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NACCO INDUSTRIES ANNOUNCES EARNINGS

 MAYFIELD HEIGHTS, Ohio, Feb. 16 /PRNewswire/ -- NACCO Industries, Inc. (NYSE: NC) today announced a net loss for the fourth quarter of 1992 of $98.0 million, or $11.02 per share, compared with net income of $10.2 million or $1.14 per share in the same period of 1991. For the full year, NACCO reported a net loss of $85.9 million, or $9.66 per share. This compares with net income in 1991 of $20.5 million, or $2.31 per share. Fourth quarter and full year 1992 results include a nonrecurring extraordinary charge of $110.0 million net of tax, or $12.37 per share.
 Net income for the fourth quarter, before extraordinary charge, increased 18 percent to $12.0 million, or $1.35 per share, from $10.2 million, or $1.14 per share, reported for the same period in 1991. Similarly, full year 1992 net income before extraordinary charge improved 18 million to $24.1 million, or $2.71 per share, compared with $20.5 million, or $2.31 per share, for 1991.
 The extraordinary charge was recorded to fully accrue for costs imposed on the company by the recently enacted Coal Industry Retiree Health Benefit Act of 1992. As previously disclosed, the legislation requires Bellaire Corporation, NACCO's wholly owned subsidiary, to incur additional costs for medical expenses of United Mine Worker retirees, roughly half of whom were never employed by Bellaire, and certain of their dependents. The cash payments required by the legislation are now estimated to be in the range of $2.0 to $4.0 million after tax per year. The payments would tend to diminish over time, but could continue as long as 40 to 50 years, or as long as there are eligible participants. The company believes that the imposition of this liability on Bellaire is grossly unfair. On Jan. 29, 1993, Bellaire filed a lawsuit challenging the constitutionality of this new law. NACCO continues to hope that Congress will reconsider this legislation.
 Hyster-Yale Materials Handling, Inc. reported 1992 net income of $1.3 million on revenues of $863.7 million. This compares with net income of $1.0 million and revenues of $790.6 million in the prior year. Fourth quarter 1992 net income improved over the previous year to $2.6 million as a result of the continued recovery of North American sales volume and foreign exchange gains.
 The North American Coal Corporation reported record shipments of 24.9 million tons of lignite in 1992, with net income of $22.0 million on revenues of $217.8 million. This compares to shipments of 22.8 million tons, net income of $23.6 million and revenues of $195.6 million in 1991. Fourth quarter 1991 results include a favorable income tax adjustment of $1.4 million.
 Hamilton Beach|Proctor-Silex, Inc. reported 1992 net income after minority interest of $4.5 million on revenues of $354.5 million. This compares favorably with net income of $2.2 million and revenues of $346.2 million in the previous year. Lower interest expense in 1992 contributed to the improved profitability.
 The Kitchen Collection, Inc. reported record net income and revenues of $2.4 million and $45.5 million, respectively, for 1992. During the year, Kitchen Collection added 14 new stores and at year-end operated 86 stores nationwide.
 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/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
 1992 1991 1992 1991
 Total revenues $422,334 $389,656 $1,481,542 $1,369,195
 Income before
 extraordinary charge$12,029 $ 10,157 $ 24,122 $ 20,517
 Extraordinary charge (110,000) -- (110,000) --
 Net income (loss) $(97,971) $ 10,157 $ (85,878)$ --
 Income per share before
 extraordinary charge $1.35 $1.14 $2.71 $2.31
 Extraordinary charge (12.37) -- (12.37) --
 Net income (loss)
 per share $(11.02) $1.14 $(9.66) $2.31
 Cash dividends per
 share $1.60 $.155 $.635 $.615
 Average shares
 outstanding 8,904 8,879 8,891 8,878
 (All amounts are subject to annual audit by independent public accountants.)
 -0- 2/16/93
 /CONTACT: R. Robertson Hilton, vice president and treasurer of NACCO Industries, Inc., 216-449-9600/
 (NC)


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

KK -- CL020 -- 6891 02/16/93 15:11 EST
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Date:Feb 16, 1993
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