Printer Friendly

NACCO INDUSTRIES ANNOUNCES FIRST QUARTER LOSS

 MAYFIELD HEIGHTS, Ohio, April 21 /PRNewswire/ -- NACCO Industries, Inc. (NYSE: NC) today announced a net loss for the first quarter of 1993 of $6,000, or less than $0.01 per share, compared with net income of $698,000, or $0.08 per share, reported in the same period last year. Revenues for the quarter were $343.8 million compared with $319.7 million for the first quarter last year.
 Operating results for the quarter were in line with company expectations. Hyster-Yale North American sales volumes improved over first quarter 1992 levels, but weak European demand and start-up costs for the manufacture of new products suppressed earnings. Hamilton Beach/Proctor-Silex results were at normal seasonal lows and were comparable to the prior year. North American Coal earnings were on plan and provided significant cash flows. The Kitchen Collection, which also has its normal seasonal low retail sales in the first quarter, reported earnings comparable to the first quarter of 1992. The prior year's results have been restated to reflect the adoption of SFAS No. 109 "Accounting For Income Taxes." The effect of this restatement was to reduce reported net income for the first quarter of 1992 by $372,000, or $0.04 per share.
 NACCO Industries is a holding company with four operating subsidiaries. Hyster-Yale Materials Handling, Inc. is a world leader in the design and manufacture of forklift trucks, marketed under the Hyster(R) and Yale(R) brand names. The North American Coal Corporation mines and markets lignite coal primarily as fuel for power generation by electric utilities. Hamilton Beach/Proctor-Silex, Inc. is a leading manufacturer of small electric appliances. The Kitchen Collection, Inc. is a national specialty retailer of kitchenware and small electric appliances.
 NACCO INDUSTRIES, INC. AND SUBSIDIARIES
 FINANCIAL AND OPERATING HIGHLIGHTS
 (In thousands, except
 per share data)
 Three Months Ended
 March 31
 1993 1992(A)
 Total revenues $343,821 $319,687
 Net income (loss) $(6) $698
 Net income (loss) per share $.00 $.08
 Cash dividends per share $.160 $.155
 Average shares outstanding 8,936 8,883
 (A) -- 1992 amounts have been restated to reflect the
 adoption of SFAS 109, "Accounting for Income Taxes."
 (All amounts are subject to annual audit by independent
 public accountants)
 -0- 4/21/93
 /CONTACT: R. Robertson Hilton, vice president and treasurer, NACCO Industries, Inc., 216-449-9600/
 (NC)


CO: NACCO Industries, Inc. ST: Ohio IN: MNG SU: ERN

BM -- CL022 -- 8848 04/21/93 14:38 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 21, 1993
Words:404
Previous Article:TRION, INC. APPOINTS NEW DIRECTOR
Next Article:HUNTINGTON BANCSHARES INCORPORATED TO ACQUIRE COMMERCE BANC CORPORATION
Topics:


Related Articles
NACCO INDUSTRIES ANNOUNCES EARNINGS
NACCO INDUSTRIES ANNOUNCES SECOND QUARTER EARNINGS
NACCO INDUSTRIES ANNOUNCES THIRD QUARTER EARNINGS
NACCO INDUSTRIES ANNOUNCES EARNINGS
NACCO INDUSTRIES ANNOUNCES SECOND QUARTER LOSS
NACCO INDUSTRIES ANNOUNCES THIRD QUARTER EARNINGS
NACCO INDUSTRIES, INC. ANNOUNCES FIRST QUARTER EARNINGS
NACCO Industries, Inc. Announces Third Quarter 1997 Earnings
NACCO Industries, Inc. Announces Second Quarter 1999 Earnings.
NACCO Industries Announces Third Quarter 1999 Earnings.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters