##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2009
 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 No.
    
    Name of Registrant, State
of Incorporation, Address
of Principal Executive
Offices, and Telephone No.
    
    IRS Employer
Identification No.000-52681
    
    Neenah Enterprises, Inc.
(a Delaware Corporation)
2121 Brooks Avenue
P.O. Box 729
Neenah, WI 54957
(920) 725-7000
    
    25-1618281333-28751
    
    Neenah Foundry Company
(a Wisconsin Corporation)
2121 Brooks Avenue
P.O. Box 729
Neenah, WI 54957
(920) 725-7000
    
    39-1580331
 þ o
 o o
  Neenah Enterprises, Inc.
    
    Neenah Foundry CompanyLarge accelerated filer
    
    o
    
    oAccelerated filer
    
    o
    
    oNon-accelerated filer (Do not check if a smaller reporting company)
    
    o
    
    þSmaller reporting company
    
    þ
    
    o
  Neenah Enterprises, Inc.
    
    Yes o No þNeenah Foundry Company
    
    Yes o No þ
 þ o
 Neenah Enterprises, Inc.
    
    As of July 31, 2009, Neenah Enterprises, Inc. had
14,985,622 shares of common stock outstanding.Neenah Foundry Company
    
    As of July 31, 2009, Neenah Foundry Company had
1,000 shares of common stock outstanding, all of
which were owned by NFC Castings, Inc, a wholly
owned subsidiary of Neenah Enterprises, Inc.




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##### 



NEENAH ENTERPRISES, INC.
NEENAH FOUNDRY COMPANY
 PagePart I. Financial Information
    
    
    3Item 1. Financial Statements
    
    
    3Neenah Enterprises, Inc.Condensed consolidated balance sheets  Neenah Enterprises, Inc. as of June 30, 2009 and
September 30, 2008
    
    
    3Condensed consolidated statements of operations  Neenah Enterprises, Inc. for the three
and nine months ended June 30, 2009 and 2008
    
    
    4Condensed consolidated statements of cash flows  Neenah Enterprises, Inc. for the nine
months ended June 30, 2009 and 2008
    
    
    5Notes to condensed consolidated financial statements  June 30, 2009
    
    
    6Neenah Foundry CompanyCondensed consolidated balance sheets  Neenah Foundry Company as of June 30, 2009 and
September 30, 2008
    
    
    13Condensed consolidated statements of operations  Neenah Foundry Company for the three
and nine months ended June 30, 2009 and 2008
    
    
    14Condensed consolidated statements of cash flows  Neenah Foundry Company for the nine
months ended June 30, 2009 and 2008
    
    
    15Notes to condensed consolidated financial statements  June 30, 2009
    
    
    16Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    28Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    35Item 4T. Controls and Procedures
    
    
    35Part II. Other InformationItem 1. Legal Proceedings
    
    
    36Item 6. Exhibits
    
    
    36Signatures
    
    
    37EX-31.1EX-31.2EX-31.3EX-31.4EX-32.1EX-32.2
  2




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NEENAH ENTERPRISES, INC.
 
 . FINANCIAL INFORMATION
 
 Financial Statements
 
 
 June 30,
    
    
    September 30,2009
    
    
    2008(1)(Unaudited)AssetsCurrent assets:Cash
    
    $
    
    
    
    $
    Accounts receivable, net
    
    
    42,230
    
    
    
    92,489Inventories
    
    
    51,774
    
    
    
    71,015Refundable income taxes
    
    
    
    
    
    
    7,363Deferred income taxes
    
    
    4,610
    
    
    
    4,610Other current assets
    
    
    2,803
    
    
    
    4,486Total current assets
    
    
    101,417
    
    
    
    179,963Property, plant and equipment
    
    
    233,351
    
    
    
    222,868Less accumulated depreciation
    
    
    87,534
    
    
    
    62,628145,817
    
    
    
    160,240Deferred financing costs, net
    
    
    2,657
    
    
    
    3,000Identifiable intangible assets, net
    
    
    42,874
    
    
    
    48,218Goodwill
    
    
    
    
    
    
    88,136Other assets
    
    
    6,916
    
    
    
    6,942$
    299,681
    
    
    $
    486,499Liabilities and stockholders equity (deficit)Current liabilities:Accounts payable
    
    $
    18,117
    
    
    $
    39,452Accrued wages and employee benefits
    
    
    8,860
    
    
    
    12,525Accrued interest
    
    
    10,688
    
    
    
    5,572Accrued interest  related party
    
    
    7,774
    
    
    
    2,344Other accrued liabilities
    
    
    4,970
    
    
    
    2,669Current portion of long-term debt
    
    
    41,808
    
    
    
    59,683Current portion of capital lease obligations
    
    
    71
    
    
    
    71Total current liabilities
    
    
    92,288
    
    
    
    122,316Long-term debt
    
    
    225,000
    
    
    
    225,000Long-term debt  related party
    
    
    75,000
    
    
    
    75,000Capital lease obligations
    
    
    1,617
    
    
    
    400Deferred income taxes
    
    
    4,923
    
    
    
    29,065Postretirement benefit obligations
    
    
    8,169
    
    
    
    8,052Other liabilities
    
    
    11,970
    
    
    
    11,622Total liabilities
    
    
    418,967
    
    
    
    471,455Commitments and contingenciesStockholders equity (deficit):Preferred stock, par value $0.01 per share
 1,000,000 shares authorized, no shares
issued and outstanding
    
    
    
    
    
    
    Common stock, par value $0.01 per share 
35,000,000 shares authorized 14,985,622
issued and outstanding at June 30, 2009 and
14,625,326 issued and outstanding at
September 30, 2008
    
    
    150
    
    
    
    146Capital in excess of par value
    
    
    6,311
    
    
    
    6,132Retained earnings (accumulated deficit)
    
    
    (125,974
    )
    
    
    8,539Accumulated other comprehensive income
    
    
    227
    
    
    
    227Total stockholders equity (deficit)
    
    
    (119,286
    )
    
    
    15,044$
    299,681
    
    
    $
    486,499
  
 (1)
    
    The balance sheet as of September 30, 2008 has been derived from the audited financial
statements as of that date but does not include all of the information and footnotes required by
U.S. generally accepted accounting principles for complete financial statements. 3




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NEENAH ENTERPRISES, INC.
 
