##### 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 June 30, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 for the transition period from  To
 Commission File Number 001-12505
 CORE MOLDING TECHNOLOGIES, INC.
  Delaware
    
    31-1481870(State or other jurisdiction 
incorporation or organization)
    
    (I.R.S. Employer Identification No.)800 Manor Park Drive 
Columbus, Ohio
    
    43228-0183(Address of principal executive office)
    
    (Zip Code)
 614) 870-5000
 
  þ o
  o o
 Rule 12b-2
 Large accelerated filer o
Accelerated filer o
Non-accelerated filer o (Do not check if a smaller reporting company)
Smaller reporting company þ  o þ




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##### 



Table of Contents
 Part I  Financial InformationItem 1. Financial StatementsConsolidated Balance Sheets
    
    
    3Consolidated Statements of Operations
    
    
    4Consolidated Statement of Stockholders Equity
    
    
    5Consolidated Statements of Cash Flows
    
    
    6Notes to Consolidated Financial Statements
    
    
    7Item 2. Managements Discussion and Analysis of Financial Condition and Results
of Operations
    
    
    17Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    23Item 4T. Controls and Procedures
    
    
    24Part II  Other Information
    
    
    25Item 1. Legal Proceedings
    
    
    25Item 1A. Risk Factors
    
    
    25Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    25Item 3. Defaults Upon Senior Securities
    
    
    25Item 4. Reserved
    
    
    25Item 5. Other Information
    
    
    25Item 6. Exhibits
    
    
    25Signatures
    
    
    26Index to Exhibits
    
    
    27Exhibit 31(a)Exhibit 31(b)Exhibit 32(a)Exhibit 32(b)
   2




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##### Table of Contents



Part 1  Financial Information
Core Molding Technologies, Inc. and Subsidiaries
 
 Unaudited Consolidated Balance Sheets
 June 30,
    
    
    December 31,2010
    
    
    2009AssetsCurrent Assets:Cash
    
    $
    3,077,211
    
    
    $
    4,141,838Accounts receivable (less allowance for doubtful accounts:June 30, 2010  $116,000; December 31, 2009  $113,000)
    
    
    14,143,162
    
    
    
    11,936,335Inventories:Finished goods
    
    
    2,414,473
    
    
    
    863,166Work in process
    
    
    1,177,630
    
    
    
    1,253,975Stores
    
    
    4,524,180
    
    
    
    4,896,221Total inventories
    
    
    8,116,283
    
    
    
    7,013,362Deferred tax asset-current portion
    
    
    1,195,831
    
    
    
    1,195,831Foreign sales tax receivable
    
    
    737,772
    
    
    
    652,155Income tax receivable
    
    
    115,246
    
    
    
    1,021,093Prepaid expenses and other current assets
    
    
    1,312,692
    
    
    
    562,176Total current assets
    
    
    28,698,197
    
    
    
    26,522,790Property, plant and equipment
    
    
    83,203,580
    
    
    
    81,670,080Accumulated depreciation
    
    
    (38,400,792
    )
    
    
    (36,726,836
    )Property, plant and equipment  net
    
    
    44,802,788
    
    
    
    44,943,244Deferred tax asset
    
    
    5,523,247
    
    
    
    6,570,802Goodwill
    
    
    1,097,433
    
    
    
    1,097,433Other assets
    
    
    30,106
    
    
    
    42,029Total
    
    $
    80,151,771
    
    
    $
    79,176,298Liabilities and Stockholders EquityLiabilities:Current liabilitiesCurrent portion of long-term debt
    
    $
    5,464,278
    
    
    $
    3,675,005Current portion of postretirement benefits liability
    
    
    673,000
    
    
    
    667,000Accounts payable
    
    
    5,664,340
    
    
    
    4,805,468Tooling in progress
    
    
    907,314
    
    
    
    484,786Accrued liabilities:Compensation and related benefits
    
    
    2,423,555
    
    
    
    2,400,587Interest payable
    
    
    76,607
    
    
    
