##### Table of Contents



United States
Securities and Exchange Commission
Washington, D.C. 20549

Form 10-Q



| |  | [X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2000, or   
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  | [  ] 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. 0-13787

INTERMET Corporation
(Exact name of registrant as specified in its charter)

|                                                                                         |  |                                             
|---------------------------------------------------------------------------------------- |  | --------------------------------------------
|Georgia
(State or other jurisdiction of
incorporation or organization)                   |  | 58-1563873
(IRS Employer
Identification No.)
|                                                                                        
|5445 Corporate Drive, Suite 200, Troy, Michigan
(Address of principal executive offices) |  | 48098-2683
(Zip code)                       

(248) 952-2500
(Registrants telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No

At May 5, 2000 there were 25,383,824 shares of common stock, $0.10 par value,
outstanding.





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TABLE OF CONTENTS



|                                                             |                                                                                               |  |  |  |  |  |  | 
|------------------------------------------------------------ | --------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|Part I  Financial Information                              
|Interim Condensed Consolidated Statements of Income         
|Interim Condensed Consolidated Balance Sheets               
|Interim Condensed Consolidated Statements of Cash Flows     
|Notes to Interim Condensed Consolidated Financial Statements
|                                                             | Forward Looking Statement                                                                    
|                                                             | Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
|                                                             | Item 3. Quantitative and Qualitative Disclosures about Market Risk                           
|Part II  Other Information                                 
|                                                             | Item 1. Legal Proceedings                                                                    
|                                                             | Item 2. Changes In Securities and Use of Proceeds                                            
|                                                             | Item 3. Defaults upon Senior Securities                                                      
|                                                             | Item 4. Submission of Matters to a Vote of Securities Holders                                
|                                                             | Item 5. Other Information                                                                    
|                                                             | Item 6. Exhibits and Reports on Form 8-K                                                     
|Signatures                                                  
|                                                             | Exhibits Index                                                                               



---






Part I  Financial Information

Item 1. Financial Statements

INTERMET Corporation




Interim Condensed Consolidated Statements of Income

|                                  |                            |   |                                                  |         |           |   |         |        |  
|--------------------------------- | -------------------------- | - | ------------------------------------------------ | ------- | --------- | - | ------- | ------ | -
|                                  |                            |   | Three months ended                              
|                                  |                            |   | March 31,                                        |         | March 31,
|                                  |                            |   | 2000                                             |         | 1999     
|                                  |                            |   |                                                  |         |          
|                                  |                            |   | (Unaudited)                                     
|                                  |                            |   | (in thousands of dollars, except per share data)
|Net sales                         |                            | $ | 307,433                                          |         |           | $ | 245,227 |       
|                                 
|                                 
|                                 
|                                 
|Cost of sales                     |                            |   | 271,943                                          |         |           |   | 211,090 |       
|                                  |                            |   |                                                  |         |           |   |         |       
|Gross profit                      |                            |   | 35,490                                           |         |           |   | 34,137  |       
|                                 
|Operating expenses:              
|                                 
|                                 
|                                 
|                                 
|                                  | Selling                    |   |                                                  | 3,434   |           |   |         | 2,904  |  
|                                 
|                                 
|                                 
|                                 
|                                  | General and administrative |   |                                                  | 6,425   |           |   |         | 6,315  |  
|                                 
|                                 
|                                 
|                                 
|                                  | Other operating expenses   |   |                                                  | 1,479   |           |   |         | 564    |  
|                                  |                            |   |                                                  |         |           |   |         |       
|                                  |                            |   | 11,338                                           |         |           |   | 9,783   |       
|                                  |                            |   |                                                  |         |           |   |         |       
|Operating profit                  |                            |   | 24,152                                           |         |           |   | 24,354  |       
|                                 
|Other income (expense):          
|                                 
|                                 
|                                 
|                                 
|                                  | Interest income            |   |                                                  | 76      |           |   |         | 56     |  
|                                 
|                                 
|                                 
|                                 
|                                  | Interest expense           |   |                                                  | (10,382 | )         |   |         | (3,261 | )
|                                 
|                                 
|                                 
|                                 
|                                  | Other, net                 |   |                                                  | 3,455   |           |   |         | (183   | )
|                                  |                            |   |                                                  |         |           |   |         |       
|                                  |                            |   | (6,851                                           | )       |           |   | (3,388  | )     
|                                  |                            |   |                                                  |         |           |   |         |       
|Income before income taxes        |                            |   | 17,301                                           |         |           |   | 20,966  |       
|                                 
|                                 
|                                 
|                                 
|Provision for income taxes        |                            |   | 7,805                                            |         |           |   | 8,833   |       
|                                  |                            |   |                                                  |         |           |   |         |       
|Net income                        |                            | $ | 9,496                                            |         |           | $ | 12,133  |       
|                                  |                            |   |                                                  |         |           |   |         |       
|Income per common share  Basic   |                            | $ | 0.37                                             |         |           | $ | 0.47    |       
|                                  |                            |   |                                                  |         |           |   |         |       
|Income per common share  Diluted |                            | $ | 0.37                                             |         |           | $ | 0.47    |       
|                                  |                            |   |                                                  |         |           |   |         |       

See accompanying notes.

