
    )
    
    
    4.58
    
    
    
    (11,400
    )
    
    
    3.21Outstanding-end of
year
    
    
    520,275
    
    
    $
    3.31
    
    
    
    558,825
    
    
    $
    3.30Exercisable at
December 31
    
    
    494,475
    
    
    $
    3.34
    
    
    
    514,325
    
    
    $
    3.30Vested or expected to
vest at December 31
    
    
    520,275
    
    
    $
    3.31
    
    
    
    556,600
    
    
    $
    3.30
   WeightedNumber
    
    
    AverageOf
    
    
    Grant DateShares
    
    
    Fair ValueUnvested at December 31, 2008
    
    
    88,830
    
    
    $
    3.37Granted
    
    
    
    
    
    
    Vested
    
    
    (44,330
    )
    
    
    3.44Forfeited
    
    
    
    
    
    
    Unvested at December 31, 2009
    
    
    44,500
    
    
    $
    3.29Granted
    
    
    
    
    
    
    Vested
    
    
    (18,300
    )
    
    
    3.99Forfeited
    
    
    (400
    )
    
    
    6.40Unvested at December 31, 2010
    
    
    25,800
    
    
    $
    2.75
  42




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
   OptionsOptions Outstanding
    
    
    ExercisableWeightedAverageContractualRange of
    
    Number of
    
    
    Life
    
    
    Number ofExercise Prices
    
    Options
    
    
    In Years
    
    
    Options$2.75
    
    
    67,100
    
    
    
    3.8
    
    
    
    41,300$3.21
    
    
    390,175
    
    
    
    3.1
    
    
    
    390,175$3.28
    
    
    40,000
    
    
    
    4.2
    
    
    
    40,000$6.40
    
    
    18,000
    
    
    
    4.8
    
    
    
    18,000$7.98
    
    
    5,000
    
    
    
    5.0
    
    
    
    5,000520,275
    
    
    
    
    
    
    
    494,475
 Restricted Stock
   2010
    
    
    2009Weighted
    
    
    
    
    
    
    WeightedNumber of
    
    
    Average Fair
    
    
    Number of
    
    
    Average FairShares
    
    
    Value
    
    
    Shares
    
    
    ValueUnvested- beginning of year
    
    
    187,445
    
    
    $
    3.91
    
    
    
    85,106
    
    
    $
    7.01Granted
    
    
    77,040
    
    
    
    5.20
    
    
    
    150,210
    
    
    
    2.56Vested
    
    
    (60,688
    )
    
    
    5.54
    
    
    
    (33,851
    )
    
    
    5.42Forfeited
    
    
    
    
    
    
    
    
    
    
    (14,020
    )
    
    
    4.65Unvested at end of year
    
    
    203,797
    
    
    $
    3.91
    
    
    
    187,445
    
    
    $
    3.91Vested and expected to
vest at
December 31
    
    
    312,943
    
    
    $
    4.36
    
    
    
    236,720
    
    
    $
    4.44
  9. Income Taxes
   43




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
   2010
    
    
    2009Current:Federal  US
    
    $
    1,420,000
    
    
    $
    (806,000
    )Federal  Foreign
    
    
    199,000
    
    
    
    94,000State and local
    
    
    47,000
    
    
    
    103,0001,666,000
    
    
    
    (609,000
    )Deferred:Federal
    
    
    972,000
    
    
    
    1,145,000State and local
    
    
    5,000
    
    
    
    (109,000
    )977,000
    
    
    
    1,036,000Provision for income taxes
    
    $
    2,643,000
    
    
    $
    427,000
  2010
    
    
    2009Provision at federal statutory rate  US
    
    $
    1,712,000
    
    
    $
    522,000Effect of PPACA adjustment
    
    
    1,021,000
    
    
    
    Effect of foreign taxes
    
    
    (93,000
    )
    
    
    (16,000
    )Other
    
    
    3,000
    
    
    
    (79,000
    )Provision for income taxes
    
    $
    2,643,000
    
    
    $
    427,000
   44




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
  2010
    
    
    2009Current asset (liability):Accrued liabilities
    
    $
    605,000
    
    
    $
    569,000Accounts receivable
    
    
    292,000
    
    
    
    221,000Inventory
    
    
    568,000
    
    
    
    495,000Other, net
    
    
    (74,000
    )
    
    
    (89,000
    )Total current asset
    
    
    1,391,000
    
    
    
    1,196,000Non-current asset (liability):Property, plant, and equipment
    
    
    (1,460,000
    )
    
    
    (1,227,000
    )Post retirement benefits
    
    
    3,903,000
    
    
    
    7,763,000Interest rate swap
    
    
    119,000
    
    
    
    122,000Other, net
    
    
    (43,000
    )
    
    
    (87,000
    )Total non-current asset
    
    
    2,519,000
    
    
    
    6,571,000Total deferred tax asset  net
    
    $
    3,910,000
    
    
    $
    7,767,000
    10. Post Retirement Benefits
     45




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
      Post Retirement Benefits2010
    
    
    2009Change in benefit obligation:Benefit obligation at beginning of year
    
    $
    18,744,000
    
    
    $
    15,878,000Service cost
    
    
    208,000
    
    
    
    609,000Interest cost
    
    
    827,000
    
    
    
    947,000Curtailment
    
    
    (298,000
    )
    
    
    Plan amendment
    
    
    (10,282,000
    )
    
    
    Settlement
    
    
    (1,257,000
    )
    
    
    Unrecognized loss
    
    
    3,273,000
    
    
    
    1,895,000Benefits paid
    
    
    (378,000
    )
    
    
    (585,000
    )Benefit obligation at end of year
    
    $
    10,837,000
    
    
    $
    18,744,000Plan Assets
    
    
    
    
    
    
    Amounts recorded in accumulated other
comprehensive income:Prior service credit
    
    $
    (10,075,000
    )
    
    $
    Net loss
    
    
    5,442,000
    
    
    
    3,189,000Plan Assets
    
    $
    (4,633,000
    )
    
    $
    3,189,000Weighted-average assumptions as of December 31:Discount rate used to determine benefit
obligation and net
periodic benefit cost
    
    
    5.20
    %
    
    
    5.90
    %
  46




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
  2010
    
    
    2009Pension expense:Multi-employer plan
contributions
    
    $
    385,000
    
    
    $
    428,000Defined contribution plan
contributions
    
    
    333,000
    
    
    
    346,000Total pension expense
    
    
    718,000
    
    
    
    774,000Health and life insurance:Service cost
    
    
    208,000
    
    
    
    609,000Interest cost
    
    
    827,000
    
    
    
    947,000Recognition of previously unrecognized actuarial
losses due to partial settlement
    
    
    584,000
    
    
    
    Amortization of prior service costs
    
    
    (207,000
    )
    
    
    Amortization of net loss
    
    
    139,000
    
    
    
    Net periodic benefit cost
    
    
    1,551,000
    
    
    
    1,556,000Total post retirement benefits expense
    
    $
    2,269,000
    
    
    $
    2,330,000
      1-Percentage
    
    
    1-PercentagePoint Increase
    
    
    Point DecreaseEffect on total of service and interest cost components
    
    $
    166,000
    
    
    $
    (136,000
    )Effect on post retirement benefit obligation
    
    $
    1,231,000
    
    
    $
    (1,034,000
    )
  47




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
  Fiscal 2011
    
    $
    933,000Fiscal 2012
    
    $
    656,000Fiscal 2013
    
    $
    704,000Fiscal 2014
    
    $
    714,000Fiscal 2015
    
    $
    733,000Fiscal 2016  2020
    
    $
    3,306,000
 11. Related Party Transactions
   12. Labor Concentration
  13. Commitments and Contingencies
   48




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements  (Continued)
 14. Quarterly Results of Operations (Unaudited)
  1st Quarter
    
    
    2nd Quarter
    
    
    3rd Quarter
    
    
    4th Quarter
    
    
    Total Year2010:Product sales
    
    $
    19,695,932
    
    
    $
    21,473,293
    
    
    $
    23,041,088
    
    
    $
    25,692,699
    
    
    $
    89,903,012Tooling sales
    
    
    746,108
    
    
    
    2,002,499
    
    
    
    2,253,508
    
    
    
    5,352,517
    
    
    
    10,354,632Net sales
    
    
    20,442,040
    
    
    
    23,475,792
    
    
    
    25,294,596
    
    
    
    31,045,216
    
    
    
    100,257,644Gross margin
    
    
    4,083,924
    
    
    
    3,418,805
    
    
    
    3,133,914
    
    
    
    5,712,025
    
    
    
    16,348,668Income before interest and taxes
    
    
    1,757,988
    
    
    
    1,125,471
    
    
    
    844,652
    
    
    
    2,689,206
    
    
    
    6,417,317Net income (loss)
    
    
    (136,942
    )
    
    
    441,303
    
    
    
    307,418
    
    
    
