CLEVELAND, May 5 /PRNewswire-FirstCall/ -- NACCO Industries, Inc.
(NYSE: NC) today announced financial results for first quarter
2009. Revenues for the first quarter of 2009 were $558.6 million,
35 percent lower than the $865.0 million in the prior-year period.
The revenue decline was primarily attributable to lower volumes at
NACCO's materials handling subsidiary ("NMHG") mainly as a result
of the deteriorating global economy. As a result of the significant
drop in volume at NMHG, the Company incurred a consolidated net
loss for the first quarter of 2009 of $9.1 million, or $1.10 per
share, compared with consolidated net income for the first quarter
of 2008 of $5.6 million, or $0.68 per share. NACCO and Subsidiaries
Consolidated First Quarter Highlights Economic conditions
deteriorated further in the first quarter of 2009, significantly
affecting consolidated results. Key perspectives on NACCO's first
quarter results are as follows: -- NMHG Wholesale's net loss was
$19.1 million in 2009, compared with net income of $7.9 million in
2008. The key driver for the change in results at NMHG Wholesale
was a significant decline in volume for units and parts. -- NMHG
Retail had net income of $0.6 million in 2009, compared with a net
loss of $0.6 million in 2008. The key drivers for the improvement
were the favorable effect of a reduction in intercompany
eliminations and reduced spending, partially offset by unfavorable
margins. -- A weak North America consumer market affected volumes
at both Hamilton Beach and Kitchen Collection. However, as a result
of favorable factors, both reported improved results in the first
quarter. -- Hamilton Beach's net income increased to $1.4 million
in 2009 from $0.1 million in 2008. The increase primarily resulted
from reduced expenses as a result of cost containment actions
implemented in late 2008 and early 2009, partially offset by the
unfavorable effects of higher costs of products sold. During the
fourth quarter of 2008, Hamilton Beach changed its method of
valuing inventories from the last-in, first-out method to the
first-in, first-out method. Financial information for the prior
year quarter has been revised to reflect this change. -- Kitchen
Collection had a smaller net loss of $2.8 million in 2009 compared
with $3.2 million in 2008 primarily due to a reduction in expenses.
-- North American Coal's net income increased significantly to
$10.8 million in 2009 compared with $3.8 million in 2008 primarily
due to an increase in coal deliveries, contractual price escalation
and reduced costs for diesel fuel at the lignite coal mines. -- In
light of the current difficult economic conditions, NACCO increased
the capitalization of two of its subsidiaries by making cash and
non-cash contributions of $28.9 million to NMHG and $3.1 million to
Kitchen Collection during the quarter ended March 31, 2009.
Consolidated Outlook for 2009 Economic and market conditions
continued to be very weak in the first quarter of 2009 and the
global recession appears likely to continue through 2009. The depth
and duration of this downturn is quite uncertain. The forklift
truck capital goods market in which NMHG participates is in a
significant global downturn that has resulted in unprecedented
declines in factory bookings in the Americas, Europe and
Asia-Pacific. The consumer markets in which Hamilton Beach and
Kitchen Collection participate are likely to continue to decline in
2009 as consumers reduce purchases. Changes in product positioning
and product costs have been implemented at NMHG and Hamilton Beach
to achieve more acceptable margin positions despite declining
markets. While North American Coal's lignite coal operations
continue to be strong, the company expects limerock production and
limerock deliveries to be significantly lower in 2009 compared with
2008 due to continued low demand in the housing and construction
markets in southern Florida and an unfavorable legal ruling that
set aside customers' existing mining permits at most of the
limerock mining operations. Limerock customers are expected to
reduce inventory levels before returning to production under new
permits that are expected to be issued toward the end of 2009. The
Company is operating on the assumption that the economic
environment will not improve significantly in 2009. Accordingly,
NACCO has and continues to put aggressive plans in place to help
meet the challenges of 2009. Cost containment actions were
implemented at all subsidiaries in late 2008 and additional actions
were taken in the first quarter of 2009. At NMHG, these cost
containment actions will not overcome the effect of reduced
volumes. NMHG is expected to have a significant full-year loss,
although NMHG's second half 2009 results are expected to be
significantly better than results in the first half of the year.
