##### 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 March 31, 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
    
    Name of Registrant, State of
Incorporation, Address of Principal
    
    IRS EmployerFile No.
    
    Executive Offices, and Telephone No.
    
    Identification No.000-52681
    
    Neenah Enterprises, Inc.
    
    25-1618281(a Delaware Corporation)2121 Brooks AvenueP.O. Box 729Neenah, WI 54957(920) 725-7000333-28751
    
    Neenah Foundry Company
    
    39-1580331(a Wisconsin Corporation)2121 Brooks AvenueP.O. Box 729Neenah, WI 54957(920) 725-7000
 þ o
 o o
  Neenah Enterprises, Inc.
    
    Neenah Foundry CompanyLarge accelerated filer
    
    o
    
    oAccelerated filer
    
    o
    
    oNon-accelerated filer
    
    o
    
    þ(Do not check if a smaller reporting company)Smaller reporting company
    
    þ
    
    o
  Neenah Enterprises, Inc.
    
    Yes o     No þNeenah Foundry Company
    
    Yes o     No þ
 þ o
 Neenah Enterprises, Inc.
    
    As of April 30, 2009, Neenah Enterprises, Inc.
had 14,625,326 shares of common stock
outstanding.Neenah Foundry Company
    
    As of April 30, 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 InformationItem 1. Financial StatementsNeenah Enterprises, Inc.Condensed consolidated balance sheets  Neenah Enterprises, Inc. as of March 31, 2009 and
September 30, 2008
    
    
    3Condensed consolidated statements of operations  Neenah Enterprises, Inc. for the three
and six months ended March 31, 2009 and 2008
    
    
    4Condensed consolidated statements of cash flows  Neenah Enterprises, Inc. for the six
months ended March 31, 2009 and 2008
    
    
    5Notes to condensed consolidated financial statements  March 31, 2009
    
    
    6Neenah Foundry CompanyCondensed consolidated balance sheets  Neenah Foundry Company as of March 31, 2009 and
September 30, 2008
    
    
    11Condensed consolidated statements of operations  Neenah Foundry Company for the three
and six months ended March 31, 2009 and 2008
    
    
    12Condensed consolidated statements of cash flows  Neenah Foundry Company for the six
months ended March 31, 2009 and 2008
    
    
    13Notes to condensed consolidated financial statements  March 31, 2009
    
    
    14Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    25Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    32Item 4T. Controls and Procedures
    
    
    32Part II. Other InformationItem 1. Legal Proceedings
    
    
    33Item 4. Submission of Matters to a Vote of Security Holders
    
    
    33Item 6. Exhibits
    
    
    34Signatures
    
    
    35EX-31.1EX-31.2EX-31.3EX-31.4EX-32.1EX-32.2
  2




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NEENAH ENTERPRISES, INC.
 
 . FINANCIAL INFORMATION
 
 Financial Statements
 
   March 31,
    
    
    September 30,2009
    
    
    2008(1)(Unaudited)AssetsCurrent assets:Cash
    
    $
    
    
    
    $
    Accounts receivable, net
    
    
    52,294
    
    
    
    92,489Inventories
    
    
    58,467
    
    
    
    71,015Refundable income taxes
    
    
    
    
    
    
    7,363Deferred income taxes
    
    
    4,610
    
    
    
    4,610Other current assets
    
    
    3,036
    
    
    
    4,486Total current assets
    
    
    118,407
    
    
    
    179,963Property, plant and equipment
    
    
    233,218
    
    
    
    222,868Less accumulated depreciation
    
    
    79,087
    
    
    
    62,628154,131
    
    
    
    160,240Deferred financing costs, net
    
    
    2,771
    
    
    
    3,000Identifiable intangible assets, net
    
    
    44,593
    
    
    
    48,218Goodwill
    
    
    
    
    
    
    88,136Other assets
    
    
    7,178
    
    
    
    6,942$
    327,080
    
    
    $
    486,499Liabilities and stockholders equity (deficit)Current liabilities:Accounts payable
    
    $
    16,179
    
    
    $
    39,452Accrued wages and employee benefits
    
    
    11,027
    
    
    
    12,525Accrued interest
    
    
    5,469
    
    
    
    5,572Accrued interest  related party
    
    
    5,244
    
    
    
    2,344Other accrued liabilities
    
    
    4,231
    
    
    
    2,669Current portion of long-term debt
    
    
    57,776
    
    
    
    59,683Current portion of capital lease obligations
    
    
    71
    
    
    
    71Total current liabilities
    
    
    99,997
    
    
    
    122,316Long-term debt
    
    
    225,000
    
    
    
    225,000Long-term debt  related party
    
    
    75,000
    
    
    
    75,000Capital lease obligations
    
    
    1,672
    
    
    
    400Deferred income taxes
    
    
    11,398
    
    
    
    29,065Postretirement benefit obligations
    
    
    8,130
    
    
    
    8,052Other liabilities
    
    
    11,935
    
    
    
    11,622Total liabilities
    
    
    433,132
    
    
    
    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 14,625,326
issued and outstanding at March 31, 2009
and September 30, 2008
    
    
    146
    
    
    
    146Capital in excess of par value
    
    
    6,242
    
    
    
    6,132Retained earnings (accumulated deficit)
    
    
    (112,667
    )
    
    
    8,539Accumulated other comprehensive income
    
    
    227
    
    
    
    227Total stockholders equity (deficit)
    
    
    (106,052
    )
    