 Three months ended
    
    
    Nine months endedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net sales
    
    $
    72,394
    
    
    $
    154,322
    
    
    $
    249,892
    
    
    $
    370,205Cost of sales
    
    
    72,359
    
    
    
    132,745
    
    
    
    258,877
    
    
    
    326,259Gross profit (loss)
    
    
    35
    
    
    
    21,577
    
    
    
    (8,985
    )
    
    
    43,946Selling, general and administrative expenses
    
    
    8,264
    
    
    
    8,887
    
    
    
    25,488
    
    
    
    26,787Restructuring costs
    
    
    1,649
    
    
    
    
    
    
    
    4,805
    
    
    
    1,227Goodwill impairment charge
    
    
    
    
    
    
    
    
    
    
    88,136
    
    
    
    Amortization of intangible assets
    
    
    1,719
    
    
    
    1,780
    
    
    
    5,344
    
    
    
    5,342Gain on disposal of equipment
    
    
    (55
    )
    
    
    (37
    )
    
    
    (55
    )
    
    
    (56
    )Total operating expenses
    
    
    11,577
    
    
    
    10,630
    
    
    
    123,718
    
    
    
    33,300Operating income (loss)
    
    
    (11,542
    )
    
    
    10,947
    
    
    
    (132,703
    )
    
    
    10,646Interest expense
    
    
    (5,789
    )
    
    
    (6,116
    )
    
    
    (18,094
    )
    
    
    (16,800
    )Interest expense  related party
    
    
    (2,531
    )
    
    
    (2,344
    )
    
    
    (7,307
    )
    
    
    (7,032
    )Income (loss) before income taxes
    
    
    (19,862
    )
    
    
    2,487
    
    
    
    (158,104
    )
    
    
    (13,186
    )Income tax provision (benefit)
    
    
    (6,555
    )
    
    
    112
    
    
    
    (23,591
    )
    
    
    (5,501
    )Net income (loss)
    
    $
    (13,307
    )
    
    $
    2,375
    
    
    $
    (134,513
    )
    
    $
    (7,685
    )Loss per share:Basic
    
    $
    (0.90
    )
    
    $
    0.17
    
    
    $
    (9.18
    )
    
    $
    (0.56
    )Diluted
    
    $
    (0.90
    )
    
    $
    0.15
    
    
    $
    (9.18
    )
    
    $
    (0.56
    )Shares used in the computation of loss
per share:Basic
    
    
    14,740
    
    
    
    13,691
    
    
    
    14,647
    
    
    
    13,687Diluted
    
    
    14,740
    
    
    
    16,121
    
    
    
    14,647
    
    
    
    13,687
  4




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NEENAH ENTERPRISES, INC.
 
 Nine months endedJune 30,2009
    
    
    2008Operating activitiesNet loss
    
    $
    (134,513
    )
    
    $
    (7,685
    )Adjustments to reconcile net loss to net cash provided by (used in) operating activities:Depreciation and amortization
    
    
    30,418
    
    
    
    17,752Amortization of deferred financing costs
    
    
    343
    
    
    
    343Goodwill impairment charge
    
    
    88,136
    
    
    
    Stock-based compensation
    
    
    165
    
    
    
    250Changes in operating assets and liabilities
    
    
    43,033
    
    
    
    (24,132
    )Net cash provided by (used in) operating activities
    
    
    27,582
    
    
    
    (13,472
    )Investing activitiesPurchase of property, plant and equipment
    
    
    (9,536
    )
    
    
    (35,673
    )Net cash used in investing activities
    
    
    (9,536
    )
    
    
    (35,673
    )Financing activitiesNet change in revolver balance
    
    
    (17,875
    )
    
    
    49,299Payments on capital lease obligations
    
    
    (171
    )
    
    
    (157
    )Proceeds from exercise of stock warrants
    
    
    
    
    
    
    3Net cash provided by (used in) financing activities
    
    
    (18,046
    )
    
    
    49,145Increase (decrease) in cash
    
    
    
    
    
    
    Cash at beginning of period
    
    
    
    
    
    
    Cash at end of period
    
    $
    
    
    
    $
    
  5




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NEENAH ENTERPRISES, INC.
 
 Note 1  Basis of Presentation
  Note 2  Recent Accounting Pronouncements
        6




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TM TM
 7




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Note 3  Inventories
  June 30,
    
    
    September 30,2009
    
    
    2008Raw materials
    
    $
    6,003
    
    
    $
    9,899Work in process and finished goods
    
    
    32,024
    
    
    
    43,901Supplies
    
    
    13,747
    
    
    
    17,215$
    51,774
    
    
    $
    71,015
 Note 4  Employee Benefit Plans
 Components of Net Periodic Benefit Cost
  Pension Benefits
    
    
    Postretirement BenefitsThree months ended June 30,
    
    
    Three months ended June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Service cost
    
    $
    370
    
    
    $
    461
    
    
    $
    78
    
    
    $
    55Interest cost
    
    
    1,095
    
    
    
    1,097
    
    
    
    131
    
    
    
    81Expected return on plan assets
    
    
    (1,235
    )
    
    
    (1,364
    )
    
    
    
    
    
    
    Amortization of prior service cost (credit)
    
    
    7
    
    
    
    5
    
    
    
    40
    
    
    
    (13
    )Recognized net actuarial gain
    
    
    (3
    )
    
    
    
    
    
    
    (50
    )
    
    
    (53
    )Net periodic benefit cost
    
    $
    234
    
    
    $
    199
    
    
    $
    199
    
    
    $
    70
 Pension Benefits
    
    
    Postretirement BenefitsNine months ended June 30,
    
    
    Nine months ended June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Service cost
    
    $
    1,110
    
    
    $
    1,383
    
    
    $
    232
    
    
    $
    165Interest cost
    
    
    3,285
    
    
    
    3,292
    
    
    
    394
    
    
    
    243Expected return on plan assets
    
    
    (3,705
    )
    
    
    (4,093
    )
    
    
    
    
    
    
    Amortization of prior service cost (credit)
    
    
    23
    
    
    
    13
    
    
    
    120
    
    
    
    (39
    )Recognized net actuarial gain
    
    
    (10
    )
    
    
    
    
    
    
    (150
    )
    
    
    (159
    )Net periodic benefit cost
    
    $
    703
    
    
    $
    595
    
    
    $
    596
    
    
    $
    210
 Employer Contributions
  8




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Note 5  Closure of Kendallville
   TotalEmployee
    
    
    
    
    
    
    RestructuringCosts
    
    
    Other
    
    
    CostsReserve balance at March 31, 2009
    
    $
    1,503
    
    
    $
    1,445
    
    
    $
    2,948Total net expense accrued
    
    
    394
    
    
    
    1,255
    
    
    
    1,649Charges to accrual account
    
    
    (154
    )
    
    
    (1,493
    )
    
    
    (1,647
    )Reserve balance at June 30, 2009
    
    $
    1,743
    
    
    $
    1,207
    
    
    $
    2,950Reserve balance at September 30, 2008
    
    $
    
    
    
    $
    
    
    
    $
    Total net expense accrued
    
    
    1,897
    
    
    
    2,908
    
    
    
    4,805Charges to accrual account
    
    
    (154
    )
    
    
    (1,701
    )
    
    
    (1,855
    )Reserve balance at June 30, 2009
    
    $
    1,743
    
    
    $
    1,207
    
    
    $
    2,950
 Note 6  Closure of Gregg
  Note 7  Goodwill
    9




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Castings
    
    
    Other
    
    
    ConsolidatedBalance at September 30, 2008
    
    $
    86,699
    
    
    $
    1,437
    
    
    $
    88,136Impairment charges
    
    
    (86,699
    )
    
    
    (1,437
    )
    
    
    (88,136
    )Balance at June 30, 2009
    
    $
    
    
    
    $
    
    
    
    $
    
 Note 8  Cost Reduction Actions
  Note 9  Acquisition
   Accounts receivable
    
    $
    827Inventories
    
    
    561Other current assets
    
    
    13Property, plant and equipment
    
    
    1,665Identifiable intangible assets
    
    
    410Goodwill
    
    
    1,437Current liabilities
    
    
    (564
    )$
    4,349
 Note 10  Contingencies
   10




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Note 11  Subsequent Events
  Liquidity and Debt Instruments.
 Note 12  Financial Instruments
  11




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Note 13  Segment Information
   Three months ended
    
    
    Nine months endedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Revenues from external customers:Castings
    
    $
    65,614
    
    
    $
    141,328
    
    
    $
    225,128
    
    
    $
    332,659Forgings
    
    
    4,884
    
    
    
    11,100
    
    
    
    19,008
    
    
    
    31,309Other
    
    
    3,677
    
    
    
    4,651
    
    
    
    11,277
    
    
    
    13,612Elimination of intersegment revenues
    
    
    (1,781
    )
    
    
    (2,757
    )
    
    
    (5,521
    )
    
    
    (7,375
    )$
    72,394
    
    
    $
    154,322
    
    
    $
    249,892
    
    
    $
    370,205Net income (loss):Castings
    
    $
    (11,393
    )
    
    $
    2,315
    
    
    $
    (128,577
    )
    
    $
    (8,091
    )Forgings
    
    
    (1,674
    )
    
    
    (110
    )
    
    
    (3,805
    )
    
    
    8Other
    
    
    (480
    )
    
    
    155
    
    
    
    (2,750
    )
    
    
    222Elimination of intersegment loss
    
    
    240
    
    
    
    15
    
    
    
    619
    
    
    
    176$
    (13,307
    )
    
    $
    2,375
    
    
    $
    (134,513
    )
    
    $
    (7,685
    )
 June 30,
    
    
    September 30,2009
    
    
    2008Total assets:Castings
    
    $
    287,264
    
    
    $
    471,509Forgings
    
    
    19,507
    
    
    
    26,324Other
    
    
    9,531
    
    
    
    11,187Elimination of intersegment assets
    
    
    (16,621
    )
    
    
    (22,521
    )$
    299,681
    
    
    $
    486,499
 12




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NEENAH FOUNDRY COMPANY
 June 30,
    
    
    September 30,2009
    
    
    2008(1)(Unaudited)AssetsCurrent assets:Cash
    
    $
    
    
    
    $
    Accounts receivable, net
    
    
    42,230
    
    
    
    92,489Inventories
    
    
    51,774
    
    
    
    71,015Refundable income taxes
    
    
    
    
    
    
    7,363Deferred income taxes
    
    
    4,610
    
    
    
    4,610Other current assets
    
    
    2,803
    
    
    
    4,486Total current assets
    
    
    101,417
    
    
    
    179,963Property, plant and equipment
    
    
    233,351
    
    
    
    222,868Less accumulated depreciation
    
    
    87,534
    
    
    
    62,628145,817
    
    
    
    160,240Deferred financing costs, net
    
    
    2,657
    
    
    
    3,000Identifiable intangible assets, net
    
    
    42,874
    
    
    
    48,218Goodwill
    
    
    
    
    
    
    88,136Other assets
    
    
    6,916
    
    
    
    6,942$
    299,681
    
    
    $
    486,499Liabilities and stockholders equity (deficit)Current liabilities:Accounts payable
    
    $
    18,117
    
    
    $
    39,452Accrued wages and employee benefits
    
    
    8,860
    
    
    
    12,525Accrued interest
    
    
    10,688
    
    
    
    5,572Accrued interest  related party
    
    
    7,774
    
    
    
    2,344Other accrued liabilities
    
    
    5,288
    
    
    
    2,969Current portion of long-term debt
    
    
    41,808
    
    
    
    59,683Current portion of capital lease obligations
    
    
    71
    
    
    
    71Total current liabilities
    
    
    92,606
    
    
    
    122,616Long-term debt
    
    
    225,000
    
    
    
    225,000Long-term debt  related party
    
    
    75,000
    
    
    
    75,000Capital lease obligations
    
    
    1,617
    
    
    
    400Deferred income taxes
    
    
    4,923
    
    
    
    29,065Postretirement benefit obligations
    
    
    8,169
    
    
    
    8,052Other liabilities
    
    
    11,970
    
    
    
    11,622Total liabilities
    
    
    419,285
    
    
    
    471,755Commitments and contingenciesStockholders equity (deficit):Common stock, par value $100 per share 
1,000 shares authorized, issued, and
outstanding
    
    
    100
    
    
    
    100Capital in excess of par value
    
    
    6,043
    
    
    
    5,878Retained earnings (accumulated deficit)
    
    
    (125,974
    )
    
    
    8,539Accumulated other comprehensive income
    
    
    227
    
    
    
    227Total stockholders equity (deficit)
    
    
    (119,604
    )
    
    
    14,744$
    299,681
    
    
    $
    486,499
  
 (1)
    
    The balance sheet as of September 30, 2008 has been derived from the
audited financial statements as of that date but does not include all
of the information and footnotes required by U.S. generally accepted
accounting principles for complete financial statements.
 13




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NEENAH FOUNDRY COMPANY
 
 Three months ended
    
    
    Nine months endedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net sales
    
    $
    72,394
    
    
    $
    154,322
    
    
    $
    249,892
    
    
    $
    370,205Cost of sales
    
    
    72,359
    
    
    
    132,745
    
    
    
    258,877
    
    
    
    326,259Gross profit (loss)
    
    
    35
    
    
    
    21,577
    
    
    
    (8,985
    )
    
    
    43,946Selling, general and administrative expenses
    
    
    8,264
    
    
    
