-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WZJdwgsH8+qtPCAiiHyrN5/kaiAOH4MBbs7FgieJJa+ul/tRdl7NHUioJp1uwAUm a5hRn/KLo2q977HUj6Cb8w== 0000950124-98-006072.txt : 19981106 0000950124-98-006072.hdr.sgml : 19981106 ACCESSION NUMBER: 0000950124-98-006072 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981105 ITEM INFORMATION: FILED AS OF DATE: 19981105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEENAH FOUNDRY CO CENTRAL INDEX KEY: 0001040599 STANDARD INDUSTRIAL CLASSIFICATION: GLASS, GLASSWARE, PRESSED OR BLOWN [3220] IRS NUMBER: 390496210 STATE OF INCORPORATION: WI FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 333-28751-03 FILM NUMBER: 98738453 BUSINESS ADDRESS: STREET 1: 2121 BROOKS AVE STREET 2: PO BOX 729 CITY: NEENAH STATE: WI ZIP: 54927 BUSINESS PHONE: 9207257000 MAIL ADDRESS: STREET 1: 2121 BROOKS AVE STREET 2: PO BOX 729 CITY: NEENAH STATE: WI ZIP: 54927 8-K/A 1 AMENDMENT NO.2 TO FORM 8-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A AMENDMENT NO. 2 TO CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: November 5, 1998 NEENAH FOUNDRY COMPANY (Exact name of registrant as it appears in its charter) Wisconsin 333-28751 39-1580331 (State or other jurisdiction of (Commission File (IRS Employer ID incorporation or organization) Number) Number) 2121 Brooks Avenue, P.O. Box 729, Neenah, Wisconsin 54957 (Address of principal executive offices) (Zip Code) (920) 725-7000 (Registrant's telephone number, including area code) None (Former name or former address if changed since last report) 2 Neenah Foundry Company (the "Company") hereby amends Item 7 of the Company's Form 8-K dated April 14, 1998, as amended June 12, 1998, reporting the Company's acquisition of all of the issued and outstanding stock of Mercer Forge Corporation ("Mercer") to adjust the pro forma financial statements. The amended items are as follows: ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS (b) Pro Forma Financial Information - Pro Forma Consolidated Statements of Income for the year ended September 30, 1997 and for the six months ended March 31, 1998 and related notes 3 NEENAH FOUNDRY COMPANY UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME Year Ended September 30, 1997 (In thousands)
Neenah Foundry --------------------------------------------------------------------------------------- Predecessor Pro Forma Historical Pro Forma -------------- -------------- ------------------ ------------------ Seven Months Seven Months Five Months Ended Pro Forma Ended Ended Year Ended April 30, 1997 Adjustments April 30, 1997 September 30, 1997 September 30, 1997 -------------- ----------- -------------- ------------------ ------------------ Net sales .................................. $ 92,963 $ - $ 92,963 $ 87,093 $180,056 Cost of sales .............................. 65,101 506 65,607 60,166 125,773 --------- --------- ---------- ---------- --------- Gross profit ............................... 27,862 (506) 27,356 26,927 54,283 Selling, general and administrative expenses ................................. 10,023 (2,042) 7,981 7,088 15,069 Amortization of intangible assets........... - 2,869 2,869 3,678 6,547 --------- --------- ---------- ---------- --------- Total operating expenses ................. 10,023 827 10,850 10,766 21,616 --------- --------- ---------- ---------- --------- Operating income ........................... 17,839 (1,333) 16,506 16,161 32,667 Net interest income (expense) .............. 870 (12,946) (12,076) (8,832) (20,908) --------- --------- ---------- ---------- --------- Income before income taxes ................. 18,709 (14,279) 4,430 7,329 11,759 Provision for income taxes ................. 6,927 (4,647) 2,280 3,479 5,759 --------- --------- ---------- ---------- --------- Net income ................................. $ 11,782 $ (9,632) $ 2,150 $ 3,850 $ 6,000 ========= ========= ========== ========== ========= Historical ------------------------------------- Mercer Deeter ----------------- ----------------- Year Ended Year Ended Pro Forma November 30, 1997 December 31, 1997 Adjustments Pro Forma ----------------- ----------------- ----------- --------- Net sales .................................. $ 43,220 $ 14,296 $ - $237,572 Cost of sales .............................. 33,105 7,873 1,893 (a) 168,644 --------- --------- --------- --------- Gross profit ............................... 10,115 6,423 (1,893) 68,928 Selling, general and administrative expenses ................................. 