##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 Form 10-Q
 (Mark One)
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 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 
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 office)
    
    (Zip Code)
 (614) 870-5000
  
  þ o
  o o þ
  o þ




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##### 



Table of Contents
 Part I  Financial InformationItem 1
    
    Financial
StatementsCondensed Consolidated Balance Sheets
    
    
    3Condensed Consolidated Statements of Income
    
    
    4Condensed Consolidated Statement of Stockholders Equity
    
    
    5Condensed Consolidated Statements of Cash Flows
    
    
    6Notes to Condensed Consolidated Financial Statements
    
    
    7Item 2
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    13Item 3
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    19Item 4
    
    Control and Procedures
    
    
    20Part II  Other Information
    
    
    21Item 1.
    
    Legal Proceedings
    
    
    21Item 1A.
    
    Risk Factors
    
    
    21Item 2.
    
    Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    21Item 3.
    
    Defaults Upon Senior Securities
    
    
    21Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    21Item 5.
    
    Other Information
    
    
    21Item 6.
    
    Exhibits
    
    
    21Signatures
    
    
    22Index to Exhibits
    
    
    23EX-10(B)EX-31(A)EX-31(B)EX-32(A)EX-32(B)
  2




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##### Table of Contents



Part 1  Financial Information
Core Molding Technologies, Inc. and Subsidiaries
 
 Condensed Consolidated Balance Sheets
 September 30,
    
    
    December 31,2007
    
    
    2006(Unaudited)AssetsCurrent Assets:Cash
    
    $
    
    
    
    $
    16,096,223Accounts receivable (less allowance for doubtful accounts:September 30, 2007  $276,000; December 31, 2006  $262,000)
    
    
    19,905,696
    
    
    
    22,456,177Inventories:Finished and work in process goods
    
    
    2,951,800
    
    
    
    2,793,993Stores
    
    
    5,154,665
    
    
    
    4,598,983Total inventories
    
    
    8,106,465
    
    
    
    7,392,976Deferred tax asset
    
    
    1,469,756
    
    
    
    1,529,592Foreign sales tax receivable
    
    
    1,029,531
    
    
    
    1,032,058Income tax receivable
    
    
    
    
    
    
    1,432,324Tooling in progress
    
    
    544,489
    
    
    
    Prepaid expenses and other current assets
    
    
    802,642
    
    
    
    730,109Total current assets
    
    
    31,858,579
    
    
    
    50,669,459Property, plant and equipment
    
    
    59,504,089
    
    
    
    56,927,053Accumulated depreciation
    
    
    (28,922,660
    )
    
    
    (26,389,062
    )Property, plant and equipment  net
    
    
    30,581,429
    
    
    
    30,537,991Deferred tax asset
    
    
    6,887,064
    
    
    
    6,916,348Goodwill
    
    
    1,097,433
    
    
    
    1,097,433Customer list / non-compete, net
    
    
    100,425
    
    
    
    138,814Other assets
    
    
    95,061
    
    
    
    145,668Total
    
    $
    70,619,991
    
    
    $
    89,505,713Liabilities and Stockholders EquityLiabilities:Current liabilitiesCurrent portion of long-term debt
    
    $
    1,850,716
    
    
    $
    1,815,716Notes payable line of credit
    
    
    5,757,035
    
    
    
    Current portion of postretirement benefits liability
    
    
    247,000
    
    
    
    247,000Accounts payable
    
    
    12,562,426
    
    
    
    10,735,295Tooling in progress
    
    
    
    
    
    
    1,179,684Accrued liabilities:Compensation and related benefits
    
    
    4,193,381
    
    
    
    7,111,475Accrued taxes
    
    
    664,337
    
    
    
    Other
    
    
    1,150,232
    
    
    
    2,005,408Total current liabilities
    
    
    26,425,127
    
    
    
    23,094,578Long-term debt
    
    
    6,384,992
    
    
    
    7,779,279Interest rate swap
    
    
    111,857
    
    
    
    35,848Graduated lease payments
    
    
    
    
    
    
    41,050Postretirement benefits liability
    
    
    17,205,578
    
    
    
    15,860,558Commitments and ContingenciesStockholders Equity:Preferred stock  $0.01 par value, authorized shares  10,000,000;
Outstanding shares September 30, 2007 and December 31, 2006-0
    
    
    
    
    