    8,887
    
    
    
    25,488
    
    
    
    26,787Restructuring costs
    
    
    1,649
    
    
    
    
    
    
    
    4,805
    
    
    
    1,227Goodwill impairment charge
    
    
    
    
    
    
    
    
    
    
    88,136
    
    
    
    Amortization of intangible assets
    
    
    1,719
    
    
    
    1,780
    
    
    
    5,344
    
    
    
    5,342Gain on disposal of equipment
    
    
    (55
    )
    
    
    (37
    )
    
    
    (55
    )
    
    
    (56
    )Total operating expenses
    
    
    11,577
    
    
    
    10,630
    
    
    
    123,718
    
    
    
    33,300Operating income (loss)
    
    
    (11,542
    )
    
    
    10,947
    
    
    
    (132,703
    )
    
    
    10,646Interest expense
    
    
    (5,789
    )
    
    
    (6,116
    )
    
    
    (18,094
    )
    
    
    (16,800
    )Interest expense  related party
    
    
    (2,531
    )
    
    
    (2,344
    )
    
    
    (7,307
    )
    
    
    (7,032
    )Income (loss) before income taxes
    
    
    (19,862
    )
    
    
    2,487
    
    
    
    (158,104
    )
    
    
    (13,186
    )Income tax provision (benefit)
    
    
    (6,555
    )
    
    
    112
    
    
    
    (23,591
    )
    
    
    (5,501
    )Net income (loss)
    
    $
    (13,307
    )
    
    $
    2,375
    
    
    $
    (134,513
    )
    
    $
    (7,685
    )
  14




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##### Table of Contents



NEENAH FOUNDRY COMPANY
 
 Nine months endedJune 30,2009
    
    
    2008Operating activitiesNet loss
    
    $
    (134,513
    )
    
    $
    (7,685
    )Adjustments to reconcile net loss to net cash provided by (used in) operating activities:Depreciation and amortization
    
    
    30,418
    
    
    
    17,752Amortization of deferred financing costs
    
    
    343
    
    
    
    343Goodwill impairment charge
    
    
    88,136
    
    
    
    Stock-based compensation
    
    
    165
    
    
    
    250Changes in operating assets and liabilities
    
    
    43,033
    
    
    
    (24,129
    )Net cash provided by (used in) operating activities
    
    
    27,582
    
    
    
    (13,469
    )Investing activitiesPurchase of property, plant and equipment
    
    
    (9,536
    )
    
    
    (35,673
    )Net cash used in investing activities
    
    
    (9,536
    )
    
    
    (35,673
    )Financing activitiesNet change in revolver balance
    
    
    (17,875
    )
    
    
    49,299Payments on capital lease obligations
    
    
    (171
    )
    
    
    (157
    )Net cash provided by (used in) financing activities
    
    
    (18,046
    )
    
    
    49,142Increase (decrease) in cash
    
    
    
    
    
    
    Cash at beginning of period
    
    
    
    
    
    
    Cash at end of period
    
    $
    
    
    
    $
    
  15




---



##### Table of Contents



NEENAH FOUNDRY COMPANY
 
 Note 1  Basis of Presentation
  Note 2  Recent Accounting Pronouncements
        16




---



##### Table of Contents



TM TM
 17




---



##### Table of Contents



Note 3  Inventories
  June 30,
    
    
    September 30,2009
    
    
    2008Raw materials
    
    $
    6,003
    
    
    $
    9,899Work in process and finished goods
    
    
    32,024
    
    
    
    43,901Supplies
    
    
    13,747
    
    
    
    17,215$
    51,774
    
    
    $
    71,015
 Note 4  Employee Benefit Plans
 Components of Net Periodic Benefit Cost
  Pension Benefits
    
    
    Postretirement BenefitsThree months ended June 30,
    
    
    Three months ended June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Service cost
    
    $
    370
    
    
    $
    461
    
    
    $
    78
    
    
    $
    55Interest cost
    
    
    1,095
    
    
    
    1,097
    
    
    
    131
    
    
    
    81Expected return on plan assets
    
    
    (1,235
    )
    
    
    (1,364
    )
    
    
    
    
    
    
    Amortization of prior service cost (credit)
    
    
    7
    
    
    
    5
    
    
    
    40
    
    
    
    (13
    )Recognized net actuarial gain
    
    
    (3
    )
    
    
    
    
    
    
    (50
    )
    
    
    (53
    )Net periodic benefit cost
    
    $
    234
    
    
    $
    199
    
    
    $
    199
    
    
    $
    70
 Pension Benefits
    
    
    Postretirement BenefitsNine months ended June 30,
    
    
    Nine months ended June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Service cost
    
    $
    1,110
    
    
    $
    1,383
    
    
    $
    232
    
    
    $
    165Interest cost
    
    
    3,285
    
    
    
    3,292
    
    
    
    394
    
    
    
    243Expected return on plan assets
    
    
    (3,705
    )
    
    
    (4,093
    )
    
    
    
    
    
    
    Amortization of prior service cost (credit)
    
    
    23
    
    
    
    13
    
    
    
    120
    
    
    
    (39
    )Recognized net actuarial gain
    
    
    (10
    )
    
    
    
    
    
    
    (150
    )
    
    
    (159
    )Net periodic benefit cost
    
    $
    703
    
    
    $
    595
    
    
    $
    596
    
    
    $
    210
 Employer Contributions
  18




---



##### Table of Contents



Note 5  Closure of Kendallville
   TotalEmployee
    
    
    
    
    
    
    RestructuringCosts
    
    
    Other
    
    
    CostsReserve balance at March 31, 2009
    
    $
    1,503
    
    
    $
    1,445
    
    
    $
    2,948Total net expense accrued
    
    
    394
    
    
    
    1,255
    
    
    
    1,649Charges to accrual account
    
    
    (154
    )
    
    
    (1,493
    )
    
    
    (1,647
    )Reserve balance at June 30, 2009
    
    $
    1,743
    
    
    $
    1,207
    
    
    $
    2,950Reserve balance at September 30, 2008
    
    $
    
    
    
    $
    
    
    
    $
    Total net expense accrued
    
    
    1,897
    
    
    
    2,908
    
    
    
    4,805Charges to accrual account
    
    
    (154
    )
    
    
    (1,701
    )
    
    
    (1,855
    )Reserve balance at June 30, 2009
    
    $
    1,743
    
    
    $
    1,207
    
    
    $
    2,950
 Note 6  Closure of Gregg
  Note 7  Goodwill
    19




---



##### Table of Contents



Castings
    
    
    Other
    
    
    ConsolidatedBalance at September 30, 2008
    
    $
    86,699
    
    
    $
    1,437
    
    
    $
    88,136Impairment charges
    
    
    (86,699
    )
    