3,437 5,954 210 (a) 24,670 1,455 (a) Amortization of intangible assets........... 25 - 922 (a) 8,949 --------- --------- --------- --------- Total operating expenses ................. 3,462 5,954 2,587 33,619 --------- --------- --------- --------- Operating income ........................... 6,653 469 (4,480) 35,309 Net interest income (expense) .............. (780) (387) (3,591)(b) (25,666) --------- --------- --------- --------- Income before income taxes ................. 5,873 82 (8,071) 9,643 Provision for income taxes ................. 2,169 - (2,859)(c) 5,069 --------- --------- --------- --------- Net income ................................. $ 3,704 $ 82 $(5,212) $ 4,574 ========= ========= ========= =========
See accompanying Notes to Unaudited Pro Forma Consolidated Statements of Income. 4 NEENAH FOUNDRY COMPANY UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME Six Months Ended March 31, 1998 (In thousands)
Historical -------------------------------------- Neenah Pro Forma Foundry Mercer Deeter Adjustments Pro Forma --------- --------- --------- ----------- ---------- Net sales .................................. $ 89,825 $ 27,529 $ 5,916 $ -- $ 123,270 Cost of sales .............................. 64,079 20,632 3,407 947 (a) 89,065 --------- --------- --------- --------- --------- Gross profit ............................... 25,746 6,897 2,509 (947) 34,205 (778)(a) Selling, general and administrative expenses ................................. 7,972 1,812 4,111 105 (a) 13,222 1,405 (a) Amortization of intangible assets .......... 2,459 41 -- 461 (a) 4,366 --------- --------- --------- --------- --------- Total operating expenses ................. 10,431 1,853 4,111 1,193 17,588 --------- --------- --------- --------- --------- Operating income ........................... 15,315 5,044 (1,602) (2,140) 16,617 Net interest income (expense) .............. (10,489) (485) (196) (1,698)(b) (12,868) --------- --------- --------- --------- --------- Income before income taxes ................. 4,826 4,559 (1,798) (3,838) 3,749 Provision for income taxes ................. 2,486 1,436 -- (1,351)(c) 2,571 --------- --------- --------- --------- --------- Net income ................................. $ 2,340 $ 3,123 $ (1,798) $ (2,487) $ 1,178 ========= ========= ========= ========= =========
See accompanying Notes to Unaudited Pro Forma Consolidated Statements of Income. 5 NEENAH FOUNDRY COMPANY NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands) (a) The pro forma adjustments to cost of sales, selling, general and administrative expenses and amortization of intangible assets are comprised of the following:
Year Ended September 30, 1997 Six Months Ended March 31, 1998 ---------------------------------- ---------------------------------- Proforma Proforma Historical Proforma Adjustment Historical Proforma Adjustment ---------- -------- ---------- ---------- -------- ---------- Depreciation of property, plant and equipment: Cost of sales $ 7,021 $ 8,914 $ 1,893 $ 3,888 $ 4,835 $ 947 Selling, general and administrative 1,876 2,086 210 1,245 1,350 105 Amortization of identifiable intangible assets 5,319 6,774 1,455 1,515 2,920 1,405 Amortization of goodwill 1,253 2,175 922 985 1,446 461 Elimination of certain non-recurring expenses incurred by Deeter prior to Acquisition - - - - (778) (778)
(b) Adjustment to record interest expense and amortization of deferred financing costs on the debt incurred to finance the Acquisitions, calculated as follows:
Year Ended Six Months Ended September 30, 1997 March 31, 1998 ------------------ ---------------- Tranche B Term Loan ($55,000 @ 8.25%) $ 4,538 $ 2,269 Amortization of deferred financing costs (over 5 years) 220 110 Reduction in interest expense related to indebtedness satisfied in connection with the Acquisitions (1,167) (681) ------- ------- $ 3,591 $ 1,698 ======= =======
(c) Adjustment to record the tax effect on the above adjustments using the marginal effective income tax rate of 40%. All adjustments were tax-effected except for goodwill amortization. 6 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this amendment to be signed on its behalf by the undersigned hereunto duly authorized. NEENAH FOUNDRY COMPANY DATE: November 5, 1998 /s/ Gary LaChey ----------------------------- Gary LaChey Vice President-Finance, Secretary & Treasurer (Principal Financial Officer and Duly Authorized Officer) -----END PRIVACY-ENHANCED MESSAGE-----