    
    15,044$
    327,080
    
    
    $
    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
    
    
    Six months endedMarch 31,
    
    
    March 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Net sales
    
    $
    79,863
    
    
    $
    114,658
    
    
    $
    177,498
    
    
    $
    215,883Cost of sales
    
    
    91,207
    
    
    
    105,822
    
    
    
    186,518
    
    
    
    193,514Gross profit (loss)
    
    
    (11,344
    )
    
    
    8,836
    
    
    
    (9,020
    )
    
    
    22,369Selling, general and administrative expenses
    
    
    8,027
    
    
    
    8,917
    
    
    
    17,224
    
    
    
    17,900Restructuring costs
    
    
    3,156
    
    
    
    
    
    
    
    3,156
    
    
    
    1,227Goodwill impairment charge
    
    
    88,136
    
    
    
    
    
    
    
    88,136
    
    
    
    Amortization of intangible assets
    
    
    1,813
    
    
    
    1,780
    
    
    
    3,625
    
    
    
    3,562Gain on disposal of equipment
    
    
    
    
    
    
    (18
    )
    
    
    
    
    
    
    (19
    )Total operating expenses
    
    
    101,132
    
    
    
    10,679
    
    
    
    112,141
    
    
    
    22,670Operating loss
    
    
    (112,476
    )
    
    
    (1,843
    )
    
    
    (121,161
    )
    
    
    (301
    )Interest expense
    
    
    (5,965
    )
    
    
    (5,402
    )
    
    
    (12,305
    )
    
    
    (10,684
    )Interest expense  related party
    
    
    (2,432
    )
    
    
    (2,344
    )
    
    
    (4,776
    )
    
    
    (4,688
    )Loss before income taxes
    
    
    (120,873
    )
    
    
    (9,589
    )
    
    
    (138,242
    )
    
    
    (15,673
    )Income tax benefit
    
    
    (11,369
    )
    
    
    (3,308
    )
    
    
    (17,036
    )
    
    
    (5,613
    )Net loss
    
    $
    (109,504
    )
    
    
    (6,281
    )
    
    $
    (121,206
    )
    
    $
    (10,060
    )Loss per share:Basic
    
    $
    (7.50
    )
    
    $
    (0.46
    )
    
    $
    (8.30
    )
    
    $
    (0.74
    )Diluted
    
    $
    (7.50
    )
    
    $
    (0.46
    )
    
    $
    (8.30
    )
    
    $
    (0.74
    )Shares used in the computation of loss
per share:Basic
    
    
    14,600
    
    
    
    13,691
    
    
    
    14,600
    
    
    
    13,686Diluted
    
    
    14,600
    
    
    
    13,691
    
    
    
    14,600
    
    
    
    13,686
  4




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NEENAH ENTERPRISES, INC.
 
 
 Six months endedMarch 31,2009
    
    
    2008Operating activitiesNet loss
    
    $
    (121,206
    )
    
    $
    (10,060
    )Adjustments to reconcile net loss to net cash provided by operating activities:Depreciation and amortization
    
    
    16,603
    
    
    
    11,877Amortization of deferred financing costs
    
    
    229
    
    
    
    229Goodwill impairment charge
    
    
    88,136
    
    
    
    Stock-based compensation
    
    
    110
    
    
    
    134Changes in operating assets and liabilities
    
    
    27,737
    
    
    
    (917
    )Net cash provided by operating activities
    
    
    11,609
    
    
    
    1,263Investing activitiesPurchase of property, plant and equipment
    
    
    (9,586
    )
    
    
    (28,010
    )Net cash used in investing activities
    
    
    (9,586
    )
    
    
    (28,010
    )Financing activitiesNet change in revolver balance
    
    
    (1,907
    )
    
    
    26,848Payments on capital lease obligations
    
    
    (116
    )
    
    
    (104
    )Proceeds from exercise of stock warrants
    
    
    
    
    
    
    3Net cash provided by (used in) financing activities
    
    
    (2,023
    )
    
    
    26,747Increase (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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Note 3  Inventories
  March 31,
    
    
    September 30,2009
    
    
    2008Raw materials
    
    $
    9,148
    
    
    $
    9,899Work in process and finished goods
    
    
    35,004
    
    
    
    43,901Supplies
    
    
    14,315
    
    
    
    17,215$
    58,467
    
    
    $
    71,015
 Note 4  Employee Benefit Plans
 Components of Net Periodic Benefit Cost
  Pension Benefits
    
    
    Postretirement BenefitsThree months ended March 31,
    
    
    Three months ended March 31,2009
    
    
    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 BenefitsSix months ended March 31,
    
    
    Six months ended March 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Service cost
    
    $
    740
    
    
    $
    922
    
    
    $
    155
    
    
    $
    110Interest cost
    
    
    2,190
    
    
    
    2,194
    
    
    
    263
    
    
    
    162Expected return on plan assets
    
    
    (2,470
    )
    
    
    (2,728
    )
    
    
    
    
    
    
    Amortization of prior service cost (credit)
    
    
    15
    
    
    
    9
    
    
    
    80
    
    
    
    (26
    )Recognized net actuarial gain
    
    
    (6
    )
    
    
    
    
    
    
    (100
    )
    
    
    (106
    )Net periodic benefit cost
    
    $
    469
    
    
    $
    397
    
    
    $
    398
    
    
    $
    140
 Employer Contributions
  7




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Note 5  Closure of Kendallville
   TotalEmployee
    
