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Quarterly Results of Operations (Unaudited)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited)
Quarterly Results of Operations (Unaudited)

A summary of the unaudited results of operations for the year ended December 31 is as follows:
 
2014
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Revenues
 
 
 
 
 
 
 
NACoal
$
39,872

 
$
49,780

 
$
49,840

 
$
33,210

HBB
101,325

 
118,385

 
135,155

 
204,818

KC
36,876

 
32,804

 
37,551

 
61,314

Eliminations
(660
)
 
(599
)
 
(832
)
 
(2,057
)
 
$
177,413

 
$
200,370

 
$
221,714

 
$
297,285

Gross profit
$
36,171

 
$
36,523

 
$
46,543

 
$
65,835

Earnings of unconsolidated mines
$
12,438

 
$
11,567

 
$
12,064

 
$
12,327

Operating profit (loss)
 
 
 
 
 
 
 
NACoal
$
6,653

 
$
183

 
$
4,362

 
$
(100,228
)
HBB
937

 
2,251

 
9,531

 
23,053

KC
(6,514
)
 
(4,255
)
 
(1,429
)
 
5,123

NACCO and Other
(1,352
)
 
(2,004
)
 
(1,073
)
 
(1,027
)
Eliminations
(309
)
 
(66
)
 
(68
)
 
(77
)
 
$
(585
)
 
$
(3,891
)
 
$
11,323

 
$
(73,156
)
 
 
 
 
 
 
 
 
NACoal
$
5,705

 
$
(75
)
 
$
3,185

 
$
(59,792
)
HBB
350

 
1,359

 
6,008

 
15,427

KC
(4,033
)
 
(2,657
)
 
(966
)
 
3,053

NACCO and Other
(1,197
)
 
(1,673
)
 
(906
)
 
(1,568
)
Eliminations
(2,349
)
 
(578
)
 
378

 
2,211

Net income (loss)
$
(1,524
)
 
$
(3,624
)
 
$
7,699

 
$
(40,669
)
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
0.19

 
$
0.47

 
$
1.02

 
$
(5.57
)
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
$
0.19

 
$
0.47

 
$
1.02

 
$
(5.57
)

During the fourth quarter of 2014, NACoal's long-lived asset evaluation resulted in the Company recording a non-cash, asset impairment charge of $105.1 million on the line Reed Minerals long-lived asset impairment charge in the Consolidated Statements of Operations. See Note 5, Note 6 and Note 10 for further discussion of the Company's long-lived asset impairment.
The significant increase in gross profit of HBB and KC in the fourth quarter of 2014 compared with the prior quarters of 2014 is primarily due to the seasonal nature of of their businesses.

During the second quarter of 2014, the Company recorded a $1.1 million charge included in Selling, general and administrative expenses in NACCO and Other to correct a prior period accounting error related to an increase in the estimated liability for certain frozen deferred compensation plans. Management, quantitatively and qualitatively, assessed the materiality of the error and the correction thereof and concluded that the effect of the previous accounting treatment was not material to prior periods, expected 2014 full-year results, or trend of earnings and determined no material misstatements existed in those prior periods and no restatement of those prior period financial statements was necessary.




 
2013
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Revenues
 
 
 
 
 
 
 
NACoal
$
51,147

 
$
43,567

 
$
52,870

 
$
46,067

HBB
106,151

 
114,651

 
134,099

 
192,889

KC
39,711

 
38,380

 
42,618

 
75,324

Eliminations
(957
)
 
(581
)
 
(973
)
 
(2,297
)
 
$
196,052

 
$
196,017

 
$
228,614

 
$
311,983

Gross profit
$
46,261

 
$
47,630

 
$
49,219

 
$
78,181

Earnings of unconsolidated mines
$
12,098

 
$
10,281

 
$
11,808

 
$
12,242

Operating profit (loss)
 
 
 
 
 
 
 
NACoal
$
11,785

 
$
11,196

 
$
9,740

 
$
4,740

HBB
2,668

 
4,005

 
11,788

 
22,499

KC
(4,980
)
 
(5,407
)
 
(3,658
)
 
3,142

NACCO and Other
(2,436
)
 
(1,099
)
 
(1,155
)
 
(1,543
)
Eliminations
(15
)
 
108

 
(33
)
 
(9
)
 
$
7,022

 
$
8,803

 
$
16,682

 
$
28,829

 
 
 
 
 
 
 
 
NACoal
$
9,591

 
$
8,952

 
$
7,794

 
$
5,589

HBB
1,501

 
1,985

 
7,427

 
14,180

KC
(3,267
)
 
(2,403
)
 
(2,822
)
 
1,608

NACCO and Other
(2,003
)
 
(1,048
)
 
(1,137
)
 
(1,530
)
Eliminations
(1,400
)
 
(2,339
)
 
1,063

 
2,709

Net income
$
4,422

 
$
5,147

 
$
12,325

 
$
22,556

 
 
 
 
 
 
 
 
Basic earnings per share
$
0.53

 
$
0.63

 
$
1.54

 
$
2.86

 
 
 
 
 
 
 
 
Diluted earnings per share
$
0.53

 
$
0.63

 
$
1.54

 
$
2.85


The significant increase in gross profit in the fourth quarter of 2013 compared with the prior quarters of 2013 is primarily due to the seasonal nature of HBB's and KC's businesses.
During the third quarter of 2013, the Company recorded a $1.7 million million pre-tax curtailment gain, of which $1.6 million and $0.1 million were recorded by NACoal and NACCO and Other, respectively. See Note 16 for further information.
During the fourth quarter of 2013, NACoal recorded a $4.0 million non-cash, goodwill impairment charge related to its Reed Minerals reporting unit. See Note 6 and Note 10 for further information.