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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 (Mark One)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2007
 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
    
    31-1481870(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. Employer Identification No.)800 Manor Park Drive, P.O. Box 28183, Columbus, Ohio
    
    43228 - 0183(Address of principal executive offices)
    
    (Zip Code)
   Title of each class
    
    Name of each exchange on which registeredCommon Stock, par value $.01
    
    American Stock Exchange
 
 o þ
 o þ
 þ o
 o
  Large accelerated filer
o
    
    Accelerated filer o
    
    Non-accelerated filer  
þ
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ




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##### 



CONTENTS
 PageNo.Defined TermsPart IItem 1. Business
    
    
    3Item 1A. Risk Factors
    
    
    10Item 1B. Unresolved Staff Comments
    
    
    13Item 2. Properties
    
    
    14Item 3. Legal Proceedings
    
    
    15Item 4. Submission of Matters to a Vote of Security Holders
    
    
    15Part IIItem 5. Market for the Registrants Common Equity, Related Stockholder Matters, and Issuer Purchases
of Equity Securities
    
    
    16Item 6. Selected Financial Data
    
    
    17Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    18Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    24Item 8. Financial Statements and Supplementary Data
    
    
    25Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
    
    
    47Item 9A(T). Controls and Procedures
    
    
    47Item 9B. Other Information
    
    
    47Part IIIItem 10. Directors, Executive Officers, and Corporate Governance
    
    
    48Item 11. Executive Compensation
    
    
    48Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    48Item 13. Certain Relationships, Related Transactions, and Director Independence
    
    
    48Item 14. Principal Accounting Fees and Services
    
    
    48Part IVItem 15. Exhibits and Financial Statement Schedules
    
    
    49Signatures
    
    
    50Exhibit IndexEX-10(I)EX-23EX-24EX-31(A)EX-31(B)EX-32(A)EX-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; general economic conditions in the
markets in which Core Molding Technologies operates; 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; failure of Core Molding Technologies suppliers to
perform their contractual obligations; the availability of raw materials; inflationary pressures;
new technologies; competitive and regulatory matters; labor relations; the loss or inability of
Core Molding Technologies to attract and retain key personnel; 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; 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
    
    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
 SMC Compound
   
    
    Control information during various production processes; and
    
    Data for statistical batch controls.
  SMC PoundsProducedYear
    
    (Millions)2007
    
    
    222006
    
    
    312005
    
    
    31
 6




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Glass Mat Thermoplastic (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
    8




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CAPITAL EXPENDITURES AND RESEARCH AND DEVELOPMENT
    ENVIRONMENTAL COMPLIANCE
   EMPLOYEES
  PATENTS, TRADE NAMES, AND TRADEMARKS
  SEASONALITY & BUSINESS CYCLE
  9




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##### Table of Contents



ITEM 1A. RISK FACTORS
  We are dependent on sales to a small number of 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.
   Increases in energy prices will increase our operating costs and likely reduce our profitability.
  Our business is subject to risks associated with manufacturing processes.
  11




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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.
  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.
  12




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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.
  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.
  
 ITEM 1B. UNRESOLVED STAFF COMMENTS
  13




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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
    
    
    103,976Office
    
    
    3,764Total
    
    
    107,740
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##### Table of Contents



ApproximateSquare FeetManufacturing/Warehouse
    
    
    309,400Office
    
    
    3,600Total
    
    
    313,000
  
 ITEM 3. LEGAL PROCEEDINGS
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 .
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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
    
    
    2007
    
    
    $
    7.71
    
    
    $
    6.75Third Quarter
    
    
    2007
    
    
    
    8.74
    
    
    
    6.70Second Quarter
    
    
    2007
    
    
    
    8.48
    
    
    
    6.56First Quarter
    
    
    2007
    
    
    
    10.35
    
    
    
    7.05Fourth Quarter
    
    
    2006
    
    
    $
    11.22
    
    
    $
    6.59Third Quarter
    
    
    2006
    
    
    
    7.10
    
    
    
    5.25Second Quarter
    
    
    2006
    
    
    
    7.90
    
    
    
    5.02First Quarter
    
    
    2006
    
    
    
    8.99
    
    
    
    5.05
   Equity Compensation Plan Information
  Number of Shares
    
    Weightedto be Issued Upon
    
    Average
    
    Number ofExercise of
    
    Exercise Price
    
    SharesOutstanding
    
    of Outstanding
    
    RemainingOptions or Vesting
    
    Options or
    
    Available forof Restricted
    
    Restricted
    
    FuturePlan Category
    
    Grants
    
    Grants
    
    IssuanceEquity compensation plans approved by
stockholders
    
    
    682,116
    
    
    $
    3.66
    
    
    
    2,023,730Equity 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. 16




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COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
 
 
 *
  
  $100 invested on 12/31/02 in stock or index-including reinvestment of dividends. Fiscal year ending December 31.Copyright © 2008, Standard & Poors, a division of The McGraw-Hill Companies, Inc. All rights reserved. www.researchdatagroup.com/S&P.htm  
 ITEM 6. SELECTED FINANCIAL DATA
  Years Ended December 31,(In thousands,except per share data)
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Operating Data:Product sales
    
    $
    101,045
    
    
    $
    150,174
    
    
    $
    124,910
    
    
    $
    103,733
    
    
    $
    81,295Tooling sales
    
    
    21,667
    
    
    
    12,156
    
    
    
    5,633
    
    
    
    8,112
    
    
    
    11,488Net sales
    
    
    122,712
    
    
    
    162,330
    
    
    
    130,543
    
    
    
    111,845
    
    
    
    92,783Gross margin
    
    
    16,968
    
    
    
    29,869
    
    
    
    23,275
    
    
    
    17,113
    
    
    
    13,898Income
before interest and taxes
    
    
    5,569
    
    
    
    15,856
    
    
    
    10,394
    
    
    
    6,572
    
    
    
    4,403Net income
    
    
    3,726
    
    
    
    10,411
    
    
    
    6,286
    
    
    
    5,135
    
    
    
    1,665Earnings Per Share Data:Net income per common share:Basic
    
    
    .43
    
    
    
    1.03
    
    
    
    .63
    
    
    
    .53
    
    
    
    .17Diluted
    
    
    .41
    
    
    
    1.00
    
    
    
    .60
    
    
    
    .52
    
    
    
    .17Balance Sheet Data:Total assets
    
    
    61,695
    
    
    
    89,506
    
    
    
    74,221
    
    
    
    68,960
    
    
    
    56,152Working capital
    
    
    6,253
    
    
    
    27,575
    
    
    
    22,766
    
    
    
    13,530
    
    
    
    8,544Long-term debt
    
    
    5,914
    
    
    
    7,779
    
    
    
    9,595
    
    
    
    11,371
    
    
    
    12,999Stockholders equity
    
    
    21,827
    
    
    
    42,694
    
    
    
    34,141
    
    
    
    26,277
    
    
    
    20,854Return on Equity
    
    
    17
    %
    
    
    24
    %
    
    
    18
    %
    
    
    20
    %
    
    
    8
    %
 17




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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; general economic conditions in the
markets, sometimes driven by federal and state regulations(including engine emission regulations),
which Core Molding Technologies operates; 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; failure of Core Molding Technologies suppliers to perform their contractual
obligations; the availability of raw materials; inflationary pressures; new technologies;
competitive and regulatory matters; labor relations; the loss or inability of Core Molding
Technologies to attract and retain key personnel; compliance changes to 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; 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
    18




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RESULTS OF OPERATIONS
 2007 COMPARED WITH 2006
         19




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2006 COMPARED WITH 2005
         20




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LIQUIDITY AND CAPITAL RESOURCES
       CONTRACTUAL OBLIGATIONS AND OFF-BALANCE SHEET TRANSACTIONS
   2008
    
    
    2009 - 2010
    
    
    2011 - 2012
    
    
    2013 and after
    
    
    TotalDebt
    
    $
    1,866,000
    
    
    $
    3,866,000
    
    
    $
    1,627,000
    
    
    $
    420,000
    
    
    $
    7,779,000Line of credit
    
    
    2,252,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,252,000Interest
    
    
    365,000
    
    
    
    419,000
    
    
    
    115,000
    
    
    
    4,000
    
    
    
    903,000Operating lease obligations
    
    
    604,000
    
    
    
    941,000
    
    
    
    11,000
    
    
    
    
    
    
    
    1,556,000Contractual commitments for
capital expenditures
    
    
    486,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    486,000Postretirement benefits
    
    
    489,000
    
    
    
    934,000
    
    
    
    1,396,000
    
    
    
    13,623,000
    
    
    
    16,442,000Unrecognized tax benefit
    
    
    24,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,000Total
    
    $
    6,086,000
    
    
    $
    6,160,000
    
    
    $
    3,149,000
    
    
    $
    14,047,000
    
    
    $
    29,442,000
  21




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CRITICAL ACCOUNTING POLICIES AND ESTIMATES
   Accounts Receivable Allowances
  Inventories
  Goodwill and Long-Lived Assets
  Self-Insurance
  Post Retirement Benefits
  Revenue Recognition
  22




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Income Taxes.
    INFLATION
  RECENT ACCOUNTING PRONOUNCEMENTS
 Fair Value Measurements.
 Establishing the Fair Value Option for
Financial Assets and Liabilities Fair Value Measurements.
   23




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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
     24




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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     /s/ Deloitte & Touche LLPDeloitte & Touche LLPColumbus, OhioMarch 28, 2008
 25




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Core Molding Technologies, Inc. and Subsidiaries
Consolidated Statements of Income
 Years Ended December 31,2007
    
    
    2006
    
    
    2005Net sales:Products
    
    $
    101,045,056
    
    
    $
    150,173,598
    
    
    $
    124,909,485Tooling
    
    
    21,666,831
    
    
    
    12,156,392
    
    
    
    5,633,379Total sales
    
    
    122,711,887
    
    
    
    162,329,990
    
    
    
    130,542,864Cost of sales
    
    
    103,350,263
    
    
    
    130,093,453
    
    
    
    105,054,151Postretirement benefits expense
    
    
    2,393,642
    
    
    
    2,367,602
    
    
    
    2,213,622Total cost of sales
    
    
    105,743,905
    
    
    
    132,461,055
    
    
    
    107,267,773Gross margin
    
    
    16,967,982
    
    
    
    29,868,935
    
    
    
    23,275,091Selling, general, and administrative expense
    
    
    10,856,539
    
    
    
    13,488,297
    
    
    
    12,353,191Postretirement benefits expense
    
    
    542,221
    
    
    
    524,889
    
    
    
    528,147Total selling, general, and administrative
expense
    
    
    11,398,760
    
    
    
    14,013,186
    
    
    
    12,881,338Income before interest and income taxes
    
    
    5,569,222
    
    
    
    15,855,749
    
    
    
    10,393,753Interest income
    
    
    542,167
    
    
    
    645,120
    
    
    
    226,202Interest expense
    
    
    (717,162
    )
    
    
    (488,310
    )
    
    
    (750,763
    )Income before income taxes
    
    
    5,394,227
    
    
    
    16,012,559
    
    
    
    9,869,192Income taxes:Current
    
    
    1,540,421
    
    
    
    3,956,972
    
    
    
    828,012Deferred
    
    
    127,333
    
    
    
    1,644,940
    
    
    
    2,755,124Total income taxes
    
    
    1,667,754
    
    
    
    5,601,912
    
    
    
    3,583,136Net income
    
    $
    3,726,473
    
    
    $
    10,410,647
    
    
    $
    6,286,056Net income per common share:Basic
    
    $
    .43
    
    
    $
    1.03
    
    
    $
    0.63Diluted
    
    $
    .41
    
    
    $
    1.00
    
    
    $
    0.60Weighted average common shares outstanding:Basic
    
    
    8,686,905
    
    
    
    10,078,800
    
    
    
    9,913,209Diluted
    
    
    9,004,429
    
    
    
    10,387,122
    
    
    
    10,412,774
  26




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Core Molding Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
 December 31,2007
    
    
    2006AssetsCurrent assets:Cash
    
    $
    
    
    
    $
    16,096,223Accounts receivable (less allowance for doubtful accounts:2007 - $334,000 and 2006 - $262,000)
    
    
    12,469,502
    
    
    
    22,456,177Inventories:Finished and work in process goods
    
    
    3,333,119
    
    
    
    2,793,993Stores
    
    
    5,011,291
    
    
    
    4,598,983Total inventories
    
    
    8,344,410
    
    
    
    7,392,976Deferred tax asset
    
    
    1,625,781
    
    
    
    1,529,592Foreign sales tax receivable
    
    
    959,767
    
    
    
    1,032,058Income tax receivable
    
    
    
    
    
    
    1,432,324Prepaid expenses and other current assets
    
    
    632,329
    
    
    
    730,109Total current assets
    
    
    24,031,789
    
    
    
    50,669,459Property, plant, and equipment
    
    
    59,906,910
    
    
    
    56,927,053Accumulated depreciation
    
    
    (29,691,245
    )
    
    
    (26,389,062
    )Property, plant, and equipment  net
    
    
    30,215,665
    
    
    
    30,537,991Deferred tax asset
    
    
    6,173,514
    
    
    
    6,916,348Goodwill
    
    
    1,097,433
    
    
    
    1,097,433Customer list/ Non-compete
    
    
    87,629
    
    
    
    138,814Other assets
    
    
    89,168
    
    
    
    145,668Total
    
    $
    61,695,198
    
    
    $
    89,505,713Liabilities
and Stockholders EquityCurrent liabilities:Current portion long-term debt
    
    $
    1,865,716
    
    
    $
    1,815,716Notes payable line of credit
    
    
    2,251,863
    
    
    
    Accounts payable
    
    
    8,537,895
    
    
    
    10,735,295Tooling in progress
    
    
    102,419
    
    
    
    1,179,684Current portion graduated lease payments
    
    
    
    
    
    
    70,373Current portion of postretirement benefit liability
    
    
    489,000
    
    
    
    247,000Accrued liabilities:Compensation and related benefits
    
    
    3,350,867
    
    
    
    7,111,475Interest payable
    
    
    89,721
    
    
    
    76,373Taxes
    
    
    23,221
    
    
    
    Other
    
    
    1,067,792
    
    
    
    1,858,662Total current liabilities
    
    
    17,778,494
    
    
    
    23,094,578Long-term debt
    
    
    5,913,563
    
    
    
    7,779,279Interest rate swaps
    
    
    223,566
    
    
    
    35,848Graduated lease payments
    
    
    
    
    
    
    41,050Postretirement benefits liability
    
    
    15,952,891
    
    
    
    15,860,558Total Liabilities
    
    
    39,868,514
    
    
    
    46,811,313Commitments and ContingenciesStockholders Equity:Preferred stock  $0.01 par value, authorized shares - 10,000,000;
outstanding shares: 2007 and 2006 -
0
    
    
    
    
    
    
    Common stock  $0.01 par value, authorized shares - 20,000,000;
outstanding shares: 2007 - 6,727,871 and 2006 - 10,204,607
    
    
    67,279
    
    
    
    102,046Paid-in capital
    
    
    22,614,127
    
    
    
    21,872,723Accumulated other comprehensive loss, net of income tax effect
    
    
    (2,209,540
    )
    
    
    (3,019,315
    )Treasury stock
    
    
    (26,179,054
    )
    
    
    Retained earnings
    
    
    27,533,872
    
    
    
    23,738,946Total stockholders equity
    
    
    21,826,684
    
    
    
    42,694,400Total
    
    $
    61,695,198
    
    
    $
    89,505,713
  27




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Consolidated Statements of Stockholders Equity
for the Years Ended December 31, 2007, 2006, and 2005
 AccumulatedCommon Stock
    
    
    
    
    
    
    
    
    
    
    Other
    
    
    
    
    
    
    TotalOutstanding
    
    
    Paid-In
    
    
    Retained
    
    
    Comprehensive
    
    
    Treasury
    
    
    StockholdersShares
    
    
    Amount
    
    
    Capital
    
    
    Earnings
    
    
    Income (Loss)
    
    
    Stock
    
    
    EquityBalance at January 1, 2005
    
    
    9,780,067
    
    
    $
    97,801
    
    
    $
    19,451,378
    
    
    $
    7,042,243
    
    
    $
    (314,536
    )
    
    $
    
    
    
    $
    26,276,886Net Income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,286,056
    
    
    
    
    
    
    
    
    
    
    
    6,286,056Hedge accounting effect
of the interest
rate swap, net of
deferred income tax
expense of $125,794
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    255,645
    
    
    
    
    
    
    
    255,645Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,541,701Common shares issued from
exercise of
stock options
    
    
    261,400
    
    
    
    2,614
    
    
    
    805,747
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    808,361Tax effect from exercise
of stock options
    
    
    
    
    
    
    
    
    
    
    513,819
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    513,819Balance at December 31, 2005


    10,041,467
    
    
    
    100,415
    
    
    
    20,770,944
    
    
    
    13,328,299
    
    
    
    (58,891
    )
    
    
    
    
    
    
    34,140,767Net Income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,410,647
    
    
    
    
    
    
    
    
    
    
    
    10,410,647Hedge accounting effect
of the interest
rate swap, net of
deferred income tax
expense of $25,541
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    39,576
    
    
    
    
    
    
    
    39,576Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,450,223Common shares issued from
exercise of
stock options
    
    
    152,270
    
    
    
    1,522
    
    
    
    483,495
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    485,017Tax effect from exercise
of stock options
    
    
    
    
    
    
    
    
    
    
    279,505
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    279,505Restricted stock issued
    
    
    10,870
    
    
    
    109
    
    
    
    89,821
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    89,930Share-based compensation
    
    
    
    
    
    
    
    
    
    
    248,958
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    248,958Adoption of SFAS 158, net
of deferred
income tax benefit of $1,740,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,000,000
    )
    
    
    
    
    
    
    (3,000,000
    )Balance at December 31,
2006


    10,204,607
    
    
    
    102,046
    
    
    
    21,872,723
    
    
    
    23,738,946
    
    
    
    (3,019,315
    )
    
    
    
    
    
    
    42,694,400Net Income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,726,473
    
    
    
    
    
    
    
    
    
    
    
    3,726,473Hedge accounting effect
of the interest
rate swap, net of
deferred income tax
benefit of $63,824
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (89,230
    )
    
    
    
    
    
    
    (89,230
    )Deferral of unrecognized
net gain, net of tax
expense of $485,096
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    730,005
    
    
    
    
    
    
    
    730,005Amortization of
unrecognized net loss,
net of tax expense of $98,041
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    169,000
    
    
    
    
    
    
    
    169,000Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,536,248Common shares issued from
exercise of
stock options
    
    
    115,256
    
    
    
    1,153
    
    
    
    357,071
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    358,224Tax effect from exercise
of stock options
    
    
    
    
    
    
    
    
    
    
    116,139
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    116,139Restricted stock issued
    
    
    8,008
    
    
    
    80
    
    
    
    56,705
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    56,785Share-based compensation
    
    
    
    
    
    
    
    
    
    
    211,489
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    211,489Cumulative impact of
change in accounting
for uncertainties in
income taxes (FIN 48 -
Note 10)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    68,453
    
    
    
    
    
    
    
    
    
    
    
    68,453Purchase of Treasury stock
    
    
    (3,600,000
    )
    
    
    (36,000
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (26,179,054
    )
    
    
    (26,215,054
    )Balance at December 31,
2007


    6,727,871
    
    
    $
    67,279
    
    
    $
    22,614,127
    
    
    $
    27,533,872
    
    
    $
    (2,209,540
    )
    
    $
    (26,179,054
    )
    
    $
    21,826,684
  28




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Consolidated Statements of Cash Flows
 Years Ended December 31,2007
    
    
    2006
    
    
    2005Cash flows from operating activities:Net income
    
    $
    3,726,473
    
    
    $
    10,410,647
    
    
    $
    6,286,056Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    3,409,867
    
    
    
    2,715,517
    
    
    
    2,255,702Deferred income taxes
    
    
    127,332
    
    
    
    1,644,804
    
    
    
    2,755,124Interest expense (income) related to ineffectiveness of swap
    
    
    34,664
    
    
    
    (3,401
    )
    
    
    7,746Loss (Gain) on disposal of assets
    
    
    (3,116
    )
    
    
    49,049
    
    
    
    14,701Share-based compensation
    
    
    268,274
    
    
    
    338,888
    
    
    
    Amortization of gain on sale/leaseback transactions
    
    
    