    
    
    
    
    
    RestructuringCosts
    
    
    Other
    
    
    CostsReserve balance at December 31, 2008
    
    $
    
    
    
    $
    
    
    
    $
    Total net expense accrued
    
    
    1,503
    
    
    
    1,653
    
    
    
    3,156Charges to accrual account
    
    
    
    
    
    
    (208
    )
    
    
    (208
    )Reserve balance at March 31, 2009
    
    $
    1,503
    
    
    $
    1,445
    
    
    $
    2,948
 Note 6  Closure of Gregg
  Note 7  Goodwill
 Goodwill and Other
Intangible
    8




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##### Table of Contents



Castings
    
    
    Other
    
    
    ConsolidatedBalance at September 30, 2008
    
    $
    86,699
    
    
    $
    1,437
    
    
    $
    88,136Estimated impairment charges
    
    
    (86,699
    )
    
    
    (1,437
    )
    
    
    (88,136
    )Balance at March 31, 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
   9




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Note 11  Segment Information
   Three months ended
    
    
    Six months endedMarch 31,
    
    
    March 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Revenues from external customers:Castings
    
    $
    72,234
    
    
    $
    101,318
    
    
    $
    159,514
    
    
    $
    191,331Forgings
    
    
    5,979
    
    
    
    11,211
    
    
    
    14,124
    
    
    
    20,209Other
    
    
    3,252
    
    
    
    4,459
    
    
    
    7,600
    
    
    
    8,961Elimination of intersegment revenues
    
    
    (1,602
    )
    
    
    (2,330
    )
    
    
    (3,740
    )
    
    
    (4,618
    )$
    79,863
    
    
    $
    114,658
    
    
    $
    177,498
    
    
    $
    215,883Net loss:Castings
    
    $
    (106,172
    )
    
    $
    (6,746
    )
    
    $
    (117,184
    )
    
    $
    (10,406
    )Forgings
    
    
    (1,589
    )
    
    
    306
    
    
    
    (2,131
    )
    
    
    118Other
    
    
    (1,957
    )
    
    
    76
    
    
    
    (2,270
    )
    
    
    67Elimination of intersegment loss
    
    
    214
    
    
    
    83
    
    
    
    379
    
    
    
    161$
    (109,504
    )
    
    $
    (6,281
    )
    
    $
    (121,206
    )
    
    $
    (10,060
    )
 March 31,
    
    
    September 30,2009
    
    
    2008Total assets:Castings
    
    $
    314,695
    
    
    $
    471,509Forgings
    
    
    20,217
    
    
    
    26,324Other
    
    
    10,361
    
    
    
    11,187Elimination of intersegment assets
    
    
    (18,193
    )
    
    
    (22,521
    )$
    327,080
    
    
    $
    486,499
 10




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NEENAH FOUNDRY COMPANY
 
   March 31,
    
    
    September 30,2009
    
    
    2008(1)(Unaudited)AssetsCurrent assets:Cash
    
    $
    
    
    
    $
    Accounts receivable, net
    
    
    52,294
    
    
    
    92,489Inventories
    
    
    58,467
    
    
    
    71,015Refundable income taxes
    
    
    
    
    
    
    7,363Deferred income taxes
    
    
    4,610
    
    
    
    4,610Other current assets
    
    
    3,036
    
    
    
    4,486Total current assets
    
    
    118,407
    
    
    
    179,963Property, plant and equipment
    
    
    233,218
    
    
    
    222,868Less accumulated depreciation
    
    
    79,087
    
    
    
    62,628154,131
    
    
    
    160,240Deferred financing costs, net
    
    
    2,771
    
    
    
    3,000Identifiable intangible assets, net
    
    
    44,593
    
    
    
    48,218Goodwill
    
    
    
    
    
    
    88,136Other assets
    
    
    7,178
    
    
    
    6,942$
    327,080
    
    
    $
    486,499Liabilities and stockholders equity (deficit)Current liabilities:Accounts payable
    
    $
    16,179
    
    
    $
    39,452Accrued wages and employee benefits
    
    
    11,027
    
    
    
    12,525Accrued interest
    
    
    5,469
    
    
    
    5,572Accrued interest  related party
    
    
    5,244
    
    
    
    2,344Other accrued liabilities
    
    
    4,531
    
    
    
    2,969Current portion of long-term debt
    
    
    57,776
    
    
    
    59,683Current portion of capital lease obligations
    
    
    71
    
    
    
    71Total current liabilities
    
    
    100,297
    
    
    
    122,616Long-term debt
    
    
    225,000
    
    
    
    225,000Long-term debt  related party
    
    
    75,000
    
    
    
    75,000Capital lease obligations
    
    
    1,672
    
    
    
    400Deferred income taxes
    
    
    11,398
    
    
    
    29,065Postretirement benefit obligations
    
    
    8,130
    
    
    
    8,052Other liabilities
    
    
    11,935
    
    
    
    11,622Total liabilities
    
    
    433,432
    
    
    
    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
    
    
    5,988
    
    
    
    5,878Retained earnings (accumulated deficit)
    
    
    (112,667
    )
    
    
    8,539Accumulated other comprehensive income
    
    
    227
    
    
    
    227Total stockholders equity (deficit)
    
    
    (106,352
    )
    