    1,821,293
    
    
    
    2,433,072Net income (loss) per common
share:Basic (1)
    
    $
    (0.02
    )
    
    $
    0.06
    
    
    $
    0.04
    
    
    $
    0.27
    
    
    $
    0.36Diluted (1)
    
    $
    (0.02
    )
    
    $
    0.06
    
    
    $
    0.04
    
    
    $
    0.25
    
    
    $
    0.342009:Product sales
    
    $
    17,830,280
    
    
    $
    16,643,805
    
    
    $
    19,801,193
    
    
    $
    21,891,697
    
    
    $
    76,166,975Tooling sales
    
    
    553,837
    
    
    
    656,303
    
    
    
    4,624,339
    
    
    
    1,337,222
    
    
    
    7,171,701Net sales
    
    
    18,384,117
    
    
    
    17,300,108
    
    
    
    24,425,532
    
    
    
    23,228,919
    
    
    
    83,338,676Gross margin
    
    
    1,573,340
    
    
    
    984,267
    
    
    
    3,983,981
    
    
    
    4,883,728
    
    
    
    11,425,316Income (loss) before interest and
taxes
    
    
    (926,663
    )
    
    
    (1,271,471
    )
    
    
    1,852,951
    
    
    
    2,830,679
    
    
    
    2,485,496Net income (loss)
    
    
    (637,494
    )
    
    
    (844,810
    )
    
    
    849,362
    
    
    
    1,740,013
    
    
    
    1,107,071Net income (loss) per common
share:Basic (1)
    
    $
    (0.09
    )
    
    $
    (0.12
    )
    
    $
    0.13
    
    
    $
    0.26
    
    
    $
    0.16Diluted
    
    $
    (0.09
    )
    
    $
    (0.12
    )
    
    $
    0.12
    
    
    $
    0.25
    
    
    $
    0.16
 (1)
    
    Sum of the quarters do not sum to total year due to rounding.  49




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##### Table of Contents



ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
  
 ITEM 9A(T).
    
    CONTROLS AND PROCEDURES
 Disclosure Controls and Procedures
  Managements Report on Internal Control over Financial Reporting
    Changes In Internal Controls
  
 ITEM 9B.
    
    OTHER INFORMATION
   50




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##### Table of Contents



PART III
 
 ITEM 10.
    
    DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
  
 ITEM 11.
    
    EXECUTIVE COMPENSATION
  
 ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
MATTERS
  
 ITEM 13.
    
    CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
  
 ITEM 14.
    
    PRINCIPAL ACCOUNTANT FEES AND SERVICES
   51




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##### Table of Contents



PART IV
 
 ITEM 15.
    
    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
 (a) Documents filed as Part of this Report:
 (1) Financial Statements
  Report of Independent Registered Public Accounting Firm
    
    
    26Consolidated Statements of Income for the Years Ended December 31, 2010 and 2009
    
    
    27Consolidated Balance Sheets as of December 31, 2010 and 2009
    
    
    28Consolidated Statements of Stockholders Equity for the Years Ended December 31, 2010 and 2009
    
    
    29Consolidated Statements of Cash Flows for the Years Ended December 31, 2010 and 2009
    
    
    30Notes to Consolidated Financial Statements
    
    
    31
 (2) Financial Statement Schedules
  Schedule II  Valuation and Qualifying Accounts and Reserves for the years ended
December 31, 2010 and 2009
    
    
    54
  (3) Exhibits
   52




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##### Table of Contents



SIGNATURES
  CORE MOLDING TECHNOLOGIES, INC.By
    
    /s/ Kevin L. BarnettKevin L. BarnettPresident and Chief Executive OfficerDate: March 29, 2011
  /s/ Kevin L. BarnettKevin L. Barnett
    
    President, Chief Executive Officer, and Director (principal executive officer)
    
    March 29, 2011/s/ Herman F. Dick, Jr.Herman F. Dick, Jr.
    
    Vice President, Secretary, Treasurer, and Chief Financial
Officer (principal financial officer and principal accounting officer)
    
    March 29, 2011*Thomas R. Cellitti
    
    Director
    
    March 29, 2011*James F. Crowley
    
    Director
    
    March 29, 2011*Ralph O. Hellmold
    
    Director
    
    March 29, 2011*Malcolm M. Prine
    
    Director
    
    March 29, 2011*By /s/ Herman F. Dick, Jr.Herman F. Dick, Jr.
    