    
    (1,437
    )
    
    
    (88,136
    )Balance at June 30, 2009
    
    $
    
    
    
    $
    
    
    
    $
    
 Note 8  Cost Reduction Actions
  Note 9  Acquisition
   Accounts receivable
    
    $
    827Inventories
    
    
    561Other current assets
    
    
    13Property, plant and equipment
    
    
    1,665Identifiable intangible assets
    
    
    410Goodwill
    
    
    1,437Current liabilities
    
    
    (564
    )$
    4,349
 Note 10  Contingencies
   20




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##### Table of Contents



Note 11  Subsequent Events
  Liquidity and Debt Instruments.
 Note 12  Financial Instruments
  21




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##### Table of Contents



Note 13  Subsidiary Guarantors
 1 2 1 2
 Condensed Consolidating Balance Sheet  June 30, 2009
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedAssetsCurrent assets:Cash
    
    $
    (1,086
    )
    
    $
    1,086
    
    
    $
    
    
    
    $
    Accounts receivable, net
    
    
    25,986
    
    
    
    16,244
    
    
    
    
    
    
    
    42,230Inventories
    
    
    25,100
    
    
    
    26,674
    
    
    
    
    
    
    
    51,774Deferred income taxes
    
    
    688
    
    
    
    3,922
    
    
    
    
    
    
    
    4,610Other current assets
    
    
    912
    
    
    
    1,891
    
    
    
    
    
    
    
    2,803Total current assets
    
    
    51,600
    
    
    
    49,817
    
    
    
    
    
    
    
    101,417Investments in and advances to subsidiaries
    
    
    80,673
    
    
    
    
    
    
    
    (80,673
    )
    
    
    Property, plant and equipment, net
    
    
    95,662
    
    
    
    50,155
    
    
    
    
    
    
    
    145,817Deferred financing costs and intangible assets, net
    
    
    32,806
    
    
    
    12,725
    
    
    
    
    
    
    
    45,531Goodwill
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other assets
    
    
    2,436
    
    
    
    4,480
    
    
    
    
    
    
    
    6,916$
    263,177
    
    
    $
    117,177
    
    
    $
    (80,673
    )
    
    $
    299,681Liabilities and Stockholders Equity (Deficit)Current liabilities:Accounts payable
    
    $
    7,240
    
    
    $
    10,877
    
    
    $
    
    
    
    $
    18,117Net intercompany payable
    
    
    
    
    
    
    135,175
    
    
    
    (135,175
    )
    
    
    Accrued liabilities
    
    
    24,074
    
    
    
    8,536
    
    
    
    
    
    
    
    32,610Current portion of long-term debt
    
    
    41,808
    
    
    
    71
    
    
    
    
    
    
    
    41,879Total current liabilities
    
    
    73,122
    
    
    
    154,659
    
    
    
    (135,175
    )
    
    
    92,606Long-term debt and capital lease obligations
    
    
    300,000
    
    
    
    1,617
    
    
    
    
    
    
    
    301,617Deferred income taxes
    
    
    (6,274
    )
    
    
    11,197
    
    
    
    
    
    
    
    4,923Postretirement benefit obligations
    
    
    8,169
    
    
    
    
    
    
    
    
    
    
    
    8,169Other liabilities
    
    
    7,764
    
    
    
    4,206
    
    
    
    
    
    
    
    11,970Stockholders equity (deficit)
    
    
    (119,604
    )
    
    
    (54,502
    )
    
    
    54,502
    
    
    
    (119,604
    )$
    263,177
    
    
    $
    117,177
    
    
    $
    (80,673
    )
    
    $
    299,681
 22




---



##### Table of Contents



Note 13  Subsidiary Guarantors (continued)
 Condensed Consolidating Balance Sheet
September 30, 2008
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedAssetsCurrent assets:Cash
    
    $
    523
    
    
    $
    (523
    )
    
    $
    
    
    
    $
    Accounts receivable, net
    
    
    47,083
    
    
    
    45,406
    
    
    
    
    
    
    
    92,489Inventories
    
    
    26,570
    
    
    
    44,445
    
    
    
    
    
    
    
    71,015Refundable income taxes
    
    
    7,363
    
    
    
    
    
    
    
    
    
    
    
    7,363Deferred income taxes
    
    
    688
    
    
    
    3,922
    
    
    
    
    
    
    
    4,610Other current assets
    
    
    1,340
    
    
    
    3,146
    
    
    
    
    
    
    
    4,486Total current assets
    
    
    83,567
    
    
    
    96,396
    
    
    
    
    
    
    
    179,963Investments in and advances to subsidiaries
    
    
    132,206
    
    
    
    
    
    
    
    (132,206
    )
    
    
    Property, plant and equipment, net
    
    
    94,582
    
    
    
    65,658
    
    
    
    
    
    
    
    160,240Deferred financing costs and intangible assets, net
    
    
    37,428
    
    
    
    13,790
    
    
    
    
    
    
    
    51,218Goodwill
    
    
    86,699
    
    
    
    1,437
    
    
    
    
    
    
    
    88,136Other assets
    
    
    2,398
    
    
    
    4,544
    
    
    
    
    
    
    
    6,942$
    436,880
    
    
    $
    181,825
    
    
    $
    (132,206
    )
    
    $
    486,499Liabilities and Stockholders EquityCurrent liabilities:Accounts payable
    
    $
    15,381
    
    
    $
    24,071
    
    
    $
    
    
    
    $
    39,452Net intercompany payable
    
    
    
    
    
    
    134,274
    
    
    
    (134,274
    )
    
    
    Accrued liabilities
    
    
    13,599
    
    
    
    9,882
    
    
    
    
    
    
    
    23,481Current portion of long-term debt
    
    
    59,683
    
    
    
    
    
    
    
    
    
    
    
    59,683Total current liabilities
    
    
    88,663
    
    
    
    168,227
    
    
    
    (134,274
    )
    
    
    122,616Long-term debt and capital lease obligations
    
    
    300,000
    
    
    
    400
    
    
    
    
    
    
    
    300,400Deferred income taxes
    
    
    17,980
    
    
    
    11,085
    
    
    
    
    
    
    
    29,065Postretirement benefit obligations
    
    
    8,052
    
    
    
    
    
    
    
    
    
    
    
    8,052Other liabilities
    
    
    7,441
    
    
    
    4,181
    
    
    
    
    
    
    
    11,622Stockholders equity (deficit)
    
    
    14,744
    
    
    
    (2,068
    )
    
    
    2,068
    
    
    
