-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Tq/TeIvK5tBHzvI9IVAbAvNskI00FzW8IzNGHattVpXAO2+Q65WUudyyVAdtVDHt dh1yk638OHBZEmYP4g3D2w== 0000950152-06-001534.txt : 20060301 0000950152-06-001534.hdr.sgml : 20060301 20060228180142 ACCESSION NUMBER: 0000950152-06-001534 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060228 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060301 DATE AS OF CHANGE: 20060228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NACCO INDUSTRIES INC CENTRAL INDEX KEY: 0000789933 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL TRUCKS TRACTORS TRAILERS & STACKERS [3537] IRS NUMBER: 341505819 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09172 FILM NUMBER: 06652572 BUSINESS ADDRESS: STREET 1: 5875 LANDERBROOK DR CITY: MAYFIELD HEIGHTS STATE: OH ZIP: 44124-4017 BUSINESS PHONE: 4404499668 MAIL ADDRESS: STREET 1: 5875 LANDERBROOK DR CITY: MAYFIELD HEIGHTS STATE: OH ZIP: 44124 8-K 1 l18814ae8vk.htm NACCO INDUSTRIES, INC. 8-K NACCO Industries, Inc. 8-K
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
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):                February 28, 2006               
NACCO INDUSTRIES, INC.
 
(Exact Name of Registrant as Specified in Charter)
Delaware
 
(State or Other Jurisdiction of Incorporation)
     
1-9172   34-1505819
 
(Commission File Number)   (IRS Employer Identification Number)
     
5875 Landerbrook Drive, Cleveland, OH   44124-4017
 
(Address of Principal Executive Offices)   (Zip Code)
(440) 449-9600
 
(Registrant’s telephone number, including area code)
N/A
 
(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 2.02 Results of Operations and Financial Condition and
Item 7.01 Regulation FD Disclosure.
     On February 28, 2006, NACCO Industries, Inc. (the “Company”) will post on its website at www.nacco.com, additional historical quarterly financial data and update the schedules that were previously posted to the website for the fourth quarter 2005 results. A copy of the additional data is attached as Exhibit 99 to this Current Report on Form 8-K.
     This Current Report on Form 8-K and the information attached hereto are being furnished by the Company pursuant to Item 2.02 and 7.01 of Form 8-K, insofar as they disclose historical information regarding the Company’s results of operations.
     In accordance with General Instruction B.2 and B.6 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
     As described in Item 2.02 and 7.01 of this Current Report on Form 8-K, the following Exhibit is furnished as part of this Current Report on Form 8-K.
  (c)   Exhibits
  99   NACCO Industries, Inc. additional historical quarterly financial data, as posted on the NACCO Industries, Inc. website at www.nacco.com on February 28, 2006.

 

 

SIGNATURES
     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 hereunto duly authorized.
         
  NACCO INDUSTRIES, INC.
 		  
  By:   /s/ Kenneth C. Schilling    
    Name:   Kenneth C. Schilling   
    Title:   Vice President and Controller   
 
Date: February 28, 2006

 

 

EXHIBIT INDEX
     
Exhibit    
Number   Description
99
  NACCO Industries, Inc. additional historical quarterly financial data, as posted on the NACCO Industries, Inc. website at www.nacco.com on February 28, 2006.

 

EX-99 2 l18814aexv99.htm EX-99 ADDITIONAL HISTORICAL QUARTERLY FINANCIAL DATA EX-99
 

Exhibit 99
NACCO Industries, Inc. — Consolidated
(in millions, except percentage data)
                     
    Revenues
    Q1   Q2   Q3   Q4   FY
2004
   614.2   644.3   668.0   856.1   2,782.6
2005
   727.8   778.5   744.3   906.8   3,157.4
                     
    Operating Profit
    Q1   Q2   Q3   Q4   FY
2004
   5.3   14.0   20.8   47.9   88.0
2005
   12.2   25.5   27.8   42.5   108.0
                     
    Interest (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   11.8   11.4   11.0   11.0   45.2
2005
   10.4   10.7   11.5   10.7   43.3
                     
    Other (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   0.2   (1.2)   (7.2)   (1.3)   (9.5)
2005
   (1.4)   (0.6)   (0.6)   (3.5)   (6.1)
                     
    Income Before Taxes, Minority Interest,
    Extraordinary Gain (Loss) and
    Cumulative Effect of Accounting Changes
    Q1   Q2   Q3   Q4   FY
2004
   (6.7)   3.8   17.0   38.2   52.3
2005
   3.2   15.4   16.9   35.3   70.8
                     
    Net Income
    Q1   Q2   Q3   Q4   FY
2004
   (4.5)   6.4   13.4   32.6   47.9
2005
   5.2   11.3   13.6   32.4   62.5
                     
    Effective Income Tax Rate
    Q1   Q2   Q3   Q4   FY
2004
   28.4%   -65.8%   21.8%   15.7%   10.1%
2005
   -59.4%   26.6%   19.5%   21.5%   18.5%
                     
    Restructuring Expense (Reversal)
    Q1   Q2   Q3   Q4   FY
2004
   9.1   (1.1)   (0.3)   (0.1)   7.6
2005
   —   (0.5)   —   3.2   2.7
                     
    Restructuring Accrual Balance
    Q1   Q2   Q3   Q4   FY
2004
   13.6   9.8   8.2   6.2   6.2
2005
   5.4   4.0   3.3   5.7   5.7
                     
    Depreciation, depletion and
    amortization expense
    Q1   Q2   Q3   Q4   FY
2004
   16.1   15.7   15.6   15.5   62.9
2005
   16.1   15.2   15.5   16.8   63.6
                     
