SEC Info  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Renco Metals Inc – ‘10-Q’ for 4/30/00

On:  Monday, 6/12/00, at 4:03pm ET   ·   For:  4/30/00   ·   Accession #:  912057-0-28241   ·   File #:  33-68230

Previous ‘10-Q’:  ‘10-Q’ on 3/8/00 for 1/31/00   ·   Next & Latest:  ‘10-Q’ on 9/11/00 for 7/31/00

  in   Show  &   Hints

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 6/12/00  Renco Metals Inc                  10-Q        4/30/00    4:53K                                    Merrill Corp/FA

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      13     59K 
 3: EX-10.1(2)  Material Contract                                      3     17K 
 2: EX-10.1(F)  Material Contract                                     11     32K 
 4: EX-27       Financial Data Schedule (Pre-XBRL)                     2      6K 


10-Q   —   Quarterly Report
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
2Item 1 -. Financial Statements
8Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
11Forward-Looking Statements
"Item 6 - Exhibits and Reports on Form 8-K
13Exhibit Index
10-Q1st Page of 13TOCTopPreviousNextBottomJust 1st
 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended APRIL 30, 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 NUMBER 333-4513 RENCO METALS, INC. (Exact name of registrant as specified in its charter) DELAWARE 13-3724916 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 238 NORTH 2200 WEST SALT LAKE CITY, UTAH 84116 (Address of principal executive offices) (Zip Code) (801) 532-2043 (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 Number of shares outstanding of each of the registrant's classes of common stock, as of June 12, 2000: COMMON STOCK, NO PAR VALUE 1,000 SHARES
10-Q2nd Page of 13TOC1stPreviousNextBottomJust 2nd
FORM 10-Q RENCO METALS, INC. QUARTER ENDED APRIL 30, 2000 [Enlarge/Download Table] TABLE OF CONTENTS ----------------- PAGE NO. -------- PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets - April 30, 2000 and October 31, 1999 3 Condensed Consolidated Statements Of Operations - Six Months and Three Months Ended April 30, 2000 and 1999 4 Condensed Consolidated Statements Of Cash Flows - Six Months Ended April 30, 2000 and 1999 5 Notes To Consolidated Financial Statements 6 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 8 PART II - OTHER INFORMATION ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K 11 SIGNATURES 12 -2-
10-Q3rd Page of 13TOC1stPreviousNextBottomJust 3rd
PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS RENCO METALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) [Enlarge/Download Table] APRIL 30, October 31, 2000 1999 Assets (UNAUDITED) (Audited) ------ ------------- ------------- Current assets: Cash and cash equivalents $ 2,442 $ 8,448 Accounts receivable, less allowance for doubtful accounts of $1,215 in 2000 and $532 in 1999 22,577 25,478 Inventories, net (note 2) 49,430 44,979 Prepaid expenses and other current assets 1,142 1,678 ---------- ---------- Total current assets 75,591 80,583 ---------- ---------- Property, plant, and equipment, net 46,271 41,862 Other assets, net 3,170 3,646 ---------- ---------- $ 125,032 $ 126,091 ========== ========== Liabilities And Stockholder's Deficit ------------------------------------- Current liabilities: Current installments of long-term debt $ 25 $ 25 Accounts payable 4,544 7,043 Accrued expenses and other current liabilities 14,421 14,294 ---------- ---------- Total current liabilities 18,990 21,362 ---------- ---------- Long-term debt, excluding current installments 160,618 153,204 Other liabilities 11,084 11,718 ---------- ---------- Total liabilities 190,692 186,284 ---------- ---------- Stockholder's deficit: Common stock, no par value. Authorized, issued, and outstanding 1,000 shares 1 1 Additional paid-in capital 600 600 Accumulated deficit (66,261) (60,794) ---------- ---------- Total stockholder's deficit (65,660) (60,193) ---------- ---------- Commitments and contingencies ---------- ---------- $ 125,032 $ 126,091 ========== ========== The accompanying notes are an integral part of these condensed consolidated financial statements. -3-
10-Q4th Page of 13TOC1stPreviousNextBottomJust 4th