NMHG Retail's objective is to achieve break-even results in 2009.
While the consumer businesses anticipate weak markets in 2009, both
Hamilton Beach and Kitchen Collection currently expect
significantly improved 2009 results compared with very weak results
before charges for goodwill and intangible impairment in 2008,
especially at Kitchen Collection, where the new Le Gourmet Chef
store format is in place and the prior year's large product
clearance program has been successfully completed. North American
Coal expects 2009 net income to improve in comparison with 2008.
Overall, NACCO expects its subsidiaries to generate substantial
cash flow before financing activities. Currently, NACCO has
substantial cash available, which provides the Company with
flexibility to capitalize its subsidiaries. Detailed Discussion of
Results NMHG Wholesale - First Quarter Results NMHG Wholesale
reported a net loss of $19.1 million on revenues of $371.6 million
for the first quarter of 2009 compared with net income of $7.9
million on revenues of $677.9 million for the first quarter of
2008. Revenues decreased in the first quarter of 2009 compared with
the first quarter of 2008 primarily as a result of a decrease in
units and parts volume in all geographic regions due to the
economic downturn in each of these markets. Worldwide shipments in
the first quarter of 2009 declined 52.1 percent to 10,711 units
from shipments of 22,341 units in the first quarter of 2008.
Unfavorable foreign currency movements as the U.S. dollar
strengthened against the euro, British pound and Australian dollar
also contributed to the decrease in revenues. A favorable shift in
sales mix to higher-priced lift trucks in the Americas, Europe and
Asia-Pacific and the effect of unit and parts price increases
implemented in prior years in the Americas and Europe slightly
offset the decrease in revenues. NMHG Wholesale's worldwide backlog
was approximately 12,800 units at March 31, 2009 compared with
approximately 29,100 units at March 31, 2008 and 14,900 units at
December 31, 2008. The significant decrease in results in the first
quarter of 2009 compared with the first quarter of 2008 was
primarily attributable to a decline in gross profit partially
offset by reduced workforce levels and lower selling, general and
administrative expenses as a result of cost containment actions,
including reductions in employee-related expenses, which were
implemented in late 2008 and early 2009. Gross profit declined
mainly because of reduced unit and parts volume, a shift in sales
to lower-margin units and an increase in manufacturing costs as
less fixed cost was absorbed due to lower production volumes. These
unfavorable items were partially offset by reduced warranty costs,
resulting from better claims experience and lower sales volumes,
and benefits totaling $12.2 million pre-tax from price increases
implemented in prior periods. The benefits of these price increases
were partially offset by material cost increases of $3.0 million
pre-tax. In addition, the company recognized income tax expense on
a pre-tax loss rather than an income tax benefit as a result of an
interim tax accounting adjustment due to a shift in the mix of
pre-tax losses to jurisdictions where the company does not
currently recognize a tax benefit for the losses. NMHG Wholesale -
Outlook NMHG Wholesale expects significant declines in all lift
truck markets in 2009 compared with 2008, with limited recovery
until 2010, despite global market levels which appear to have
stabilized at a very low level in recent months. As a result, the
company expects significantly lower unit booking and shipment
levels and a reduction in parts sales in 2009 compared with 2008.
NMHG took a number of steps in late 2008 and the first quarter of
2009 to respond to the market outlook, which include capital
expenditure restraints, planned plant downtime,
reductions-in-force, restrictions on spending and travel,
suspension of incentive compensation and profit-sharing, wage
freezes and salary and benefit reductions, all of which are
expected to continue to reduce expenses in 2009 compared with 2008.
NMHG Wholesale is also actively monitoring commodity costs and
other supply chain drivers to ensure timely implementation of
reductions in procurement costs because material costs,
specifically steel, and fuel and freight costs, have moderated.