    Net Working Capital (1)
    Q1   Q2   Q3   Q4   FY
2004
   333.3   365.6   450.8   377.7   377.7
2005
   407.6   437.4   491.3   420.9   420.9
                     
    Capital Expenditures
    Q1   Q2   Q3   Q4   FY
2004
   10.8   15.7   14.6   16.1   57.2
2005
   15.1   16.5   20.0   19.1   70.7
                     
    Net cash provided by (used for) operating activities
    Q1   Q2   Q3   Q4   FY
2004
   13.1   (11.8)   (29.2)   154.1   126.2
2005
   (33.7)   (12.4)   (3.2)   124.5   75.2
                     
    Net cash provided by (used for) investing activities
    Q1   Q2   Q3   Q4   FY
2004
   (6.9)   (14.3)   (10.3)   (8.8)   (40.3)
2005
   (12.6)   (10.5)   (17.6)   (15.6)   (56.3)

1

 

 

NACCO Industries, Inc. — Consolidated
(in millions, except percentage data)
                     
    Cash flow before financing activities (2)
    Q1   Q2   Q3   Q4   FY
2004
   6.2   (26.1)   (39.5)   145.3   85.9
2005
   (46.3)   (22.9)   (20.8)   108.9   18.9
                     
    Net cash provided by (used for) financing activities
    Q1   Q2   Q3   Q4   FY
2004
   (22.2)   21.6   25.5   (29.0)   (4.1)
2005
   10.7   (6.2)   21.9   (28.2)   (1.8)
                     
    Dividends Paid to Shareholders
    Q1   Q2   Q3   Q4   FY
2004
   3.1   3.2   3.7   3.8   13.8
2005
   3.7   3.8   3.8   3.9   15.2
                     
    Total debt
    Q1   Q2   Q3   Q4   FY
2004
   416.4   440.9   469.1   449.7   449.7
2005
   463.7   460.5   487.2   467.2   467.2
                     
    Equity
    Q1   Q2   Q3   Q4   FY
2004
   629.9   630.0   644.1   688.0   688.0
2005
   682.1   677.5   687.3   703.3   703.3
                     
    Return on Equity (3)
    Q1   Q2   Q3   Q4   FY
2004
   7.3%   6.7%   6.8%   7.4%   7.4%
2005
   8.8%   9.4%   9.3%   9.1%   9.1%
 
(1)   Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
 
(2)   Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
 
(3)   Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.

2

 

 

NACCO Materials Handling Group — Consolidated
(in millions, except percentage data)
                     
    Revenues
    Q1   Q2   Q3   Q4   FY
2004
   470.8   495.7   494.5   595.9   2,056.9
2005
   583.9   618.1   563.5   634.4   2,399.9
                     
    Gross Profit
    Q1   Q2   Q3   Q4   FY
2004
   74.2   73.0   73.9   87.0   308.1
2005
   80.5   91.8   82.9   89.6   344.8
                     
    Operating Expenses
    Q1   Q2   Q3   Q4   FY
2004
   68.2   68.0   68.7   74.9   279.8
2005
   74.4   74.7   70.7   77.5   297.3
                     
    Operating Profit
    Q1   Q2   Q3   Q4   FY
2004
   6.0   5.0   5.2   12.1   28.3
2005
   6.1   17.1   12.2   12.1   47.5
                     
    Interest (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   8.3   8.1   7.7   7.5   31.6
2005
   7.4   7.7   8.3   7.9   31.3
                     
    Other (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   (0.3)   (1.1)   (7.4)   (1.6)   (10.4)
2005
   (1.6)   (0.5)   (0.7)   (3.5)   (6.3)
                     
    Income (Loss) Before Taxes, Minority Interest
    and Cumulative Effect of Accounting Changes
    Q1   Q2   Q3   Q4   FY
2004
   (2.0)   (2.0)   4.9   6.2   7.1
2005
   0.3   9.9   4.6   7.7   22.5
                     
    Net Income (Loss)
    Q1   Q2   Q3   Q4   FY
2004
   (1.0)   1.1   4.4   6.2   10.7
2005
   0.3   7.5   4.5   5.8   18.1
                     
    Effective Income Tax Rate
    Q1   Q2   Q3   Q4   FY
2004
   35.0%   n.m.   12.2%   -1.6%   -45.1%
2005
   33.3%   24.2%   2.2%   24.7%   20.0%
                     
    Restructuring Expense (Reversal)
    Q1   Q2   Q3   Q4   FY
2004
   —   (1.0)   —   (0.4)   (1.4)
2005
   —   (0.5)   —   (0.7)   (1.2)
                     
    Restructuring Accrual Balance
    Q1   Q2   Q3   Q4   FY
2004
   7.5   4.9   4.6   4.5   4.5
2005
   4.0   2.8   2.5   1.8   1.8
                     
    Depreciation and amortization expense
    Q1   Q2   Q3   Q4   FY
2004
   10.7   10.6   10.4   10.2   41.9
2005
   10.8   10.1   9.7   10.5   41.1
                     
    Net Working Capital (1)
    Q1   Q2   Q3   Q4   FY
2004
   248.6   264.4   322.7   270.3   270.3
2005
   305.9   334.5   349.4   305.7   305.7
                     
    Capital Expenditures
    Q1   Q2   Q3   Q4   FY
2004
   7.0   11.2   8.8   6.4   33.4
2005
   8.6   9.4   10.9   14.7   43.6
                     
    Net cash provided by (used for) operating activities
    Q1   Q2   Q3   Q4   FY
2004
   24.3   (12.4)   (23.2)   91.3   80.0
2005
   (27.5)   (21.0)   (18.6)   79.0   11.9

3

 

 

NACCO Materials Handling Group — Consolidated
(in millions, except percentage data)
                     