RENCO METALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (DOLLARS IN THOUSANDS) [Enlarge/Download Table] SIX MONTHS THREE MONTHS ENDED APRIL 30, ENDED APRIL 30, ------------------------------ --------------------------- 2000 1999 2000 1999 ------------- ------------- ------------ ------------ Sales $ 79,696 $ 87,567 $40,543 $ 45,947 Costs and expenses: Cost of sales 61,524 60,313 30,673 31,545 Depreciation, depletion, and amortization 4,100 4,672 1,892 2,336 Selling, general, and administrative expenses 10,306 10,199 5,337 5,520 ------------- ------------- ------------ ------------ Total costs and expenses 75,930 75,184 37,902 39,401 ------------- ------------- ------------ ------------ Income from operations 3,766 12,383 2,641 6,546 Other income (expense): Interest income 124 363 35 124 Interest expense (9,437) (9,330) (4,781) (4,659) Equity in earnings of affiliate 80 - - - ------------- ------------- ------------ ------------ Total other income (expense) (9,233) (8,967) (4,746) (4,535) ------------- ------------- ------------ ------------ Income (loss) before income taxes (5,467) 3,416 (2,105) 2,011 Income tax benefit - (2,063) - - ------------- ------------- ------------ ------------ Net income (loss) $ (5,467) $ 5,479 $ (2,105) $ 2,011 ------------- ------------- ------------ ------------ The accompanying notes are an integral part of these condensed consolidated financial statements. -4-
10-Q5th Page of 13TOC1stPreviousNextBottomJust 5th
RENCO METALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (DOLLARS IN THOUSANDS) [Enlarge/Download Table] SIX MONTHS ENDED APRIL 30, --------------------------- 2000 1999 ------------ ----------- Net cash provided by (used in) operating activities $ (4,913) $ 899 ------------ ----------- Cash flows from investing activities - Capital expenditures (8,508) (6,268) ------------ ----------- Net cash used in investing activities (8,508) (6,268) ------------ ----------- Cash flows from financing activities: Net borrowings (repayments) under revolving credit agreements 7,427 (375) Repayment of long-term debt (12) (11) Payment of financing fees - (50) ------------ ----------- Net cash provided by (used in) financing activities 7,415 (436) ------------ ----------- Decrease in cash and cash equivalents (6,006) (5,805) Cash and cash equivalents, beginning of period 8,448 21,690 ------------ ----------- Cash and cash equivalents, end of period $ 2,442 $ 15,885 ============ =========== Supplemental Disclosures of Cash Flow Information ------------------------------------------------- Cash paid during the period for interest $ 8,961 $ 8,836 Cash paid during the period for income taxes $ - $ 209 The accompanying notes are an integral part of these condensed consolidated financial statements. -5-
10-Q6th Page of 13TOC1stPreviousNextBottomJust 6th
RENCO METALS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (1) BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared from the accounting records of Renco Metals, Inc. (Renco Metals) and its subsidiaries (the Company), Magnesium Corporation of America (Magcorp), and Sabel Industries, Inc. (Sabel), without audit (except where presented data is specifically identified as audited) pursuant to the rules and regulations of the Securities and Exchange Commission. Renco Metals is a 100% owned subsidiary of The Renco Group, Inc. (Group). The financial statements reflect all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Form 10-K for the fiscal year ended October 31, 1999. Renco Metals' 11.5% Senior Notes due 2003 (Senior Notes) are unconditionally and fully guaranteed, jointly and severally, by both of its subsidiaries, Magcorp and Sabel (the Guarantors), each of which is wholly-owned. Separate financial statements of the Guarantors are not presented because, in management's opinion, such financial statements would not be material to investors because Renco Metals is a holding company with no independent operations and its only assets are cash and its investment in Magcorp and Sabel. Summarized financial information on the combined Guarantors is presented below: [Enlarge/Download Table] SUMMARIZED COMBINED GUARANTOR FINANCIAL INFORMATION --------------------------------------------------- Six months Three months Ended April 30, Ended April 30, 2000 1999 2000 1999 ------------- ------------- ------------- ------------ (dollars in thousands) (dollars in thousands) Statement of operations data: Net sales $ 79,696 $ 87,567 $ 40,543 $ 45,947 Cost of sales $ 61,524 $ 60,313 $ 30,673 $ 31,545 Net income (loss) $ (5,530) $ 5,422 $ (2,137) $ 1,972 October 31, APRIL 30, 1999 2000 (Audited) ------------- ------------ (dollars in thousands) Balance sheet data: Current assets $ 73,674 $ 78,701 Noncurrent assets $ 49,441 $ 45,508 Current liabilities $ 12,357 $ 14,701 Noncurrent liabilities $ 21,702 $ 14,922 -6-
10-Q7th Page of 13TOC1stPreviousNextBottomJust 7th