NMHG Wholesale completed its manufacturing restructuring program in
the first quarter of 2009. This program is anticipated to improve
results over the remainder of 2009, and to generate benefits of
approximately $15 million in annual cost savings when production
returns to more normal volume levels. NMHG Wholesale's warehouse
truck and big truck product development programs, and its important
new electric-rider lift truck program, are progressing as planned.
The new electric-rider lift truck program is expected to bring a
full line of newly designed products to market, including the
introduction of two series in the second quarter of 2009 and two
series in the second half of 2009. NMHG Wholesale expects a
significant loss in the second quarter. However, modest unit and
parts volume improvements, benefits from new product introductions,
improved material costs and product cost reductions, as well as
further general expense reductions, are expected in the second half
of the year, resulting in earnings beginning to improve, especially
in the fourth quarter. Nevertheless, NMHG is expected to operate at
a loss for the 2009 full year. Cash flow before financing
activities is expected to improve significantly in 2009 compared
with 2008 primarily as a result of a reduction in working capital
and lower capital expenditures. NMHG Retail - First Quarter Results
NMHG Retail, which includes the required elimination of
intercompany transactions between NMHG Wholesale and NMHG's wholly
owned retail dealerships, reported net income for the first quarter
of 2009 of $0.6 million on revenues of $17.5 million compared with
a net loss of $0.6 million on revenues of $21.0 million for the
first quarter of 2008. Revenues decreased primarily because of
unfavorable foreign currency movements due to the weakening of the
Australian dollar and lower unit and parts volume and rental
revenues in Europe and Asia-Pacific. These decreases were partially
offset by a decline in intercompany sales transactions, which
caused a reduction in the required intercompany revenue elimination
compared with the prior year quarter. NMHG Retail's improved
earnings were primarily the result of a reduction in intercompany
eliminations, reduced spending and a higher income tax benefit
partially offset by lower volume, unit and rental margins in Europe
and lower unit, service and rental margins in Asia-Pacific. NMHG
Retail - Outlook NMHG Retail's key improvement programs are
expected to continue to have a favorable effect on 2009 results and
cash flow before financing activities and to assist the company in
meeting its strategic objective of achieving at least break-even
results while building market position. However, as economic
conditions in the United Kingdom and Australia continue to
deteriorate, sales of units, parts and service are expected to
decline further, which could adversely affect revenues and profit
margins. Hamilton Beach - First Quarter Results Hamilton Beach
reported net income of $1.4 million for the first quarter of 2009
on revenues of $94.2 million, compared with net income of $0.1
million for the first quarter of 2008 on revenues of $95.2 million.
Revenues decreased in the 2009 first quarter compared with 2008
primarily due to adverse foreign currency movements caused by a
weakening Canadian dollar and Mexican peso. These declines were
partially offset by increased sales of higher-priced products. Net
income increased in the first quarter of 2009 compared with 2008
primarily as a result of cost containment actions implemented in
late 2008 and early 2009, including personnel reductions and the
suspension or reduction of several employee-related benefits. These
improvements were partially offset by lower gross profit from
higher costs of products sold, net of price increases, in the first
quarter of 2009 compared with the first quarter of 2008 mainly due
to higher commodity costs. Hamilton Beach - Outlook The global
recession and other consumer financial concerns are among factors
creating an extremely challenging retail environment. As a result,
Hamilton Beach's revenues in 2009 are expected to be lower than in
2008. As a result of anticipated lower volumes, Hamilton Beach took
aggressive cost containment actions in early 2009, including
personnel reductions, spending and travel restrictions, suspension
of incentive compensation, benefit reductions and wage freezes.