    Net cash provided by (used for) investing activities
    Q1   Q2   Q3   Q4   FY
2004
   (3.1)   (10.3)   (4.9)   1.0   (17.3)
2005
   (6.1)   (3.7)   (8.8)   (11.5)   (30.1)
                     
    Cash flow before financing activities (2)
    Q1   Q2   Q3   Q4   FY
2004
   21.2   (22.7)   (28.1)   92.3   62.7
2005
   (33.6)   (24.7)   (27.4)   67.5   (18.2)
                     
    Net cash provided by (used for) financing activities
    Q1   Q2   Q3   Q4   FY
2004
   (30.8)   16.5   15.2   (27.2)   (26.3)
2005
   (2.7)   36.7   15.4   (6.3)   43.1
                     
    Dividends to NACCO
    Q1   Q2   Q3   Q4   FY
2004
   —   —   —   5.0   5.0
2005
   —   —   —   5.0   5.0
                     
    Total debt
    Q1   Q2   Q3   Q4   FY
2004
   277.2   292.9   307.2   290.5   290.5
2005
   286.6   322.2   338.5   341.5   341.5
                     
    Equity
    Q1   Q2   Q3   Q4   FY
2004
   425.4   422.1   430.3   446.8   446.8
2005
   437.6   432.7   435.9   427.6   427.6
                     
    Return on Equity (3)
    Q1   Q2   Q3   Q4   FY
2004
   3.3%   2.5%   2.9%   3.5%   3.5%
2005
   3.4%   4.6%   4.6%   4.2%   4.2%
 
(1)   Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
 
(2)   Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
 
(3)   Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.

4

 

 

NACCO Materials Handling Group — Wholesale
(in millions, except backlog, unit shipments and percentage data)
                     
    Backlog (in thousands)
    Q1   Q2   Q3   Q4   FY
2004
   24.5   24.7   26.8   25.7   25.7
2005
   27.5   23.9   25.6   23.5   23.5
                     
    Unit Shipments (in thousands)
    Q1   Q2   Q3   Q4   FY
2004
   17.6   18.8   18.7   22.4   77.5
2005
   19.9   22.0   19.1   22.4   83.4
                     
    Revenues - North America
    Q1   Q2   Q3   Q4   FY
2004
   264.9   288.7   296.5   351.6   1,201.7
2005
   354.3   376.3   369.6   388.3   1,488.5
                     
    Revenues - Europe
    Q1   Q2   Q3   Q4   FY
2004
   128.2   131.7   122.1   162.6   544.6
2005
   148.3   159.9   111.9   157.2   577.3
                     
    Revenues - Asia-Pacific
    Q1   Q2   Q3   Q4   FY
2004
   28.2   25.1   31.1   31.0   115.4
2005
   33.6   38.4   35.1   41.2   148.3
                     
    Revenues - Consolidated
    Q1   Q2   Q3   Q4   FY
2004
   421.3   445.5   449.7   545.2   1,861.7
2005
   536.2   574.6   516.6   586.7   2,214.1
                     
    Gross Profit $
    Q1   Q2   Q3   Q4   FY
2004
   62.9   61.9   61.9   75.1   261.8
2005
   69.5   80.8   70.5   80.3   301.1
                     
    Operating Expenses
    Q1   Q2   Q3   Q4   FY
2004
   55.5   55.7   57.2   61.0   229.4
2005
   60.6   63.7   57.6   65.1   247.0
                     
    Operating Profit $
    Q1   Q2   Q3   Q4   FY
2004
   7.4   6.2   4.7   14.1   32.4
2005
   8.9   17.1   12.9   15.2   54.1
                     
    Interest (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   6.7   6.5   6.1   6.2   25.5
2005
   6.2   7.4   7.5   7.0   28.1
                     
    Other (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   (0.3)   (1.2)   (7.4)   (1.5)   (10.4)
2005
   (1.6)   (1.1)   (0.9)   (3.6)   (7.2)
                     
    Income Before Taxes, Minority Interest and
    Cumulative Effect of Accounting Changes
    Q1   Q2   Q3   Q4   FY
2004
   1.0   0.9   6.0   9.4   17.3
2005
   4.3   10.8   6.3   11.8   33.2
                     
    Revenues - North America - % change yr. over yr.
    Q1   Q2   Q3   Q4   FY
2004
   3.4%   14.7%   23.8%   9.4%   12.4%
2005
   33.7%   30.3%   24.7%   10.4%   23.9%
                     
    Revenues - Europe - % change yr. over yr.
    Q1   Q2   Q3   Q4   FY
2004
   24.8%   18.1%   19.0%   25.4%   22.0%
2005
   15.7%   21.4%   -8.4%   -3.3%   6.0%
                     
    Revenues - Asia-Pacific - % change yr. over yr.
    Q1   Q2   Q3   Q4   FY
2004
   19.0%   -3.5%   23.9%   14.8%   13.4%
2005
   19.1%   53.0%   12.9%   32.9%   28.5%
                     
    Revenues - Consolidated - % change yr. over yr.
    Q1   Q2   Q3   Q4   FY
2004
   10.1%   14.5%   22.5%   14.1%   15.1%
2005
   27.3%   29.0%   14.9%   7.6%   18.9%
                     
    Gross Profit %
    Q1   Q2   Q3   Q4   FY
2004
   14.9%   13.9%   13.8%   13.8%   14.1%
2005
   13.0%   14.1%   13.6%   13.7%   13.6%
                     
    Operating Expenses as a % of revenues
    Q1   Q2   Q3   Q4   FY
2004
   13.2%   12.5%   12.7%   11.2%   12.3%
2005
   11.3%   11.1%   11.1%   11.1%   11.2%
                     