2



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##### Table of Contents



INTERMET Corporation




Interim Condensed Consolidated Balance Sheets

|                                       |                                                            |                                                                                  |         |                           |         |              |         |         |         | 
|-------------------------------------- | ---------------------------------------------------------- | -------------------------------------------------------------------------------- | ------- | ------------------------- | ------- | ------------ | ------- | ------- | ------- | 
|                                       |                                                            |                                                                                  |         | March 31,                 |         | December 31,
|                                       |                                                            |                                                                                  |         | 2000                      |         | 1999        
|                                       |                                                            |                                                                                  |         |                           |         |             
|                                       |                                                            |                                                                                  |         | (Unaudited)              
|                                       |                                                            |                                                                                  |         | (in thousands of dollars)
|Assets                                
|                                      
|                                      
|                                      
|                                      
|Current assets:                        |                                                            |                                                                                  |         |                           |         |              |         |         |         | 
|                                       | Cash and cash equivalents                                  |                                                                                  | $       | 6,011                     |         |              | $       | 3,416   |        
|                                      
|                                      
|                                      
|                                      
|                                       | Accounts receivable:                                      
|                                      
|                                      
|                                      
|                                      
|                                       |                                                            | Trade, less allowance for doubtful
accounts of $7,279 in 2000 and $7,426
in 1999 |         |                           | 167,648 |              |         |         | 154,742 | 
|                                      
|                                      
|                                      
|                                      
|                                       |                                                            | Other                                                                            |         |                           | 20,332  |              |         |         | 19,649  | 
|                                       |                                                            |                                                                                  |         |                           |         |              |         |         |        
|                                       |                                                            |                                                                                  | 187,980 |                           |         |              | 174,391 |        
|                                      
|                                      
|                                      
|                                      
|                                       |                                                            |                                                                                  |         |                           |         |              |         |         |        
|                                      
|                                      
|                                      
|                                      
|                                       | Inventories                                                |                                                                                  |         | 99,055                    |         |              |         | 102,802 |        
|                                      
|                                      
|                                      
|                                      
|                                       | Other current assets                                       |                                                                                  |         | 24,573                    |         |              |         | 23,911  |        
|                                       |                                                            |                                                                                  |         |                           |         |              |         |         |        
|Total current assets                   |                                                            |                                                                                  | 317,619 |                           |         |              | 304,520 |        
|                                      
|                                      
|                                      
|                                      
|                                       |                                                            |                                                                                  |         |                           |         |              |         |         |        
|                                      
|                                      
|                                      
|                                      
|Property, plant and equipment, at cost |                                                            |                                                                                  | 610,036 |                           |         |              | 606,221 |        
|                                      
|                                      
|                                      
|                                      
|Less:                                 
|                                      
|                                      
|                                      
|                                      
|                                       | Foreign industrial development grants,
net of amortization |                                                                                  |         | 3,259                     |         |              |         | 3,533   |        
|                                      
|                                      
|                                      
|                                      
|                                       | Accumulated depreciation and amortization                  |                                                                                  |         | 241,263                   |         |              |         | 232,957 |        
|                                       |                                                            |                                                                                  |         |                           |         |              |         |         |        
|Net property, plant and equipment      |                                                            |                                                                                  | 365,514 |                           |         |              | 369,731 |        
|                                      
|                                      
|                                      
|                                      
|                                       |                                                            |                                                                                  |         |                           |         |              |         |         |        
|                                      
|                                      
|                                      
|                                      
|Intangibles, net of amortization       |                                                            |                                                                                  | 247,552 |                           |         |              | 248,864 |        
|                                      
|                                      
|                                      
|                                      
|Other noncurrent assets                |                                                            |                                                                                  | 25,522  |                           |         |              | 34,177  |        
|                                       |                                                            |                                                                                  |         |                           |         |              |         |         |        
|                                       |                                                            | $                                                                                | 956,207 |                           |         | $            | 957,292 |        
|                                       |                                                            |                                                                                  |         |                           |         |              |         |         |        

3



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##### Table of Contents



INTERMET Corporation

Interim Condensed Consolidated Balance Sheets

|                                                          |                                            |   |                           |         |              |   |         |         |  
|--------------------------------------------------------- | ------------------------------------------ | - | ------------------------- | ------- | ------------ | - | ------- | ------- | -
|                                                          |                                            |   | March 31,                 |         | December 31,
|                                                          |                                            |   | 2000                      |         | 1999        
|                                                          |                                            |   |                           |         |             
|                                                          |                                            |   | (Unaudited)              
|                                                          |                                            |   | (in thousands of dollars)
|Liabilities and
shareholders equity
Current liabilities:
|                                                         
|                                                         
|                                                         
|                                                         
|                                                          | Term loan                                  |   | $                         | 15,000  |              |   |         |        |  
|                                                         
|                                                         
|                                                         
|                                                         
|                                                          | Accounts payable                           |   |                           | 101,648 |              |   | $       | 114,105 |  
|                                                         
|                                                         
|                                                         
|                                                         
|                                                          | Income taxes and other accrued liabilities |   |                           | 88,251  |              |   |         | 87,963  |  
|                                                         
|                                                         
|                                                         
|                                                         
|                                                          | Long term debt due within one year         |   |                           | 1,399   |              |   |         | 6,406   |  
|                                                          |                                            |   |                           |         |              |   |         |         |  
|Total current liabilities                                 |                                            |   | 206,298                   |         |              |   | 208,474 |        
|                                                         
|Noncurrent liabilities:                                  
|                                                         
|                                                         
|                                                         
|                                                         
|                                                          | Long term debt due after one year          |   |                           | 444,398 |              |   |         | 448,634 |  
|                                                         
|                                                         
|                                                         
|                                                         
|                                                          | Other noncurrent liabilities               |   |                           | 55,119  |              |   |         | 57,807  |  
|                                                          |                                            |   |                           |         |              |   |         |         |  
|Total noncurrent liabilities                              |                                            |   | 499,517                   |         |              |   | 506,441 |        
|                                                         
|Shareholders equity:                                    
|                                                         
|                                                         
|                                                         
|                                                         
|                                                          | Common stock                               |   |                           | 2,589   |              |   |         | 2,585   |  
|                                                         
|                                                         
|                                                         
|                                                         
|                                                          | Capital in excess of par value             |   |                           | 57,037  |              |   |         | 56,661  |  
|                                                         
|                                                         
|                                                         
|                                                         
|                                                          | Retained earnings                          |   |                           | 191,913 |              |   |         | 183,432 |  
|                                                         
|                                                         
|                                                         
|                                                         
|                                                          | Accumulated other comprehensive income     |   |                           | (920    | )            |   |         | (234    | )
|                                                         
|                                                         
|                                                         
|                                                         
|                                                          | Unearned restricted stock                  |   |                           | (227    | )            |   |         | (67     | )
|                                                          |                                            |   |                           |         |              |   |         |         |  
|Total shareholders equity                                |                                            |   | 250,392                   |         |              |   | 242,377 |        
|                                                          |                                            |   |                           |         |              |   |         |         |  
|                                                          |                                            | $ | 956,207                   |         |              | $ | 957,292 |        
|                                                          |                                            |   |                           |         |              |   |         |         |  