    
    Common stock  $0.01 par value, authorized shares  20,000,000;
Outstanding shares: 6,721,871 at September 30, 2007 and
10,204,607 at December 31, 2006
    
    
    67,218
    
    
    
    102,046Paid-in capital
    
    
    22,531,765
    
    
    
    21,872,723Retained earnings
    
    
    27,003,484
    
    
    
    23,738,946Accumulated other comprehensive loss, net of income tax
    
    
    (2,930,976
    )
    
    
    (3,019,315
    )Treasury stock
    
    
    (26,179,054
    )
    
    
    Total stockholders equity
    
    
    20,492,437
    
    
    
    42,694,400Total
    
    $
    70,619,991
    
    
    $
    89,505,713
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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 
 Condensed Consolidated Statements of Income
(Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Net Sales:Products
    
    $
    23,744,611
    
    
    $
    38,854,393
    
    
    $
    79,080,653
    
    
    $
    112,635,012Tooling
    
    
    6,175,333
    
    
    
    9,223,766
    
    
    
    20,363,658
    
    
    
    11,456,118Total Sales
    
    
    29,919,944
    
    
    
    48,078,159
    
    
    
    99,444,311
    
    
    
    124,091,130Cost of sales
    
    
    25,214,124
    
    
    
    39,335,068
    
    
    
    84,106,093
    
    
    
    99,360,624Postretirement benefits expense
    
    
    626,753
    
    
    
    450,417
    
    
    
    1,828,391
    
    
    
    1,762,362Total cost of sales
    
    
    25,840,877
    
    
    
    39,785,485
    
    
    
    85,934,484
    
    
    
    101,122,986Gross Margin
    
    
    4,079,067
    
    
    
    8,292,674
    
    
    
    13,509,827
    
    
    
    22,968,144Selling, general and administrative expense
    
    
    2,667,215
    
    
    
    3,659,729
    
    
    
    8,273,378
    
    
    
    10,458,861Postretirement benefits expense
    
    
    119,381
    
    
    
    85,794
    
    
    
    391,963
    
    
    
    364,002Total selling, general and administrative expense
    
    
    2,786,596
    
    
    
    3,745,523
    
    
    
    8,665,341
    
    
    
    10,822,863Income before interest and taxes
    
    
    1,292,471
    
    
    
    4,547,151
    
    
    
    4,844,486
    
    
    
    12,145,281Interest income
    
    
    49,103
    
    
    
    211,707
    
    
    
    542,166
    
    
    
    465,885Interest expense
    
    
    (228,696
    )
    
    
    (176,293
    )
    
    
    (491,409
    )
    
    
    (496,390
    )Income before income taxes
    
    
    1,112,878
    
    
    
    4,582,565
    
    
    
    4,895,243
    
    
    
    12,114,776Income tax expense
    
    
    395,696
    
    
    
    1,644,790
    
    
    
    1,699,158
    
    
    
    4,392,067Net Income
    
    
    717,182
    
    
    $
    2,937,775
    
    
    
    3,196,085
    
    
    $
    7,722,709Net income per common share:Basic
    
    $
    0.10
    
    
    $
    0.29
    
    
    $
    0.34
    
    
    $
    0.77Diluted
    
    $
    0.09
    
    
    $
    0.28
    
    
    $
    0.33
    
    
    $
    0.74Weighted average shares outstanding:Basic
    
    
    7,441,871
    
    
    
    10,083,320
    
    
    
    9,339,984
    
    
    
    10,067,409Diluted
    
    
    7,727,088
    
    
    
    10,428,583
    
    
    
    9,658,583
    
    
    
    10,422,526
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Core Molding Technologies, Inc. and Subsidiaries
 
 Condensed Consolidated Statement of Stockholders Equity
(Unaudited)
 AccumulatedCommon Stock
    
    
    
    
    
    
    
    
    
    Other
    
    
    
    
    
    TotalOutstanding
    
    Paid-in
    
    Retained
    
    Comprehensive
    
    Treasury
    
    StockholdersShares
    
    Amount
    
    Capital
    
    Earnings
    
    Income (Loss)
    
    Stock
    
    EquityBalance at January 1, 2007
    
    
    10,204,607
    
    
    $
    102,046
    
    
    $
    21,872,723
    
    
    $
    23,738,946
    
    
    $
    (3,019,315
    )
    
    $
    
    
    
    $
    42,694,400Cumulative impact of change in
accounting for uncertainties in
income taxes (FIN 48  see Note 7)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    68,453
    
    
    
    
    
    
    
    
    
    
    
    68,453Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,196,085
    
    
    
    
    
    
    
    
    
    
    
    3,196,085Common shares issued from exercise
of stock options
    
    
    109,256
    
    
    
    1,092
    
    
    
    340,640
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    341,732Tax benefit from exercise of options
    
    
    
    
    
    
    
    
    
    
    112,217
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    112,217Restricted stock issued
    
    
    8,008
    
    
    
    80
    
    
    
    56,697
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    56,777Share based compensation
    
    
    
    
    
    
    
    
    
    
    149,488
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    149,488Amortization of previously
unrecognized postretirement plan
loss, net of deferred income tax
expense of $74,630
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    128,725
    
    
    
    
    
    
    
    128,725Hedge accounting effect of the
interest rate swaps at September
30, 2007 net of deferred income tax
benefit of $25,843
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (40,386
    )
    
    
    
    
    
    
    (40,386
    )Purchase of treasury stock
    
    
    (3,600,000
    )
    
    
    (36,000
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (26,179,054
    )
    
    
    (26,215,054
    )Balance at September 30, 2007
    
    
    6,721,871
    
    
    $
    67,218
    
    
    $
    22,531,765
    
    
    $
    27,003,484
    
    
    
    ($2,930,976
    )
    
    
    ($26,179,054
    )
    
    $
    20,492,437
  5




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 
 Condensed Consolidated Statements of Cash Flows(Unaudited)
 Nine Months EndedSeptember 30,2007
    
    
    2006Cash flows from operating activities:Net income
    
    $
    3,196,085
    
    
    $
    7,722,709Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation and amortization
    
    
    2,622,594
    
    
    
    2,020,871Deferred income taxes
    
    
    (19,504
    )
    
    
    (5,985
    )Share based compensation
    
    
    206,265
    
    
    
    284,263Interest income related to ineffectiveness of swap
    
    
    9,780
    
    
    
    640(Gain) loss on disposal of assets
    
    
    (1,039
    )
    
    
    10,363Amortization of gain on sale/leaseback transactions
    
    
    
    
    
    
    (425,536
    )Loss on translation of foreign currency financial statements
    
    
    7,826
    
    
    
    56,156Change in assets and liabilities:Accounts receivable
    
    
    2,550,481
    
    
    
    (8,401,342
    )Inventories
    
    
    (713,489
    )
    
    
    (478,874
    )Prepaid and other assets
    
    
    (70,005
    )
    
    
    35,960Accounts payable
    
    
    1,749,603
    
    
    
    2,682,513Accrued and other liabilities
    
    
    (3,313,544
    )
    
    
    3,455,675Postretirement benefits liability
    
    
    1,548,375
    
    
    
    1,437,750Net cash provided by operating activities
    
    
    7,773,428
    
    
    
    8,395,163Cash flows from investing activities:Purchase of property, plant and equipment
    
    
    (2,507,335
    )
    
    
    (4,909,705
    )Proceeds from sale of property and equipment
    
    
    1,039
    
    
    
    5,200Net cash used in investing activities
    
    
    (2,506,296
    )
    
    
    (4,904,505
    )Cash flows from financing activities:Proceeds from issuance of common stock
    
    
    341,732
    
    
    
    101,447Tax effect from exercise of stock options
    
    
    112,217
    
    
    
    Purchase of treasury stock
    
    
    (26,215,054
    )
    
    
    Net borrowing on revolving line of credit
    
    
    5,757,035
    
    
    
    Payments of principal on secured note payable
    
    
    (964,285
    )
    
    
    (964,287
    )Payment of principal on industrial revenue bond
    
    
    (395,000
    )
    
    
    (365,000
    )Net cash used in financing activities
    
    
    (21,363,355
    )
    
    
    (1,227,840
    )Net (decrease) increase in cash and cash equivalents
    
    
    (16,096,223
    )
    
    
    2,262,818Cash and cash equivalents at beginning of period
    
    
    16,096,223
    
    
    
    9,413,994Cash and cash equivalents at end of period
    
    $
    
    
    
    $
    11,676,812Cash paid for:Interest (net of income and capitalized interest)
    
    $
    (128,812
    )
    