    Operating Profit %
    Q1   Q2   Q3   Q4   FY
2004
   1.8%   1.4%   1.0%   2.6%   1.7%
2005
   1.7%   3.0%   2.5%   2.6%   2.4%
                     
    Effective Income Tax Rate
    Q1   Q2   Q3   Q4   FY
2004
   30.0%   n.m.   16.7%   5.3%   -1.2%
2005
   37.2%   17.6%   9.5%   27.1%   22.0%

5

 

 

NACCO Materials Handling Group — Wholesale
(in millions, except backlog, unit shipments and percentage data)
                     
    Net Income
    Q1   Q2   Q3   Q4   FY
2004
   1.0   3.0   5.1   8.8   17.9
2005
   2.8   8.9   5.7   8.6   26.0
                     
    Restructuring Expense (Reversal)
    Q1   Q2   Q3   Q4   FY
2004
   —   (1.0)   —   (0.1)   (1.1)
2005
   —   (0.5)   —   (0.7)   (1.2)
                     
    Restructuring Accrual Balance
    Q1   Q2   Q3   Q4   FY
2004
   6.9   4.4   4.2   4.3   4.3
2005
   3.8   2.7   2.5   1.8   1.8
                     
    Depreciation and amortization expense
    Q1   Q2   Q3   Q4   FY
2004
   6.7   6.6   6.7   6.3   26.3
2005
   6.9   6.8   7.1   7.5   28.3
                     
    Capital Expenditures
    Q1   Q2   Q3   Q4   FY
2004
   6.8   8.6   5.4   5.3   26.1
2005
   7.6   7.9   10.0   11.0   36.5

6

 

 

NACCO Materials Handling Group — Retail (net of eliminations)
(in millions, except percentage data)
                     
    Revenues - Europe
    Q1   Q2   Q3   Q4   FY
2004
   21.6   21.3   21.2   24.4   88.5
2005
   21.2   18.9   17.6   17.5   75.2
                     
    Revenues - Asia Pacific
    Q1   Q2   Q3   Q4   FY
2004
   27.9   28.9   23.6   26.3   106.7
2005
   26.5   24.6   29.3   30.2   110.6
                     
    Revenues - Consolidated
    Q1   Q2   Q3   Q4   FY
2004
   49.5   50.2   44.8   50.7   195.2
2005
   47.7   43.5   46.9   47.7   185.8
                     
    Operating Profit (Loss) $
    Q1   Q2   Q3   Q4   FY
2004
   (1.4)   (1.2)   0.5   (2.0)   (4.1)
2005
   (2.8)   —   (0.7)   (3.1)   (6.6)
                     
    Interest (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   1.6   1.6   1.6   1.3   6.1
2005
   1.2   0.3   0.8   0.9   3.2
                     
    Other (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   —   0.1   —   (0.1)   —
2005
   —   0.6   0.2   0.1   0.9
                     
    Income (Loss) Before Taxes
    Q1   Q2   Q3   Q4   FY
2004
   (3.0)   (2.9)   (1.1)   (3.2)   (10.2)
2005
   (4.0)   (0.9)   (1.7)   (4.1)   (10.7)
                     
    Net Income (Loss)
    Q1   Q2   Q3   Q4   FY
2004
   (2.0)   (1.9)   (0.7)   (2.6)   (7.2)
2005
   (2.5)   (1.4)   (1.2)   (2.8)   (7.9)
                     
    Revenues - Europe - % change yr. over yr.
    Q1   Q2   Q3   Q4   FY
2004
   23.4%   7.0%   19.1%   5.6%   13.0%
2005
   -1.9%   -11.3%   -17.0%   -28.3%   -15.0%
                     
    Revenues - Asia Pacific - % change yr. over yr.
    Q1   Q2   Q3   Q4   FY
2004
   53.3%   53.7%   3.1%   13.4%   28.4%
2005
   -5.0%   -14.9%   24.2%   14.8%   3.7%
                     
    Revenues - Consolidated - % change yr. over yr.
    Q1   Q2   Q3   Q4   FY
2004
   36.0%   28.1%   10.1%   9.5%   20.0%
2005
   -3.6%   -13.3%   4.7%   -5.9%   -4.8%
                     
    Operating Profit (Loss) %
    Q1   Q2   Q3   Q4   FY
2004
   -2.8%   -2.4%   1.1%   -3.9%   -2.1%
2005
   -5.9%   0.0%   -1.5%   -6.5%   -3.6%
                     
    Effective Income Tax Rate
    Q1   Q2   Q3   Q4   FY
2004
   33.3%   34.5%   36.4%   18.8%   29.4%
2005
   37.5%   -55.6%   29.4%   31.7%   26.2%
                     
    Restructuring Expense (Reversal)
    Q1   Q2   Q3   Q4   FY
2004
   —   —   —   (0.3)   (0.3)
2005
   —   —   —   —   —
                     
    Restructuring Accrual Balance
    Q1   Q2   Q3   Q4   FY
2004
   0.6   0.5   0.4   0.2   0.2
2005
   0.2   0.1   —   —   —

7

 

 

Housewares — Consolidated *
(in millions, except percentage data)
                     
    Revenues
    Q1   Q2   Q3   Q4   FY
2004
   117.5   121.5   143.7   232.1   614.8
2005
   114.8   132.4   152.6   239.3   639.1
                     
    Gross Profit
    Q1   Q2   Q3   Q4   FY
2004
   25.1   28.3   33.8   63.4   150.6
2005
   25.5   30.1   37.0   63.5   156.1
                     
    Operating Expenses
    Q1   Q2   Q3   Q4   FY
2004
   34.5   26.0   25.4   32.8   118.7
2005
   26.2   26.6   26.2   37.8   116.8
                     