See accompanying notes.

4



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INTERMET Corporation




Interim Condensed Consolidated Statements of Cash Flows

|                                                                          |                                                                                                     |                                    |        |                           |         |           |        |        |         |  
|------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------- | ---------------------------------- | ------ | ------------------------- | ------- | --------- | ------ | ------ | ------- | -
|                                                                          |                                                                                                     |                                    |        | Three months ended       
|                                                                          |                                                                                                     |                                    |        | March 31,                 |         | March 31,
|                                                                          |                                                                                                     |                                    |        | 2000                      |         | 1999     
|                                                                          |                                                                                                     |                                    |        |                           |         |          
|                                                                          |                                                                                                     |                                    |        | (Unaudited)              
|                                                                          |                                                                                                     |                                    |        | (in thousands of dollars)
|Operating activities:                                                    
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|Net income                                                                |                                                                                                     | $                                  | 9,496  |                           |         | $         | 12,133 |       
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|Adjustments to reconcile net income to cash used in
operating activities:
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Depreciation                                                                                        |                                    |        | 12,228                    |         |           |        | 8,807  |        
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Amortization                                                                                        |                                    |        | 2,018                     |         |           |        | 905    |        
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Gain on sale of equity
investment                                                                   |                                    |        | (129                      | )       |           |        |       |        
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Net (gain) loss on disposal of fixed assets                                                         |                                    |        | (4                        | )       |           |        | 55     |        
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Changes in operating assets and liabilities excluding
the effects of acquisitions and dispositions:
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          |                                                                                                     | Accounts receivable                |        |                           | (20,323 | )         |        |        | (21,730 | )
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          |                                                                                                     | Inventories                        |        |                           | 4,147   |           |        |        | 443     |  
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          |                                                                                                     | Accounts payable and accrued taxes |        |                           | (7,568  | )         |        |        | (11,447 | )
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          |                                                                                                     | Other assets and liabilities       |        |                           | (5,501  | )         |        |        | 1,567   |  
|                                                                          |                                                                                                     |                                    |        |                           |         |           |        |       
|Net cash used in operating activities                                     |                                                                                                     |                                    | (5,636 | )                         |         |           | (9,267 | )     
|                                                                         
|Investing activities:                                                    
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Additions to property, plant and equipment                                                          |                                    |        | (8,961                    | )       |           |        | (9,743 | )      
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Proceeds from the sale of equity
investment                                                         |                                    |        | 10,309                    |         |           |        |       |        
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Proceeds from sale of fixed assets                                                                  |                                    |        | 680                       |         |           |        | 7      |        
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Other                                                                                               |                                    |        | (19                       | )       |           |        | (165   | )      
|                                                                          |                                                                                                     |                                    |        |                           |         |           |        |       
|Net cash provided by (used in) investing activities                       |                                                                                                     |                                    | 2,009  |                           |         |           | (9,901 | )     
|                                                                         
|Financing activities:                                                    
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Net increase in revolving credit facility                                                           |                                    |        | 6,500                     |         |           |        | 18,000 |        
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Net reduction in debt                                                                               |                                    |        | (701                      | )       |           |        | (723   | )      
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Net increase in notes payable                                                                       |                                    |        |                          |         |           |        | 4,000  |        
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Acquisition of treasury stock                                                                       |                                    |        |                          |         |           |        | (2,055 | )      
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Dividends paid                                                                                      |                                    |        | (1,015                    | )       |           |        | (1,033 | )      
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                          | Issuance of common stock                                                                            |                                    |        | 380                       |         |           |        |       |        
|                                                                          |                                                                                                     |                                    |        |                           |         |           |        |       
|Net cash provided by financing activities                                 |                                                                                                     |                                    | 5,164  |                           |         |           | 18,189 |       
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|Effect of exchange rate changes on cash and cash equivalents              |                                                                                                     |                                    | 1,058  |                           |         |           | 2,814  |       
|                                                                          |                                                                                                     |                                    |        |                           |         |           |        |       
|Net increase in cash and cash equivalents                                 |                                                                                                     |                                    | 2,595  |                           |         |           | 1,835  |       
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|Cash and cash equivalents at beginning of period                          |                                                                                                     |                                    | 3,416  |                           |         |           | 5,848  |       
|                                                                          |                                                                                                     |                                    |        |                           |         |           |        |       
|Cash and cash equivalents at end of period                                |                                                                                                     | $                                  | 6,011  |                           |         | $         | 7,683  |       
|                                                                          |                                                                                                     |                                    |        |                           |         |           |        |       

See accompanying notes.