    
    
    
    (648,054
    )
    
    
    (453,554
    )Loss (Gain) on translation of foreign currency financial statements
    
    
    7,826
    
    
    
    27,814
    
    
    
    (19,506
    )Change in operating assets and liabilities (net of effects from acquisition in
2005):Accounts receivable
    
    
    9,986,675
    
    
    
    (176,589
    )
    
    
    (3,112,488
    )Inventories
    
    
    (951,434
    )
    
    
    (97,955
    )
    
    
    (81,663
    )Prepaid expenses and other assets
    
    
    170,072
    
    
    
    (57,507
    )
    
    
    568,315Accounts payable
    
    
    (2,442,408
    )
    
    
    169,719
    
    
    
    (2,697,636
    )Accrued and other liabilities
    
    
    (4,202,820
    )
    
    
    935,226
    
    
    
    794,198Postretirement benefits liability
    
    
    1,816,475
    
    
    
    1,601,014
    
    
    
    1,731,770Net cash provided by operating activities
    
    
    11,947,880
    
    
    
    16,909,172
    
    
    
    8,048,765Cash flows from investing activities:Purchase of property, plant, and equipment
    
    
    (2,742,675
    )
    
    
    (9,226,312
    )
    
    
    (3,044,643
    )Proceeds from sale of property and equipment
    
    
    3,116
    
    
    
    10,563
    
    
    
    65,000Acquisition of Cincinnati Fiberglass, Inc.
    
    
    
    
    
    
    
    
    
    
    (688,077
    )Proceeds from maturities on mortgage-backed security investment
    
    
    
    
    
    
    
    
    
    
    88,239Net cash used in investing activities
    
    
    (2,739,559
    )
    
    
    (9,215,749
    )
    
    
    (3,579,481
    )Cash flows from financing activities:Proceeds from issuance of common stock
    
    
    358,224
    
    
    
    485,017
    
    
    
    808,361Net borrowing on revolving Line of Credit
    
    
    2,251,863
    
    
    
    
    
    
    
    Tax effect from exercise of stock options
    
    
    116,139
    
    
    
    279,505
    
    
    
    513,819Payment of principal on bank note
    
    
    (1,285,716
    )
    
    
    (1,285,716
    )
    
    
    (1,285,716
    )Payment of principal on industrial revenue bond
    
    
    (530,000
    )
    
    
    (490,000
    )
    
    
    (450,000
    )Payments related to purchase of Treasury Stock
    
    
    (26,215,054
    )
    
    
    
    
    
    
    Net cash used in financing activities
    
    
    (25,304,544
    )
    
    
    (1,011,194
    )
    
    
    (413,536
    )Net increase (decrease) in cash and cash equivalents
    
    
    (16,096,223
    )
    
    
    6,682,229
    
    
    
    4,055,748Cash and cash equivalents at beginning of year
    
    
    16,096,223
    
    
    
    9,413,994
    
    
    
    5,358,246Cash and cash equivalents at end of year
    
    $
    
    
    
    $
    16,096,223
    
    
    $
    9,413,994Cash paid during the year for:Interest
    
    $
    627,873
    
    
    $
    578,300
    
    
    $
    668,709Income taxes (net of tax refunds)
    
    $
    19,912
    
    
    $
    5,054,371
    
    
    $
    526,918
  29




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements
 1. Business Formation and Nature of Operations
   2. Summary of Significant Accounting Policies
 Principles
of Consolidation -
 Use of Estimates
 Revenue Recognition
 Cash
and Cash Equivalents -
 Accounts
Receivable Allowances -
 Inventories
 30




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
 Property, Plant, and Equipment
  Land improvements
    
    20 yearsBuilding and improvements
    
    20-40 yearsMachinery and equipment
    
    3-15 yearsTools, dies and patterns
    
    3-5 years
  Long-Lived Assets st
 Self-insurance 
 Fair Value of Financial Instruments
 Concentration of Credit Risk
 Earnings Per Common Share
 31




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
  Years Ended December 31,2007
    
    
    2006
    
    
    2005Net income
    
    $
    3,726,473
    
    
    $
    10,410,647
    
    
    $
    6,286,056Weighted average common shares outstanding
    
    
    8,686,905
    
    
    
    10,078,800
    
    
    
    9,913,209Plus: dilutive options assumed exercised
    
    
    587,700
    
    
    
    748,956
    
    
    
    1,027,700Plus: weighted average non-vested restricted stock
    
    
    33,532
    
    
    
    15,616
    
    
    
    Less: shares assumed repurchased with proceeds from
exercise
    
    
    303,708
    
    
    
    456,250
    
    
    
    528,135Weighted average common and potentially issuable
common shares outstanding
    
    
    9,004,429
    
    
    
    10,387,122
    
    
    
    10,412,774Basic earnings per common share
    
    $
    .43
    
    
    $
    1.03
    
    
    $
    0.63Diluted earnings per common share
    
    $
    .41
    
    
    $
    1.00
    
    
    $
    0.60
  Research and Development
 Deferred Gain
 Recent Accounting Pronouncements  Accounting for Uncertainty in Income Taxes, Accounting for Income Taxes
 Fair Value Measurements.
 Establishing the Fair Value Option for
Financial Assets and Liabilities Fair Value Measurements.
  32




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
   Foreign Currency Adjustments
 3. Major Customers
   2007
    
    
    2006
    
    
    2005Navistar product sales
    
    $
    45,306,691
    
    
    $
    71,016,465
    
    
    
    61,391,320Navistar tooling sales
    
    
    8,322,599
    
    
    
    10,206,378
    
    
    
    4,990,603Total Navistar sales
    
    
    53,629,290
    
    
    
    81,222,843
    
    
    
    66,381,923PACCAR product sales
    
    
    27,813,324
    
    
    
    34,990,325
    
    
    
    15,446,600PACCAR tooling sales
    
    
    12,518,169
    
    
    
    1,232,015
    
    
    
    65,484Total PACCAR sales
    
    
    40,331,493
    
    
    
    36,222,340
    
    
    
    15,512,084Other product sales
    
    
    27,925,041
    
    
    
    44,166,808
    
    
    
    48,071,565Other tooling sales
    
    
    826,063
    
    
    
    717,999
    
    
    
    577,292Total other sales
    
    
    28,751,104
    
    
    
    44,884,807
    
    
    
    48,648,857Total product sales
    
    
    101,045,056
    
    
    
    150,173,598
    
    
    
    124,909,485Total tooling sales
    
    
    21,666,831
    
    
    
    12,156,392
    
    
    
    5,633,379Total sales
    
    $
    122,711,887
    
    
    $
    162,329,990
    
    
    $
    130,542,864
 4. Acquisitions
  33




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
   Inventories
    
    $
    668,862Property and Equipment
    
    
    95,000Non-compete agreement
    
    
    5,000Tooling accounts receivable
    
    
    36,265Total assets purchased
    
    
    805,127Accrued vacation assumed
    
    
    (117,050
    )Net purchase price
    
    $
    688,077
 5. Foreign Operations
  6. Property, Plant, and Equipment
  2007
    
    
    2006Land and land improvements
    
    $
    2,311,507
    
    
    $
    2,311,507Buildings
    
    
    20,257,248
    
    
    
    20,140,860Machinery and equipment
    
    
    36,062,831
    
    
    
    32,360,557Tools, dies, and patterns
    
    
    765,268
    
    
    
    733,160Additions in progress
    
    
    510,056
    
    
    
    1,380,969Total
    
    
    59,906,910
    
    
    
    56,927,053Less accumulated depreciation
    
    
    (29,691,245
    )
    
    
    (26,389,062
    )Property, plant, and equipment  net
    
    $
    30,215,665
    
    
    $
    30,537,991
  34




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
 7. Debt and Leases
 December, 312007
    
    
    2006Revolving
line of credit, collateralized by all the Companys assets.
    