(2) INVENTORIES Inventories consist of the following: [Download Table] October 31, APRIL 30, 1999 2000 (Audited) --------------- -------------- (dollars in thousands) Finished goods $ 41,057 $ 34,985 Brine in ponds 1,089 1,228 Spare parts and supplies 9,788 9,076 Raw materials and work-in-process 729 963 --------------- -------------- 52,663 46,252 Less LIFO reserve 3,233 1,273 --------------- -------------- $ 49,430 $ 44,979 =============== ============== (3) SEGMENT INFORMATION The Company classifies its operations into two operating segments: magnesium production and steel wholesaling and fabrication. Management evaluates a segment's performance based upon operating income. There are no intersegment sales, allocated costs, or jointly used assets. Summarized financial information by operating segment follows. [Enlarge/Download Table] SIX MONTHS THREE MONTHS ENDED APRIL 30, ENDED APRIL 30, -------------------------------------------------------- 2000 1999 2000 1999 ------------- ------------ ------------ ------------- (dollars in thousands) (dollars in thousands) Revenues: Magnesium $56,838 $ 65,383 $28,352 $ 34,197 Steel 22,858 22,184 12,191 11,750 ------------- ------------ ------------ ------------- Consolidated revenues $79,696 $ 87,567 $40,543 $ 45,947 ============= ============ ============ ============= Profit or loss: Income from operations: Magnesium $ 2,610 $ 11,612 $ 1,907 $ 5,865 Steel 532 146 420 356 ------------- ------------ ------------ ------------- Total reportable segments 3,142 11,758 2,327 6,221 ------------- ------------ ------------ ------------- All other income (expense), net (8,609) (8,342) (4,432) (4,210) ------------- ------------ ------------ ------------- Consolidated income (loss) before income taxes $ (5,467) $ 3,416 $ (2,105) $ 2,011 ============= ============ ============ ============= (4) COMPREHENSIVE INCOME The Company adopted Statement of Financial Accounting Standard No. 130 ("SFAS 130"), Reporting Comprehensive Income, effective November 1, 1998. SFAS 130 establishes standards for reporting and display of comprehensive income and its components in financial statements. Comprehensive income (loss) was equal to the net income (loss) presented in the accompanying condensed consolidated statements of operations for each period presented. -7-
10-Q8th Page of 13TOC1stPreviousNextBottomJust 8th
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. RESULTS OF OPERATIONS - SIX MONTHS ENDED APRIL 30, 2000 COMPARED TO SIX MONTHS ENDED APRIL 30, 1999 SALES for the six-month period ended April 30, 2000 decreased 9.0% over the corresponding prior period. The decrease was attributable to a 13.1% decrease in Magcorp's revenues partially offset by a 3.0% increase in Sabel's revenues. Magnesium shipments decreased 8.3% and Magcorp's average selling price for magnesium decreased 5.9% when compared to the corresponding six-month period in 1999. Import competition from foreign producers continues to put pressure on magnesium pricing and volumes. Magnesium pricing and volume are dependent on the overall market supply and demand, and there is no certainty that current trends will not continue. Sabel's sales increase was due to overall price increases in the U.S. steel industry. COST OF SALES for the six-month period ended April 30, 2000 increased 2.0% on a consolidated basis. Magcorp's cost of sales increased 3.8% due primarily to higher production costs at Magcorp caused by low production levels and high natural gas costs. Cost of sales at Magcorp was also adversely affected by increased processing costs associated with increased volumes of recycled magnesium. When compared to the corresponding six-month period in 1999, Magcorp increased its participation in die cast markets, which also requires handling and recycling of die cast customer scrap, increasing costs and decreasing margins. Magcorp's cost of sales increase was offset by a 3.6% cost of sales decrease at Sabel attributable to volume decreases incurred while margins increased in the U.S. Steel industry as mentioned above. DEPRECIATION, DEPLETION, AND AMORTIZATION for the six-month period ended April 30, 2000 decreased 12.2% due to certain long-lived assets originally capitalized at the time of Magcorp's acquisition in 1989 becoming fully depreciated, offset by increased depreciation for recently acquired capital equipment additions. INTEREST INCOME for the six-month period ended April 30, 2000 decreased $239,000 due to decreased cash and cash equivalent balances on hand. INTEREST EXPENSE for the six-month period ended April 30, 2000 increased $107,000 due to higher revolving credit facility borrowings at Magcorp. Revolving credit facility rates are based on the prime rate, which also increased during the period. INCOME TAXES for the six-month period ended April 30, 2000 were zero. Effective November 1, 1998, the Company was designated as a qualified