    14,744$
    436,880
    
    
    $
    181,825
    
    
    $
    (132,206
    )
    
    $
    486,499
 23




---



##### Table of Contents



Note 13  Subsidiary Guarantors (continued)
 Condensed Consolidating Statement of Operations
Three months ended June 30, 2009
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedNet sales
    
    $
    40,588
    
    
    $
    33,216
    
    
    $
    (1,410
    )
    
    $
    72,394Cost of sales
    
    
    34,328
    
    
    
    39,441
    
    
    
    (1,410
    )
    
    
    72,359Gross profit (loss)
    
    
    6,260
    
    
    
    (6,225
    )
    
    
    
    
    
    
    35Selling, general and administrative expenses
    
    
    4,889
    
    
    
    3,375
    
    
    
    
    
    
    
    8,264Restructuring costs
    
    
    
    
    
    
    1,649
    
    
    
    
    
    
    
    1,649Amortization of intangible assets
    
    
    1,426
    
    
    
    293
    
    
    
    
    
    
    
    1,719Gain on disposal of equipment
    
    
    
    
    
    
    (55
    )
    
    
    
    
    
    
    (55
    )Operating loss
    
    
    (55
    )
    
    
    (11,487
    )
    
    
    
    
    
    
    (11,542
    )Net interest expense
    
    
    (3,903
    )
    
    
    (4,417
    )
    
    
    
    
    
    
    (8,320
    )Loss before income taxes and equity in loss
of subsidiaries
    
    
    (3,958
    )
    
    
    (15,904
    )
    
    
    
    
    
    
    (19,862
    )Income tax benefit
    
    
    (3,233
    )
    
    
    (3,322
    )
    
    
    
    
    
    
    (6,555
    )(725
    )
    
    
    (12,582
    )
    
    
    
    
    
    
    (13,307
    )Equity in loss of subsidiaries
    
    
    (12,582
    )
    
    
    
    
    
    
    12,582
    
    
    
    Net loss
    
    $
    (13,307
    )
    
    $
    (12,582
    )
    
    $
    12,582
    
    
    $
    (13,307
    )
 Condensed Consolidating Statement of Operations  Three months ended June 30, 2008
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedNet sales
    
    $
    71,606
    
    
    $
    84,875
    
    
    $
    (2,159
    )
    
    $
    154,322Cost of sales
    
    
    56,379
    
    
    
    78,525
    
    
    
    (2,159
    )
    
    
    132,745Gross profit
    
    
    15,227
    
    
    
    6,350
    
    
    
    
    
    
    
    21,577Selling, general and administrative expenses
    
    
    4,848
    
    
    
    4,039
    
    
    
    
    
    
    
    8,887Amortization of intangible assets
    
    
    1,426
    
    
    
    354
    
    
    
    
    
    
    
    1,780Gain on disposal of equipment
    
    
    (22
    )
    
    
    (15
    )
    
    
    
    
    
    
    (37
    )Operating income
    
    
    8,975
    
    
    
    1,972
    
    
    
    
    
    
    
    10,947Net interest expense
    
    
    (4,248
    )
    
    
    (4,212
    )
    
    
    
    
    
    
    (8,460
    )Loss before income taxes and equity in loss
of subsidiaries
    
    
    4,727
    
    
    
    (2,240
    )
    
    
    
    
    
    
    2,487Income tax provision (benefit)
    
    
    1,588
    
    
    
    (1,476
    )
    
    
    
    
    
    
    1123,139
    
    
    
    (764
    )
    
    
    
    
    
    
    2,375Equity in loss of subsidiaries
    
    
    (764
    )
    
    
    
    
    
    
    764
    
    
    
    Net income (loss)
    
    $
    2,375
    
    
    $
    (764
    )
    
    $
    764
    
    
    $
    2,375
 24




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##### Table of Contents



Note 13  Subsidiary Guarantors (continued)
 Condensed Consolidating Statement of Operations
Nine months ended June 30, 2009
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedNet sales
    
    $
    116,594
    
    
    $
    137,210
    
    
    $
    (3,912
    )
    
    $
    249,892Cost of sales
    
    
    105,576
    
    
    
    157,213
    
    
    
    (3,912
    )
    
    
    258,877Gross profit (loss)
    
    
    11,018
    
    
    
    (20,003
    )
    
    
    
    
    
    
    (8,985
    )Selling, general and administrative expenses
    
    
    13,611
    
    
    
    11,877
    
    
    
    
    
    
    
    25,488Restructuring costs
    
    
    
    
    
    
    4,805
    
    
    
    
    
    
    
    4,805Goodwill impairment charge
    
    
    86,699
    
    
    
    1,437
    
    
    
    
    
    
    
    88,136Amortization of intangible assets
    
    
    4,279
    
    
    
    1,065
    
    
    
    
    
    
    
    5,344Gain on disposal of equipment
    
    
    
    
    
    
    (55
    )
    
    
    
    
    
    
    (55
    )Operating loss
    
    
    (93,571
    )
    
    
    (39,132
    )
    
    
    
    
    
    
    (132,703
    )Net interest expense
    
    
    (12,117
    )
    
    
    (13,284
    )
    
    
    
    
    
    
    (25,401
    )Loss before income taxes and equity in loss
of subsidiaries
    
    
    (105,688
    )
    
    
    (52,416
    )
    
    
    
    
    
    
    (158,104
    )Income tax benefit
    
    
    (15,770
    )
    
    
    (7,821
    )
    
    
    
    
    
    
    (23,591
    )(89,918
    )
    
    
    (44,595
    )
    
    
    
    
    
    
    (134,513
    )Equity in loss of subsidiaries
    
    
    (44,595
    )
    
    
    
    
    
    
    44,595
    
    
    
    Net loss
    
    $
    (134,513
    )
    
    $
    (44,595
    )
    
    $
    44,595
    
    
    $
    (134,513
    )
 Condensed Consolidating Statement of Operations  Nine months ended June 30, 2008
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedNet sales
    
    $
    161,839
    
    
    $
    213,383
    
    
    $
    (5,017
    )
    
    $
    370,205Cost of sales
    
    
    132,696
    
    
    
    198,580
    
    
    
    (5,017
    )
    
    
    326,259Gross profit
    
    
    29,143
    
    
    
    14,803
    
    
    
    
    
    
    
    43,946Selling, general and administrative expenses
    
    
    14,595
    
    
    
    12,192
    
    
    
    
    
    
    
    26,787Restructuring costs
    
    
    885
    
    
    
    342
    
    
    
    
    
    
    
    1,227Amortization of intangible assets
    
    
    4,279
    
    
    
    1,063
    
    
    