    $
    4,975Income taxes (net of refunds)
    
    $
    (412,264
    )
    
    $
    3,224,133
  6




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
 
 Notes to Condensed Consolidated Financial Statements(Unaudited)
 1. Basis of Presentation
   2. Earnings Per Common Share
   Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Net income
    
    $
    717,182
    
    
    $
    2,937,775
    
    
    $
    3,196,085
    
    
    $
    7,722,709Weighted average common shares
outstanding
    
    
    7,441,871
    
    
    
    10,083,320
    
    
    
    9,339,984
    
    
    
    10,067,409Plus: dilutive options assumed exercised
    
    
    593,700
    
    
    
    925,450
    
    
    
    593,700
    
    
    
    925,450Less: shares assumed repurchased with
proceeds from exercise
    
    
    (324,299
    )
    
    
    (581,281
    )
    
    
    (304,545
    )
    
    
    (571,395
    )Plus: dilutive effect of nonvested restricted stock grants
    
    
    15,816
    
    
    
    1,094
    
    
    
    29,444
    
    
    
    1,062Weighted average common and potentially
issuable common shares outstanding
    
    
    7,727,088
    
    
    
    10,428,583
    
    
    
    9,658,583
    
    
    
    10,422,526Basic earnings per common share
    
    $
    0.10
    
    
    $
    0.29
    
    
    $
    0.34
    
    
    $
    0.77Diluted earnings per common share
    
    $
    0.09
    
    
    $
    0.28
    
    
    $
    0.33
    
    
    $
    0.74
  7




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##### Table of Contents



3. Sales Revenue
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006International product sales
    
    $
    11,175,119
    
    
    $
    19,027,492
    
    
    $
    34,894,733
    
    
    $
    54,089,321International tooling sales
    
    
    36,603
    
    
    
    8,833,868
    
    
    
    8,179,984
    
    
    
    10,088,678Total International sales
    
    
    11,211,722
    
    
    
    27,861,360
    
    
    
    43,074,717
    
    
    
    64,177,999PACCAR product sales
    
    
    7,318,936
    
    
    
    9,425,451
    
    
    
    21,529,607
    
    
    
    26,007,059PACCAR tooling sales
    
    
    6,007,125
    
    
    
    322,626
    
    
    
    11,521,919
    
    
    
    1,031,136Total PACCAR sales
    
    
    13,326,061
    
    
    
    9,748,077
    
    
    
    33,051,526
    
    
    
    27,038,195Other product sales
    
    
    5,250,556
    
    
    
    10,401,449
    
    
    
    22,656,313
    
    
    
    32,538,632Other tooling sales
    
    
    131,605
    
    
    
    67,273
    
    
    
    661,755
    
    
    
    336,304Total other sales
    
    
    5,382,161
    
    
    
    10,468,722
    
    
    
    23,318,068
    
    
    
    32,874,936Total product sales
    
    
    23,744,611
    
    
    
    38,854,392
    
    
    
    79,080,653
    
    
    
    112,635,012Total tooling sales
    
    
    6,175,333
    
    
    
    9,223,767
    
    
    
    20,363,658
    
    
    
    11,456,118Total sales
    
    $
    29,919,944
    
    
    $
    48,078,159
    
    
    $
    99,444,311
    
    
    $
    124,091,130
 4. Comprehensive Income
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Net income
    
    $
    717,182
    
    
    $
    2,937,775
    
    
    $
    3,196,085
    
    
    $
    7,722,709Amortization of
previously
unrecognized
postretirement plan
loss, net of
deferred tax
expense of $24,877
and $74,630 for the
three and nine
months ending
September 30, 2007.
    
    
    42,908
    
    
    
    
    
    
    
    128,725
    
    
    
    Hedge accounting
effect of interest
rate swaps, net of
deferred income tax
benefit of $38,860
and $25,843 for the
three and nine
months ending
September 30, 2007,
and deferred tax
benefit of $42,622
and deferred tax
expense of $21,018
for the three and
nine months ending
September 30, 2006,
respectively.
    
    
    (61,309
    )
    
    
    (82,098
    )
    
    
    (40,386
    )
    
    
    41,440Comprehensive income
    
    $
    698,781
    
    
    $
    2,855,677
    
    
    $
    3,284,424
    
    
    $
    7,764,149
 8




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##### Table of Contents



5. Postretirement Benefits
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Pension expense:Defined contribution plan
contributions
    
    $
    127,000
    
    
    $
    130,000
    
    
    $
    354,000
    
    
    $
    384,000Multi-employer plan
contributions
    
    
    103,000
    
    
    
    95,000
    
    
    
    318,000
    
    
    
    305,000Total pension expense
    
    
    230,000
    
    
    
    225,000
    
    
    
    672,000
    
    
    
    689,000Health and life insurance:Service cost
    
    
    199,000
    
    
    
    25,000
    
    
    
    598,000
    
    
    
    566,000Interest cost
    
    
    249,000
    
    
    
    205,000
    
    
    
    747,000
    
    
    
    647,000Amortization of net loss
    
    
    68,000
    
    
    
    82,000
    
    
    
    203,000
    
    
    
    225,000Net periodic benefit cost
    
    
    516,000
    
    
    
    312,000
    
    
    
    1,548,000
    
    
    
    1,438,000Total postretirement
benefits expense
    
    $
    746,000
    
    
    $
    537,000
    
    
    $
    2,220,000
    
    
    $
    2,127,000
  6. Debt
 Interest Rate Swaps
   9




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##### Table of Contents



Line of Credit
  7. Income Taxes
    8. Stock Based Compensation
  10




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##### Table of Contents



Stock Options
  WeightedNumber
    
    
    Averageof
    
    
    ExerciseShares
    
    
    PriceOutstanding at December 31, 2006
    
    
    799,956
    
    
    $
    3.35Exercised
    
    
    (109,256
    )
    
    
    3.13Granted
    
    
    
    
    
    
    Forfeited
    
    
    (64,000
    )
    
    
    3.96Outstanding at September 30, 2007
    
    
    626,700
    
    
    
    3.32Exercisable at September 30, 2007
    
    
    436,490
    
    
    
    3.25
  WeightedNumber
    
    
    AverageOf
    
    
    ExerciseShares
    
    
    PriceUnvested at December 31, 2006
    
    
    306,780
    
    
    $
    3.54Granted
    
    
    
    
    
    
    Vested
    
    
    (56,070
    )
    
    
    3.17Forfeited
    
    
    (60,500
    )
    
    
    4.01Unvested at September 30, 2007
    
    
    190,210
    
    
    
    3.50
  Restricted Stock
   WeightedNumber
    
    
    AverageOf
    
    
    Grant DateShares
    
    
    Fair ValueUnvested balance at December 31, 2006
    
    
    22,972
    
    
    $
    6.70Granted
    
    
    47,498
    
    
    
    7.14Vested
    
    
    (8,008
    )
    
    
    7.09Forfeited
    
    
    (4,653
    )
    
    
    6.70Unvested at September 30, 2007
    
    
    57,809
    
    
    
    7.01
 11




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##### Table of Contents



9. Common Stock
   10. Recently Issued and Adopted 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.
 12




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##### Table of Contents



Part I  Financial Information
Item 2
 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 quarterly 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; 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 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 the 2006 Annual Report to Shareholders on Form
10-K.
 OVERVIEW
    13




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##### Table of Contents



Results of Operations
 Three Months Ended September 30, 2007, As Compared To Three Months Ended September 30, 2006
        14




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##### Table of Contents



Nine Months Ended September 30, 2007, As Compared To Nine Months Ended September 30, 2006
       15




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##### Table of Contents



Liquidity and Capital Resources
       16




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##### Table of Contents



Recently Issued Accounting Standards
 Fair Value Measurements.
 Establishing the Fair Value Option for
Financial Assets and Liabilities Fair Value Measurements.
 Critical Accounting Policies and Estimates
   Accounts receivable allowances:
  Inventories:
  Goodwill and Long-Lived Assets:
 st
 17




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##### Table of Contents



Self-Insurance:
  Post retirement benefits:
  Revenue Recognition:
  Income taxes:
  18




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##### Table of Contents



Part I  Financial Information
Item 3
 Quantitative and Qualitative Disclosures About Market Risk
     19




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##### Table of Contents



Part I  Financial Information
Item 4
 Controls and Procedures
   20




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##### Table of Contents



Part II  Other Information
 
 Item 1.
    
    Legal Proceedings
  
 Item 1A.
    
    Risk Factors
  
 Item 2.
    
