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NACCO INDUSTRIES ANNOUNCES THIRD QUARTER EARNINGS

 MAYFIELD HEIGHTS, Ohio, Oct. 29 /PRNewswire/ -- NACCO Industries, Inc. (NYSE: NC) today announced net income for the third quarter of $2.0 million, or $0.23 per share, compared with net income of $9.3 million, or $1.05 per share, reported in the same period last year. The company reported a net loss for the first nine months of 1993 of $1.5 million, or $0.16 per share, compared with net income of $11.0 million, or $1.24 per share, for the first nine months last year. Results for the first nine months include an extraordinary charge of $3.3 million net-of-tax, or $0.37 per share resulting from the write-off of premiums and unamortized debt issuance costs associated with the retirement of approximately $50 million face value of Hyster-Yale 12-3/8 percent Subordinated Debentures.
 Operating results for the third quarter of 1993 declined compared with the same period in 1992. At Hyster-Yale, share increases and improved North American market conditions were offset by significantly weaker market conditions in Europe and Japan, start-up costs for new products and the impact of the strong yen. At Hamilton Beach(TM)Proctor-Silex, increased sales of lower margin core products in 1993 replaced a significant decline in high margin juice extractor sales of the prior year. Further, conservative ordering by inventory conscious customers, a weak Canadian dollar, and start-up expenses from the consolidation of motor production at the Washington, N.C. plant reduced Hamilton Beach(TM)Proctor-Silex results. At North American Coal earnings were consistent with prior year levels as increases in tons shipped offset lower royalty income, as previously announced. At Kitchen Collection, continued weak consumer demand and selected price reductions in the quarter were offset by sales from new stores.
 The 1992 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 third quarter of 1992 by $302,000 or $0.03 per share and $1,066,000 or $0.12 per share for the first nine months of last year.
 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(TM) and Yale(TM) brand names. The North American Coal Corporation mines and markets lignite coal primarily as fuel for power generation by electric utilities. Hamilton Beach(TM)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
 CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS
 (In thousands, except per share data)
 Three Months Ended Nine Months
 September 30 September 30
 1993 1992 (A) 1993 1992 (A)
 Total revenues $401,735 $392,515 $1,104,291 $1,060,882
 Net income (loss)
 before extraordinary
 charge $2,049 $9,308 $1,842 $11,027
 Extraordinary charge 0 0 (3,292) 0
 Net income (loss) $2,049 $9,308 ($1,450) $11,027
 Income (loss) per
 share before
 extraordinary charge $0.23 $1.05 $0.21 $1.24
 Extraordinary charge 0.00 0.00 (0.37) 0.00
 Net income (loss) per
 share $0.23 $1.05 ($0.16) $1.24
 Cash dividends per
 share $0.165 $0.160 $0.490 $0.475
 Average shares
 outstanding 8,938 8,889 8,937 8,885
 (A) -- 1992 amounts have been restated to reflect the adoption of SFAS No. 109 "Accounting for Income Taxes."
 (All amounts are subject to annual audit by independent public accountants.)
 -0- 10/29/93
 /CONTACT: R. Robertson Hilton, vice president and treasurer, of NACCO Industries, 216-449-9600/
 (NC)


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

KL -- CL019 -- 8599 10/29/93 14:51 EDT
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Date:Oct 29, 1993
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