    102,069Other
    
    
    954,986
    
    
    
    800,912Total current liabilities
    
    
    16,164,080
    
    
    
    12,935,827Long-term debt
    
    
    14,113,568
    
    
    
    17,732,842Interest rate swap
    
    
    420,153
    
    
    
    198,809Postretirement benefits liability
    
    
    18,319,051
    
    
    
    18,076,696Commitments and ContingenciesStockholders Equity:Preferred stock  $0.01 par value, authorized shares  10,000,000;
Outstanding shares: June 30, 2010 and December 31, 2009  0
    
    
    
    
    
    
    Common stock  $0.01 par value, authorized shares  20,000,000;
Outstanding shares: 6,829,300 at June 30, 2010 and
6,799,641 at December 31, 2009
    
    
    68,293
    
    
    
    67,996Paid-in capital
    
    
    23,558,582
    
    
    
    23,336,197Accumulated other comprehensive loss, net of income tax benefit
    
    
    (1,430,145
    )
    
    
    (1,805,897
    )Treasury stock
    
    
    (26,179,054
    )
    
    
    (26,179,054
    )Retained earnings
    
    
    35,117,243
    
    
    
    34,812,882Total stockholders equity
    
    
    31,134,919
    
    
    
    30,232,124Total
    
    $
    80,151,771
    
    
    $
    79,176,298
   3




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net sales:Products
    
    $
    21,473,293
    
    
    $
    16,643,805
    
    
    $
    41,169,225
    
    
    $
    34,474,085Tooling
    
    
    2,002,499
    
    
    
    656,303
    
    
    
    2,748,607
    
    
    
    1,210,140Total sales
    
    
    23,475,792
    
    
    
    17,300,108
    
    
    
    43,917,832
    
    
    
    35,684,225Total cost of sales
    
    
    20,056,987
    
    
    
    16,315,841
    
    
    
    36,415,103
    
    
    
    33,126,619Gross margin
    
    
    3,418,805
    
    
    
    984,267
    
    
    
    7,502,729
    
    
    
    2,557,606Total selling, general and
administrative expense
    
    
    2,293,334
    
    
    
    2,255,738
    
    
    
    4,619,270
    
    
    
    4,755,741Income (loss) before interest and taxes
    
    
    1,125,471
    
    
    
    (1,271,471
    )
    
    
    2,883,459
    
    
    
    (2,198,135
    )Interest expense
    
    
    (457,290
    )
    
    
    (30,241
    )
    
    
    (877,473
    )
    
    
    (140,395
    )Income (loss) before income taxes
    
    
    668,181
    
    
    
    (1,301,712
    )
    
    
    2,005,986
    
    
    
    (2,338,530
    )Income tax expense (benefit)
    
    
    226,878
    
    
    
    (456,902
    )
    
    
    1,701,625
    
    
    
    (856,226
    )Net income (loss)
    
    $
    441,303
    
    
    $
    (844,810
    )
    
    $
    304,361
    
    
    $
    (1,482,304
    )Net income (loss) per common share:Basic
    
    $
    0.06
    
    
    $
    (0.12
    )
    
    $
    0.04
    
    
    $
    (0.22
    )Diluted
    
    $
    0.06
    
    
    $
    (0.12
    )
    
    $
    0.04
    
    
    $
    (0.22
    )Weighted average shares outstanding:Basic
    
    
    6,817,365
    
    
    
    6,784,442
    
    
    
    6,808,542
    
    
    
    6,769,442Diluted
    
    
    7,078,959
    
    
    
    6,784,442
    
    
    
    7,132,176
    
    
    
    6,769,442
   4




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
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,
2010
    
    
    6,799,641
    
    
    $
    67,996
    
    
    $
    23,336,197
    
    
    $
    34,812,882
    
    
    $
    (1,805,897
    )
    
    $
    (26,179,054
    )
    
    $
    30,232,124Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    304,361
    
    
    
    
    
    
    
    
    
    
    