    $
    2,251,863
    
    
    $
    Note Payable to bank, interest at a variable rate with monthly
payments of interest and principal over a seven-year period through
December 2010, collateralized by a security interest in all the
Companys assets.
    
    
    3,964,279
    
    
    
    5,249,995Industrial Revenue Bond, interest adjustable weekly (2007 average
3.78%; 2006 average 3.60%), payable quarterly, principal due in
variable quarterly installments through April, 2013, secured by a
bank letter of credit with a balance of $3,930,000 as of December
31, 2007.
    
    
    3,815,000
    
    
    
    4,345,000Total
    
    
    10,031,142
    
    
    
    9,594,995Less current portion
    
    
    (4,117,579
    )
    
    
    (1,815,716
    )Long-term debt
    
    $
    5,913,563
    
    
    $
    7,779,279
 Note Payable  Bank
  Industrial Revenue Bond
   Revolving Line of Credit
  35




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
 Annual maturities of long-term debt are as follows:
 2008
    
    $
    4,118,0002009
    
    
    1,906,0002010
    
    
    1,960,0002011
    
    
    837,0002012
    
    
    790,000Thereafter
    
    
    420,000Total
    
    $
    10,031,000
 Interest Rate Swaps
    Bank Covenants
  Leases
    36




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
  2008
    
    $
    604,0002009
    
    
    603,0002010
    
    
    338,0002011
    
    
    11,000Total minimum lease payments
    
    $
    1,556,000
 8. Equity
 Treasury Stock
  Anti-takeover Measures
  Restrictions on Transfer
   37




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
 9. Stock Based Compensation
     Year EndedDecember 31,2005Net income, as reported
    
    $
    6,286,056Deduct: Total stock-based employee compensation expense
determined under fair value based method for all awards,
net of related tax effects
    
    
    (264,813
    )Pro forma net income
    
    $
    6,021,243Earnings per share:Basic  as reported
    
    $
    0.63Basic  pro forma
    
    $
    0.61Diluted  as reported
    
    $
    0.60Diluted  pro forma
    
    $
    0.58
 38




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
 Stock Options
    2007
    
    
    2006
    
    
    2005Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedNumber
    
    
    Average
    
    
    Number
    
    
    Average
    
    
    Number
    
    
    Averageof
    
    
    Exercise
    
    
    of
    
    
    Exercise
    
    
    of
    
    
    ExerciseOptions
    
    
    Price
    
    
    Options
    
    
    Price
    
    
    Options
    
    
    PriceOutstanding  beginning
of year
    
    
    799,956
    
    
    $
    3.35
    
    
    
    1,032,700
    
    
    $
    3.33
    
    
    
    1,203,900
    
    
    $
    3.12Granted
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    123,000
    
    
    
    4.95Exercised
    
    
    (115,256
    )
    
    
    3.11
    
    
    
    (152,270
    )
    
    
    3.19
    
    
    
    (261,400
    )
    
    
    3.09Forfeited
    
    
    (64,000
    )
    
    
    3.96
    
    
    
    (80,474
    )
    
    
    3.45
    
    
    
    (32,800
    )
    
    
    2.80Outstanding  end of year
    
    
    620,700
    
    
    $
    3.33
    
    
    
    799,956
    
    
    $
    3.35
    
    
    
    1,032,700
    
    
    $
    3.33Exercisable at December 31
    
    
    458,350
    
    
    $
    3.28
    
    
    
    493,176
    
    
    $
    3.23
    
    
    
    514,625
    
    
    $
    3.18
 December 31, 2007:
 WeightedNumber
    
    
    Weighted
    
    
    Average
    
    
    Aggregateof
    
    
    Average
    
    
    Remaining
    
    
    IntrinsicShares
    
    
    Exercise Price
    
    
    Contractual Term
    
    
    ValueOutstanding at December 31, 2006
    
    
    799,956
    
    
    $
    3.35Exercised
    
    
    (115,256
    )
    
    
    3.11
    
    
    
    
    
    
    $
    641,000Granted
    
    
    
    
    
    
    Forfeited
    
    
    (64,000
    )
    
    
    3.96Outstanding at December 31, 2007
    
    
    620,700
    
    
    $
    3.33
    
    
    
    6.32
    
    
    $
    2,316,000Exercisable at December 31, 2007
    
    
    458,350
    
    
    $
    3.28
    
    
    
    6.13
    
    
    $
    1,731,000Vested or expected to vest at
December 31, 2007
    
    
    613,062
    
    
    $
    3.33
    
    
    
    6.56
    
    
    $
    2,288,000
 39




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
  WeightedNumber
    
    
    AverageOf
    
    
    Grant DateShares
    
    
    Fair ValueUnvested at December 31, 2004
    
    
    596,044
    
    
    $
    3.04Granted
    
    
    123,000
    
    
    
    4.95Vested
    
    
    (168,172
    )
    
    
    3.10Forfeited
    
    
    (32,800
    )
    
    
    2.80Unvested at December 31, 2005
    
    
    518,072
    
    
    
    3.49Granted
    
    
    
    
    
    
    Vested
    
    
    (130,818
    )
    
    
    3.39Forfeited
    
    
    (80,474
    )
    
    
    3.45Unvested at December 31, 2006
    
    
    306,780
    
    
    
    3.54Granted
    
    
    
    
    
    
    Vested
    
    
    (83,930
    )
    
    
    3.36Forfeited
    
    
    (60,500
    )
    
    
    4.24Unvested at December 31, 2007
    
    
    162,350
    
    
    $
    3.46
   Options Outstanding
    
    
    Options ExercisableWeightedWeighted
    
    
    Average
    
    
    
    
    
    
    WeightedRange of
    
    Number of
    
    
    Average
    
    
    Contractual Life
    
    
    Number of
    
    
    AverageExercise Prices
    
    Options
    
    
    Exercise Price
    
    
    In Years
    
    
    Options
    
    
    Exercise Price$2.75
    
    
    94,600
    
    
    $
    2.75
    
    
    