    Operating Profit
    Q1   Q2   Q3   Q4   FY
2004
   (9.4)   2.3   8.4   30.6   31.9
2005
   (0.7)   3.5   10.8   25.7   39.3
                     
    Interest (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   1.8   1.5   1.5   1.7   6.5
2005
   1.3   1.4   1.5   1.7   5.9
                     
    Other (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   —   (0.4)   (0.2)   0.6   —
2005
   (0.2)   (0.5)   (0.3)   0.5   (0.5)
                     
    Income Before Taxes
    Q1   Q2   Q3   Q4   FY
2004
   (11.2)   1.2   7.1   28.3   25.4
2005
   (1.8)   2.6   9.6   23.5   33.9
                     
    Net Income
    Q1   Q2   Q3   Q4   FY
2004
   (6.5)   1.3   4.4   18.0   17.2
2005
   (1.1)   1.6   5.9   14.9   21.3
                     
    Effective Income Tax Rate
    Q1   Q2   Q3   Q4   FY
2004
   42.0%   n.m.   38.0%   36.4%   32.3%
2005
   38.9%   38.5%   38.5%   36.6%   37.2%
                     
    Restructuring Expense (Reversal)
    Q1   Q2   Q3   Q4   FY
2004
   9.1   (0.1)   (0.3)   0.7   9.4
2005
   —   —   —   3.9   3.9
                     
    Restructuring Accrual Balance
    Q1   Q2   Q3   Q4   FY
2004
   6.1   4.9   3.6   1.7   1.7
2005
   1.4   1.2   0.8   3.9   3.9
                     
    Depreciation and amortization expense
    Q1   Q2   Q3   Q4   FY
2004
   2.5   2.2   2.1   2.1   8.9
2005
   1.9   1.7   1.8   2.4   7.8
                     
    Net Working Capital (1)
    Q1   Q2   Q3   Q4   FY
2004
   90.2   100.8   128.8   119.9   119.9
2005
   108.5   108.1   123.8   119.2   119.2

8

 

 

Housewares — Consolidated *
(in millions, except percentage data)
                     
    Capital Expenditures
    Q1   Q2   Q3   Q4   FY
2004
   2.6   2.6   1.5   1.5   8.2
2005
   1.2   1.3   2.0   0.9   5.4
                     
    Net cash provided by (used for) operating activities
    Q1   Q2   Q3   Q4   FY
2004
   (3.4)   (9.0)   (16.5)   46.0   17.1
2005
   (2.4)   3.8   (1.8)   32.3   31.9
                     
    Net cash provided by (used for) investing activities
    Q1   Q2   Q3   Q4   FY
2004
   (2.6)   (2.5)   (1.1)   (1.5)   (7.7)
2005
   (1.2)   (0.9)   (2.0)   (0.7)   (4.8)
                     
    Cash flow before financing activities (2)
    Q1   Q2   Q3   Q4   FY
2004
   (6.0)   (11.5)   (17.6)   44.5   9.4
2005
   (3.6)   2.9   (3.8)   31.6   27.1
                     
    Net cash provided by (used for) financing activities
    Q1   Q2   Q3   Q4   FY
2004
   3.9   13.3   16.4   (44.3)   (10.7)
2005
   3.2   (2.5)   4.3   (31.2)   (26.2)
                     
    Dividends to NACCO
    Q1   Q2   Q3   Q4   FY
2004
   1.0   5.0   20.0   5.0   31.0
2005
   5.0   5.0   7.5   10.0   27.5
                     
    Total debt
    Q1   Q2   Q3   Q4   FY
2004
   40.0   58.7   95.0   55.7   55.7
2005
   63.9   66.6   78.4   57.2   57.2
                     
    Equity
    Q1   Q2   Q3   Q4   FY
2004
   148.6   151.3   135.8   149.4   149.4
2005
   144.1   140.6   139.9   145.0   145.0
                     
    Return on Equity (3)
    Q1   Q2   Q3   Q4   FY
2004
   10.7%   10.5%   10.2%   11.5%   11.5%
2005
   15.5%   15.9%   17.2%   14.8%   14.8%
 
* Housewares Consolidated includes Hamilton Beach/Proctor-Silex, Kitchen Collection and the related intercompany eliminations.
(1) Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
(2) Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(3) Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.

9

 

 

Hamilton Beach/Proctor-Silex, Inc.
(in millions, except percentage data)
                     
    Revenues
    Q1   Q2   Q3   Q4   FY
2004
   96.6   101.1   118.7   190.9   507.3
2005
   94.6   111.3   128.4   193.4   527.7
                     
    Gross Profit $
    Q1   Q2   Q3   Q4   FY
2004
   15.8   18.9   22.6   44.9   102.2
2005
   16.4   20.7   26.1   43.7   106.9
                     
    Operating Expenses
    Q1   Q2   Q3   Q4   FY
2004
   24.4   15.4   14.4   19.8   74.0
2005
   15.3   15.4   14.8   24.4   69.9
                     
    Operating Profit $
    Q1   Q2   Q3   Q4   FY
2004
   (8.6)   3.5   8.2   25.1   28.2
2005
   1.1   5.3   11.3   19.3   37.0
                     
    Interest (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   1.7   1.5   1.3   1.6   6.1
2005
   1.2   1.3   1.3   1.5   5.3
                     
    Other (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   (0.1)   (0.3)   (0.2)   0.6   —
2005
   (0.2)   (0.5)   (0.3)   0.5   (0.5)
                     
    Income (Loss) Before Taxes
    Q1   Q2   Q3   Q4   FY
2004
   (10.2)   2.3   7.1   22.9   22.1
2005
   0.1   4.5   10.3   17.3   32.2
                     