    
    14,744$
    327,080
    
    
    $
    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. 11




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##### Table of Contents



NEENAH FOUNDRY COMPANY
 
 
 Three months ended
    
    
    Six months endedMarch 31,
    
    
    March 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Net sales
    
    $
    79,863
    
    
    $
    114,658
    
    
    $
    177,498
    
    
    $
    215,883Cost of sales
    
    
    91,207
    
    
    
    105,822
    
    
    
    186,518
    
    
    
    193,514Gross profit
    
    
    (11,344
    )
    
    
    8,836
    
    
    
    (9,020
    )
    
    
    22,369Selling, general and administrative expenses
    
    
    8,027
    
    
    
    8,917
    
    
    
    17,224
    
    
    
    17,900Restructuring costs
    
    
    3,156
    
    
    
    
    
    
    
    3,156
    
    
    
    1,227Goodwill impairment charge
    
    
    88,136
    
    
    
    
    
    
    
    88,136
    
    
    
    Amortization of intangible assets
    
    
    1,813
    
    
    
    1,780
    
    
    
    3,625
    
    
    
    3,562Gain on disposal of equipment
    
    
    
    
    
    
    (18
    )
    
    
    
    
    
    
    (19
    )Total operating expenses
    
    
    101,132
    
    
    
    10,679
    
    
    
    112,141
    
    
    
    22,670Operating income (loss)
    
    
    (112,476
    )
    
    
    (1,843
    )
    
    
    (121,161
    )
    
    
    (301
    )Interest expense
    
    
    (5,965
    )
    
    
    (5,402
    )
    
    
    (12,305
    )
    
    
    (10,684
    )Interest expense  related party
    
    
    (2,432
    )
    
    
    (2,344
    )
    
    
    (4,776
    )
    
    
    (4,688
    )Loss before income taxes
    
    
    (120,873
    )
    
    
    (9,589
    )
    
    
    (138,242
    )
    
    
    (15,673
    )Income tax benefit
    
    
    (11,369
    )
    
    
    (3,308
    )
    
    
    (17,036
    )
    
    
    (5,613
    )Net loss
    
    $
    (109,504
    )
    
    $
    (6,281
    )
    
    $
    (121,206
    )
    
    $
    (10,060
    )
  12




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##### Table of Contents



NEENAH FOUNDRY COMPANY
 
 
 Six months endedMarch 31,2009
    
    
    2008Operating activitiesNet loss
    
    $
    (121,206
    )
    
    $
    (10,060
    )Adjustments to reconcile net loss to net cash provided by operating activities:Depreciation and amortization
    
    
    16,603
    
    
    
    11,877Amortization of deferred financing costs
    
    
    229
    
    
    
    229Goodwill impairment charge
    
    
    88,136
    
    
    
    Stock-based compensation
    
    
    110
    
    
    
    134Changes in operating assets and liabilities
    
    
    27,737
    
    
    
    (914
    )Net cash provided by operating activities
    
    
    11,609
    
    
    
    1,266Investing activitiesPurchase of property, plant and equipment
    
    
    (9,586
    )
    
    
    (28,010
    )Net cash used in investing activities
    
    
    (9,586
    )
    
    
    (28,010
    )Financing activitiesNet change in revolver balance
    
    
    (1,907
    )
    
    
    26,848Payments on capital lease obligations
    
    
    (116
    )
    
    
    (104
    )Net cash provided by (used in) financing activities
    
    
    (2,023
    )
    
    
    26,744Increase (decrease) in cash
    
    
    
    
    
    
    Cash at beginning of period
    
    
    
    
    
    
    Cash at end of period
    
    $
    
    
    
    $
    
  13




---



##### Table of Contents



NEENAH FOUNDRY COMPANY
 
 
 Note 1  Basis of Presentation
  Note 2  Recent Accounting Pronouncements
      14




---



##### Table of Contents



Note 3  Inventories
  March 31,
    
    
    September 30,2009
    
    
    2008Raw materials
    
    $
    9,148
    
    
    $
    9,899Work in process and finished goods
    
    
    35,004
    
    
    
    43,901Supplies
    
    
    14,315
    
    
    
    17,215$
    58,467
    
    
    $
    71,015
 Note 4  Employee Benefit Plans
 Components of Net Periodic Benefit Cost
  Pension Benefits
    
    
    Postretirement BenefitsThree months ended March 31,
    
    
    Three months ended March 31,2009
    
    
    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 BenefitsSix months ended March 31,
    
    
    Six months ended March 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Service cost
    
    $
    740
    
    
    $
    922
    
    
    $
    155
    
    
    $
    110Interest cost
    
    
    2,190
    
    
    
    2,194
    
    
    
    263
    
    
    
    162Expected return on plan assets
    
    
    (2,470
    )
    
    
    (2,728
    )
    
    
    
    
    
    
    Amortization of prior service cost (credit)
    
    
    15
    
    
    
    9
    
    
    
    80
    
    
    
    (26
    )Recognized net actuarial gain
    
    
    (6
    )
    
    
    
    
    
    
    (100
    )
    
    
    (106
    )Net periodic benefit cost
    
    $
    469
    
    
    $
    397
    
    
    $
    398
    
    
    $
    140
 Employer Contributions
  15




---



##### Table of Contents



Note 5  Closure of Kendallville
   TotalEmployee
    
    
    
    
    
    
    RestructuringCosts
    
    
    Other
    
    
    CostsReserve balance at December 31, 2008
    
    $
    
    
    
    $
    
    
    
    $
    Total net expense accrued
    
    
    1,503
    
    
    