    Unregistered Sales of Equity Securities and Use of ProceedsThis table provides information with respect to purchases by the Company of shares of
common stock during the quarter ended September 30, 2007:
 Issuer Purchases of Equity Securities
(1)
 Total Number of Shares
    
    
    Approximate Dollar Value ofPurchased as Part of
    
    
    Shares That May Yet BeTotal Number of
    
    
    Average Price
    
    
    Publicly Announced
    
    
    Purchased Under TheFiscal Month/Year
    
    Shares Purchased
    
    
    Paid per Share
    
    
    Plans or Programs
    
    
    ProgramJuly 2007
(07/01/07-07/31/07)
    
    
    3,600,000
    
    
    $
    7.25
    
    
    
    
    
    
    
    August 2007
(08/01/07-08/31/07)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    September 2007
(09/01/07-09/30/07)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    3,600,000
    
    
    $
    7.25
    
    
    
    
    
    
    
    
 
 (1)
    
    This table reflects the repurchase of shares of common stock from International, pursuant to the terms of a Stock
Repurchase Agreement dated July 18, 2007, by and between the Company and International for a total aggregate purchase price of $26,100,000
in cash. The repurchased shares of common stock represented approximately 35% of the Companys then outstanding shares. 
 Item 3.
    
    Defaults Upon Senior Securities
  
 Item 4.
    
    Submission of Matters to a Vote of Security Holders
  
 Item 5.
    
    Other Information
  
 Item 6.
    
    Exhibits
  21




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##### Table of Contents



SIGNATURES
  CORE MOLDING TECHNOLOGIES, INC.Date: November 9, 2007
    By:
    /s/ Kevin L. BarnettKevin L. BarnettPresident, Chief Executive Officer, and
Director Date: November 9, 2007
    By:
    /s/ Herman F. Dick, Jr.Herman F. Dick, Jr.Vice President, Secretary,
Treasurer, and
Chief Financial Officer 22




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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 International
Transportation Corporation and RYMAC
Mortgage Investment Corporation1
    
    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
Technologies, Inc. and RYMAC Mortgage
Investment Corporation
    
    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 Technologies, Inc. and
RYMAC Mortgage Investment Corporation
    
    Incorporated by
reference to
Exhibit 2(b)(2) to
Annual Report on
Form 10-K for the
year ended December
31, 20022(c)(1)
    
    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)3(a)(3)
    
    Certificate of Incorporation of Core
Materials Corporation, 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, 2007
 23




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##### Table of Contents



Exhibit No.
    
    Description
    
    Location3(b)
    
    By-Laws of Core Molding Technologies, Inc.
    
    Incorporated by
reference to
Exhibit 3-C to
Registration
Statement on Form
S-4 (Registration
No. 333-15809)4(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 Materials
Corporation 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 Materials
Corporation, 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, 20024(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)
    
    By-Laws of Core Molding Technologies, Inc.
    
    Incorporated by
reference to
Exhibit 3-C to
Registration
Statement on Form
S-4 (Registration
No. 333-15809)4(c)
    
    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
Form 8-K filed July 19, 200710(a)
    
    Second Amendment to Loan Agreement Revolving Variable Rate Cognovit Promissory
Note and Security Agreement, dated as of July 17, 2007, between Core Molding Technologies, Inc. and Key Bank National Association
    
    Incorporated by reference to Exhibit 10.1 to Form 8-K filed July 19, 200710(b)
    
    Stock repurchase agreement dated July 17, 2007 between International Truck and Engine Corporation and
Core Molding Technologies Inc.
    
    Filed Herein11
    
    Computation of Net Income per Share
    
    Exhibit 11 omitted
because the
required
information is
Included in Notes
to Financial
Statement31(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, Treasurer and Chief
Financial Officer
    
    Filed Herein32(a)
    
    Certification of Kevin L. Barnett, Chief
Executive Officer of Core Molding
Technologies, Inc., dated November 9, 2007,
pursuant to 18 U.S.C. Section 1350
    
    Filed Herein32(b)
    
    Certification of Herman F. Dick, Jr., Chief
Financial Officer of Core Molding
Technologies, Inc., dated November 9, 2007,
pursuant to 18 U.S.C. Section 1350
    
    Filed Herein
 24




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##### Table of Contents



1
    
    The Asset Purchase Agreement, as filed with the Securities and Exchange Commission 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 Securities and
Exchange Commission upon request. 25