    
    
    
    
    5,342Gain on disposal of equipment
    
    
    (24
    )
    
    
    (32
    )
    
    
    
    
    
    
    (56
    )Operating income
    
    
    9,408
    
    
    
    1,238
    
    
    
    
    
    
    
    10,646Net interest expense
    
    
    (11,179
    )
    
    
    (12,653
    )
    
    
    
    
    
    
    (23,832
    )Loss before income taxes and equity in loss
of subsidiaries
    
    
    (1,771
    )
    
    
    (11,415
    )
    
    
    
    
    
    
    (13,186
    )Income tax benefit
    
    
    (739
    )
    
    
    (4,762
    )
    
    
    
    
    
    
    (5,501
    )(1,032
    )
    
    
    (6,653
    )
    
    
    
    
    
    
    (7,685
    )Equity in loss of subsidiaries
    
    
    (6,653
    )
    
    
    
    
    
    
    6,653
    
    
    
    Net loss
    
    $
    (7,685
    )
    
    $
    (6,653
    )
    
    $
    6,653
    
    
    $
    (7,685
    )
 25




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##### Table of Contents



Note 13  Subsidiary Guarantors (continued)
 Condensed Consolidating Statement of Cash Flows
Nine months ended June 30, 2009
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedOperating activitiesNet loss
    
    $
    (134,513
    )
    
    $
    (44,595
    )
    
    $
    44,595
    
    
    $
    (134,513
    )Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:Depreciation and amortization
    
    
    9,703
    
    
    
    20,715
    
    
    
    
    
    
    
    30,418Amortization of deferred financing costs
    
    
    343
    
    
    
    
    
    
    
    
    
    
    
    343Goodwill impairment charge
    
    
    86,699
    
    
    
    1,437
    
    
    
    
    
    
    
    88,136Stock-based compensation
    
    
    165
    
    
    
    
    
    
    
    
    
    
    
    165Changes in operating assets and liabilities
    
    
    8,840
    
    
    
    34,193
    
    
    
    
    
    
    
    43,033Net cash provided by (used in) operating activities
    
    
    (28,763
    )
    
    
    11,750
    
    
    
    44,595
    
    
    
    27,582Investing activitiesInvestments in and advances to subsidiaries
    
    
    51,533
    
    
    
    (6,938
    )
    
    
    (44,595
    )
    
    
    Purchase of property, plant and equipment
    
    
    (6,504
    )
    
    
    (3,032
    )
    
    
    
    
    
    
    (9,536
    )Net cash provided by (used in) investing activities
    
    
    45,029
    
    
    
    (9,970
    )
    
    
    (44,595
    )
    
    
    (9,536
    )Financing activitiesNet change in revolver balance
    
    
    (17,875
    )
    
    
    
    
    
    
    
    
    
    
    (17,875
    )Payments on capital lease obligations
    
    
    
    
    
    
    (171
    )
    
    
    
    
    
    
    (171
    )Net cash used in financing activities
    
    
    (17,875
    )
    
    
    (171
    )
    
    
    
    
    
    
    (18,046
    )Increase (decrease) in cash
    
    
    (1,609
    )
    
    
    1,609
    
    
    
    
    
    
    
    Cash at beginning of period
    
    
    523
    
    
    
    (523
    )
    
    
    
    
    
    
    Cash at end of period
    
    $
    (1,086
    )
    
    $
    1,086
    
    
    $
    
    
    
    $
    
 Condensed Consolidating Statement of Cash Flows  Nine months ended June 30, 2008
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedOperating activitiesNet loss
    
    $
    (7,685
    )
    
    $
    (6,653
    )
    
    $
    6,653
    
    
    $
    (7,685
    )Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:Depreciation and amortization
    
    
    8,284
    
    
    
    9,468
    
    
    
    
    
    
    
    17,752Amortization of deferred financing costs
    
    
    343
    
    
    
    
    
    
    
    
    
    
    
    343Stock-based compensation
    
    
    250
    
    
    
    
    
    
    
    
    
    
    
    250Changes in operating assets and liabilities
    
    
    (20,603
    )
    
    
    (3,526
    )
    
    
    
    
    
    
    (24,129
    )Net cash provided by (used in) operating activities
    
    
    (19,411
    )
    
    
    (711
    )
    
    
    6,653
    
    
    
    (13,469
    )Investing activitiesInvestments in and advances to subsidiaries
    
    
    (6,500
    )
    
    
    13,153
    
    
    
    (6,653
    )
    
    
    Purchase of property, plant and equipment
    
    
    (22,523
    )
    
    
    (13,150
    )
    
    
    
    
    
    
    (35,673
    )Net cash provided by (used in) investing activities
    
    
    (29,023
    )
    
    
    3
    
    
    
    (6,653
    )
    
    
    (35,673
    )Financing activitiesNet change in revolver balance
    
    
    49,299
    
    
    
    
    
    
    
    
    
    
    
    49,299Payments on capital lease obligations
    
    
    
    
    
    
    (157
    )
    
    
    
    
    
    
    (157
    )Net cash provided by (used in) financing activities
    
    
    49,299
    
    
    
    (157
    )
    
    
    
    
    
    
    49,142Increase (decrease) in cash
    
    
    865
    
    
    
    (865
    )
    
    
    
    
    
    
    Cash at beginning of period
    
    
    969
    
    
    
    (969
    )
    
    
    
    
    
    
    Cash at end of period
    
    $
    1,834
    
    
    $
    (1,834
    )
    
    $
    
    
    
    $
    
 26




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##### Table of Contents



Note 14  Segment Information
   Three months ended
    
    
    Nine months endedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Revenues from external customers:Castings
    
    $
    65,614
    
    
    $
    141,328
    
    
    $
    225,128
    
    
    $
    332,659Forgings
    
    
    4,884
    
    
    
    11,100
    
    
    
    19,008
    
    
    
    31,309Other
    
    
    3,677
    
    
    
    4,651
    
    
    
    11,277
    
    
    
    13,612Elimination of intersegment revenues
    
    
    (1,781
    )
    
    
    (2,757
    )
    
    
    (5,521
    )
    
    
    (7,375
    )$
    72,394
    
    
    $
    154,322
    
    
    $
    249,892
    
    
    $
    370,205Net income (loss):Castings
    
    $
    (11,393
    )
    
    $
    2,315
    
    
    $
    (128,577
    )
    
    $
    (8,091
    )Forgings
    
    
    (1,674
    )
    
    
    (110
    )
    
    
    (3,805
    )
    
    
    8Other
    
    
    (480
    )
    
    
    155
    
    
    
    (2,750
    )
    