    304,361Curtailment of post
retirement benefit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    298,000
    
    
    
    
    
    
    
    298,000Amortization of
unrecognized net loss
on post retirement
benefit, net of tax
expense of $19,607
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38,059
    
    
    
    
    
    
    
    38,059Hedge accounting
effect of the interest
rate swaps, net of
deferred income tax
expense of $20,448
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    39,693
    
    
    
    
    
    
    
    39,693Comprehensive
income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    680,113Common stock issued
    
    
    12,000
    
    
    
    120
    
    
    
    33,800
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    33,920Restricted stock issued
    
    
    17,659
    
    
    
    177
    
    
    
    95,413
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    95,590Share-based
compensation
    
    
    
    
    
    
    
    
    
    
    93,172
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    93,172Balance at June 30, 2010
    
    
    6,829,300
    
    
    $
    68,293
    
    
    $
    23,558,582
    
    
    $
    35,117,243
    
    
    $
    (1,430,145
    )
    
    $
    (26,179,054
    )
    
    $
    31,134,919
   5




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
 Six Months EndedJune 30,2010
    
    
    2009Cash flows from operating activities:Net income (loss)
    
    $
    304,361
    
    
    $
    (1,482,304
    )Adjustments to reconcile net income (loss) to net cash
provided by operating activities:Depreciation and amortization
    
    
    1,966,716
    
    
    
    1,849,330Deferred income taxes
    
    
    1,021,501
    
    
    
    (44,095
    )Ineffectiveness of swaps
    
    
    267,485
    
    
    
    (252,461
    )Share-based compensation
    
    
    188,762
    
    
    
    178,194Loss on disposal of assets
    
    
    14,277
    
    
    
    49,405Gain on translation of foreign currency financial statements
    
    
    (50,334
    )
    
    
    (71,217
    )Change in operating assets and liabilities:Accounts receivable
    
    
    (2,206,827
    )
    
    
    3,197,613Inventories
    
    
    (1,102,922
    )
    
    
    2,148,500Prepaid and other assets
    
    
    (422,744
    )
    
    
    (493,832
    )Accounts payable
    
    
    867,609
    
    
    
    (1,741,123
    )Accrued and other liabilities
    
    
    1,021,037
    
    
    
    (1,354,238
    )Postretirement benefits liability
    
    
    604,021
    
    
    
    476,488Net cash provided by operating activities
    
    
    2,472,942
    
    
    
    2,460,260Cash flows from investing activities:Purchase of property, plant and equipment
    
    
    (1,741,488
    )
    
    
    (8,703,156
    )Net cash used in investing activities
    
    
    (1,741,488
    )
    
    
    (8,703,156
    )Cash flows from financing activities:Financing costs for new credit agreement
    
    
    
    
    
    
    (224,321
    )Gross repayments on line of credit
    
    
    
    
    
    
    (27,109,191
    )Gross borrowings on line of credit
    
    
    
    
    
    
    26,788,460Payments of principal on Capex loan
    
    
    (857,143
    )
    
    
    (142,857
    )Payments of principal on term loan
    
    
    (642,858
    )
    
    
    (642,858
    )Payment of principal on industrial revenue bond
    
    
    (330,000
    )
    
    
    (305,000
    )Borrowing on construction loans
    
    
    
    
    
    
    7,878,663Proceeds from issuance of common stock
    
    
    33,920
    
    
    
    Net cash provided by (used in) financing activities
    
    
    (1,796,081
    )
    
    
    6,242,896Net change in cash and cash equivalents
    
    
    (1,064,627
    )
    
    
    Cash and cash equivalents at beginning of period
    
    
    4,141,838
    
    
    
    Cash and cash equivalents at end of period
    
    $
    3,077,211
    
    
    $
    Cash paid for:Interest
    
    $
    542,510
    
    
    $
    433,240Income taxes (net of tax refunds)
    
