NACCO INDUSTRIES INC - FORM 8-K - EX-99 - EXHIBIT 99 - November 2, 2017

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8-K - 8-K - NACCO INDUSTRIES INCdataschedule93020178-k.htm


 
 
 
 
 
 
 
 
 
 
 
EXHIBIT 99
 
NACCO Industries, Inc. - Consolidated
(in thousands, except percentage data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016
30,287

23,089

32,402

25,303

111,081

 
 
 
 
 
 
 
 
2017
28,300

28,100

21,941

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Profit (Loss) (4) (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016
8,301

3,526

(12,779
)
(707
)
(1,659
)
 
 
 
 
 
 
 
 
2017
9,806

9,512

6,989

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest (Income) Expense (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016
1,020

1,052

981

1,069

4,122

 
 
 
 
 
 
 
 
2017
863

799

960

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other (Income) Expense (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016
95

2,337

(39
)
(1,481
)
912

 
 
 
 
 
 
 
 
2017
124

141

73

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) Before Taxes (4) (5)
 
 
Effective income tax rate from continuing operations (5)
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2016
7,186

137

(13,721
)
(295
)
(6,693
)
 
2016
n.m.

n.m.

84.5
%
n.m.
151.2
%
 
2017
8,819

8,572

5,956

 
 
 
2017
6.8
%
15.6
%
44.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) from Continuing Operations (4) (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016
7,760

1,943

(2,132
)
(4,144
)
3,427

 
 
 
 
 
 
 
 
2017
8,220

7,232

3,331

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discontinued Operations, Net of Taxes (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016
(4,958
)
1,173

1,691

28,275

26,181

 
 
 
 
 
 
 
 
2017
(3,242
)
(444
)
(5,067
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) (4)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016
2,802

3,116

(441
)
24,131

29,608

 
 
 
 
 
 
 
 
2017
4,978

6,788

8,398

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation, depletion and
amortization expense (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016
3,038

3,111

3,721

3,180

13,050

 
 
 
 
 
 
 
 
2017
3,180

3,243

3,157

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016
2,521

3,118

1,658

2,868

10,165

 
 
 
 
 
 
 
 
2017
3,425

2,275

3,511

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used for) operating activities from continuing operations (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016
(4,740
)
5,477

20,557

10,078

31,372

 
 
 
 
 
 
 
 
2017
(18,158
)
35,144

17,832

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





NACCO Industries, Inc. - Consolidated
(in thousands, except percentage data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used for) investing activities from continuing operations (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016

(2,550
)
(3,067
)
14

1,711

(3,892
)
 
 
 
 
 
 
 
 
2017

(2,616
)
(1,014
)
(2,674
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flow before financing activities from continuing operations (1) (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016

(7,290
)
2,410

20,571

11,789

27,480

 
 
 
 
 
 
 
 
2017

(20,774
)
34,130

15,158

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used for) financing activities from continuing operations (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016

7,961

(6,206
)
(4,641
)
9,013

6,127

 
 
 
 
 
 
 
 
2017

4,202

(29,513
)
21,427

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends Paid to Shareholders
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016

1,804

1,834

1,812

1,812

7,262

 
 
 
 
 
 
 
 
2017

1,827

1,863

1,862

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt (2) (5)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016

111,381

110,838

110,227

96,039

96,039

 
 
 
 
 
 
 
 
2017

99,070

69,130

58,741

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
Return on Equity (3) (4)
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2016

202,019

198,972

196,308

220,293

220,293

 
2017
15.2
%
16.6
%
20.5
%
 
 
 
2017

224,526

230,960

207,063

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(2
)
Total debt presented excludes the obligations of the unconsolidated mines. The unconsolidated mines' customers arrange and guarantee the financing of the unconsolidated mines. These obligations are without recourse to and are not guaranteed by North American Coal or NACCO.
(3
)
Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.
(4
)
The third quarter of 2016 included an impairment charge of $17.4 million with respect to its Centennial mining operations.

(5
)
On September 29, 2017, the Company spun-off Hamilton Beach Brands Holding Company ("HBBHC", ticker symbol HBB), a former wholly owned subsidiary. The financial position, results of operations and cash flows of HBBHC are reflected as discontinued operations for 2016 and 2017.