    Attorney-In-Fact
    
    March 29, 2011
  53




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 
 Schedule II
   Additions(Recovered)/Balance at
    
    
    Charged to
    
    
    Charged toBeginning
    
    
    Costs &
    
    
    Other
    
    
    Deductions
    
    
    Balance Atof Year
    
    
    Expenses
    
    
    Accounts
    
    
    (A)
    
    
    End of YearYear Ended December
31, 2010
    
    $
    113,000
    
    
    $
    37,000
    
    
    
    
    
    
    $
    32,000
    
    
    $
    118,000Year Ended December
31, 2009
    
    $
    109,000
    
    
    $
    10,000
    
    
    
    
    
    
    $
    6,000
    
    
    $
    113,000
 (A)
    
    Amount represents uncollectible accounts written off.  54




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##### Table of Contents



INDEX TO EXHIBITS
 Exhibit No.
    
    Description
    
    Location2(a)(1)
    
    Asset Purchase Agreement
dated as of September 12, 1996,
as amended October 31, 1996,
between Navistar and RYMAC1
    
    Incorporated by
reference to Exhibit
2-A to Registration
Statement on Form S-4
(Registration
No. 333-15809)2(a)(2)
    
    Second Amendment to Asset Purchase
Agreement dated December 16, 19961
    
    Incorporated by
reference to Exhibit 2(a)(2) to Annual Report on
Form 10-K for the year
ended December 31, 20012(b)(1)
    
    Agreement and Plan of Merger
dated as of November 1, 1996,
between Core Molding and
RYMAC
    
    Incorporated by
reference to Exhibit
2-B to Registration
Statement on Form
S-4 (Registration
No. 333-15809)2(b)(2)
    
    First Amendment to Agreement and
Plan of Merger dated as of
December 27, 1996 between
Core Molding and RYMAC
    
    Incorporated by reference to
Exhibit 2(b)(2) to Annual Report
on Form 10-K for the year
ended December 31, 20022(c)
    
    Asset Purchase Agreement dated as
of October 10, 2001, between
Core Molding Technologies, Inc. and
Airshield Corporation
    
    Incorporated by
reference to Exhibit 1 to Form 8-K filed
October 31, 20013(a)(1)
    
    Certificate of Incorporation of
Core Molding Technologies, Inc.
as filed with the Secretary of State
of Delaware on October 8, 1996
    
    Incorporated by
reference to Exhibit
4(a) to Registration
Statement on Form
S-8, (Registration
No. 333-29203)3(a)(2)
    
    Certificate of Amendment of
Certificate of Incorporation
of Core Molding Technologies, Inc.
as filed with the Secretary of State
of Delaware on November 6, 1996
    
    Incorporated by
reference to Exhibit
4(b) to Registration
Statement on Form
S-8 (Registration
No. 333-29203)
  55




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##### Table of Contents



Exhibit No.
    
    Description
    
    Location3(a)(3)
    
    Certificate of Amendment of Certificate
of Incorporation as filed with the Secretary
of State of Delaware on August 28, 2002
    
    Incorporated by
reference to Exhibit 3(a)(4)
to Quarterly Report on
Form 10-Q for the quarter
ended September 30, 20023(a)(4)
    
    Certificate of Designation, Preferences and
Rights of Series A Junior Participating Preferred
Stock as filed with the Secretary of State of
Delaware on July 18, 2007
    
    Incorporated by
reference to Exhibit 3.1
to Form 8-K filed
July 19, 20073(b)
    
    Amended and Restated
By-Laws of Core Molding
Technologies, Inc.
    
    Incorporated by reference to
Exhibit 3.1 to Current Report
on Form 8-K filed
January 4, 20084(a)(1)
    
    Certificate of Incorporation of
Core Molding Technologies, Inc.
as filed with the Secretary of State
of Delaware on October 8, 1996
    
    Incorporated by
reference to Exhibit
4(a) to Registration
Statement on Form
S-8 (Registration
No. 333-29203)4(a)(2)
    
    Certificate of Amendment of
Certificate of Incorporation
of Core Molding Technologies, Inc.
as filed with the Secretary of State
of Delaware on November 6, 1996
    
    Incorporated by
reference to Exhibit
4(b) to Registration
Statement on Form
S-8 (Registration
No. 333-29203)4(a)(3)
    
    Certificate of Amendment of Certificate
of Incorporation as filed with the Secretary
of State of Delaware on August 28, 2002
    
    Incorporated by
reference to Exhibit
3(a)(4) to Quarterly
Report on Form 10-Q for the
quarter ended September 30,
20024(a)(4)
    