subchapter S subsidiary by Group. Accordingly, the Company is generally not subject to income taxes. As a result of the subchapter S designation, during the six months ended April 30, 1999 the Company recognized an income tax benefit of $2.1 million that included the elimination of net deferred tax liabilities recorded as of October 31, 1998. RESULTS OF OPERATIONS - THREE MONTHS ENDED APRIL 30, 2000 COMPARED TO THREE MONTHS ENDED APRIL 30, 1999 SALES for the three-month period ended April 30, 2000 decreased 11.8% over the corresponding prior period. The decrease was attributable to a 17.1% decrease in Magcorp's revenues partially offset by a 3.8% increase in Sabel's revenues. Magnesium shipments decreased 11.4% and Magcorp's average selling price for magnesium decreased 7.1% over the corresponding 1999 three-month period. Import competition from foreign producers continues to put pressure on magnesium pricing and volumes. Magnesium pricing and volume are dependent on the overall market supply and demand, and there is no certainty that current trends will not continue. Sabel's sales increase was due to overall price increases in the U.S. steel industry. COST OF SALES for the three-month period ended April 30, 2000 decreased 2.8% on a consolidated basis. Magcorp's cost of sales decreased 3.2% due primarily to lower sales volumes, partially offset by higher production costs at Magcorp caused by production levels being below capacity. A 1.3% cost of sales decrease at -8-
10-Q9th Page of 13TOC1stPreviousNextBottomJust 9th
Sabel was attributable to volume decreases incurred while margins increased in the U.S. Steel industry as mentioned above. DEPRECIATION, DEPLETION, AND AMORTIZATION for the three-month period ended April 30, 2000 decreased 19.0% due to certain long-lived assets originally capitalized at the time of Magcorp's acquisition in 1989 becoming fully depreciated, offset by increased depreciation for recently acquired capital equipment additions. SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES for the three-month period ended April 30, 2000 decreased 3.3% due in large part to profit-based deferred compensation accrual adjustments. INTEREST INCOME for the three-month period ended April 30, 2000 decreased $89,000 due to decreased cash and cash equivalent balances on hand. INTEREST EXPENSE for the three-month period ended April 30, 2000 increased $122,000 due to higher revolving credit facility borrowings at Magcorp. LIQUIDITY AND CAPITAL RESOURCES The Company's liquidity needs arise from working capital requirements, capital investments and interest payment obligations. The Company's primary source of liquidity has historically been cash provided by operating activities. The Company also has available $40.0 million in revolving credit facilities that provide for advances by the lender based on specified percentages of eligible accounts receivable and inventories to a maximum of $33.0 million for Magcorp and $7.0 million for Sabel, net of outstanding letters of credit. As of April 30, 2000, the unused amounts available to Magcorp and Sabel were approximately $21.8 million and $2.2 million, respectively. During the six-month period ended April 30, 2000, Magcorp and Sabel borrowed net amounts of $5.4 million and $2.0 million, respectively, under their revolving credit facilities. Cash used in operating activities was $4.9 million for the six-month period ended April 30, 2000 compared to $899,000 provided by operations for the corresponding prior period. The $5.8 million increase in cash used in operations when compared to the comparable period in 1999 resulted primarily from decreased operating income, partially offset by favorable changes in working capital items, most notably decreased accounts receivable levels and smaller increases in inventory levels. The reduced operating income is attributable to lower sales volume and pricing from increased import competition in the magnesium operations and by lower margins earned on increased participation in die cast market products as discussed above. Magnesium pricing and volume are dependent on the overall market supply and demand, and there is no assurance that current trends will not continue. Capital expenditures were $8.5 million for the six-month period ended April 30, 2000, and are budgeted to total approximately $20 million for 2000, $10 million for 2001, and $9 million for 2002. Of these projected capital expenditure amounts, an estimated total of $31 million is related to new electrolytic cell technology that is expected to improve manufacturing efficiencies and ensure compliance with future environmental standards. Original plans for