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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 6, 2010
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REUNION INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 01-15739 06-1439715
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(State of Incorporation) (Commission File No.) (IRS Employer ID No.)
11 STANWIX STREET, SUITE 1400
PITTSBURGH, PENNSYLVANIA 15222
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(Address of principal executive offices, including zip code)
(412) 281-2111
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 8.01 - Other Events
As previously reported, on November 26, 2007 Reunion Industries, Inc.
("Reunion") filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code in the United States Bankruptcy Court for the District of
Connecticut, Bridgeport Division (the "Bankruptcy Court"). Reunion continues
to operate as "debtor-in-possession" in that proceeding under the jurisdiction
of the Bankruptcy Court and in accordance with the applicable provisions of
the Bankruptcy Code. Attached to and made a part of this Report is a Reunion
Financial Report that contains summarized financial data from the Monthly
Operating Reports that were filed with the Bankruptcy Court and the United
States Trustee pursuant to Rule 2015 of the Federal Rules of Bankruptcy
Procedure for the first three months of the 2010 year.
During the first quarter of 2010, no additional shares of common stock
were acquired by the Company. As a result, in accord with a previously
reported authorization by the Company's Board of Directors, the total number
of shares of common stock acquired by the Company in open market transactions
remained at 367,248 at an average price per share acquired of $0.24.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned, hereunto duly authorized.
Date: May 6, 2010 REUNION INDUSTRIES, INC.
----------- (Registrant)
By: /s/ John M. Froehlich
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John M. Froehlich
Executive Vice President
of Finance and Chief
Financial Officer
- 2 -
UNITED STATES BANKRUPTCY COURT
BRIDGEPORT DIVISION - DISTRICT OF CONNECTICUT
In re REUNION INDUSTRIES, INC. Case No. 07-50727(AHWS)
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Reporting Period: 1st QTR - 2010
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FINANCIAL DATA EXTRACTED FROM MONTHLY OPERATING REPORTS
DOCUMENT FORM NO.
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Schedule of Cash Receipts
and Disbursements MOR-1
Statement of Operations MOR-2
Balance Sheet MOR-3
Status of Post-petition Taxes MOR-4
Summary of Unpaid Post-petition
Debts MOR-4
Accounts Receivable MOR-5
- A-1 -
REUNION INDUSTRIES, INC.
CASH RECEIPTS AND DISBURSEMENTS FORM: MOR-1
FIRST QTR OF 2010
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Cash - beginning of period excluding $ 1,970,778
Plus: Collections on receivables 3,379,806
Plus: Miscellaneous/Titan receipts 340,170
Less: Disbursements
Net payroll 925,358
Payroll taxes 451,810
Titan disbursements 24,924
Other operating 2,408,935
Income Tax payments 0
Reorganization:
Professional fees 0
U.S. Trustee fees - quarterly 0
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Total 3,811,027
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Cash - end of period $ 1,879,727
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- A-2 -
REUNION INDUSTRIES, INC.
STATEMENT OF OPERATIONS FORM: MOR-2
FOR THE PERIODS ENDED MARCH 31, 2010
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($ amounts in thousands)
QTR Post
Ended Petition to
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Net Sales $ 3,867 $ 50,541
Cost of Sales:
Standard Cost 3,070 37,221
Variances & Other 315 5,697
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Gross Profit 482 7,623
Operating Expenses:
Marketing 135 1,964
General & Admin 667 9,030
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Operating Profit (320) (3,371)
Other Income(Expense) 35 40,067
Equity in China JV 7 1,253
Reorganization exp:
Professional fees 0 (615)
U.S. Trustee fees 0 (81)
Adequate Protection Paym't Exp. 0 (450)
Interest (Expense) - excluding Adequate
Protection Payments (35) (4,696)
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Profit before tax (313) 32,107
Income Tax 0 (1,302)
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Net Income $ (313) $ 30,805
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NOTE: Other income(expense) above primarily reflects the gain on
the sale of the Company's CP Industries division in
April of 2008.
- A-3 -
REUNION INDUSTRIES, INC.
BALANCE SHEET FORM: MOR-3
AS OF THE PERIODS SHOWN
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($ amounts in thousands)
26-Nov-07 31-Dec-09 31-Mar-10
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ASSETS:
Cash and Equivalents $ 754 $ 1,971 $ 1,880
Net Receivables 7,166 1,326 1,802
Net Inventory 12,369 1,998 2,044
Other Current Assets 3,029 1,520 1,376
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Current 23,318 6,815 7,102
Net Property 6,300 3,302 3,230
Goodwill 10,994 1,491 1,491
CSV policies 2,200 1,340 1,140
Interest in China JV 3,009 4,255 4,262
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Total $ 45,821 $ 17,203 $ 17,225
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LIABILITIES & EQUITY:
Current Maturities of Debt $ 0 $ 0 $ 0
Trade Payables 3,305 677 1,165
Accrued Income Taxes 0 101 101
Accrued Interest 544 1,074 1,063
Customer Deposits 4,424 0 0
Accrued Other 4,272 6,397 6,255
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Current 12,545 8,249 8,584
Secured Debt and interest 53,418 0 0
Other Liabilities 3,101 1,184 1,184
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Total Liabilities 69,064 9,433 9,768
Total Equity (23,243) 7,770 7,457
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Total $ 45,821 $ 17,203 $ 17,225
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- A-4 -
REUNION INDUSTRIES, INC.
SUMMARY OF UNPAID POST PETITION TAXES AND DEBTS FORM: MOR-4
AS OF MARCH 31, 2010
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($ Amounts in 000's)
TAXES:
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Beg Ending
Liability Accrued Paid Liability
--------- ------- ---- ---------
NON-PAYROLL TAXES:
Sales $ 0 $ 0
Excise $ 0 $ 0
Real Property $ 0 $ 0
Personal Property $ 0 $ 0
PAYROLL TAXES - See attached page 2
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Payroll taxes are being immediately paid to the
Company's payroll service company who files and pays
the Company's payroll taxes.
DEBTS:
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Days Past Due
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Current 0-30 31-60 61-90 Over 91 Total
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Payable-excl Professional $ 549 $ 322 $ 131 $ 42 $ 0 $ 1,044
Wages Payable 36 36
Taxes Payable 0 0
Rent-Building 0 0
Adequate Protect'n Paymts 0 0
Professional Fees 6 11 15 17 72 121
Amounts due Insiders 0 0 0 0 74 74
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Total $ 591 $ 333 $ 146 $ 59 $ 146 $ 1,275
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Explanations:
Wages represent hourly wages earned in the current month that were paid in
the following month.
Professional fees are due Reid and Riege.
Amounts due insiders represent post petition interest on note and guaranty fees.
- A-5
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REUNION INDUSTRIES, INC.
ACCOUNTS RECEIVABLE FORM: MOR-5
AS OF MARCH 31, 2010
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($ Amounts in 000's)
TRADE ACCOUNTS RECEIVABLE RECONCILIATION:
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Trade Receivables - beg of month $ 1,466
Plus: Invoiced during the month 3,872
Less: Amounts collected (3,380)
Less: Credits/Adjustments (10)
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Trade Receivables - end of month $ 1,948
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ACCOUNTS RECEIVABLE AGINGS:
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0-30 $ 1,429
31-60 418
61-90 92
91+ 9
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Total trade receivables 1,948
Non-trade receivables 0
Less: Reserve for bad debts (146)
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Net Receivables - per balance sheet $ 1,802
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- A-6 -