    $
    167,812
    
    
    $
    326,000Non Cash:Fixed asset purchases in accounts payable
    
    $
    65,545
    
    
    $
    175,317
   6




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##### Table of Contents



Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)
 1. Basis of Presentation
    2. Net Income (Loss) per Common Share
   7




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Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net income (loss)
    
    $
    441,303
    
    
    $
    (844,810
    )
    
    $
    304,361
    
    
    $
    (1,482,304
    )Weighted average common shares
Outstanding
    
    
    6,817,365
    
    
    
    6,784,442
    
    
    
    6,808,542
    
    
    
    6,769,442Plus: dilutive options assumed exercised
    
    
    519,825
    
    
    
    
    
    
    
    519,825
    
    
    
    Less: shares assumed repurchased with
proceeds from exercise
    
    
    398,815
    
    
    
    
    
    
    
    323,480
    
    
    
    Plus: dilutive effect of nonvested
restricted
stock grants
    
    
    140,584
    
    
    
    
    
    
    
    127,289
    
    
    
    Weighted average common and potentially
issuable common shares outstanding
    
    
    7,078,959
    
    
    
    6,784,442
    
    
    
    7,132,176
    
    
    
    6,769,442Basic net income (loss) per common share
    
    $
    0.06
    
    
    $
    (0.12
    )
    
    $
    0.04
    
    
    $
    (0.22
    )Diluted net income (loss) per common
share
    
    $
    0.06
    
    
    $
    (0.12
    )
    
    $
    0.04
    
    
    $
    (0.22
    )
  3. Sales
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Navistar product sales
    
    $
    12,888,372
    
    
    $
    8,979,649
    
    
    $
    23,785,041
    
    
    $
    19,036,872Navistar tooling sales
    
    
    1,342,434
    
    
    
    171,953
    
    
    
    1,771,359
    
    
    
    474,748Total Navistar sales
    
    
    14,230,806
    
    
    
    9,151,602
    
    
    
    25,556,400
    
    
    
    19,511,620PACCAR product sales
    
    
    5,347,502
    
    
    
    5,482,819
    
    
    
    11,134,611
    
    
    
    9,674,548PACCAR tooling sales
    
    
    643,965
    
    
    
    195,220
    
    
    
    889,460
    
    
    
    206,820Total PACCAR sales
    
    
    5,991,467
    
    
    
    5,678,039
    
    
    
    12,024,071
    
    
    
    9,881,368Other product sales
    
    
    3,237,419
    
    
    
    2,181,337
    
    
    
    6,249,573
    
    
    
    5,762,665Other tooling sales
    
    
    16,100
    
    
    
    289,130
    
    
    
    87,788
    
    
    
    528,572Total other sales
    
    
    3,253,519
    
    
    
    2,470,467
    
    
    
    6,337,361
    
    
    
    6,291,237Total product sales
    
    
    21,473,293
    
    
    
    16,643,805
    
    
    
    41,169,225
    
    
    
    34,474,085Total tooling sales
    
    
    2,002,499
    
    
    
    656,303
    
    
    
    2,748,607
    
    
    
    1,210,140Total sales
    
    $
    23,475,792
    
    
    $
    17,300,108
    
    
    $
    43,917,832
    
    
    $
    35,684,225
  8




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4. Comprehensive Income (Loss)
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net income (loss)
    
    $
    441,303
    
    
    $
    (844,810
    )
    
    $
    304,361
    
    
    $
    (1,482,304
    )Curtailment of post retirement benefit
    
    
    298,000
    
    
    
    
    
    
    
    298,000
    
    
    
    Hedge accounting effect of interest rate
swaps, net of deferred income tax expense
of $9,945, and $20,448 for the three and
six months ended June 30, 2010 and
deferred income tax expense of $15,620 and
$10,030 for the three and six months ended
June 30, 2009, respectively
    
    
    19,304
    
    
    
    31,468
    
    
    
    39,693
    
    
    
    20,614Amortization of previously unrecognized
postretirement plan loss, net of deferred
tax expense of $9,917 and $19,607 for the
three and six months ended June 30, 2010,
respectively.
    