complete plant conversion have been scaled back and timing of the project has been revised to allow some flexibility due to reduced cash flow from operations caused by worsened market conditions. As a result, conversion of the cells is now expected to commence in late fall of 2000 and take place over a period of approximately two years. Associated cost reductions and related manufacturing efficiencies will occur gradually as conversion progresses, but will not be fully realized in the Company's operating results until 2002. Management anticipates that existing cash balances, cash generated from operations, and availability under its revolving credit facilities will be sufficient to finance the Company's liquidity needs through the end of the current fiscal year. However, if magnesium market conditions continue to deteriorate, in order to fund its planned capital expenditures, the Company is considering additional sources of liquidity. In this regard, the Company is currently in discussions with its primary lender to increase availability under its revolving credit facilities. -9-
10-Q10th Page of 13TOC1stPreviousNextBottomJust 10th
The Company's long-term debt agreements contain numerous covenants and prohibitions that limit the financial activities of the Company, including requirements that the Company satisfy certain financial ratios and limitations on additional indebtedness. The ability of the Company to meet its debt service requirements and to comply with such covenants will be dependent upon future operating performance and financial results of the Company, which will be subject to financial, economic, political, competitive and other factors affecting the Company, many of which are beyond its control. ENVIRONMENTAL MATTERS Title III of the Clean Air Act will establish, on a published schedule, new national emission standards for hazardous air pollutants (NESHAPS). NESHAPS are to be based on maximum achievable control technology as determined by a comparison of installations at similar facilities in specific industry categories. Representatives from the United States Environmental Protection Agency (EPA) have visited Magcorp's facility in preparation for the process of establishing NESHAPS for chlorine and hydrogen chloride emissions. It is expected that Magcorp will be required to make substantial reductions in chlorine emissions to meet NESHAPS for primary magnesium refineries that will be promulgated by mid-2002, with an expected three to five year timetable for compliance following promulgation of the new standards. In anticipation of the new standards, Magcorp has embarked on a program to install new electrolytic cell technology that will reduce chlorine emissions at the source. The new cells are also expected to significantly reduce costs because they have much higher throughput and are more energy efficient. As noted above, cell conversion is expected to commence in late fall of 2000 and take place over approximately two years. With respect to hydrogen chloride, Magcorp has recently installed and is successfully operating scrubbers to reduce pertinent emissions. Magcorp does not expect that it will be required to spend significant additional amounts to meet the new standards for hydrogen chloride. Magcorp plans to spend an estimated $30 to $35 million of its total capital expenditure budget through 2002, directly or indirectly, to meet environmental regulatory requirements, primarily for NESHAPS, and for other anticipated future requirements. Prototype cell-related project development expenses to date total $7.0 million. There can be no assurance that Magcorp's cell conversion program will be successful, and to the extent it is not successful, it could have a material adverse effect on the Company's financial condition and results of operations. Representatives of the Utah State Department of Environmental Quality (UDEQ) Division of Solid and Hazardous Waste visited Magcorp in 1994 regarding the issue of whether piles of material generated in the electrolytic process, which cover an extensive land area at Magcorp's Rowley facility, can be classified as a hazardous or solid waste, and if so classified, what measures might be required to investigate and address these piles. No similar material has been classified by the State as hazardous or solid waste. The State accepted Magcorp's written storage plan, which does not consider the piles hazardous and under which no remediation or action by the Company is necessary. If the piles were at some point in the future to be classified as hazardous waste, thereby becoming subject to State regulation, corrective action could be required. The costs