5



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INTERMET Corporation




Notes to Interim Condensed Consolidated Financial Statements

March 31, 2000 (Unaudited)

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of
INTERMET Corporation and its subsidiaries have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three months ended March 31, 2000 are not necessarily
indicative of the results that may be expected for the year ending December 31,
2000. For further information, refer to the consolidated financial statements
and footnotes included in INTERMETs annual report on Form 10-K for the year
ended December 31, 1999.

2. Inventories

Net inventories consist of the following (in thousands of dollars):

|                      |  |           |        |              |  |   |         | 
|--------------------- |  | --------- | ------ | ------------ |  | - | ------- | 
|                      |  | March 31, |        | December 31,
|                      |  | 2000      |        | 1999        
|                      |  |           |        |             
|Finished goods        |  | $         | 20,357 |              |  | $ | 24,235  | 
|                     
|                     
|                     
|                     
|Work in process       |  |           | 23,222 |              |  |   | 19,054  | 
|                     
|                     
|                     
|                     
|Raw materials         |  |           | 14,121 |              |  |   | 15,313  | 
|                     
|                     
|                     
|                     
|Supplies and patterns |  |           | 41,355 |              |  |   | 44,200  | 
|                      |  |           |        |              |  |   |         | 
|                      |  | $         | 99,055 |              |  | $ | 102,802 | 
|                      |  |           |        |              |  |   |         | 

3. Property, Plant and Equipment

Gross property, plant and equipment consist of the following (in thousands of
dollars):

|                           |  |           |         |              |  |   |         | 
|-------------------------- |  | --------- | ------- | ------------ |  | - | ------- | 
|                           |  | March 31, |         | December 31,
|                           |  | 2000      |         | 1999        
|                           |  |           |         |             
|Land                       |  | $         | 5,532   |              |  | $ | 5,411   | 
|                          
|                          
|                          
|                          
|Buildings and improvements |  |           | 110,514 |              |  |   | 110,777 | 
|                          
|                          
|                          
|                          
|Machinery and equipment    |  |           | 419,398 |              |  |   | 422,215 | 
|                          
|                          
|                          
|                          
|Construction in progress   |  |           | 74,592  |              |  |   | 67,818  | 
|                           |  |           |         |              |  |   |         | 
|                           |  |           | 610,036 |              |  | $ | 606,221 | 
|                           |  |           |         |              |  |   |         | 

6



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INTERMET Corporation

Notes to Interim Condensed Consolidated Financial Statements (continued)

March 31, 2000 (Unaudited)

4. Intangible Assets

Intangible assets of $247,552,000 and $248,864,000 (net of accumulated
amortization of $12,593,000 and $10,867,000) at March 31, 2000 and December
31, 1999, respectively, consist principally of costs in excess of net assets
acquired. Such costs are being amortized using the straight-line method,
principally over forty years. We periodically assess the recoverability of
the cost of our intangibles based on a review of projected undiscounted cash
flows of the related operating entities.

5. Debt

On March 3, 2000 we signed a seven month $15 million unsecured term loan
agreement with The Bank of Nova Scotia. We used the proceeds to pay off the
$15 million outstanding balance on a note due to Prudential. The new term loan
agreement matures October 2, 2000.

Long term debt consists of the following (in thousands of dollars):

|                                  |  |           |         |              |  |   |         | 
|--------------------------------- |  | --------- | ------- | ------------ |  | - | ------- | 
|                                  |  | March 31, |         | December 31,
|                                  |  | 2000      |         | 1999        
|                                  |  |           |         |             
|INTERMET                          |  | $         | 400,000 |              |  | $ | 408,500 | 
|                                 
|                                 
|                                 
|                                 
|Subsidiaries                      |  |           | 45,797  |              |  |   | 46,540  | 
|                                  |  |           |         |              |  |   |         | 
|Total long-term debt              |  |           | 445,797 |              |  |   | 455,040 | 
|                                 
|                                 
|                                 
|                                 
|Less amounts due within one year  |  |           | 1,399   |              |  |   | 6,406   | 
|                                  |  |           |         |              |  |   |         | 
|Long-term debt due after one year |  | $         | 444,398 |              |  | $ | 448,634 | 
|                                  |  |           |         |              |  |   |         | 

7



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INTERMET Corporation

Notes to Interim Condensed Consolidated Financial Statements (continued)

March 31, 2000 (Unaudited)

6. Comprehensive Income

We adopted Financial Accounting Standards Boards Statement of Financial
Accounting Standards No. 130, Reporting Comprehensive Income as of January 1,
1998. However, the adoption of this Statement had no impact on our net income
or shareholders equity.