    6.4
    
    
    
    29,700
    
    
    $
    2.75$3.21
    
    
    436,100
    
    
    
    3.21
    
    
    
    6.1
    
    
    
    391,450
    
    
    
    3.21$3.28 to $3.50
    
    
    57,000
    
    
    
    3.29
    
    
    
    7.0
    
    
    
    24,000
    
    
    
    3.30$6.40 to $7.98
    
    
    33,000
    
    
    
    6.64
    
    
    
    7.9
    
    
    
    13,200
    
    
    
    6.64620,700
    
    
    $
    3.33
    
    
    
    
    
    
    
    458,350
    
    
    $
    3.28
 40




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
 Restricted Stock
   2007
    
    
    2006Weighted
    
    
    
    
    
    
    WeightedNumber
    
    
    Average
    
    
    Number
    
    
    Averageof
    
    
    Grant Date
    
    
    of
    
    
    Grant DateShares
    
    
    Fair Value
    
    
    Shares
    
    
    Fair ValueUnvested balance at beginning of year
    
    
    22,972
    
    
    $
    6.70
    
    
    
    
    
    
    $
    Granted
    
    
    51,105
    
    
    
    7.15
    
    
    
    36,305
    
    
    
    6.70Vested
    
    
    (8,008
    )
    
    
    7.09
    
    
    
    (10,870
    )
    
    
    6.70Forfeited
    
    
    (4,653
    )
    
    
    6.70
    
    
    
    (2,463
    )
    
    
    6.70Unvested at end of year
    
    
    61,416
    
    
    $
    7.02
    
    
    
    22,972
    
    
    $
    6.70Vested and expected to vest at December 31, 2007
    
    
    77,223
    
    
    $
    6.98
    
    
    
    32,675
    
    
    $
    6.70
  10. Income Taxes
  2007
    
    
    2006
    
    
    2005Current:Federal  US
    
    $
    1,606,000
    
    
    $
    3,284,000
    
    
    $
    494,000Federal  Foreign
    
    
    137,000
    
    
    
    104,000
    
    
    
    107,000State and local
    
    
    (202,000
    )
    
    
    569,000
    
    
    
    227,0001,541,000
    
    
    
    3,957,000
    
    
    
    828,000Deferred:Federal
    
    
    (142,000
    )
    
    
    1,655,000
    
    
    
    2,065,000State and local
    
    
    269,000
    
    
    
    (10,000
    )
    
    
    690,000127,000
    
    
    
    1,645,000
    
    
    
    2,755,000Provision for income taxes
    
    $
    1,668,000
    
    
    $
    5,602,000
    
    
    $
    3,583,000
 41




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
  2007
    
    
    2006
    
    
    2005Provision at federal statutory rate  US
    
    $
    1,834,000
    
    
    $
    5,444,000
    
    
    $
    3,356,000Effect of foreign taxes
    
    
    (81,000
    )
    
    
    (81,000
    )
    
    
    (71,000
    )State and local tax expense, net of federal benefit
    
    
    83,000
    
    
    
    407,000
    
    
    
    285,000Federal manufacturing deduction
    
    
    (98,000
    )
    
    
    (106,000
    )
    
    
    Other
    
    
    (70,000
    )
    
    
    (62,000
    )
    
    
    13,000Provision for income taxes
    
    $
    1,668,000
    
    
    $
    5,602,000
    
    
    $
    3,583,000
    2007
    
    
    2006Current Asset:Accrued liabilities
    
    $
    674,000
    
    
    $
    736,000Accounts receivable
    
    
    672,000
    
    
    
    572,000Inventory
    
    
    376,000
    
    
    
    345,000Other, net
    
    
    (96,000
    )
    
    
    (124,000
    )Total current asset
    
    
    1,626,000
    
    
    
    1,529,000Non-current asset (liability):Property, plant, and equipment
    
    
    425,000
    
    
    
    1,295,000Postretirement benefits
    
    
    5,842,000
    
    
    
    5,907,000Interest rate swap
    
    
    76,000
    
    
    
    12,000Other, net
    
    
    (170,000
    )
    
    
    (298,000
    )Total non-current asset
    
    
    6,173,000
    
    
    
    6,916,000Total deferred tax asset  net
    
    $
    7,799,000
    
    
    $
    8,445,000
   42




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
  Unrecognized Tax Benefits  Opening Balance
    
    $
    99,000Settlement
    
    
    (75,000
    )Unrecognized Tax Benefits  Ending Balance
    
    $
    24,000
    11. Postretirement Benefits
   43




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
  Postretirement Benefits2007
    
    
    2006Change in benefit obligation:Benefit obligation at beginning of year
    
    $
    16,107,000
    
    
    $
    15,081,000Service cost
    
    
    798,000
    
    
    
    797,000Interest cost
    
    
    995,000
    
    
    
    862,000Unrecognized gain
    
    
    (1,215,000
    )
    
    
    (519,000
    )Benefits paid
    
    
    (243,000
    )
    
    
    (114,000
    )Benefit obligation at end of year
    
    $
    16,442,000
    
    
    $
    16,107,000Plan Assets
    
    
    
    
    
    
    Amounts recorded in other comprehensive income:
    
    $
    3,259,000
    
    
    $
    4,740,000Weighted-average assumptions as of December 31:Discount rate used to determine benefit obligation
    
    
    6.50
    %
    
    
    5.60
    %Discount rate used to determine net periodic
benefit cost
    
    
    5.90
    %
    
    
    5.60
    %
  2007
    
    
    2006
    
    
    2005Pension Expense:Multi-employer plan
contributions
    
    $
    424,000
    
    
    $
    423,000
    
    
    $
    382,000Defined contribution plan
contributions
    
    
    452,000
    
    
    
    510,000
    
    
    
    483,000Total pension expense
    
    
    876,000
    
    
    
    933,000
    
    
    
    865,000Health and life insurance:Service cost
    
    
    798,000
    
    
    
    797,000
    
    
    
    901,000Interest cost
    
    
    995,000
    
    
    
    862,000
    
    
    
    737,000Amortization of net loss
    
    
    267,000
    
    
    
    300,000
    
    
    
    238,000Net periodic benefit cost
    
    
    2,060,000
    
    
    
    1,959,000
    
    
    
    1,876,000Total postretirement benefits
expense
    
    $
    2,936,000
    
    
    $
    2,892,000
    
    
    $
    2,741,000
    44




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
  1- Percentage
    
    1-PercentagePoint Increase
    
    Point DecreaseEffect on total of service and interest cost components
    
    $
    365,000
    
    
    $
    (289,000
    )Effect on postretirement benefit obligation
    
    $
    2,597,000
    
    
    $
    (2,127,000
    )
  Fiscal 2008
    
    $
    489,000Fiscal 2009
    
    $
    424,000Fiscal 2010
    
    $
    510,000Fiscal 2011
    
    $
    625,000Fiscal 2012
    
    $
    771,000Fiscal 2013  2017
    
    $
    5,572,000
 12. Related Party Transactions
   13. Labor Concentration
  14. Commitments and Contingencies
  45