    Certificate of Designation, Preferences and
Rights of Series A Junior Participating Preferred
Stock as filed with the Secretary of State of
Delaware on July 18, 2007
    
    Incorporated by reference
to Exhibit 3.1 to Form
8-K filed July 19, 20074(b)
    
    Stockholder Rights Agreement dated as of
July 18, 2007, between Core Molding
Technologies, Inc. and American Stock
Transfer & Trust Company
    
    Incorporated by reference
to Exhibit 4.1 to Current
Report Form 8-K
filed July 19, 200710(a)
    
    Supply Agreement, dated June 23, 2008
between Core Molding Technologies, Inc.
and Core Composites Corporation and
Navistar, Inc.3
    
    Incorporated by
reference to Exhibit 10(a)
to Quarterly Report on
Form 10-Q for the quarter
ended September 30, 201010(a)(1)
    
    Addendum to Supply Agreement, dated
January 28, 2010 between Core Molding
Technologies, Inc. and Core Composites
Corporation and Navistar, Inc.3
    
    Incorporated by reference to
Exhibit 10(a)(1) to Annual
Report on Form 10-K
for the year ended
December 31, 2009
  56




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##### Table of Contents



Exhibit No.
    
    Description
    
    Location10(b)
    
    Registration Rights Agreement, dated
December 31, 1996, by and between
Navistar International Transportation
Corp. and various other persons who
become parties pursuant to the agreement
    
    Incorporated by reference to
Exhibit 10(d) to Annual
Report on Form 10-K
for the year ended
December 31, 200110(c)
    
    Credit agreement, dated December 9, 2008, by and
between Core Molding Technologies, Inc and
CoreComposites de Mexico, S De. R.L. de C.V.
and KeyBank National Association
    
    Incorporated by reference to
Exhibit 10(d) to Annual Report
on Form 10-K for the year
ended December 31, 200810(c)(1)
    
    First Amendment Agreement, dated
March 31, 2009, to the Credit Agreement
dated December 9, 2008, among
Core Molding Technologies, Inc.,
Core Composites de Mexico, S. De R.L. de C.V.
and KeyBank National Association.
    
    Incorporated by reference to
Exhibit 10.1 to Current
Report on Form 8-K filed
April 2, 200910(c)(2)
    
    Second Amendment Agreement, dated
June 30, 2009, to the Credit Agreement dated
December 9, 2008, among
Core Molding Technologies, Inc.,
Core Composites de Mexico, S. De R.L. de C.V.
and KeyBank National Association.
    
    Incorporated by reference to
Exhibit 10.1 to Current
Report on Form 8-K filed
July 2, 200910(c)(3)
    
    Third Amendment Agreement, dated
December 1, 2009, to the Credit Agreement dated
December 9, 2008, among
Core Molding Technologies, Inc.,
Core Composites de Mexico, S. De R.L. de C.V.
and KeyBank National Association.
    
    Incorporated by reference to
Exhibit 10.1 to Current
Report on Form 8-K filed
December 7, 200910(c)(4)
    
    Fourth Amendment Agreement, dated
March 8, 2010, to the Credit Agreement dated
December 9, 2008, among
Core Molding Technologies, Inc.,
Core Composites de Mexico, S. De R.L. de C.V.
and KeyBank National Association.
    
    Incorporated by reference to
Exhibit 10.1 to Current Report
on Form 8-K dated
March 10, 201010(c)(5)
    
    Fifth Amendment Agreement, dated
May 11, 2010, to the Credit Agreement dated
December 9, 2008, among
Core Molding Technologies, Inc.,
Core Composites de Mexico, S. De R.L. de C.V.
and KeyBank National Association.
    
    Incorporated by reference to
Exhibit 10.1 to Current Report
on Form 8-K dated
May 11, 201010(d)
    
    Loan Agreement, dated April 1,
1998, by and between South Carolina
Jobs  Economic Development Authority
and Core Molding Technologies, Inc.
    
    Incorporated by reference to
Exhibit 10(g) to Annual
Report on Form 10-K for the
year ended December 31, 200310(e)
    
    Reimbursement Agreement, dated
April 1, 1998, by and between Core
Molding Technologies, Inc. and KeyBank
National Association
    
    Incorporated by reference to
Exhibit 10(h) to Annual
Report on Form 10-K for the
year ended December 31, 2003
  57




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##### Table of Contents



Exhibit No.
    