|                                        |                                         |   |                           |      |           |   |        |      |  
|--------------------------------------- | --------------------------------------- | - | ------------------------- | ---- | --------- | - | ------ | ---- | -
|                                        |                                         |   | Three months ended       
|                                        |                                         |   | March 31,                 |      | March 31,
|                                        |                                         |   | 2000                      |      | 1999     
|                                        |                                         |   |                           |      |          
|                                        |                                         |   | (in thousands of dollars)
|Net income                              |                                         | $ | 9,496                     |      |           | $ | 12,133 |     
|                                       
|                                       
|                                       
|                                       
|Other comprehensive income (loss):     
|                                       
|                                       
|                                       
|                                       
|                                        | Foreign currency translation
adjustment |   |                           | (686 | )         |   |        | (501 | )
|                                       
|                                       
|                                       
|                                       
|                                        | Minimum pension liability
adjustment    |   |                           |     |           |   |        |     |  
|                                        |                                         |   |                           |      |           |   |        |     
|Total other comprehensive income
(loss) |                                         |   | (686                      | )    |           |   | (501   | )   
|                                        |                                         |   |                           |      |           |   |        |     
|Total comprehensive income              |                                         | $ | 8,810                     |      |           | $ | 11,632 |     
|                                        |                                         |   |                           |      |           |   |        |     

8



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##### Table of Contents



INTERMET Corporation

Notes to Interim Condensed Consolidated Financial Statements (continued)

March 31, 2000 (Unaudited)

7. Reporting for Business Segments

We evaluate the operating performance of our business units individually.
Under the provisions of SFAS No. 131, Disclosures about Segments of an
Enterprise and Related Information, we have aggregated operating segments
that have similar characteristics, including manufacturing processes and raw
materials. The ferrous-metals segment consists of ferrous foundry operations
and their related machining operations. The light-metals segment consists of
aluminum, magnesium and zinc casting operations and their related machining
operations. The operating units that comprise other are all non-foundry
operations, and none of them constitutes a reportable segment on its own.
Previously, we had one segment, but with the acquisitions at the end of 1999
of two significant companies that fall in the light metals segment, we now
have two segments. We have restated 1999 segment disclosure information to
conform to the new segment disclosure structure. This information is
displayed in the following table:

|                                        |            |  |                           |         |              |  |       |        |              |  |   |        |  |  |   |         | 
|--------------------------------------- | ---------- |  | ------------------------- | ------- | ------------ |  | ----- | ------ | ------------ |  | - | ------ |  |  | - | ------- | 
|                                        |            |  | Ferrous Metals            |         | Light Metals |  | Other |        | Consolidated
|                                        |            |  |                           |         |              |  |       |        |             
|                                        |            |  | (in thousands of dollars)
|Three-month period ended
March 31, 2000
|                                       
|                                       
|                                       
|                                       
|                                        | Net sales  |  | $                         | 195,203 |              |  | $     | 90,734 |              |  | $ | 21,496 |  |  | $ | 307,433 | 
|                                       
|                                       
|                                       
|                                       
|                                        | Net income |  |                           | 5,294   |              |  |       | 3,351  |              |  |   | 851    |  |  |   | 9,496   | 
|                                       
|                                       
|                                       
|                                       
|                                       
|Three-month period ended
March 31, 1999
|                                       
|                                       
|                                       
|                                       
|                                        | Net sales  |  | $                         | 199,221 |              |  | $     | 25,388 |              |  | $ | 20,618 |  |  | $ | 245,227 | 
|                                       
|                                       
|                                       
|                                       
|                                        | Net income |  |                           | 10,642  |              |  |       | 825    |              |  |   | 666    |  |  |   | 12,133  | 

9



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##### Table of Contents



INTERMET Corporation

Notes to Interim Condensed Consolidated Financial Statements (continued)

March 31, 2000 (Unaudited)

8. Environmental and Legal Matters

INTERMET and its subsidiaries are a party to a number of environmental matters
and legal proceedings in the ordinary course of its business. We do not
believe there are any pending or threatened legal proceedings to which we are a
party, or to which any of our property is subject, that will have a material
adverse effect on our consolidated financial position, results of operations or
liquidity taken as a whole.

9. Earnings per Share

Basic earnings per share is computed by dividing income available to common
shareholders by the weighted average number of common shares outstanding for
the period. The dilutive earnings per share calculation reflects the assumed
exercise of stock options.

|                           |  |                                      |               |   |                                       |    |           |   |        |     | 
|-------------------------- |  | ------------------------------------ | ------------- | - | ------------------------------------- | -- | --------- | - | ------ | --- | 
|                           |  |                                      |               |   | Three months ended                   
|                           |  |                                      |               |   |                                      
|                           |  |                                      |               |   | March 31,                             |    | March 31,
|                           |  |                                      |               |   | 2000                                  |    | 1999     
|                           |  |                                      |               |   |                                       |    |          
|                           |  |                                      |               |   | (in thousands, except per share data)
|Numerator:                
|                          
|                          
|                          
|                          
|                           |  | Net income                           |               | $ | 9,496                                 |    |           | $ | 12,133 |    
|                          
|                          
|                          
|                          
|Denominator:              
|                          
|                          
|                          
|                          
|                           |  | Denominator for basic earnings per  
|                           |  | share  weighted
average shares      |               |   | 25,355                                |    |           |   | 25,828 |    
|                          
|                          
|                          
|                          
|                          
|                           |  | Effect of dilutive securities:      
|                          
|                          
|                          
|                          
|                           |  |                                      | Stock options |   |                                       | 74 |           |   |        | 112 | 
|                           |  |                                      |               |   |                                       |    |           |   |        |    
|                           |  | Denominator for diluted
earnings per
|                           |  | share  adjusted
weighted average   
|                           |  | shares and
assumed exercise of      
|                           |  | options                              |               |   | 25,429                                |    |           |   | 25,940 |    
|                           |  |                                      |               |   |                                       |    |           |   |        |    
|Basic earnings per share   |  | $                                    | 0.37          |   |                                       | $  | 0.47      |  
|                           |  |                                      |               |   |                                       |    |           |   |        |    
|Diluted earnings per share |  | $                                    | 0.37          |   |                                       | $  | 0.47      |  
|                           |  |                                      |               |   |                                       |    |           |   |        |    

