XML 55 R27.htm IDEA: XBRL DOCUMENT v3.3.1.900
Quarterly Results of Operations (Unaudited)
 12 Months Ended
Dec. 31, 2015
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:
 
2015
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Revenues
 
 
 
 
 
 
 
NACoal
$
41,319

 
$
37,942

 
$
42,704

 
$
26,033

HBB
123,293

 
129,498

 
163,291

 
204,895

KC
29,967

 
29,782

 
34,708

 
56,531

Eliminations
(845
)
 
(722
)
 
(1,596
)
 
(940
)
 
$
193,734

 
$
196,500

 
$
239,107

 
$
286,519

Gross profit
$
38,189

 
$
35,381

 
$
42,215

 
$
63,711

Earnings of unconsolidated mines
$
12,553

 
$
12,076

 
$
12,234

 
$
11,569

Operating profit (loss)
 
 
 
 
 
 
 
NACoal
$
5,207

 
$
2,382

 
$
(4,010
)
 
$
(3,058
)
HBB
2,188

 
2,880

 
11,643

 
18,090

KC
(3,045
)
 
(2,972
)
 
(843
)
 
7,025

NACCO and Other
(1,289
)
 
(836
)
 
(1,142
)
 
(981
)
Eliminations
180

 
(166
)
 
112

 
462

 
$
3,241

 
$
1,288

 
$
5,760

 
$
21,538

 
 
 
 
 
 
 
 
NACoal
$
4,547

 
$
4,199

 
$
(5,345
)
 
$
2,218

HBB
618

 
1,618

 
6,378

 
11,135

KC
(1,893
)
 
(1,847
)
 
(550
)
 
3,870

NACCO and Other
(1,239
)
 
(697
)
 
(774
)
 
(636
)
Eliminations
(1,006
)
 
(3,548
)
 
3,432

 
1,504

Net income (loss)
$
1,027

 
$
(275
)
 
$
3,141

 
$
18,091

 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
0.14

 
$
(0.04
)
 
$
0.45

 
$
2.65

 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
$
0.14

 
$
(0.04
)
 
$
0.45

 
$
2.63


During the third quarter of 2015, NACoal recorded a $7.5 million charge related to Centennial's asset retirement obligations. See Note 3 for further information.
The significant increase in gross profit of HBB and KC in the fourth quarter of 2015 compared with the prior quarters of 2015 is primarily due to the seasonal nature of of their businesses.







 
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
$
(1,524
)
 
$
(3,624
)
 
$
7,699

 
$
(40,669
)
 
 
 
 
 
 
 
 
Basic earnings per share
$
(0.19
)
 
$
(0.47
)
 
$
1.02

 
$
(5.57
)
 
 
 
 
 
 
 
 
Diluted earnings 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 "Centennial long-lived asset impairment charge" in the Consolidated Statements of Operations. See 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.