These actions, along with initiatives to improve pricing and
product positioning and to reduce product and transportation costs
in light of softening commodity costs for resins, copper, steel,
aluminum and fuel, are expected to help Hamilton Beach return to
improved operating margins for the remainder of the year in
comparison with 2008, and to result in a significant improvement in
full year operating profit. Despite the economic environment,
Hamilton Beach is placing continued focus on strengthening its
market position through product innovation, promotions and branding
programs, together with appropriate advertising. New products were
introduced in 2008, and additional new product introductions are in
the pipeline for 2009. As a result of these new products, Hamilton
Beach anticipates continued strong placements in 2009, with
increased placements and distribution at some retailers. Overall,
2009 net income and cash flow before financing activities are
currently expected to improve significantly compared with weak 2008
results before the goodwill impairment charge of $80.7 million
because of the previously discussed actions. However, if the
company's markets, which currently appear to have stabilized,
deteriorate, revenues and earnings could be adversely affected.
Kitchen Collection - First Quarter Results Kitchen Collection
reported a net loss of $2.8 million on revenues of $39.7 million
for the first quarter of 2009 compared with a net loss of $3.2
million on revenues of $39.2 million for the first quarter of 2008.
Kitchen Collection's first quarter 2009 revenue increased slightly
compared with the prior year. The increase resulted primarily from
new store sales which were partially offset by reduced sales from
closed stores and lower comparable store sales. Opening and closing
stores caused the number of Kitchen Collection(R) and Le Gourmet
Chef(R) stores to change to 202 and 80, respectively, at March 31,
2009, from 197 and 72, respectively, at March 31, 2008, and 202 and
83 stores, respectively, at December 31, 2008. Kitchen Collection
had a lower net loss in the first quarter of 2009 compared with the
first quarter of 2008 primarily due to a reduction in expenses as a
result of the movement of the Le Gourmet Chef warehouse from a
third-party provider to a Kitchen Collection-managed distribution
operation in 2008 and administrative cost control measures
implemented in early 2009. Kitchen Collection - Outlook Uncertainty
in the U.S. economy and diminished consumer confidence are expected
to continue to affect consumer traffic to outlet and traditional
malls and negatively affect retail spending decisions in 2009.
Nevertheless, Kitchen Collection expects a significant increase in
results in 2009 compared with 2008 due to an anticipated improved
holiday selling season in late 2009, expected improved margins at
the Le Gourmet Chef(R) stores resulting from the conclusion of new
product enhancement and store-merchandising programs, and the
completion of a large product clearance program in the Le Gourmet
Chef(R) stores that significantly reduced margins in 2008. Capital
expenditure restraints and administrative cost control measures
implemented in late 2008 and early 2009 are also expected to help
results in 2009. Overall, Kitchen Collection expects that
increasing improvements in quarterly results for the remainder of
the year will lead to a significant improvement in full year
results compared with 2008 results before charges for goodwill and
intangible impairment of $3.9 million, pre-tax. Cash flow before
financing activities is expected to be slightly negative in 2009,
but significantly improved compared with 2008. Longer term, Kitchen
Collection expects to achieve growth in the Le Gourmet Chef(R)
outlet and traditional mall store formats, although the total
number of Kitchen Collection(R) and Le Gourmet Chef(R) stores is
unlikely to increase in 2009. North American Coal - First Quarter
Results North American Coal's net income for the first quarter of
2009 was $10.8 million on revenues of $36.5 million compared with
net income of $3.8 million on revenues of $32.3 million for the
first quarter of 2008. North American Coal's lignite coal and
limerock deliveries for the first quarter of 2009 compared with the
first quarter of 2008 are as follows: 2009 2008 ---- ---- Lignite
coal deliveries (tons) (in millions) Consolidated mines 1.9 1.6
Unconsolidated mines 6.8 5.9 ---- ---- Total lignite coal
deliveries 8.7 7.5 ==== ==== Limerock deliveries (cubic yards) 1.4
6.8 ==== ==== Revenues increased in the first quarter of 2009
compared with the first quarter of 2008 primarily due to increased
coal deliveries and contractual price escalation at the Mississippi
Lignite Mining Company and an increase in contractual pass-through
costs at the San Miguel Lignite Mining Operations. These increases
were partially offset by reduced deliveries at the limerock
dragline mining operations primarily resulting from an unfavorable
legal ruling that set aside North American Coal's customers' mining