    
    19,250
    
    
    
    
    
    
    
    38,059
    
    
    
    Comprehensive income (loss)
    
    $
    777,857
    
    
    $
    (813,342
    )
    
    $
    680,113
    
    
    $
    (1,461,690
    )
 5. Postretirement Benefits
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Pension expense:Defined contribution plan
contributions
    
    $
    80,000
    
    
    $
    73,000
    
    
    $
    171,000
    
    
    $
    176,000Multi-employer plan
contributions
    
    
    86,000
    
    
    
    87,000
    
    
    
    208,000
    
    
    
    195,000Total pension expense
    
    
    166,000
    
    
    
    160,000
    
    
    
    379,000
    
    
    
    371,000Health and life insurance:Service cost
    
    
    87,000
    
    
    
    152,000
    
    
    
    180,000
    
    
    
    304,000Interest cost
    
    
    269,000
    
    
    
    237,000
    
    
    
    538,000
    
    
    
    474,000Amortization of net loss
    
    
    29,000
    
    
    
    
    
    
    
    58,000
    
    
    
    Net periodic benefit cost
    
    
    385,000
    
    
    
    389,000
    
    
    
    776,000
    
    
    
    778,000Total postretirement
benefits expense
    
    $
    551,000
    
    
    $
    549,000
    
    
    $
    1,155,000
    
    
    $
    1,149,000
   9




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##### Table of Contents



6. Debt
 Credit Agreement; Amendments
    Form 10-K.
 Bank Covenants
    10




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##### Table of Contents



Interest Rate Swaps
    Line of Credit
  7. Income Taxes
   11




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##### Table of Contents



8. Stock Based Compensation
  Stock Options
  Number
    
    
    Weightedof
    
    
    AverageOptions
    
    
    Exercise PriceOutstanding at December 31, 2009
    
    
    558,825
    
    
    $
    3.30Exercised
    
    
    (12,000
    )
    
    
    2.83Granted
    
    
    
    
    
    
    Forfeited
    
    
    (2,400
    )
    
    
    3.36Outstanding at June 30, 2010
    
    
    544,425
    
    
    $
    3.31Exercisable at June 30, 2010
    
    
    508,325
    
    
    $
    3.32
  Number
    
    
    WeightedOf
    
    
    AverageOptions
    
    
    Exercise PriceUnvested at December 31, 2009
    
    
    44,500
    
    
    $
    3.29Granted
    
    
    
    
    
    
    Vested
    
    
    (8,000
    )
    
    
    3.28Forfeited
    
    
    (400
    )
    
    
    6.40Unvested at June 30, 2010
    
    
    36,100
    
    
    $
    3.26
   12




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##### Table of Contents



Restricted Stock
   WeightedNumber
    
    
    AverageOf
    
    
    Grant DateShares
    
    
    Fair ValueUnvested balance at December 31, 2009
    
    
    187,445
    
    
    $
    3.91Granted
    
    
    77,040
    
    
    
    5.20Vested
    
    
    (17,659
    )
    
    
    5.41Forfeited
    
    
    
    
    
    
    Unvested balance at June 30, 2010
    
    
    246,826
    
    
    $
    4.21
  9. Fair Value of Financial Instruments
    
    
    Level 1 inputs are quoted prices (unadjusted) in active markets for
identical asset or liabilities that the company has the ability to
access as of the reporting date.
    
    Level 2 inputs are inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either
directly or indirectly through corroboration with observable market
data.
    
    Level 3 inputs are unobservable inputs, such as internally developed
pricing models for the asset or liability due to little or no market
activity for the asset or liability.
  13




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##### Table of Contents



(Level 1)
    
    
    (Level 2)
    
    
    (Level 3)
    
    
    June 30, 2010LiabilitiesInterest rate swaps
    
    $
    
    
    
    $
    420,153
    
    
    $
    
    
    
    $
    420,153Total
    
    $
    
    
    
    $
    420,153
    
    
    $
    
    
    
    $
    420,153
 (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)
    
    
    December 31, 2009LiabilitiesInterest rate swaps
    
    $
    
    
    
    $
    198,809
    
    
    $
    
    
    
    $
    198,809Total
    
    $
    
    
    
    $
    198,809
    
    
    $
    
    
    
    $
    198,809
    June 30,
    
    
    December 31,2010
    
    
    2009Balance Sheet Location
    
    
    Fair Value
    
    
    Fair ValueDerivatives designated as hedging instruments
Interest rate risk activities
    
    Interest rate swaps
    
    $
    (8,525
    )
    
    $
    227,482Derivatives not designated as hedging instruments
Interest rate risk activities
    
    Interest rate swaps
    
    $
    (411,628
    )
    
    $
    (28,673
    )Total Derivatives
    
    
    
    
    
    $
    (420,153
    )
    
    $
    198,809
  14




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##### Table of Contents



Derivatives in Cash Flow Hedging Relationships
 Amount of (Gain) Loss
    
    
    Location of (Gain) Loss
    
    
    Amount of (Gain) LossRecognized in OCI on
    
    
    Reclassified from AOCI
    
    
    Reclassified from AOCIDerivatives in Cash Flow
    
    Derivative (Effective
    
    
    into Income (Effective
    
    
    into Expense (EffectiveHedging Relationships
    
    Portion)
    
    
    Portion)
    
    
    Portion)June 30,
    
    
    June 30,
    
    
    
    
    
    June 30,
    
    
    June 30,Three months ended
    
    2010
    
    
    2009
    
    
    
    
    
    2010
    
    
    2009Interest rate swaps
    
    $
    (8,662
    )
    
    $
    (67,182
    )
    
    Interest expense, net
    
    $
    7,499
    
    
    $
    53,990June 30,
    
    
    June 30,
    
    
    
    
    
    
    June 30,
    
    
    June 30,Six months ended
    
    2010
    
    
    2009
    
    
    
    
    
    
    2010
    
    
    2009Interest rate swaps
    
    $
    (18,967
    )
    
    $
    (61,090
    )
    
    Interest expense, net
    
    $
    17,872
    
    
    $
    109,040
 Location of (Gain) Loss
    
    
    Amount of (Gain) Loss RecognizedRecognized in Income on
    
    
    in Income of DerivativeDerivative (Ineffective Portion
    
    
    (Ineffective Portion and AmountDerivatives in Cash Flow Hedging
    
    and Amount Excluded from
    
    
    Excluded from EffectivenessRelationships
    
    Effectivness Testing)
    
    
    Testing)June 30,
    
    
    June 30,Three months ended
    
    
    
    
    2010
    
    
    2009Interest rate swaps
    
    Interest (income) expense
    
    $
    
    
    
    $
    (21,293
    )June 30,
    
    
    June 30,Six months ended
    
    
    
    
    
    2010
    
    
    2009Interest rate swaps
    
    Interest (income) expense
    
    $
    
    
    
    $
    (31,591
    )
 Derivatives not designated as hedging instruments
 Amount ofRealized/Unrealized (Gain)Derivatives Not Designated as Hedging
    
    Location of (Gain) Loss Recognized in
    
    
    Loss Recognized in IncomeInstruments
    
    Income on Derivatives
    
    
    on DerivativesJune 30,
    
    
    June 30,Three months ended
    
    
    
    
    2010
    
    
    2009Interest rate swaps
    
    Interest (income) expense
    
    $
    170,686
    
    
    $
    (220,871
    )June 30,
    
    
    June 30,Six months ended
    
    
    
    
    
    2010
    
    
    2009Interest rate swaps
    
    Interest (income) expense
    
    $
    267,485
    
    
    $
    (220,871
    )
   15




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10. Subsequent Event
   16




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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 report: business conditions in the plastics,
transportation, watercraft and commercial product industries; federal and state regulations
(including engine emission regulations); general economic, social and political environments in the
countries in which Core Molding Technologies operates; dependence upon two major customers as the
primary source of Core Molding Technologies sales revenues; recent efforts of Core Molding
Technologies to expand its customer base; the actions of competitors, customers, and suppliers;
failure of Core Molding Technologies suppliers to perform their obligations; the availability of
raw materials; inflationary pressures; new technologies; regulatory matters; labor relations; the
loss or inability of Core Molding Technologies to attract and retain key personnel; federal, state
and local environmental laws and regulations; the availability of capital; the ability of Core
Molding Technologies to provide on-time delivery to customers, which may require additional
shipping expenses to ensure on-time delivery or otherwise result in late fees; risk of cancellation
or rescheduling of orders; risks related to the transfer of production from Core Molding
Technologies Columbus facility to its Matamoros facility; managements decision to pursue new
products or businesses which involve additional costs, risks or capital expenditures; and other
risks identified from time-to-time in Core Molding Technologies other public documents on file with
the Securities and Exchange Commission, including those described in Item 1A of the 2009 Annual
Report to Shareholders on Form 10-K .
 Overview
    17




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Results of Operations
 Three Months Ended June 30, 2010, As Compared To Three Months Ended June 30, 2009
      18




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Six Months Ended June 30, 2010, As Compared To Six Months Ended June 30, 2009
      19




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Liquidity and Capital Resources
   20




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Form 10-K.
        Critical Accounting Policies and Estimates
   21




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Accounts receivable allowances:
 Inventories:
 Goodwill and Long-Lived Assets:
 Self-Insurance:
 Postretirement benefits:
 Revenue Recognition:
 Income taxes:
  22




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##### Table of Contents



Part I  Financial Information
Item 3
 Quantitative and Qualitative Disclosures About Market Risk
       23




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Part I  Financial Information
Item 4T
 Controls and Procedures
    24




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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 Proceeds
  
 Item 3. Defaults Upon Senior Securities
  
 Item 4. Reserved
 
 Item 5. Other Information
  
 Item 6. Exhibits
   25




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##### Table of Contents



SIGNATURES
  CORE MOLDING TECHNOLOGIES, INC.Date:      August 13, 2010
    By:
    /s/ Kevin L. BarnettKevin L. BarnettPresident, Chief Executive Officer, and
DirectorDate:      August 13, 2010
    By:
    /s/ Herman F. Dick, Jr.Herman F. Dick, Jr.Vice President, Secretary, Treasurer and Chief
Financial Officer  26




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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 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)
    
    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 Amendment of Certificate of
Incorporation as filed with the Secretary of
State of Delaware on August 28, 2002
    
    Incorporated by
reference to
Exhibit 3(a)(4) to
Quarterly Report on
Form 10-Q for the
quarter ended
September 30, 20023(a)(4)
    
    Certificate of Designation, Preferences and
Rights of Series A Junior Participating
Preferred Stock as filed with the Secretary
of State of Delaware on July 18, 2007
    
    Incorporated by
reference to
Exhibit 3.1 to Form 8-k filed July 19,
20073(b)
    
    Amended and Restated By-Laws of Core Molding
Technologies, Inc.
    
    Incorporated by
reference to
Exhibit 3.1 to
Current Report on
Form 8-K filed
January 4, 2008
  27




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##### Table of Contents



Exhibit No.
    
    Description
    
    Location4(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)
    
    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 From
8-k filed July 19,
200710(a)
    
    Fifth Amendment Agreement, dated May 11 2010,
to the Credit Agreement dated December 9,
2008, among Core Molding Technologies, Inc.,
Core Composites de Mexico, S. De R.L. de C.V.
and Keybank National Association.
    
    Incorporated by
reference to
Exhibit 10.1 to
Current Report on
Form 8-K filed
March 10, 201011
    
    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, Chief Executive Officer,
and Director
    
    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 August 13, 2010,
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 August 13, 2010,
pursuant to 18 U.S.C. Section 1350
    
    Filed Herein
 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.  28