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Notes to Consolidated Financial Statements  (Continued)
 15. Quarterly Results of Operations (Unaudited)
  1st Quarter
    
    
    2nd Quarter
    
    
    3rd Quarter
    
    
    4th Quarter
    
    
    Total Year2007:Product sales
    
    $
    30,650,936
    
    
    $
    24,685,106
    
    
    $
    23,744,611
    
    
    $
    21,964,403
    
    
    $
    101,045,056Tooling sales
    
    
    578,155
    
    
    
    13,610,170
    
    
    
    6,175,333
    
    
    
    1,303,173
    
    
    
    21,666,831Net sales
    
    
    31,229,091
    
    
    
    38,295,276
    
    
    
    29,919,944
    
    
    
    23,267,576
    
    
    
    122,711,887Gross margin
    
    
    4,825,686
    
    
    
    4,605,074
    
    
    
    4,079,067
    
    
    
    3,458,155
    
    
    
    16,967,982Income before interest and taxes
    
    
    1,734,103
    
    
    
    1,817,912
    
    
    
    1,292,471
    
    
    
    724,736
    
    
    
    5,569,222Net income
    
    
    1,212,770
    
    
    
    1,266,133
    
    
    
    717,182
    
    
    
    530,388
    
    
    
    3,726,473Net income per common share:Basic (1)
    
    $
    0.12
    
    
    $
    0.12
    
    
    $
    0.10
    
    
    $
    0.08
    
    
    $
    0.43Diluted (1)
    
    $
    0.11
    
    
    $
    0.12
    
    
    $
    0.09
    
    
    $
    0.08
    
    
    $
    0.412006:Product sales
    
    $
    35,354,658
    
    
    $
    38,425,961
    
    
    $
    38,854,393
    
    
    $
    37,538,586
    
    
    $
    150,173,598Tooling sales
    
    
    1,147,656
    
    
    
    1,084,696
    
    
    
    9,223,766
    
    
    
    700,274
    
    
    
    12,156,392Net sales
    
    
    36,502,314
    
    
    
    39,510,657
    
    
    
    48,078,159
    
    
    
    38,238,860
    
    
    
    162,329,990Gross margin
    
    
    6,828,571
    
    
    
    7,846,899
    
    
    
    8,292,674
    
    
    
    6,900,791
    
    
    
    29,868,935Income before interest and taxes
    
    
    3,652,100
    
    
    
    3,946,030
    
    
    
    4,547,151
    
    
    
    3,710,468
    
    
    
    15,855,749Net income
    
    
    2,281,906
    
    
    
    2,503,027
    
    
    
    2,937,775
    
    
    
    2,687,939
    
    
    
    10,410,647Net income per common share:Basic
    
    $
    0.23
    
    
    $
    0.25
    
    
    $
    0.29
    
    
    $
    0.26
    
    
    $
    1.03Diluted (1)
    
    $
    0.22
    
    
    $
    0.24
    
    
    $
    0.28
    
    
    $
    0.25
    
    
    $
    1.00
 
 (1)
    
    Sum of the quarters do not sum to total year due to rounding. 46




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##### Table of Contents



ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
 Not applicable.
 
 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
 None.
 47




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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 ACCOUNTING FEES AND SERVICES
  48




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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
 The following consolidated financial statements are included in Part II, Item 8 of this
Annual Report on Form 10-K:
 Report of Independent Registered Public Accounting FirmConsolidated Statements of Income for the Years Ended December 31, 2007, 2006,
and 2005Consolidated Balance Sheets as of December 31, 2007 and 2006Consolidated Statements of Stockholders Equity for the Years Ended December
31, 2007, 2006, and 2005Consolidated Statements of Cash Flows for the Years Ended December 31, 2007,
2006, and 2005Notes to Consolidated Financial Statements
 (2)
    
    Financial Statement Schedules
 The following consolidated financial statement schedules are filed with this
Annual Report on Form10-K:
 Schedule II  Valuation and Qualifying Accounts and Reserves for the
years ended December 31, 2007, 2006, and 2005All other schedules are omitted because of the absence of the conditions
under which they are required.
 (3)
    
    Exhibits
 See Index to Exhibits filed with this Annual Report on Form 10-K.
 49




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##### Table of Contents



SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
 CORE MOLDING TECHNOLOGIES, INC.By
    
    /s/ Kevin L. BarnettKevin L. BarnettPresident and Chief Executive Officer
  Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the registrant and in the capacities and on the
dates indicated:
 /s/ Kevin L. BarnettKevin L. Barnett
    
    President,
Chief Executive Officer,
and Director
    
    March 28,
2008/s/ Herman F. Dick, Jr.Herman F. Dick, Jr.
    
    Vice
President, Secretary, Treasurer,
and 
  Chief Financial Officer

    March 28,
2008*Thomas R. Cellitti
    
    Director
    
    March 28,
2008*James F. Crowley
    
    Director
    
    March 28,
2008*Ralph O. Hellmold
    
    Director
    
    March 28,
2008*Malcolm M. Prine
    
    Director
    
    March 28,
2008*By /s/ Herman F. Dick, Jr.Herman F. Dick, Jr.
    
    Attorney-In-Fact
    
    March 28,
2008
 50




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 Schedule II
   AdditionsBalance at
    
    Charged to
    
    Charged toBeginning
    
    Costs &
    
    Other
    
    Deductions
    
    Balance Atof Year
    
    Expenses
    
    Accounts
    
    (A)
    
    End of YearYear Ended December 31, 2007
    
    $
    262,000
    
    
    $
    107,000
    
    
    
    
    
    
    $
    35,000
    
    
    $
    334,000Year Ended December 31, 2006
    
    $
    214,000
    
    
    $
    120,000
    
    
    
    
    
    
    $
    72,000
    
    
    $
    262,000Year Ended December 31, 2005
    
    $
    235,000
    
    
    $
    93,000
    
    
    
    
    
    
    $
    114,000
    
    
    $
    214,000
 
 (A)
    
    Amount represents uncollectible accounts written off. 51




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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)
 52




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##### Table of Contents



Exhibit No.
    
    Description
    
    Location3(a)(3)
    
    Certificate of Incorporation of Core
Molding Technologies Inc., reflecting
amendments through November 6,
1996 [for purposes of compliance
with Securities and Exchange
Commission filing requirements only]
    
    Incorporated by
reference to Exhibit 4(c)
to Registration
Statement on Form S-8
(Registration No.
333-29203)3(a)(4)
    
    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)(5)
    
    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 Incorporation of Core
Molding Technologies, Inc., reflecting
amendments through November 6,
1996 [for purposes of compliance
with Securities and Exchange
Commission filing requirements only]
    
    Incorporated by
reference to
Exhibit 4(c) to
Registration Statement
on Form S-8
(Registration
No. 333-29203)4(a)(4)
    
    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, 2002
 53




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##### Table of Contents



Exhibit No.
    