permits at most of the limerock mining operations, and which the
company's customers are currently appealing. Net income for the
2009 first quarter increased substantially compared with the 2008
first quarter primarily as a result of favorable operating results
at the combined unconsolidated and consolidated mining operations,
a gain on the sale of assets and reduced other expense as a result
of a gain on an ineffective interest rate swap contract. The
unconsolidated mining operations improved mainly due to increased
deliveries and contractual price escalation. The consolidated
mining operations improved primarily as a result of increased
tonnage, contractual price escalation and reduced costs for diesel
fuel. North American Coal - Outlook North American Coal's lignite
coal mining operations are not significantly affected by the
economic downturn because of North American Coal's long-term
contract structure and continued stable demand for electricity from
the power plants it serves. North American Coal expects improved
full year results at its lignite coal mining operations in 2009
provided that customers achieve currently planned power plant
operating levels. Tons delivered at the lignite coal mines are
expected to increase in 2009 compared with 2008, especially at the
Mississippi Lignite Mining Company as a result of fewer planned
outage days and improved operating efficiencies at the customer's
power plant. However, contractual price escalation at all mines is
not expected to affect results as favorably in 2009 as it did in
2008 because of recent declines in commodity costs. Limerock
customer projections for 2009 deliveries reflect the continued
significant decline in the southern Florida housing and
construction markets. In addition, production will continue to be
significantly decreased due to an unfavorable legal ruling that set
aside North American Coal's customers' mining permits at most of
the limerock mining operations. As a result, deliveries from the
limerock dragline mining operations are expected to continue to be
significantly lower in 2009. Customers are expected to reduce
inventory levels before returning to production under new permits
that are expected to be issued toward the end of 2009. The company
has mitigated its financial exposure to these limerock operations
by entering into new cost reimbursable management fee contracts
with the majority of its customers. Overall, North American Coal
expects solid operating performance in 2009 with net income
somewhat better than 2008. Cash flow before financing activities is
expected to be positive, but down from 2008 mainly due to planned
investments in new mining opportunities. The company has a number
of potential new projects and opportunities under consideration and
expects to incur additional expenses related to these opportunities
in 2009. Permitting is taking place in the company's Otter Creek
Reserve in North Dakota in expectation of the construction of a new
mine. North American Coal is also working on a project with
Mississippi Power to provide lignite coal to a new power plant in
Mississippi. Finally, in April 2009, North American Coal entered
into an agreement to sell the assets of the Red River Mining
Company in Louisiana to its customer for approximately $42 million
in cash, subject to closing adjustments. The sale of Red River
Mining Company is a strategic opportunity in the context of the
impending expiration of the coal supply contract in 2010. North
American Coal concluded that this was an appropriate time to
monetize and redeploy the value of the Red River Mining Company.
The sale of the mine, which is subject to customary closing
conditions, including regulatory approval, is expected to generate
a substantial gain and enhanced cash flow when the transaction is
completed later this year. Over the longer term, North American
Coal expects to continue its efforts to develop new domestic coal
projects and is encouraged that more new project opportunities may
become available, including opportunities for coal-to-liquids, coal
gasification and other clean coal technologies. Further, the
company continues to pursue additional non-coal mining
opportunities, such as consulting services agreements. Conference
Call In conjunction with this news release, the management of NACCO
Industries, Inc. will host a conference call on Wednesday, May 6,
2009 at 9:00 a.m. eastern time. The call may be accessed by dialing
(888) 713-4213 (Toll Free) or (617) 213-4865 (International),
Passcode: 54296067, or over the Internet through NACCO Industries'
website at http://www.nacco.com/. Please allow 15 minutes to
register, download and install any necessary audio software
required to listen to the broadcast. A replay of the call will be
available shortly after the end of the conference call through May
13, 2009. The online archive of the broadcast will be available on
the NACCO Industries website. Forward-looking Statements Disclaimer
The statements contained in the news release that are not