    1,653
    
    
    
    3,156Charges to accrual account
    
    
    
    
    
    
    (208
    )
    
    
    (208
    )Reserve balance at March 31, 2009
    
    $
    1,503
    
    
    $
    1,445
    
    
    $
    2,948
 Note 6  Closure of Gregg
  Note 7  Goodwill
 Goodwill and Other
Intangible
    16




---



##### Table of Contents



Castings
    
    
    Other
    
    
    ConsolidatedBalance at September 30, 2008
    
    $
    86,699
    
    
    $
    1,437
    
    
    $
    88,136Estimated impairment charges
    
    
    (86,699
    )
    
    
    (1,437
    )
    
    
    (88,136
    )Balance at March 31, 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
   17




---



##### Table of Contents



Note 11  Subsidiary Guarantors
 1 2 1 2
 Condensed Consolidating Balance Sheet  March 31, 2009
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedAssetsCurrent assets:Cash
    
    $
    238
    
    
    $
    (238
    )
    
    $
    
    
    
    $
    Accounts receivable, net
    
    
    22,647
    
    
    
    29,647
    
    
    
    
    
    
    
    52,294Inventories
    
    
    26,746
    
    
    
    31,721
    
    
    
    
    
    
    
    58,467Deferred income taxes
    
    
    688
    
    
    
    3,922
    
    
    
    
    
    
    
    4,610Other current assets
    
    
    1,193
    
    
    
    1,843
    
    
    
    
    
    
    
    3,036Total current assets
    
    
    51,512
    
    
    
    66,895
    
    
    
    
    
    
    
    118,407Investments in and advances to subsidiaries
    
    
    101,981
    
    
    
    
    
    
    
    (101,981
    )
    
    
    Property, plant and equipment, net
    
    
    97,519
    
    
    
    56,612
    
    
    
    
    
    
    
    154,131Deferred financing costs and intangible assets, net
    
    
    34,347
    
    
    
    13,017
    
    
    
    
    
    
    
    47,364Goodwill
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other assets
    
    
    2,484
    
    
    
    4,694
    
    
    
    
    
    
    
    7,178$
    287,843
    
    
    $
    141,218
    
    
    $
    (101,981
    )
    
    $
    327,080Liabilities and Stockholders Equity (Deficit)Current liabilities:Accounts payable
    
    $
    4,904
    
    
    $
    11,275
    
    
    $
    
    
    
    $
    16,179Net intercompany payable
    
    
    
    
    
    
    140,570
    
    
    
    (140,570
    )
    
    
    Accrued liabilities
    
    
    15,650
    
    
    
    10,621
    
    
    
    
    
    
    
    26,271Current portion of long-term debt
    
    
    57,776
    
    
    
    71
    
    
    
    
    
    
    
    57,847Total current liabilities
    
    
    78,330
    
    
    
    162,537
    
    
    
    (140,570
    )
    
    
    100,297Long-term debt and capital lease obligations
    
    
    300,000
    
    
    
    1,672
    
    
    
    
    
    
    
    301,672Deferred income taxes
    
    
    201
    
    
    
    11,197
    
    
    
    
    
    
    
    11,398Postretirement benefit obligations
    
    
    8,130
    
    
    
    
    
    
    
    
    
    
    
    8,130Other liabilities
    
    
    7,534
    
    
    
    4,401
    
    
    
    
    
    
    
    11,935Stockholders equity (deficit)
    
    
    (106,352
    )
    
    
    (38,589
    )
    
    
    38,589
    
    
    
    (106,352
    )$
    287,843
    
    
    $
    141,218
    
    
    $
    (101,981
    )
    
    $
    327,080
 18




---



##### Table of Contents



Note 11  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
 19




---



##### Table of Contents



Note 11  Subsidiary Guarantors (continued)
 Condensed Consolidating Statement of Operations  Three months ended March 31, 2009
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedNet sales
    
    $
    32,174
    
    
    $
    48,762
    
    
    $
    (1,073
    )
    
    $
    79,863Cost of sales
    
    
    30,960
    
    
    
    61,320
    
    
    
    (1,073
    )
    
    
    91,207Gross profit (loss)
    
    
    1,214
    
    
    
    (12,558
    )
    
    
    
    
    
    
    (11,344
    )Selling, general and administrative expenses
    
    
    3,843
    
    
    
    4,184
    
    
    
    
    
    
    
    8,027Restructuring costs
    
    
    
    
    
    
    3,156
    
    
    
    
    
    
    
    3,156Goodwill impairment charge
    
    
    86,699
    
    
    
    1,437
    
    
    
    
    
    
    
    88,136Amortization of intangible assets
    
    
    1,427
    
    
    
    386
    
    
    
    
    
    
    
    1,813Operating loss
    
    
    (90,755
    )
    
    
    (21,721
    )
    
    
    
    
    
    
    (112,476
    )Net interest expense
    
    
    (3,965
    )
    
    
    (4,432
    )
    
    
    
    
    
    
    (8,397
    )Loss before income taxes and equity in loss
of subsidiaries
    
    
    (94,720
    )
    
    
    (26,153
    )
    
    
    
    
    
    
    (120,873
    )Income tax benefit
    
    
    (10,250
    )
    
    
    (1,119
    )
    
    
    
    
    
    
    (11,369
    )(84,470
    )
    
    
    (25,034
    )
    
    
    
    
    
    
    (109,504
    )Equity in loss of subsidiaries
    
    
    (25,034
    )
    
    
    
    
    
    
    25,034
    
    
    
    Net loss
    
    $
    (109,504
    )
    
    $
    (25,034
    )
    
    $
    25,034
    
    
    $
    (109,504
    )
 Condensed Consolidating Statement of Operations  Three months ended March 31, 2008
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedNet sales
    
    $
    44,930
    
    
    $
    71,151
    
    
    $
    (1,423
    )
    
    $
    114,658Cost of sales
    
    
    40,037
    
    
    
    67,208
    
    
    
    (1,423
    )
    
    
    105,822Gross profit
    
    
    4,893
    
    
    
    3,943
    
    
    
    
    
    
    
    8,836Selling, general and administrative expenses
    
    
    4,731
    
    
    
    4,186
    
    
    
    
    
    
    
    8,917Amortization of intangible assets
    
    
    1,426
    
    
    
    354
    
    
    
    
    
    
    
    1,780Gain on disposal of equipment
    
    
    (2
    )
    
    
    (16
    )
    
    
    
    
    
    
    (18
    )Operating income (loss)
    
    
    (1,262
    )
    
    
    (581
    )
    
    
    
    
    
    
    (1,843
    )Net interest expense
    
    
    (3,532
    )
    
    
    (4,214
    )
    
    
    
    
    
    
    (7,746
    )Loss before income taxes and equity in loss
of subsidiaries
    
    
    (4,794
    )
    
    
    (4,795
    )
    
    
    
    
    
    
    (9,589
    )Income tax benefit
    
    
    (1,681
    )
    
    
    (1,627
    )
    
    
    
    
    
    
    (3,308
    )(3,113
    )
    
    
    (3,168
    )
    
    
    
    
    
    
    (6,281
    )Equity in loss of subsidiaries
    
    
    (3,168
    )
    
    
    
    
    
    
    3,168
    
    
    
    Net loss
    
    $
    (6,281
    )
    
    $
    (3,168
    )
    
    $
    3,168
    
    
    $
    (6,281
    )
 20




---



##### Table of Contents



Note 11  Subsidiary Guarantors (continued)
 Condensed Consolidating Statement of Operations  Six months ended March 31, 2009
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedNet sales
    
    $
    76,006
    
    
    $
    103,994
    
    
    $
    (2,502
    )
    
    $
    177,498Cost of sales
    
    
    71,248
    
    
    
    117,772
    
    
    
    (2,502
    )
    
    
    186,518Gross profit (loss)
    
    
    4,758
    
    
    
    (13,778
    )
    
    
    
    
    
    
    (9,020
    )Selling, general and administrative expenses
    
    
    8,722
    
    
    
    8,502
    
    
    
    
    
    
    
    17,224Restructuring costs
    
    
    
    
    
    
    3,156
    
    
    
    
    
    
    
    3,156Goodwill impairment charge
    
    
    86,699
    
    
    
    1,437
    
    
    
    
    
    
    
    88,136Amortization of intangible assets
    
    
    2,853
    
    
    
    772
    
    
    
    
    
    
    
    3,625Operating loss
    
    
    (93,516
    )
    
    
    (27,645
    )
    
    
    
    
    
    
    (121,161
    )Net interest expense
    
    
    (8,214
    )
    
    
    (8,867
    )
    
    
    
    
    
    
    (17,081
    )Loss before income taxes and equity in loss
of subsidiaries
    
    
    (101,730
    )
    
    
    (36,512
    )
    
    
    
    
    
    
    (138,242
    )Income tax benefit
    
    
    (12,537
    )
    
    
    (4,499
    )
    
    
    
    
    
    
    (17,036
    )(89,193
    )
    
    
    (32,013
    )
    
    
    
    
    
    
    (121,206
    )Equity in loss of subsidiaries
    
    
    (32,013
    )
    
    
    
    
    
    
    32,013
    
    
    
    Net loss
    
    $
    (121,206
    )
    
    $
    (32,013
    )
    
    $
    32,013
    
    
    $
    (121,206
    )
 Condensed Consolidating Statement of Operations  Six months ended March 31, 2008
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedNet sales
    
    $
    90,233
    
    
    $
    128,508
    
    
    $
    (2,858
    )
    
    $
    215,883Cost of sales
    
    
    76,317
    
    
    
    120,055
    
    
    
    (2,858
    )
    
    
    193,514Gross profit
    
    
    13,916
    
    
    
    8,453
    
    
    
    
    
    
    
    22,369Selling, general and administrative expenses
    
    
    9,747
    
    
    
    8,153
    
    
    
    
    
    
    
    17,900Restructuring costs
    
    
    885
    
    
    
    342
    
    
    
    
    
    
    
    1,227Amortization of intangible assets
    
    
    2,853
    
    
    
    709
    
    
    
    
    
    
    
    3,562Gain on disposal of equipment
    
    
    (2
    )
    
    
    (17
    )
    
    
    
    
    
    
    (19
    )Operating income (loss)
    
    
    433
    
    
    
    (734
    )
    
    
    
    
    
    
    (301
    )Net interest expense
    
    
    (6,931
    )
    
    
    (8,441
    )
    
    
    
    
    
    
    (15,372
    )Loss before income taxes and equity in loss
of subsidiaries
    
    
    (6,498
    )
    
    
    (9,175
    )
    
    
    
    
    
    
    (15,673
    )Income tax benefit
    
    
    (2,327
    )
    
    
    (3,286
    )
    