    Net Income (Loss)
    Q1   Q2   Q3   Q4   FY
2004
   (5.9)   1.9   4.4   14.8   15.2
2005
   0.1   2.8   6.4   11.0   20.3
                     
    Revenues % Change Year Over Year
    Q1   Q2   Q3   Q4   FY
2004
   0.9%   3.6%   -5.9%   10.2%   2.9%
2005
   -2.1%   10.1%   8.2%   1.3%   4.0%
                     
    Gross Profit %
    Q1   Q2   Q3   Q4   FY
2004
   16.4%   18.7%   19.0%   23.5%   20.1%
2005
   17.3%   18.6%   20.3%   22.6%   20.3%
                     
    Operating Expenses as a % of revenues
    Q1   Q2   Q3   Q4   FY
2004
   25.3%   15.2%   12.1%   10.4%   14.6%
2005
   16.2%   13.8%   11.5%   12.6%   13.2%
                     
    Operating Profit %
    Q1   Q2   Q3   Q4   FY
2004
   -8.9%   3.5%   6.9%   13.1%   5.6%
2005
   1.2%   4.8%   8.8%   10.0%   7.0%
                     
    Effective Income Tax Rate
    Q1   Q2   Q3   Q4   FY
2004
   42.2%   17.4%   38.0%   28.0%   31.2%
2005
   n.m.   37.8%   37.9%   36.4%   37.0%
                     
    Restructuring Expense (Reversal)
    Q1   Q2   Q3   Q4   FY
2004
   9.1   (0.1)   (0.3)   0.7   9.4
2005
   —   —   —   3.9   3.9
                     
    Restructuring Accrual Balance
    Q1   Q2   Q3   Q4   FY
2004
   6.1   4.9   3.6   1.7   1.7
2005
   1.4   1.2   0.8   3.9   3.9
                     
    Depreciation and amortization expense
    Q1   Q2   Q3   Q4   FY
2004
   2.2   1.8   1.8   1.7   7.5
2005
   1.5   1.2   1.4   2.0   6.1
                     
    Net Working Capital (1)
    Q1   Q2   Q3   Q4   FY
2004
   78.2   87.6   113.4   110.6   110.6
2005
   94.3   93.6   107.5   107.4   107.4
                     
    Capital Expenditures
    Q1   Q2   Q3   Q4   FY
2004
   2.3   1.3   1.3   1.1   6.0
2005
   1.0   0.9   1.7   0.8   4.4

10

 

 

Hamilton Beach/Proctor-Silex, Inc.
(in millions, except percentage data)
                     
    Net cash provided by (used for) operating activities
    Q1   Q2   Q3   Q4   FY
2004
   6.2   (7.3)   (14.2)   33.0   17.7
2005
   6.0   5.4   —   20.4   31.8
                     
    Net cash provided by (used for) investing activities
    Q1   Q2   Q3   Q4   FY
2004
   (2.3)   (1.2)   (0.9)   (1.1)   (5.5)
2005
   (1.0)   (0.5)   (1.7)   (0.6)   (3.8)
                     
    Cash flow before financing activities (2)
    Q1   Q2   Q3   Q4   FY
2004
   3.9   (8.5)   (15.1)   31.9   12.2
2005
   5.0   4.9   (1.7)   19.8   28.0
                     
    Net cash provided by (used for) financing activities
    Q1   Q2   Q3   Q4   FY
2004
   (5.4)   10.3   13.9   (32.0)   (13.2)
2005
   (5.0)   (4.5)   2.1   (19.3)   (26.7)
                     
    Dividends to NACCO
    Q1   Q2   Q3   Q4   FY
2004
   1.0   5.0   20.0   5.0   31.0
2005
   5.0   5.0   7.5   10.0   27.5
                     
    Total debt
    Q1   Q2   Q3   Q4   FY
2004
   30.6   46.3   80.2   53.2   53.2
2005
   53.2   53.9   63.5   54.2   54.2
                     
    Equity
    Q1   Q2   Q3   Q4   FY
2004
   139.0   142.4   126.7   137.1   137.1
2005
   133.0   130.7   130.5   131.8   131.8
                     
    Return on Equity (3)
    Q1   Q2   Q3   Q4   FY
2004
   9.3%   9.3%   9.1%   10.9%   10.9%
2005
   15.6%   16.5%   18.3%   15.3%   15.3%
 
(1)   Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
 
(2)   Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
 
(3)   Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.

11

 

 

The Kitchen Collection, Inc.
(in millions, except percentage data and number of stores)
                     
    Number of stores
    Q1   Q2   Q3   Q4   FY
2004
   183   185   187   188   188
2005
   186   191   194   195   195
                     
    Revenues
    Q1   Q2   Q3   Q4   FY
2004
   21.7   21.4   26.0   43.2   112.3
2005
   21.3   22.1   25.8   47.7   116.9
                     
    Gross Profit $
    Q1   Q2   Q3   Q4   FY
2004
   9.3   9.4   11.2   18.5   48.4
2005
   9.1   9.4   11.0   19.7   49.2
                     
    Operating Expenses
    Q1   Q2   Q3   Q4   FY
2004
   10.1   10.6   11.0   13.0   44.7
2005
   10.9   11.2   11.4   13.4   46.9
                     
    Operating Profit $
    Q1   Q2   Q3   Q4   FY
2004
   (0.8)   (1.2)   0.2   5.5   3.7
2005
   (1.8)   (1.8)   (0.4)   6.3   2.3
                     
    Interest (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   0.1   —   0.2   0.1   0.4
2005
   0.1   0.1   0.2   0.2   0.6
                     