 
 
 
 
 
 
 
 
 
 
 
 
 
The North American Coal Corporation
(in thousands, except percentage data, tons of coal sold and limerock yards delivered)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tons of coal sold - Unconsolidated mines
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
2016
7.0

6.7

7.8

8.0

29.5

 
 
 
 
 
 
 
2017
9.2

7.5

9.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tons of coal sold - Consolidated mines
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
2016
0.8

0.6

1.0

0.6

3.0

 
 
 
 
 
 
 
2017
0.7

0.7

0.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Limerock yards delivered
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
2016
6.8

7.1

6.4

5.8

26.1

 
 
 
 
 
 
 
2017
7.8

7.9

6.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
2016
30,287

23,089

32,402

25,303

111,081

 
 
 
 
 
 
 
2017
28,300

28,100

21,941

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Profit (Loss)
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
2016
6,028

2,289

1,708

2,316

12,341

 
 
 
 
 
 
 
2017
4,592

4,644

2,530

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings of unconsolidated mines
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
2016
12,648

13,035

15,102

14,453

55,238

 
 
 
 
 
 
 
2017
14,955

13,475

16,197

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Operating Expenses
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
2016
8,934

10,501

27,722

14,803

61,960

 
 
 
 
 
 
 
2017
8,221

7,243

9,802

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Profit (Loss) (3)
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
2016
9,742

4,823

(10,912
)
1,966

5,619

 
 
 
 
 
 
 
2017
11,326

10,876

8,925

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest (Income) Expense
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
2016
1,024

1,053

982

1,101

4,160

 
 
 
 
 
 
 
2017
873

801

965

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other (Income) Expense
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
2016
(198
)
2,041

(198
)
(198
)
1,447

 
 
 
 
 
 
 
2017
(184
)
(180
)
(202
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 







 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The North American Coal Corporation
 
(in thousands, except percentage data, tons of coal sold and limerock yards delivered)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) Before Taxes (3)
 
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
 
2016
8,916

1,729

(11,696
)
1,083

32

 
 
 
 
 
 
 
 
 
2017
10,637

10,255

8,162

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation, depletion and
amortization expense
 
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
 
2016
2,944

3,020

3,630

3,088

12,682

 
 
 
 
 
 
 
 
 
2017
3,088

3,151

3,066

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
 
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
 
2016
2,517

3,106

1,657

2,829

10,109

 
 
 
 
 
 
 
 
 
2017
3,421

2,276

3,502

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used for) operating activities
 
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
 
2016
(3,471
)
3,580

16,380

18,451

34,940

 
 
 
 
 
 
 
 
 
2017
(11,361
)
28,695

18,538

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used for) investing activities
 
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
 
2016
(1,548
)
(4,093
)
(5
)
1,730

(3,916
)
 
 
 
 
 
 
 
 
 
2017
(2,632
)
(1,035
)
(2,685
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flow before financing activities (1)
 
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
 
2016
(5,019
)
(513
)
16,375

20,181

31,024

 
 
 
 
 
 
 
 
 
2017
(13,993
)
27,660

15,853

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used for) financing activities
 
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
 
2016
(1,253
)
474

(4,910
)
(27,075
)
(32,764
)
 
 
 
 
 
 
 
 
 
2017
3,029

(27,650
)
(15,711
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends to (capital contributions from) NACCO
 
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
 
2016
—

—

4,300

5,900

10,200

 
 
 
 
 
 
 
 
 
2017
—

—

4,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt (2)
 
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
 
2016
111,381

110,838

110,227

96,039

96,039

 
 
 
 
 
 
 
 
 
2017
99,070

69,130

58,741

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




 
 
 
 
 
 
 
 
 
 
 
 
 
 
The North American Coal Corporation
(in thousands, except percentage data, tons of coal sold and limerock yards delivered)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016

116,209

119,542

102,995

105,645

105,645

 
 
 
 
 
 
 
 
2017

115,161

123,741

129,815

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(2
)
Total debt presented excludes the obligations of the unconsolidated mines. The unconsolidated mines' customers arrange and guarantee the financing of the unconsolidated mines. These obligations are without recourse to and are not guaranteed by North American Coal or NACCO.
(3
)
The third quarter of 2016 included an impairment charge of $17.4 million with respect to its Centennial mining operations.






 
 
 
 
 
 
 
 
 
 
 
 
 
 
NACCO and Other
 
(in thousands, except percentage data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) Before Taxes (1)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2016

(1,730
)
(1,592
)
(2,025
)
(1,378
)
(6,725
)
 
 
 
 
 
 
 
 
2017

(1,818
)
(1,683
)
(2,206
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
On September 29, 2017, the Company spun-off Hamilton Beach Brands Holding Company ("HBBHC", ticker symbol HBB), a former wholly owned subsidiary. The financial position, results of operations and cash flows of HBBHC are reflected as discontinued operations for 2016 and 2017.



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