    
    
    
    
    
    (5,613
    )(4,171
    )
    
    
    (5,889
    )
    
    
    
    
    
    
    (10,060
    )Equity in loss of subsidiaries
    
    
    (5,889
    )
    
    
    
    
    
    
    5,889
    
    
    
    Net loss
    
    $
    (10,060
    )
    
    $
    (5,889
    )
    
    $
    5,889
    
    
    $
    (10,060
    )
 21




---



##### Table of Contents



Note 11  Subsidiary Guarantors (continued)
 Condensed Consolidating Statement of Cash Flows  Six months ended March 31, 2009
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedOperating activitiesNet loss
    
    $
    (121,206
    )
    
    $
    (32,013
    )
    
    $
    32,013
    
    
    $
    (121,206
    )Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:Depreciation and amortization
    
    
    6,357
    
    
    
    10,246
    
    
    
    
    
    
    
    16,603Amortization of deferred financing costs
    
    
    229
    
    
    
    
    
    
    
    
    
    
    
    229Goodwill impairment charge
    
    
    86,699
    
    
    
    1,437
    
    
    
    
    
    
    
    88,136Stock-based compensation
    
    
    110
    
    
    
    
    
    
    
    
    
    
    
    110Changes in operating assets and liabilities
    
    
    5,650
    
    
    
    22,087
    
    
    
    
    
    
    
    27,737Net cash provided by (used in) operating activities
    
    
    (22,161
    )
    
    
    1,757
    
    
    
    32,013
    
    
    
    11,609Investing activitiesInvestments in and advances to subsidiaries
    
    
    30,225
    
    
    
    1,788
    
    
    
    (32,013
    )
    
    
    Purchase of property, plant and equipment
    
    
    (6,442
    )
    
    
    (3,144
    )
    
    
    
    
    
    
    (9,586
    )Net cash provided by (used in) investing activities
    
    
    23,783
    
    
    
    (1,356
    )
    
    
    (32,013
    )
    
    
    (9,586
    )Financing activitiesNet change in revolver balance
    
    
    (1,907
    )
    
    
    
    
    
    
    
    
    
    
    (1,907
    )Payments on capital lease obligations
    
    
    
    
    
    
    (116
    )
    
    
    
    
    
    
    (116
    )Net cash used in financing activities
    
    
    (1,907
    )
    
    
    (116
    )
    
    
    
    
    
    
    (2,023
    )Increase (decrease) in cash
    
    
    (285
    )
    
    
    285
    
    
    
    
    
    
    
    Cash at beginning of period
    
    
    523
    
    
    
    (523
    )
    
    
    
    
    
    
    Cash at end of period
    
    $
    238
    
    
    $
    (238
    )
    
    $
    
    
    
    $
    
 22




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##### Table of Contents



Note 11  Subsidiary Guarantors (continued)
 Condensed Consolidating Statement of Cash Flows  Six months ended March 31, 2008
 SubsidiaryNeenah
    
    Guarantors
    
    Eliminations
    
    ConsolidatedOperating activitiesNet loss
    
    $
    (10,060
    )
    
    $
    (5,889
    )
    
    $
    5,889
    
    
    $
    (10,060
    )Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:Depreciation and amortization
    
    
    5,523
    
    
    
    6,354
    
    
    
    
    
    
    
    11,877Amortization of deferred financing costs
    
    
    229
    
    
    
    
    
    
    
    
    
    
    
    229Stock-based compensation
    
    
    134
    
    
    
    
    
    
    
    
    
    
    
    134Changes in operating assets and liabilities
    
    
    873
    
    
    
    (1,787
    )
    
    
    
    
    
    
    (914
    )Net cash provided by (used in) operating activities
    
    
    (3,301
    )
    
    
    (1,322
    )
    
    
    5,889
    
    
    
    1,266Investing activitiesInvestments in and advances to subsidiaries
    
    
    (5,348
    )
    
    
    11,237
    
    
    
    (5,889
    )
    
    
    Purchase of property, plant and equipment
    
    
    (19,120
    )
    
    
    (8,890
    )
    
    
    
    
    
    
    (28,010
    )Net cash provided by (used in) investing activities
    
    
    (24,468
    )
    
    
    2,347
    
    
    
    (5,889
    )
    
    
    (28,010
    )Financing activitiesNet change in revolver balance
    
    
    26,848
    
    
    
    
    
    
    
    
    
    
    
    26,848Payments on capital lease obligations
    
    
    
    
    
    
    (104
    )
    
    
    
    
    
    
    (104
    )Net cash provided by (used in) financing activities
    
    
    26,848
    
    
    
    (104
    )
    
    
    
    
    
    
    26,744Increase (decrease) in cash
    
    
    (921
    )
    
    
    921
    
    
    
    
    
    
    
    Cash at beginning of period
    
    
    969
    
    
    
    (969
    )
    
    
    
    
    
    
    Cash at end of period
    
    $
    48
    
    
    $
    (48
    )
    
    $
    
    
    
    $
    
 23




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##### Table of Contents



Note 12  Segment Information
   Three months ended
    
    
    Six months endedMarch 31,
    
    
    March 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Revenues from external customers:Castings
    
    $
    72,234
    
    
    $
    101,318
    
    
    $
    159,514
    
    
    $
    191,331Forgings
    
    
    5,979
    
    
    
    11,211
    
    
    
    14,124
    
    
    
    20,209Other
    
    
    3,252
    
    
    