    Description
    
    Location10(f)
    
    Core Molding Technologies, Inc.
Employee Stock Purchase Plan2
    
    Incorporated by
reference to Exhibit 4(e) to
Registration Statement on Form
S-8 (Registration No. 333-60909)10(f)(1)
    
    2002 Core Molding Technologies, Inc.
Employee Stock Purchase Plan (as amended
May 17, 2006)2
    
    Incorporated by reference to
Exhibit 10.3 to Current Report
on Form 8-K dated
May 23, 200610(g)
    
    Letter Agreement Regarding Terms and
Conditions of Interest Rate Swap
Agreement between KeyBank National
Association and Core Molding Technologies, Inc.
    
    Incorporated by reference to
Exhibit 10(j) to Annual Report
on Form 10-K for the year ended
December 31, 200310(g)(1)
    
    Letter Agreement Regarding Terms and
Conditions of Interest Rate Swap
Agreement between KeyBank National
Association and Core Molding Technologies, Inc.
    
    Incorporated by reference to
Exhibit 10(i)(1) to Annual Report
on Form 10-K for the year ended
December 31, 200910(h)
    
    2006 Core Molding Technologies, Inc.
Long Term Equity Incentive Plan2
    
    Incorporated by reference to
Exhibit 10.1 to Current Report
on Form 8-K dated May 23, 200610(i)
    
    Core Molding Technologies, Inc.
Cash Profit Sharing Plan2
    
    Filed Herein10(j)
    
    Form of Amended and Restated
Executive Severance Agreement
between Core Molding Technologies, Inc.
and certain executive officers 2
    
    Incorporated by reference to
Exhibit 10.2 to Current Report on
Form 8-K dated December 29,200810(k)
    
    Form of Amended and Restated
Restricted Stock Agreement
between Core Molding Technologies, Inc.
and certain executive officers 2
    
    Incorporated by reference to
Exhibit 10.1 to Current Report
on Form 8-K dated January 4, 200810(l)
    
    Form of Executive Severance Agreement
between Core Molding Technologies, Inc.
and certain executive officers2
    
    Incorporated by reference to
Exhibit 10.4 to Current Report
on Form 8-K dated May 23, 200610(m)
    
    Form of Restricted Stock Agreement
between Core Molding Technologies, Inc.
and certain executive officers2
    
    Incorporated by reference to
Exhibit 10.2 to Current Report
on Form 8-K dated May 23, 200611
    
    Computation of Net Income per Share
    
    Exhibit 11 is omitted because
the required information is
included in the Notes to Financial Statements in Part II, Item 8 of this Annual
Report on Form 10-K14
    
    Code of Conduct and Business Ethics
    
    Incorporated by reference to
Exhibit 14 to Annual Report
on Form 10-K for the year
ended December 31, 200323
    
    Consent of Crowe Horwath LLP
    
    Filed Herein
  58




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Exhibit No.
    
    Description
    
    Location24
    
    Powers of Attorney
    
    Filed Herein31(a)
    
    Section 302 Certification by Kevin L.
Barnett, President and Chief Executive
Officer
    
    Filed Herein31(b)
    
    Section 302 Certification by Herman F.
Dick, Jr., Vice President, Secretary,
Treasurer, and Chief Financial Officer
    
    Filed Herein32(a)
    
    Certification of Kevin L. Barnett,
Chief Executive Officer of Core Molding
Technologies, Inc., dated March 29, 2011,
pursuant to 18 U.S.C. Section 1350
    
    Filed Herein32(b)
    
    Certification of Herman F. Dick, Jr.,
Vice President, Treasurer, Secretary, and
Chief Financial Officer of Core Molding
Technologies, Inc., dated March 29, 2011,
pursuant to 18 U.S.C. Section 1350
    
    Filed Herein
 1
    
    The Asset Purchase Agreement, as filed with the SEC at Exhibit 2-A to Registration
Statement on Form S-4 (Registration No. 333-15809), omits the exhibits (including, the Buyer Note,
Special Warranty Deed, Supply Agreement, Registration Rights Agreement, and Transition Services
Agreement, identified in the Asset Purchase Agreement) and schedules (including, those identified
in Sections 1, 3, 4, 5, 6, 8, and 30 of the Asset Purchase Agreement). Core Molding Technologies,
Inc. will provide any omitted exhibit or schedule to the SEC upon request.2
    
    Indicates management contracts or compensatory plans that are required to be filed as
an exhibit to this Annual Report on Form 10-K.3
    
    Certain portions of this Exhibit have been omitted intentionally subject to a
confidentiality treatment request. A complete version of the Exhibit has been filed separately
with the Securities and Exchange Commission.  59