10



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INTERMET Corporation

Notes to Interim Condensed Consolidated Financial Statements (continued)

March 31, 2000 (Unaudited)

10. Impairment of Assets and Shutdown

During the fourth quarter of 1999, our board of directors authorized the
closure of our Ironton Iron, Inc. facility and we approved and announced our
plan for the orderly shutdown of Ironton. Ironton recorded expenses associated
with asset impairment and shutdown during the fourth quarter of 1999. Ironton
ceased all operations on March 31, 2000 and terminated approximately 575
employees during the first quarter as a result of the shutdown. At March 31,
2000, 15 people were still employed by Ironton, mainly in accounting and
administrative functions. We expect that these employees will be terminated
sometime during 2000. Pursuant to a closing agreement negotiated with the
United Steelworkers of America and its Local 3664, all of the hourly employees
were paid severance of approximately $1.0 million, in the aggregate, during the
first quarter of 2000. These expenses were charged against cost of sales.
Ironton agreed to make another $1.0 million severance payment to hourly
employees after production ended, which was contingent on predetermined
production performance as set forth in the closing agreement. However, the
predetermined and agreed upon production performance was not achieved. Thus,
no severance was paid to hourly employees beyond that which was paid during the
first quarter. On April 7, 2000, the union filed a grievance seeking payment
of the remaining $1.0 million severance payment. We denied the grievance on
May 8, 2000 and the union has 30 calendar days from that date to appeal. At
that point, the grievance could be subject to arbitration under the collective
bargaining agreement. If the grievance is arbitrated, we expect this will
occur during 2000.

During the shutdown period of January 1, 2000 to March 31, 2000, Ironton had
revenues of $5.2 million and a net loss of $4.3 million. Included in the net
loss is the $1.0 million of severance paid to the hourly employees during the first quarter of 2000. During the
fourth quarter of 1999, Ironton accrued approximately $1.3 million for
severance for salaried employees, as part of the $7.8 million shutdown accrual.
Approximately $0.3 million of that accrual was paid during the first quarter
of 2000 and, as of March 31, 2000, that is the only portion of the shutdown
accrual that has been paid. During the first quarter of 2000, Ironton accrued
an additional $0.5 million for asset impairment and nothing additional for the
shutdown. During the first quarter of 1999, Ironton  had revenues of
$15.6 million and a net loss of $2.1 million.

11



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INTERMET Corporation

Notes to Interim Condensed Consolidated Financial Statements (continued)

March 31, 2000 (Unaudited)

11. Update on the New River Explosion

The March 5, 2000 explosion and fire that occurred at our New River Foundry is
still being investigated by the Virginia Occupational Safety and Health
Administration and state and local fire and law enforcement. In addition, we
are still conducting our own investigation. There has not yet been any
determination of the cause of the explosion. There has been no change to the
damage estimate by local fire officials shortly after the blast. We are not
able to make any precise damage estimate at this time, and will be unable to do
so until all of the investigations are complete. Thus, we have not adjusted
the basis of New Rivers fixed assets. Once the investigations are complete,
it is possible that fines, penalties, damages or other sanctions could be
sought against us. We will take appropriate legal steps to defend INTERMET and
take other appropriate action if any fines, penalties, damages or other
sanctions are sought. We carry insurance for property, business interruption,
general liability, employers liability and workers compensation. We have
notified our insurance carriers under all of our applicable insurance policies
and we have or will make claims under the policies as appropriate. We recorded
a charge of $300,000 during the first quarter of 2000 for deductibles under our
property and business interruption insurance policies. We recorded insurance
recovery for acccident related lost revenues and expenses of New River through March 31, 2000. Based on the information currently available
to us, we believe that we have adequate insurance coverage for the various
losses and costs that have been identified to date. However, we cannot assure
that all of our ultimate losses, costs and expenses resulting from the accident
will be covered by insurance, and any amounts not covered by insurance could be
material to our business or financial condition.

In April 2000, we agreed with the Virginia Department of Environmental Quality
on the terms of a proposed new air permit, which also covers existing
operations at our Radford Foundry located adjacent to the New River plant.
This proposed permit calls for additional controls for air emissions at Radford
and has provisions for improvements at Radford and New River that we had agreed
to make before the explosion at New River. This proposed permit is subject to
public comment at a hearing to be held on May 24, 2000. If the outcome of this
process is favorable and the permit is issued, our current plan is to rebuild
our New River Foundry at its current site.