    Description
    
    Location4(a)(5)
    
    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 October 31, 2006
between Core Molding Technologies, Inc.
and Core Composites Corporation and
International Truck and Engine Corp.5
    
    Incorporated by
reference to Exhibit 10(b)
to Annual Report on
Form 10-K for the year
ended December 31, 200610(b)
    
    Supply and Management Agreement dated
as of June 1, 2006 between PACCAR Inc.
and Core Molding Technologies, Inc.5
    
    Incorporated by reference
to Exhibit 10(a) to Quarterly
 Report on Form 10-Q for the
quarter ended June 30, 200710(c)
    
    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(d)
    
    Loan Agreement, dated December 3,
1997, by and between Core Molding
Technologies, Inc. and Key Bank National
Association
    
    Incorporated by reference
to Exhibit 10(e) to Annual
Report on Form 10-K for the
year ended December 31, 200210(e)(1)
    
    Amendment, dated March 29, 2001, to the
Loan Agreement dated December 3, 1997
by and between Core Molding Technologies,
Inc. and Key Bank National Association
    
    Incorporated by reference
to Exhibit 10(e)(1) to Annual
Report on Form 10-K for the
year ended December 31, 200210(e)(2)
    
    Amendment, dated December 12, 2002, to
the Loan Agreement dated December 3, 1997
by and between Core Molding Technologies,
Inc. and Key Bank National Association
    
    Incorporated by reference to
Exhibit 10(e)(2) to Annual
Report on Form 10-K for the
year ended December 31, 200210(e)(3)
    
    Loan Agreement, dated December 30, 2003,
by and between Core Molding Technologies,
Inc. and Key Bank National Association2
    
    Incorporated by reference to
Exhibit 10(e)(3) to Annual
 Report on Form 10-K for the
year ended December 31, 200310(e)(4)
    
    Second Amendment to Loan Agreement,
Revolving Variable Rate Cognovit Promissory
Note and Security Agreement, dated as of July 1
2007, between Core Molding Technologies, Inc.
and Key Bank National Association
    
    Incorporated by reference to
Exhibit 10.1 to Form 8-K
7, filed July 19, 2007
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Exhibit No.
    
    Description
    
    Location10(f)
    
    Master Equipment Lease Agreement3
by and between KeyCorp Leasing,
a division of Key Corporate
Capital, Inc. and Core Molding
Technologies, Inc.
    
    Incorporated by reference to
Exhibit 10(f) to Annual Report
on Form 10-K for the year
ended December 31, 200210(f)(1)
    
    Amendment, dated March 26, 2001, to
Master Equipment Lease Agreement3by
and between KeyCorp Leasing,
a division of Key Corporate
Capital, Inc. and Core Molding
Technologies, Inc.
    
    Incorporated by reference
to Exhibit 10(f)(1) to
Annual Report on Form
10-K for the year ended
December 31, 200010(g)
    
    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(h)
    
    Reimbursement Agreement, dated
April 1, 1998, by and between Core
Molding Technologies, Inc. and Key Bank
National Association
    
    Incorporated by reference to
Exhibit 10(h) to Annual
Report on Form 10-K for the
year ended December 31, 200310(h)(1)
    
    Amendment, dated March 29, 2001, to
Reimbursement Agreement, dated
April 1, 1998, by and between Core
Molding Technologies, Inc. and Key Bank
National Association
    
    Incorporated by reference
to Exhibit 10(h)(1) to
Annual Report on Form
10-K for the year ended
December 31, 200010(i)
    
    Core Molding Technologies, Inc.
Employee Stock Purchase Plan4
    
    Incorporated by
reference to Exhibit 4(e) to
Registration Statement on Form S-8
(Registration No. 333-60909)10(i)(1)
    
    2002 Core Molding Technologies, Inc.
Employee Stock Purchase Plan (as amended
May 17, 2006)4
    
    Incorporated by reference to
Exhibit 10.3 to Current Report
on Form 8-K dated May 23, 200610(j)
    
    Letter Agreement Regarding Terms and
Conditions of Interest Rate Swap
Agreement between Key Bank 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(k)
    
    2006 Core Molding Technologies, Inc.
Long Term Equity Incentive Plan4
    
    Incorporated by reference to
Exhibit 10.1 to Current Report
on Form 8-K dated May 23, 200610(l)
    
    Core Molding Technologies, Inc.
2007 Cash Profit Sharing Plan4
    
    Filed Herein10(m)
    
    Form of Amended and Restated
Executive Severance Agreement
between Core Molding Technologies, Inc.
and certain executive officers 4
    
    Incorporated by reference to
Exhibit 10.2 to Current Report
on Form 8-K dated January 4, 2008
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##### Table of Contents



Exhibit No.
    
    Description
    
    Location10(n)
    
    Form of Amended and Restated
Restricted Stock Agreement
between Core Molding Technologies, Inc.
and certain executive officers 4
    
    Incorporated by reference to
Exhibit 10.1 to Current Report
on Form 8-K dated January 4, 200810(o)
    
    Form of Executive Severance Agreement
between Core Molding Technologies, Inc.
and certain executive officers4
    
    Incorporated by reference to
Exhibit 10.4 to Current Report
on Form 8-K dated May 23, 200610(p)
    
    Form of Restricted Stock Agreement
between Core Molding Technologies, Inc.
and certain executive officers4
    
    Incorporated by reference to
Exhibit 10.2 to Current Report
on Form 8-K dated May 23, 200610(q)
    
    Stock repurchase agreement dated
July 17, 2007 between International
Truck and Engine Corp and Core
Molding Technologies Inc.
    
    Incorporated by reference to
Exhibit 10(b) to Quarterly Report
on Form 10-Q for the quarter
ended September 30, 200711
    
    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 Deloitte & Touche LLP
    
    Filed Herein24
    
    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 28, 2008,
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 28, 2008,
pursuant to 18 U.S.C. Section 1350
    
    Filed Herein
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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
    
    The Loan Agreement filed with this Annual Report on Form 10-K, omits the exhibits
(including Revolving Credit Note, Term Note, Security Agreement, Ohio Mortgage, South Carolina
Mortgage, and Guaranty) and schedules. Core Molding Technologies, Inc. will provide any omitted
exhibit to the SEC upon request.3
    
    The Master Equipment Lease, incorporated by reference in the Exhibits to this Annual
Report on Form 10-K, omits certain schedules (including addendum to the schedules) which separately
identify equipment subject to the Master Equipment Lease and certain additional terms applicable to
the lease of such equipment. New schedules may be added under the terms of the Master Equipment
Lease from time to time and existing schedules may change. Core Molding Technologies, Inc. will
provide any omitted schedule to the SEC upon request.4
    
    Indicates management contracts or compensatory plans that are required to be filed as
an exhibit to this Annual Report on Form 10-K.5
    
    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. 57