of such compliance, if any, could be material; however, such costs cannot be assessed at this time. Sampling conducted by Magcorp and by UDEQ in 1998 indicated a low but measurable accumulation of chlorinated hydrocarbons in the form of dioxin/furan compounds in soil and sediment samples from a contained and permitted process wastewater collection and retention system used at the Magcorp plant site for over 25 years. While Magcorp does not consider, and believes that UDEQ does not consider, a health hazard to be associated with these preliminary sampling results, Magcorp conducted additional sampling to determine the extent of accumulations of these compounds. Sampling results confirmed the accumulation of small amounts of dioxin/furan compounds in soil and sediment from the process wastewater collection and retention system, and that facility perimeter areas contained only background levels of the compounds. Management does not expect magnesium refineries to become subject to new regulations regarding these compounds in the near future. If these compounds do become subject to government regulation, the costs of such compliance, if any, could have a material adverse effect on the Company's financial condition and results of operations; however, such costs cannot be assessed at this time. -10-
10-Q11th Page of 13TOC1stPreviousNextBottomJust 11th
Industrial companies such as Magcorp and Sabel have in recent years become subject to changing and increasingly demanding environmental standards imposed by governmental laws and regulations. The Company cannot currently assess the impact of more stringent standards on its results of operations or financial condition. FORWARD-LOOKING STATEMENTS This report includes "forward-looking statements," which involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: general economic and business conditions; industry capacity; demand; industry trends; competition; currency fluctuations; the loss of any significant customers; availability of qualified personnel; changes in environmental regulations; successful completion of planned installation of new technology; major equipment failures, import and customs regulations, and outcome of litigation. These forward-looking statements speak only as of the date of this report. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such forward-looking statement is based. PART II- OTHER INFORMATION ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits A list of exhibits required to be filed as part of this Report on Form 10-Q is set forth in the "Exhibit Index" which immediately precedes such exhibits, and is incorporated herein by reference. (b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter for which this report is filed. -11-
10-Q12th Page of 13TOC1stPreviousNextBottomJust 12th
S I G N A T U R E S Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. RENCO METALS, INC. (Registrant) June 12, 2000 /s/ Ira Leon Rennert ------------------------------- --------------------------------- Date Ira Leon Rennert Chairman of the Board and Principal Executive Officer June 12, 2000 /s/ Roger L. Fay ------------------------------- --------------------------------- Date Roger L. Fay Vice President - Finance Principal Financial and Accounting Officer -12-
10-QLast Page of 13TOC1stPreviousNextBottomJust 13th
RENCO METALS, INC. EXHIBIT INDEX [Enlarge/Download Table] Exhibit Number Description -------------- ----------- --------------------------------------------------------------------------------------------------------------- 10.1 (f) Employment Agreement, between Magnesium Corporation of America and Cameron F. Tissington, dated May 15, 2000 --------------------------------------------------------------------------------------------------------------- 10.1.2 Amendment to Employment Agreement and Consulting Agreement, between Magnesium Corporation of America and Howard I. Kaplan, (with Addendum), dated May 18, 2000 --------------------------------------------------------------------------------------------------------------- 27 Financial Data Schedule ---------------------------------------------------------------------------------------------------------------

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘10-Q’ Filing    Date First  Last      Other Filings
Filed on:6/12/00112
5/18/0013
5/15/0013
For Period End:4/30/0019
10/31/99610-K405
4/30/992810-Q,  10-Q/A
11/1/9878
10/31/98810-K405
 List all Filings 
Top
Filing Submission 0000912057-00-028241   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Copyright © 2018 Fran Finnegan & Company.  All Rights Reserved.
AboutPrivacyRedactionsHelp — Tue., Oct. 23, 10:55:48.0am ET