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NACCO INDUSTRIES ANNOUNCES SECOND QUARTER LOSS

 MAYFIELD HEIGHTS, Ohio, July 30 /PRNewswire/ -- NACCO Industries, Inc. (NYSE: NC) today announced a net loss for the second quarter of 1993 of $3.5 million, or $0.39 per share, compared with net income of $1.0 million, or $0.11 per share, reported in the same period last year. The net loss for the first six months of 1993 was $3.5 million, or $0.39 per share, compared with net income of $1.7 million, or $0.19 per share for the first six months of last year. Second quarter results include an extraordinary charge of $3.3 million net-of-tax, or $0.37 per share.
 The extraordinary charge results primarily from the write-off of premiums and unamortized debt issuance costs associated with the retirement of approximately $50 million face value of Hyster-Yale Materials Handling 12-3/8 percent Subordinated Debentures. Hyster-Yale will retire the debentures in the third quarter as a result of a contribution by NACCO of previously purchased subordinated debentures with a face value of $23.7 million, and an equity infusion by NACCO which will enable Hyster-Yale to call approximately $26.3 million face value of subordinated debentures at a price of 107.5.
 To accomplish this significant improvement in its capital structure, Hyster-Yale today signed an amendment to its existing senior bank credit agreement. This amendment permits equity infusions by existing Hyster- Yale stockholders to be used for cash purchases of debentures and, after August 1994, permits Hyster-Yale to use internally generated funds to retire additional subordinated debentures. In addition, the amendment modifies the bank loan repayment schedules and provides Hyster-Yale with more favorable performance based interest rate incentives.
 Operating results declined in the second quarter and for the first six months of 1993 as compared with the same periods last year. Hyster- Yale continues to experience intense worldwide price competition as well as deteriorating demand in Europe. In addition, the recent appreciation of the yen has caused cost increases. North American Coal earnings decreased primarily due to lower royalty income, as previously announced. Hamilton Beach(TM)Proctor-Silex results declined as low consumer confidence led to a continuing trend toward lower priced appliance models. Also, as expected, the strong juice extractor sales in 1992 did not recur in 1993. Kitchen Collection experienced weaker consumer demand during the quarter which was offset by sales from new stores.
 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 second quarter of 1992 by $392,000, or $0.05 per share and $764,000, or $0.09 per share for the first six 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 Six Months Ended
 June 30 June 30
 1993 1992 (A) 1993 1992 (A)
 Total revenues $358,735 $348,680 $702,556 $668,367
 Income (loss) before
 extraordinary charge $ (201) $ 1,021 $ (207) $ 1,719
 Extraordinary charge (3,292) 0 (3,292) 0
 Net income (loss) $ (3,493) $ 1,021 $ (3,499) $ 1,719
 Income (loss) per share
 before extraordinary
 charge $ (0.02) $ 0.11 $ (0.02) $ 0.19
 Extraordinary charge (0.37) 0.00 (0.37) 0.00
 Net income (loss)
 per share $ (0.39) $ 0.11 $ (0.39) $ 0.19
 Cash dividends per share $ 0.165 $ 0.160 $ 0.325 $ 0.315
 Average shares outstanding 8,937 8,884 8,937 8,883
 (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- 7/30/93
 /CONTACT: R. Robertson Hilton, vice president and treasurer of NACCO Industries, 216-449-9600/
 (NC)


CO: NACCO Industries ST: Ohio IN: MNG SU: ERN

KL -- CL016 -- 7883 07/30/93 16:00 EDT
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Date:Jul 30, 1993
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