12



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##### Table of Contents






Forward Looking Statement

The following Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations and Item 3. Quantitative and Qualitative
Disclosures about Market Risk contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. When used in
this section, the words anticipate, believe, estimate and expect and
similar expressions are generally intended to identify forward-looking
statements. Readers are cautioned that any forward-looking statements,
including statements regarding the intent, belief or current expectations of
INTERMET or its management, are not guarantees of future performance and
involve risks and uncertainties. In addition, readers are cautioned that
actual results may differ materially from those in the forward-looking
statements as a result of various factors including, but not limited to:



| |  | general economic conditions in the markets in which we operate                                                                                      
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------
| |  | fluctuations in worldwide or regional automobile and light and heavy truck production                                                               
| |  | labor disputes involving us or our significant customers                                                                                            
| |  | changes in practices and/or policies of our significant customers toward outsourcing automotive components and systems                              
| |  | foreign currency and exchange fluctuations                                                                                                          
| |  | interest rate fluctuations                                                                                                                          
| |  | materials price fluctuations                                                                                                                        
| |  | ability to bring additional foundry capacity on line as scheduled                                                                                   
| |  | ability to secure all regulatory permits on a timely basis with respect to ongoing capital expenditures for additional
foundry capacity             
| |  | factors or presently unknown circumstances that may affect the charges related to the impairment of assets and shutdown
of Ironton                  
| |  | ability to secure new permits for our New River facility and to rebuild that facility or obtain other replacement foundry
capacity on a timely basis
| |  | factors affecting our ability or the ability of our key suppliers to resolve Year-2000 issues in a timely manner, and                               
| |  | other risks detailed from time to time in our filings with the Securities and Exchange Commission.                                                  

We do not intend to update these forward-looking statements.




Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

Material Changes in Financial Condition

Operating activities used net cash of $5.6 million during the three-month
period ended March 31, 2000. Depreciation and amortization expense was $14.2
million. Accounts receivable increased $20.3 million from December 31, 1999
because sales during March 2000 were higher than sales during December 1999.
This is due primarily to the traditional holiday shutdown in December.
Accounts payable and accrued taxes decreased $3.4 million from the beginning of
2000 due to the timing of payments. Our investing activities for the first
three months of 2000 provided cash of $2.0 million. We received $10.3 million
in cash and receivables for the sale of General Products and we spent $9.0
million for the purchase of property, plant and equipment. Net cash provided
by financing activities was $5.2 million for the first quarter of 2000. The
borrowings under the bank revolver increased $6.5 million. We used this cash
to finance operating activities. In addition, we paid $1.0 million in dividends during
the first three months of 2000.

13



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##### Table of Contents



We have committed capital not yet spent of approximately $22.1 million as of
March 31, 2000. Of this amount, approximately $2.9 million relates to the
molding and finishing lines for the GM L18 intake manifold and approximately
$1.7 million is to increase capacity at our Havana, Illinois, facility. We
anticipate that the funds needed for the committed capital spending will come
from operations.

On April 13, 2000, our board of directors approved a cash dividend of $0.04 per
share (approximately $1.0 million in aggregate) payable on June 30, 2000 for
the holders of record on June 1, 2000.

Material Changes in Results of Operations

Sales for the first quarter of 2000 were $307.4 million, an increase of $62.2
million from first quarter 1999 sales of $245.2 million. This increase relates
primarily to our acquisitions of Ganton Technologies, Inc. and Diversified
Diemakers, Inc. at the end of 1999. In addition, the two largest markets we
supply, domestic and European light trucks, have had strong sales in 2000 and
North American light-vehicle production was greater in the first quarter of
2000 versus that of 1999. However, the shutdown of Ironton during the first
quarter partially offset these increased sales and negatively affected the
results of our operations. Excluding the acquisitions and Ironton, first
quarter 2000 sales were $6.6 million (2.9%) higher than first quarter 1999
sales. The explosion at New River also impacted our sales and partially offset
the increase in the first quarter of 2000 versus the same period in 1999. New
River and Ironton are both in the ferrous-metals segment. Excluding results
for Ironton, sales for the ferrous-metals segment increased $6.4 million (3.5%)
from the first quarter of 1999. Light-metals segment sales increased $65.3
million (257.4%) for the three months ended March 31, 2000 versus those for the
three months ended March 31, 1999. This increase is due to our acquisitions at
the end of 1999. Excluding these acquisitions, sales for the light-metals
segment during the first quarter of 2000 would have been slightly lower than
its sales during the first quarter of 1999. Other sales increased 4.3% for the
first quarter of 2000 versus the same period in 1999.

Domestic sales during the quarter ended March 31, 2000 (excluding the
acquisitions and Ironton in both years) were approximately $6.0 million (3.0%)
greater than the first quarter of 1999. This increase is due primarily to the
increase in North American light-vehicle production in the first quarter of
2000 versus that of 1999.

European sales during the three months ended March 31, 2000, in local currency,
increased 15.8% from the same period in the prior year. This is due primarily
to Europes shift from drum brakes to disc brakes for heavy-duty vehicles. The
effect of changes in the exchange rates on consolidated European sales was an
unfavorable $3.6 million (10.7%) for the three-month period ended March 31,
2000 when compared using exchange rates for the same period in 1999.

Gross profit for the quarter ended March 31, 2000 was $35.5 million, an
increase of $1.4 million from that of the same period in 1999. Gross profit as
a percentage of sales for the three months ended March 31, 2000 and 1999 was
11.5% and 13.9%, respectively. Without the year-end acquisitions and Ironton,
gross profit as a percentage of sales would have been 14.2% and 16.0% for the
first quarters of 2000 and 1999, respectively. This decrease is partially due
to the explosion at New River. In addition, we had an anticipated decrease in
volume at one plant. We expect that this facility will have a greater increase
in volume later this year with the launch of new products. Also, one of our
plants has had a bottleneck problem in the melt area during the entire first
quarter of 2000, which has affected its operating performance.

14



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##### Table of Contents



Operating expenses as a percentage of sales were 3.7% and 4.0% for the three
months ended March 31, 2000 and 1999, respectively. This decrease is because
operating expenses did not increase ratably with the sales generated by the
year-end acquisitions.