    4,459
    
    
    
    7,600
    
    
    
    8,961Elimination of intersegment revenues
    
    
    (1,602
    )
    
    
    (2,330
    )
    
    
    (3,740
    )
    
    
    (4,618
    )$
    79,863
    
    
    $
    114,658
    
    
    $
    177,498
    
    
    $
    215,883Net loss:Castings
    
    $
    (106,172
    )
    
    $
    (6,746
    )
    
    $
    (117,184
    )
    
    $
    (10,406
    )Forgings
    
    
    (1,589
    )
    
    
    306
    
    
    
    (2,131
    )
    
    
    118Other
    
    
    (1,957
    )
    
    
    76
    
    
    
    (2,270
    )
    
    
    67Elimination of intersegment loss
    
    
    214
    
    
    
    83
    
    
    
    379
    
    
    
    161$
    (109,504
    )
    
    $
    (6,281
    )
    
    $
    (121,206
    )
    
    $
    (10,060
    )
 March 31,
    
    
    September 30,2009
    
    
    2008Total assets:Castings
    
    $
    314,695
    
    
    $
    471,509Forgings
    
    
    20,217
    
    
    
    26,324Other
    
    
    10,361
    
    
    
    11,187Elimination of intersegment assets
    
    
    (18,193
    )
    
    
    (22,521
    )$
    327,080
    
    
    $
    486,499
 24




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##### Table of Contents



Managements Discussion and Analysis of Financial Condition and Results of Operations
 General
   Recent Developments
 Goodwill.
 Gregg Closure
 Deferral of Interest Payment on 12 1/2% Notes 1 2 1 2 1 2
 Kendallville Closure
 Tontine Intentions
 25




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##### Table of Contents



New Mold Line
 Asset Purchase.
 Increase of 2006 Credit Facility.
 Labor Agreement at Mercer.
 Labor Agreement at Dalton.
 Steel Scrap Volatility
 Cost Reduction Actions.
 26




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##### Table of Contents



Results of Operations
  Three months ended March 31, 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.
 27




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##### Table of Contents



Six months ended March 31, 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.
 28




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##### Table of Contents



Liquidity and Capital Resources
 Refinancing Transactions
 1 2 1 2
 2006 Credit Facility.
 1 2 1 2
  9 1 / 2 % Notes. 1 2 1 2 1 2 1 2 1 2 1 2
 29




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##### Table of Contents



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
    Future Capital Needs. 1 2 1 2 1 2 1 2
 30




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##### Table of Contents



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
    
    
    218.5
    
    
    
    33.8
    
    
    
    61.5
    
    
    
    59.1
    
    
    
    64.1Revolving line of credit
    
    
    57.8
    
    
    
    57.8
    
    
    
    
    
    
    
    
    
    
    
    Interest and fees on revolving line of credit
    
    
    1.5
    
    
    
    1.5
    
    
    
    
    
    
    
    
    
    
    
    Capital leases
    
    
    1.7
    
    
    
    0.1
    
    
    
    0.6
    
    
    
    0.6
    
    
    
    0.4Operating leases
    
    
    4.7
    
    
    
    1.7
    
    
    
    2.1
    
    
    
    0.7
    
    
    
    0.2New mold line commitments
    
    
    0.3
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    Total contractual obligations
    
    $
    584.5
    
    
    $
    95.2
    
    
    $
    64.2
    
    
    $
    135.4
    
    
    $
    289.7
  Critical Accounting Estimates
  31




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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.
 32




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##### Table of Contents



NEENAH ENTERPRISES, INC.
NEENAH FOUNDRY COMPANY
 
 OTHER INFORMATION
 
 Legal Proceedings
    Fox River Cleanup Matter.
  
 Submission of Matters to a Vote of Security Holders
  Proposal 1: To elect seven directors for terms expiring at the 2010 Annual Meeting of NEI
Stockholders.
  For
    
    Withheld FromWilliam M. Barrett
    
    
    13,372,576
    
    
    
    6,083Albert E. Ferrara, Jr.
    
    
    13,313,934
    
    
    
    64,725David B. Gendell
    
    
    13,262,592
    
    
    
    116,067Stephen E.K. Graham
    
    
    13,284,523
    
    
    
    94,136Joseph V. Lash
    
    
    13,058,324
    
    
    
    320,335Jeffrey G. Marshall
    
    
    13,284,523
    
    
    
    94,136Robert E. Ostendorf, Jr.
    
    
    13,262,413
    
    
    
    116,246
 33




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##### Table of Contents



Proposal 2: The ratification of Ernst & Young LLP as the independent registered public
accounting firm for the 2009 fiscal year.
  For
    
    
    13,378,659Against
    
    
    Abstentions
    
    
    Broker Non-Votes
    
    
    
 
 Exhibits
   34




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##### Table of Contents



NEENAH ENTERPRISES, INC.
NEENAH FOUNDRY COMPANYDATE: May 15, 2009
    /s/ Jeffrey S. JenkinsJeffrey S. JenkinsCorporate Vice President  Finance and Chief Financial Officer
(Principal Financial Officer and Duly Authorized Officer) 35




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##### Table of Contents



Exhibit Index
to
Quarterly Report on Form 10-Q
For the Quarter Ended March 31, 2009
 Exhibit No.
    
    Description31.1
    
    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 200231.2
    
    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 200231.3
    
    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
200231.4
    
    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
200232.1
    
    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 200232.2
    
    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
 36