    Other (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   0.1   (0.1)   —   —   —
2005
   —   —   —   —   —
                     
    Income Before Taxes
    Q1   Q2   Q3   Q4   FY
2004
   (1.0)   (1.1)   —   5.4   3.3
2005
   (1.9)   (1.9)   (0.6)   6.1   1.7
                     
    Net Income
    Q1   Q2   Q3   Q4   FY
2004
   (0.6)   (0.6)   —   3.2   2.0
2005
   (1.2)   (1.1)   (0.4)   3.7   1.0
                     
    Average sales per store
    Q1   Q2   Q3   Q4   FY
2004
   0.1   0.1   0.1   0.2   0.5
2005
   0.1   0.1   0.1   0.3   0.6
                     
    Gross Profit %
    Q1   Q2   Q3   Q4   FY
2004
   42.9%   43.9%   43.1%   42.8%   43.1%
2005
   42.7%   42.5%   42.6%   41.3%   42.1%
                     
    Operating Expenses as a % of revenues
    Q1   Q2   Q3   Q4   FY
2004
   46.5%   49.5%   42.3%   30.1%   39.8%
2005
   51.2%   50.7%   44.2%   28.1%   40.1%
                     
    Operating Profit %
    Q1   Q2   Q3   Q4   FY
2004
   -3.7%   -5.6%   0.8%   12.7%   3.3%
2005
   -8.5%   -8.1%   -1.6%   13.2%   2.0%
                     
    Effective Income Tax Rate
    Q1   Q2   Q3   Q4   FY
2004
   40.0%   44.5%   n.m.   39.4%   39.4%
2005
   36.8%   42.1%   33.3%   39.3%   41.2%
                     
    Depreciation and amortization expense
    Q1   Q2   Q3   Q4   FY
2004
   0.3   0.4   0.3   0.4   1.4
2005
   0.4   0.5   0.4   0.4   1.7
                     
    Net Working Capital (1)
    Q1   Q2   Q3   Q4   FY
2004
   12.5   13.5   15.7   9.7   9.7
2005
   14.4   14.8   16.7   12.1   12.1
                     
    Capital Expenditures
    Q1   Q2   Q3   Q4   FY
2004
   0.3   1.3   0.2   0.4   2.2
2005
   0.2   0.4   0.3   0.1   1.0

12

 

 

The Kitchen Collection, Inc.
(in millions, except percentage data and number of stores)
                     
    Net cash provided by (used for) operating activities
    Q1   Q2   Q3   Q4   FY
2004
   (9.6)   (1.7)   (2.3)   13.0   (0.6)
2005
   (8.4)   (1.6)   (1.8)   11.9   0.1
                     
    Net cash provided by (used for) investing activities
    Q1   Q2   Q3   Q4   FY
2004
   (0.3)   (1.3)   (0.2)   (0.4)   (2.2)
2005
   (0.2)   (0.4)   (0.3)   (0.1)   (1.0)
                     
    Cash flow before financing activities (2)
    Q1   Q2   Q3   Q4   FY
2004
   (9.9)   (3.0)   (2.5)   12.6   (2.8)
2005
   (8.6)   (2.0)   (2.1)   11.8   (0.9)
                     
    Net cash provided by (used for) financing activities
    Q1   Q2   Q3   Q4   FY
2004
   9.3   3.0   2.5   (12.3)   2.5
2005
   8.2   2.0   2.2   (11.9)   0.5
                     
    Total debt
    Q1   Q2   Q3   Q4   FY
2004
   9.3   12.4   14.8   2.5   2.5
2005
   10.7   12.7   14.9   3.0   3.0
                     
    Equity
    Q1   Q2   Q3   Q4   FY
2004
   10.0   9.2   9.3   12.5   12.5
2005
   11.3   10.2   9.8   13.5   13.5
                     
    Return on Equity (3)
    Q1   Q2   Q3   Q4   FY
2004
   31.9%   29.7%   26.2%   19.4%   19.4%
2005
   13.4%   8.6%   4.7%   8.7%   8.7%
 
(1)   Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
 
(2)   Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
 
(3)   Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.

13

 

 

The North American Coal Corporation
(in millions, except percentage data)
                     
    Lignite tons delivered - Project mines
    Q1   Q2   Q3   Q4   FY
2004
   7.2   5.8   7.2   6.9   27.1
2005
   6.7   6.0   7.3   7.2   27.2
                     
    Lignite tons delivered - Non-project mines
    Q1   Q2   Q3   Q4   FY
2004
   1.8   1.6   2.0   1.9   7.3
2005
   1.8   1.8   1.9   2.0   7.5
                     
    Limerock yards delivered
    Q1   Q2   Q3   Q4   FY
2004
   4.2   5.1   4.5   5.1   18.9
2005
   5.2   4.9   6.5   8.6   25.2
                     
    Revenues
    Q1   Q2   Q3   Q4   FY
2004
   25.9   27.0   29.8   28.1   110.8
2005
   29.1   28.0   28.2   33.1   118.4
                     
    Gross Profit $
    Q1   Q2   Q3   Q4   FY
2004
   5.1   5.0   4.5   4.4   19.0
2005
   4.6   2.9   1.2   3.7   12.4
                     
    Earnings of unconsolidated project
    mining subsidiaries
    Q1   Q2   Q3   Q4   FY
2004
   8.5   7.2   8.4   7.4   31.5
2005
   8.4   7.7   9.4   8.3   33.8
                     
    Operating Expenses
    Q1   Q2   Q3   Q4   FY
2004
   4.8   5.2   5.1   5.1   20.2
2005
   5.9   5.2   5.2   6.1   22.4
                     