The effective income tax rate was 45.1% and 42.1% for the first quarters ended
March 31, 2000 and 1999, respectively. During the first quarter of 2000 we
sold our 35% interest in General Products Delaware Corporation for a small book
gain. However, the sale caused an increase in the effective tax rate due to
the fact the General Products had a lower tax basis compared to book basis.
The tax gain increased the effective tax rate to 45.1%. Excluding the gain and
additional tax expense related to the sale, the tax rate would have been
approximately 43.0% for the first quarter of 2000.

Year-2000 Readiness Disclosure

There has been no material change in our Year-2000 readiness compliance since
December 31, 1999.




Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to market risk with regard to interest rate, foreign exchange
and commodity pricing. We have analyzed the effect of these risks on the
balance sheets, results of operations and cash flows and we consider the impact
to be immaterial with respect to the commodity pricing risk.

There has been no material change in market risk with regard to interest rate
and foreign exchange since December 31, 1999.




Part II  Other Information




Item 1. Legal Proceedings

We are engaged in various legal proceedings and other matters incidental to our
normal business activities. We do not believe there are any pending or
threatened legal proceedings to which we are a party, or to which any of our
property is subject, that will have a material effect on our consolidated
financial position, results of operations or liquidity taken as a whole.




Item 2. Changes in Securities and Use of Proceeds

None.




Item 3. Defaults upon Senior Securities

None.




Item 4. Submission of Matters to a Vote of Securities Holders

None.

15



---



##### Table of Contents






Item 5. Other Information

None.




Item 6. Exhibits and Reports on Form 8-K

(a) The following exhibits are filed with this Report pursuant to Item 601 of
Regulation S-K:

|        |  |                                                                                                                                                                                                                                                                                                                                                                                                      
|------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
|Number  |  | Description of Exhibit                                                                                                                                                                                                                                                                                                                                                                               
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                      
|4       |  | $15,000,000 Term Loan Agreement dated March 2, 2000, by
and among INTERMET Corporation and The Bank of Nova Scotia
as lender and administrative agent. *                                                                                                                                                                                                                                             
|       
|       
|       
|       
|       
|10.1    |  | Employment Agreement between INTERMET Corporation and
Michael J. Ryan, dated March 20, 2000.                                                                                                                                                                                                                                                                                                         
|       
|       
|       
|       
|       
|10.2(a) |  | Operating Committee 2000 Profit Sharing Plan                                                                                                                                                                                                                                                                                                                                                         
|       
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                      
|10.2(b) |  | Memorandum to Operating Committee 2000 Profit Sharing Plan                                                                                                                                                                                                                                                                                                                                           
|       
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                      
|27      |  | Financial Data Schedule.                                                                                                                                                                                                                                                                                                                                                                             
|       
|       
|       
|       
|       
|*       |  | This instrument defines the rights of holders of
long-term debt of INTERMET not being registered and the
total amount of securities authorized under the
instrument does not exceed ten percent of the total
assets of INTERMET and its subsidiaries on a consolidated
basis. This instrument is not being filed, but INTERMET
will furnish a copy of this instrument to the Commission
upon request.



|(b) |  | We filed a Form 8-K/A on March 6, 2000, File No. 0-13787, having an event
date of December 20, 1999. This Form 8-K/A is the amendment to our Form
8-K, which we filed on December 30, 1999. The Forms 8-K and 8-K/A related
to our acquisitions of Ganton Technologies, Inc. and Diversified
Diemakers, Inc., which were reported under Item 2. Acquisition or
Disposition of Assets.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

16



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##### Table of Contents






Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, INTERMET
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.

|                                                                                                                  
|------------------------------------------------------------------------------------------------------------------
|INTERMET Corporation                                                                                              
|                                                                                                                  
|By:          /s/ Ronald C. Ryninger Jr.
Ronald C. Ryninger Jr.
Corporate Controller
(Principal Accounting Officer)
|                                                                                                                  
|Date:           May 15, 2000                                                                                      

17



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##### Table of Contents






Exhibits Index

|        |  |                                                                                                                                                                                                                                                                                                                                                                                                      
|------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
|Number  |  | Description of Exhibit                                                                                                                                                                                                                                                                                                                                                                               
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                      
|4       |  | $15,000,000 Term Loan Agreement, dated March 2, 2000, by
and among INTERMET Corporation and The Bank of Nova Scotia
as lender and administrative agent. *                                                                                                                                                                                                                                            
|       
|       
|       
|       
|       
|10.1    |  | Employment Agreement between INTERMET Corporation and
Michael J. Ryan, dated March 20, 2000.                                                                                                                                                                                                                                                                                                         
|       
|       
|       
|       
|       
|10.2(a) |  | Operating Committee 2000 Profit Sharing Plan                                                                                                                                                                                                                                                                                                                                                         
|       
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                      
|10.2(b) |  | Memorandum to Operating Committee 2000 Profit Sharing Plan                                                                                                                                                                                                                                                                                                                                           
|       
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                      
|27      |  | Financial Data Schedule.                                                                                                                                                                                                                                                                                                                                                                             
|       
|       
|       
|       
|       
|*       |  | This instrument defines the rights of holders of
long-term debt of INTERMET not being registered and the
total amount of securities authorized under the
instrument does not exceed ten percent of the total
assets of INTERMET and its subsidiaries on a consolidated
basis. This instrument is not being filed, but INTERMET
will furnish a copy of this instrument to the Commission
upon request.

18