    
    222Elimination of intersegment loss
    
    
    240
    
    
    
    15
    
    
    
    619
    
    
    
    176$
    (13,307
    )
    
    $
    2,375
    
    
    $
    (134,513
    )
    
    $
    (7,685
    )
 June 30,
    
    
    September 30,2009
    
    
    2008Total assets:Castings
    
    $
    287,264
    
    
    $
    471,509Forgings
    
    
    19,507
    
    
    
    26,324Other
    
    
    9,531
    
    
    
    11,187Elimination of intersegment assets
    
    
    (16,621
    )
    
    
    (22,521
    )$
    299,681
    
    
    $
    486,499
 27




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##### Table of Contents



Managements Discussion and Analysis of Financial Condition and Results of Operations
 General
   Recent Developments
 Liquidity and Debt Instruments.
 Goodwill.
 Gregg Closure
  28




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##### Table of Contents



Kendallville Closure
 Tontine Intentions
 New Mold Line
 Asset Purchase.
 Increase of 2006 Credit Facility.
 Steel Scrap Volatility
 Cost Reduction Actions.
 29




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##### Table of Contents



Results of Operations
  Three months ended June 30, 2009 and 2008
 Net sales.
 Cost of sales.
 Gross profit.
 Selling, general and administrative expenses.
 Restructuring costs.
 Amortization of intangible assets.
 Operating income (loss).
 Net interest expense.
 Income tax provision.
 30




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##### Table of Contents



Nine months ended June 30, 2009 and 2008
 Net sales.
 Cost of sales.
 Gross profit (loss).
 Selling, general and administrative expenses.
 Restructuring costs
 Goodwill impairment charge.
 Amortization of intangible assets.
 Operating income (loss).
 Net interest expense.
 Income tax provision.
 31




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##### Table of Contents



Liquidity and Capital Resources
 Refinancing Transactions
 1 2 1 2
 2006 Credit Facility.
 1 2 1 2
  1 2
 9 1 / 2 % Notes. 1 2 1 2 1 2
 32




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##### Table of Contents



1 2 1 2 1 2 1 2 1 2 1 2 1 2
 12 1 / 2 % Notes. 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2
    Future Capital Needs.
 33




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##### Table of Contents



1 2 1 2 1 2 1 2
 Off-Balance Sheet Arrangements
  Contractual Obligations
  Less Than
    
    
    
    
    
    
    
    
    
    
    More ThanTotal
    
    
    1 year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 YearsLong-term debt
    
    $
    300.0
    
    
    $
    
    
    
    $
    
    
    
    $
    75.0
    
    
    $
    225.0Interest on long-term debt
    
    
    208.3
    
    
    
    38.9
    
    
    
    61.5
    
    
    
    54.5
    
    
    
    53.4Revolving line of credit
    
    
    41.8
    
    
    
    41.8
    
    
    
    
    
    
    
    
    
    
    
    Interest and fees on revolving line of credit
    
    
    1.1
    
    
    
    1.1
    
    
    
    
    
    
    
    
    
    
    
    Capital leases
    
    
    1.6
    
    
    
    0.1
    
    
    
    0.6
    
    
    
    0.6
    
    
    
    0.3Operating leases
    
    
    4.7
    
    
    
    1.7
    
    
    
    2.1
    
    
    
    0.7
    
    
    
    0.2New mold line commitments
    
    
    1.6
    
    
    
    1.6
    
    
    
    
    
    
    
    
    
    
    
    Total contractual obligations
    
    $
    559.1
    
    
    $
    85.2
    
    
    $
    64.2
    
    
    $
    130.8
    
    
    $
    278.9
  Critical Accounting Estimates
  34




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##### Table of Contents



Quantitative and Qualitative Disclosures About Market Risk
  Interest Rate Sensitivity. 1 2 1 2
 
 Controls and Procedures
 Disclosure Control and Procedures.
 Internal Control Over Financial Reporting.
 35




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##### Table of Contents



NEENAH ENTERPRISES, INC.
NEENAH FOUNDRY COMPANY
 
 OTHER INFORMATION
 
 Legal Proceedings
    Fox River Cleanup Matter.
  
 Exhibits
   36




---



##### Table of Contents



NEENAH ENTERPRISES, INC.
NEENAH FOUNDRY COMPANYDATE: August 13, 2009
    /s/ Jeffrey S. JenkinsJeffrey S. JenkinsCorporate Vice President 
Finance and Chief Financial Officer
(Principal Financial Officer and Duly Authorized Officer) 37




---



##### Table of Contents



Exhibit Index
to
Quarterly Report on Form 10-Q
For the Quarter Ended June 30, 2009
 Exhibit No.
    
    Description
    
    Incorporated Herein
by Reference
    
    Filed Herewith10.1
    
    Letter Agreement,
dated July 1 2009,
between Tontine
Capital Partners,
L.P. and Neenah
Foundry Company
    
    Exhibit 10.1 to
Neenah Enterprises,
Inc.s Current
Report on Form 8-K
filed July 2, 200931.1
    
    Certification of
Chief Executive
Officer of Neenah
Enterprises, Inc.
pursuant to Rule
13a-14(a) or Rule
15d-14(a), as
adopted pursuant to
Section 302 of the
Sarbanes-Oxley Act
of 2002
    
    
    
    X31.2
    
    Certification of
Chief Financial
Officer of Neenah
Enterprises, Inc.
pursuant to Rule
13a-14(a) or Rule
15d-14(a), as
adopted pursuant to
Section 302 of the
Sarbanes-Oxley Act
of 2002
    
    
    
    X31.3
    
    Certification of
Chief Executive
Officer of Neenah
Foundry Company
pursuant to Rule
13a-14(a) or Rule
15d-14(a), as
adopted pursuant to
Section 302 of the
Sarbanes-Oxley Act
of 2002
    
    
    
    X31.4
    
    Certification of
Chief Financial
Officer of Neenah
Foundry Company
pursuant to Rule
13a-14(a) or Rule
15d-14(a), as
adopted pursuant to
Section 302 of the
Sarbanes-Oxley Act
of 2002
    
    
    
    X32.1
    
    Certification of
Chief Executive
Officer and Chief
Financial Officer
of Neenah
Enterprises, Inc.
pursuant to 18
U.S.C. Section
1350, as adopted
pursuant to Section
906 of the
Sarbanes-Oxley Act
of 2002
    
    
    
    X32.2
    
    Certification of
Chief Executive
Officer and Chief
Financial Officer
of Neenah Foundry
Company pursuant to
18 U.S.C. Section
1350, as adopted
pursuant to Section
906 of the
Sarbanes-Oxley Act
of 2002
    
    
    
    X
 38