Printer Friendly

NACCO INDUSTRIES ANNOUNCES EARNINGS

 NACCO INDUSTRIES ANNOUNCES EARNINGS
 MAYFIELD HEIGHTS, Ohio, Feb. 13 /PRNewswire/ -- NACCO Industries,


Inc. (NYSE: NC) today announced net income for the fourth quarter of 1991 of $10.2 million, or $1.14 per share, compared with a loss of $676,000 in the same period of 1990, or $0.08 per share. Restructuring and other non-recurring charges reduced income in the fourth quarter of 1990 by $1.40 per share.
 For the full year, NACCO reported net income of $20.5 million, or $2.31 per share. By comparison, earnings in 1990 were $30.9 million, or $3.49 per share, which included restructuring and other non-recurring items equal to $1.51 per share.
 Alfred M. Rankin, Jr., president and chief executive officer, said, "Operating results in our manufacturing businesses continue to be depressed due to the weak economy, offsetting strong results in coal mining and retail operations. However, significant progress was made in reducing debt and accomplishing other key strategic programs." In addition, Rankin indicated that NACCO and its subsidiaries adopted SFAS 106 relating to postretirement benefits, resulting in a nominal charge to income in the fourth quarter.
 Hyster-Yale Materials Handling reported 1991 net income of $1.0 million on revenues of $790.6 million. This compares with earnings of $21.9 million and revenues of $923.0 million in the prior year. Net income in 1990 was reduced by a restructuring charge of $7.6 million. Lower demand and intense price competition during the year caused a significant reduction in operating margins. Nevertheless, strong cash flow permitted a further reduction in Hyster-Yale borrowings.
 The North American Coal Corporation had another strong year with shipments of 22.8 million tons of lignite, including a record 12.0 million tons by the company's Coteau Properties subsidiary. For the year, North American Coal reported net income of $23.6 million, compared with $23.7 million in 1990.
 Significant progress was made in consolidating operations at Hamilton Beach/Proctor-Silex. Operating profit increased to $24.9 million, reflecting operating synergies and a substantial reduction in fixed costs. Net income in 1991 after minority interest was $2.2 million versus a loss of $10.8 million in the prior year. The 1990 results were reduced by restructuring and other non-recurring charges of $7.4 million. Prior-year results included Hamilton Beach operations from its acquisition in October 1990.
 The Kitchen Collection reported record net income and revenues of $1.5 million and $36.7 million respectively. During the year Kitchen Collection added 12 new stores and at year end operated 72 stores nationwide.
 NACCO Industries, Inc. 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/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 Year Ended
 December 31 December 31
 1991 1990 1991 1990
 Total revenues $389,656 $400,635 $1,369,195 $1,384,993
 Net income $ 10,157 $ (676) $ 20,517 $ 30,947
 Net income per share $ 1.14 $ (.08) $ $2.31 $ 3.49
 Cash dividends per
 share $ .155 $ .150 $ .615 $ .595
 Average shares
 outstanding 8,879 8,878 8,878 8,877
 (All amounts are subject to annual audit by independent public accountants.)
 -0- 2/13/92
 /CONTACT: John R. Cook, senior vice president-finance and administration and chief financial officer of NACCO Industries, Inc., 216-449-9600/
 (NC) CO: NACCO Industries, Inc. ST: Ohio IN: MNG SU: ERN


KK -- CL022 -- 9845 02/13/92 14:51 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 13, 1992
Words:643
Previous Article:SIGNIFICANT HEALTH CARE REFORM MORE LIKELY AT STATE -- NOT FEDERAL -- LEVEL IN THE NEAR TERM, SAYS CONGRESSMAN
Next Article:SPORTS-TECH INTERNATIONAL ANNOUNCES SPECIAL MEETING OF SHAREHOLDERS
Topics:


Related Articles
NACCO INDUSTRIES ANNOUNCES SECOND QUARTER EARNINGS
NACCO INDUSTRIES ANNOUNCES THIRD QUARTER EARNINGS
NACCO INDUSTRIES ANNOUNCES EARNINGS
NACCO INDUSTRIES ANNOUNCES FIRST QUARTER LOSS
NACCO INDUSTRIES ANNOUNCES THIRD QUARTER EARNINGS
NACCO INDUSTRIES ANNOUNCES FOURTH QUARTER EARNINGS
NACCO INDUSTRIES, INC. ANNOUNCES FIRST QUARTER EARNINGS
NACCO INDUSTRIES, INC. ANNOUNCES THIRD QUARTER 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