The present invention is directed to a method of forming a molded core component. A mat formed from cellulosic fiber and resin is provided. The mat is consolidated in a first press until the resin is substantially fully cured, and then removed from the first press. The consolidated mat is then placed in a second press having a mold cavity shaped to form at least one depression in at least one of the major surfaces. The consolidated mat is reformed in the second press to form a molded core component having at least one depression in at least one of the major surfaces. The molded core component has a variable density, preferably of between about 10 lbs/ft3 and 80 lbs/ft3.