historical facts are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements are made subject to certain risks and uncertainties,
which could cause actual results to differ materially from those
presented in these forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof. Such risks and uncertainties with respect to each
subsidiary's operations include, without limitation: NMHG: (1)
reduction in demand for lift trucks and related aftermarket parts
and service on a worldwide basis, including the ability of NMHG's
dealers and end-users to obtain financing at reasonable rates as a
result of current economic conditions, (2) changes in sales prices,
(3) delays in delivery or increases in costs, including
transportation costs, of raw materials or sourced products and
labor, (4) exchange rate fluctuations, changes in foreign import
tariffs and monetary policies and other changes in the regulatory
climate in the foreign countries in which NMHG operates and/or
sells products, (5) delays in, increased costs from or reduced
benefits from restructuring programs, (6) customer acceptance of,
changes in the prices of, or delays in the development of new
products, (7) introduction of new products by, or more favorable
product pricing offered by, NMHG's competitors, (8) delays in
manufacturing and delivery schedules, (9) changes in or
unavailability of suppliers, (10) bankruptcy of or loss of major
dealers, retail customers or suppliers, (11) product liability or
other litigation, warranty claims or returns of products, (12) the
effectiveness of the cost reduction programs implemented globally,
including the successful implementation of procurement and sourcing
initiatives, (13) acquisitions and/or dispositions of dealerships
by NMHG, (14) changes mandated by federal and state regulation,
including health, safety or environmental legislation, (15) the
ability of NMHG and its dealers and suppliers to access credit in
the current economic environment and (16) the ability of NMHG to
obtain future financing on reasonable terms or at all. Hamilton
Beach: (1) changes in the sales prices, product mix or levels of
consumer purchases of small electric appliances, (2) changes in
consumer retail and credit markets, (3) bankruptcy of or loss of
major retail customers or suppliers, (4) changes in costs,
including transportation costs, of sourced products, (5) delays in
delivery of sourced products, (6) changes in, or unavailability of
quality or cost effective, suppliers, (7) exchange rate
fluctuations, changes in the foreign import tariffs and monetary
policies and other changes in the regulatory climate in the foreign
countries in which Hamilton Beach buys, operates and/or sells
products, (8) product liability, regulatory actions or other
litigation, warranty claims or returns of products, (9) customer
acceptance of, changes in costs of, or delays in the development of
new products, (10) increased competition, including consolidation
within the industry, (11) the ability of Hamilton Beach and its
customers and suppliers to access credit in the current economic
environment and (12) the ability of Hamilton Beach to obtain future
financing on reasonable terms or at all. Kitchen Collection: (1)
changes in gasoline prices, weather conditions, the level of
consumer confidence and disposable income as a result of the
current financial crisis or other events or other conditions that
may adversely affect the number of customers visiting Kitchen
Collection(R) and Le Gourmet Chef(R) stores, (2) changes in the
sales prices, product mix or levels of consumer purchases of
kitchenware, small electric appliances and gourmet foods, (3)
changes in costs, including transportation costs, of inventory, (4)
delays in delivery or the unavailability of inventory, (5) customer
acceptance of new products, (6) increased competition and (7) the
ability to obtain future financing on reasonable terms or at all.
North American Coal: (1) weather conditions, extended power plant
outages or other events that would change the level of customers'
lignite coal or limerock requirements, (2) weather or equipment
problems that could affect lignite coal or limerock deliveries to
customers, (3) changes in mining permit requirements that could
affect deliveries to customers, including the resumption of Florida
limerock mining, (4) changes in costs related to geological
conditions, repairs and maintenance, new equipment and replacement
parts, fuel or other similar items, (5) costs to pursue and develop
new mining opportunities, including costs in connection with North
American Coal's joint ventures, (6) consummation of the sale of the
Red River Mining Company, (7) changes in U.S. regulatory
requirements, including changes in power plant emission
regulations, (8) changes in the power industry that would affect
demand for North American Coal's reserves, (9) the ability of North
American Coal's utility customers to access credit markets to
maintain current liquidity and (10) the ability of North American
Coal to obtain future financing on reasonable terms or at all.