    Operating Profit $
    Q1   Q2   Q3   Q4   FY
2004
   8.8   7.0   7.8   6.7   30.3
2005
   7.1   5.4   5.4   5.9   23.8
                     
    Interest (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   1.9   1.9   1.9   2.0   7.7
2005
   2.4   2.1   2.1   1.8   8.4
                     
    Other (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   —   —   —   —   —
2005
   —   —   —   —   —
                     
    Income Before Taxes and Cumulative Effect of Accounting Changes
    Q1   Q2   Q3   Q4   FY
2004
   6.9   5.1   5.9   4.7   22.6
2005
   4.7   3.3   3.3   4.1   15.4
                     
    Net Income
    Q1   Q2   Q3   Q4   FY
2004
   5.8   3.7   5.2   3.9   18.6
2005
   4.3   3.2   3.3   5.4   16.2
                     
    Gross Profit %
    Q1   Q2   Q3   Q4   FY
2004
   19.7%   18.5%   15.1%   15.7%   17.1%
2005
   15.8%   10.4%   4.3%   11.2%   10.5%
                     
    Operating Expenses as a % of the sum of Gross Profit
    plus Earnings of unconsolidated project mining
    subsidiaries
    Q1   Q2   Q3   Q4   FY
2004
   35.3%   42.6%   39.5%   43.2%   40.0%
2005
   45.4%   49.1%   49.1%   50.8%   48.5%
                     
    Operating Profit as a % of the sum of Gross Profit
    plus Earnings of unconsolidated project mining
    subsidiaries
    Q1   Q2   Q3   Q4   FY
2004
   64.7%   57.4%   60.5%   56.8%   60.0%
2005
   54.6%   50.9%   50.9%   49.2%   51.5%
                     
    Effective Income Tax Rate
    Q1   Q2   Q3   Q4   FY
2004
   15.9%   27.5%   11.9%   17.0%   17.7%
2005
   8.5%   3.0%   n.m.   -31.7%   -5.2%

14

 

 

The North American Coal Corporation
(in millions, except percentage data)
                     
    Depreciation, depletion and
    amortization expense
    Q1   Q2   Q3   Q4   FY
2004
   2.9   2.9   3.0   3.1   11.9
2005
   3.4   3.3   4.0   3.8   14.5
                     
    Capital Expenditures
    Q1   Q2   Q3   Q4   FY
2004
   1.2   1.9   4.2   8.2   15.5
2005
   5.3   5.8   7.0   3.5   21.6
                     
    Net cash provided by (used for) operating activities
    Q1   Q2   Q3   Q4   FY
2004
   12.0   5.1   8.6   15.4   41.1
2005
   8.3   (0.9)   10.8   8.2   26.4
                     
    Net cash provided by (used for) investing activities
    Q1   Q2   Q3   Q4   FY
2004
   (1.2)   (1.5)   (4.3)   (8.3)   (15.3)
2005
   (5.3)   (5.8)   (6.8)   (3.5)   (21.4)
                     
    Cash flow before financing activities (1)
    Q1   Q2   Q3   Q4   FY
2004
   10.8   3.6   4.3   7.1   25.8
2005
   3.0   (6.7)   4.0   4.7   5.0
                     
    Net cash provided by (used for) financing activities
    Q1   Q2   Q3   Q4   FY
2004
   (10.6)   (3.8)   (4.1)   (7.2)   (25.7)
2005
   (2.7)   6.5   1.2   (10.1)   (5.1)
                     
    Dividends to NACCO
    Q1   Q2   Q3   Q4   FY
2004
   3.7   2.1   1.0   1.8   8.6
2005
   2.2   3.0   0.5   0.7   6.4
                     
    Total debt
    Q1   Q2   Q3   Q4   FY
2004
   121.7   120.2   117.0   111.9   111.9
2005
   115.7   121.7   123.4   114.1   114.1
                     
    Equity
    Q1   Q2   Q3   Q4   FY
2004
   71.3   75.3   79.2   81.4   81.4
2005
   83.2   86.3   89.1   84.5   84.5
                     
    Return on Equity (2)
    Q1   Q2   Q3   Q4   FY
2004
   25.0%   25.0%   26.0%   24.8%   24.8%
2005
   21.9%   20.5%   17.5%   19.1%   19.1%
 
(1)   Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
 
(2)   Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.

15

 

 

NACCO and Other
(in millions, except percentage data)
                     
    Operating Profit (Loss)
    Q1   Q2   Q3   Q4   FY
2004
   (0.1)   (0.3)   (0.6)   (1.5)   (2.5)
2005
   (0.3)   (0.5)   (0.6)   (1.2)   (2.6)
                     
    Interest (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   (0.2)   (0.1)   (0.1)   (0.2)   (0.6)
2005
   (0.7)   (0.5)   (0.4)   (0.7)   (2.3)
                     
    Other (Income) Expense
    Q1   Q2   Q3   Q4   FY
2004
   0.5   0.3   0.4   (0.3)   0.9
2005
   0.4   0.4   0.4   (0.5)   0.7
                     
    Income (Loss) Before Taxes, Extraordinary Gain (Loss) and
    Cumulative Effect of Accounting Changes
    Q1   Q2   Q3   Q4   FY
2004
   (0.4)   (0.5)   (0.9)   (1.0)   (2.8)
2005
   —   (0.4)   (0.6)   —   (1.0)
                     
    Extraordinary Gain (Loss)
    Q1   Q2   Q3   Q4   FY
2004
   —   —   —   0.5   0.5
2005
   —   —   —   4.7   4.7
                     
    Net Income (Loss)
    Q1   Q2   Q3   Q4   FY
2004
   (2.8)   0.3   (0.6)   4.5   1.4
2005
   1.7   (1.0)   (0.1)   6.3   6.9

16

 
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