About NACCO NACCO Industries, Inc. is an operating holding company
with subsidiaries in the following principal industries: lift
trucks, small appliance distribution, specialty retail and mining.
NACCO Materials Handling Group, Inc. designs, engineers,
manufactures, sells, services and leases a comprehensive line of
lift trucks and aftermarket parts marketed globally under the
Hyster(R) and Yale(R) brand names. Hamilton Beach Brands, Inc. is a
leading designer, marketer and distributor of small electric
household appliances, as well as commercial products for
restaurants, bars and hotels. The Kitchen Collection, Inc. is a
national specialty retailer of kitchenware and gourmet foods
operating under the Kitchen Collection(R) and Le Gourmet Chef(R)
store names in outlet and traditional malls throughout the United
States. The North American Coal Corporation mines and markets
lignite coal primarily as fuel for power generation and provides
selected value-added mining services for other natural resources
companies. For more information about NACCO Industries, visit the
Company's website at http://www.nacco.com/. NACCO INDUSTRIES, INC.
AND SUBSIDIARIES UNAUDITED CONSOLIDATED FINANCIAL AND OPERATING
HIGHLIGHTS Three Months Ended March 31 ------------------ 2009 2008
-------- -------- (In millions, except per share data) Total
revenues $558.6 $865.0 Cost of sales 472.8 732.7 -------- --------
Gross profit 85.8 132.3 Earnings of unconsolidated project mining
subsidiaries 10.5 8.6 Operating expenses Selling, general and
administrative expenses 98.1 124.2 Restructuring charges 0.7 0.6
Gain on sale of assets (1.7) (0.2) -------- -------- 97.1 124.6
Operating profit (loss) (0.8) 16.3 Other income (expense) (7.9)
(8.2) Income (loss) before income taxes (8.7) 8.1 Income tax
provision 0.4 2.5 -------- -------- Net income (loss) $(9.1) $5.6
======== ======== Basic and diluted earnings (loss) per share
$(1.10) $0.68 ======== ======== Cash dividends per share $0.5150
$0.5000 Basic weighted average shares outstanding 8.287 8.275
Diluted weighted average shares outstanding 8.287 8.282 (All
amounts are subject to annual audit by our independent registered
public accounting firm.) NACCO INDUSTRIES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS Three
Months Ended March 31 ------------------ 2009 2008 --------
-------- (In millions) Revenues NACCO Materials Handling Group
Wholesale $371.6 $677.9 NACCO Materials Handling Group Retail
(including elims.) 17.5 21.0 --------- -------- NACCO Materials
Handling Group 389.1 698.9 Hamilton Beach 94.2 95.2 Kitchen
Collection 39.7 39.2 North American Coal 36.5 32.3 NACCO and Other
- - Eliminations (0.9) (0.6) --------- ------- Total $558.6 $865.0
========= ======= Operating profit (loss) NACCO Materials Handling
Group Wholesale $(12.8) $13.4 NACCO Materials Handling Group Retail
(including elims.) 0.2 (0.2) --------- ------- NACCO Materials
Handling Group (12.6) 13.2 Hamilton Beach 4.4 2.7 Kitchen
Collection (4.3) (5.5) North American Coal 12.8 6.5 NACCO and Other
(1.1) (0.7) Eliminations - 0.1 --------- ------- Total $(0.8) $16.3
========= ======= Net income (loss) NACCO Materials Handling Group
Wholesale $(19.1) $7.9 NACCO Materials Handling Group Retail
(including elims.) 0.6 (0.6) --------- ------- NACCO Materials
Handling Group (18.5) 7.3 Hamilton Beach 1.4 0.1 Kitchen Collection
(2.8) (3.2) North American Coal 10.8 3.8 NACCO and Other (1.5) 0.4
Eliminations 1.5 (2.8) --------- ------- Total $(9.1) $5.6
========= ====== (All amounts are subject to annual audit by our
independent registered public accounting firm.) DATASOURCE: NACCO
Industries, Inc. CONTACT: Christina Kmetko, +1-440-449-9669 Web
Site: http://www.nacco.com/
Copyright
