NACCO Industries (NC) 8-K Results of Operations and Financial Condition

Exhibit 99

NACCO Industries, Inc. — Consolidated
(in millions, except percentage data)

	Revenues
	Q1		Q2		Q3		Q4		FY
2003		558.2		568.8		582.0		763.6		2,472.6
2004		614.2		644.3		668.0

	Operating Profit
	Q1		Q2		Q3		Q4		FY
2003		16.5		25.6		24.8		50.3		117.2
2004		5.3		14.0		20.8

	Interest (Income) Expense
	Q1		Q2		Q3		Q4		FY
2003		11.9		11.9		11.8		12.3		47.9
2004		11.8		11.4		11.0

	Other (Income) Expense
	Q1		Q2			Q3			Q4		FY
2003		0.8		0.2			1.3			2.0		4.3
2004		0.2		(1.2	)		(7.2	)

	Income Before Taxes, Minority Interest, Extraordinary Gain (Loss)
	and Cumulative Effect of Accounting Changes
	Q1			Q2		Q3		Q4		FY
2003		3.8			13.5		11.7		36.0		65.0
2004		(6.7	)		3.8		17.0

	Net Income
	Q1			Q2		Q3		Q4		FY
2003		4.1			9.6		11.7		27.4		52.8
2004		(4.5	)		6.4		13.4

	Restructuring Expense (Reversal)
	Q1			Q2			Q3			Q4			FY
2003		(0.1	)		(0.6	)		(0.3	)		(0.2	)		(1.2	)
2004		9.1			(1.1	)		(0.3	)

	Restructuring Accrual Balance
	Q1		Q2		Q3		Q4		FY
2003		11.7		10.3		8.6		8.0		8.0
2004		13.6		9.8		8.2

	Depreciation, Depletion and Amortization Expense
	Q1		Q2		Q3		Q4		FY
2003		17.1		17.1		16.4		17.8		68.4
2004		16.1		15.7		15.6

	Net Working Capital (1)
	Q1		Q2		Q3		Q4		FY
2003		354.8		386.8		423.9		373.2		373.2
2004		333.3		365.6		450.8

	Capital Expenditures
	Q1		Q2		Q3		Q4		FY
2003		6.3		27.4		13.6		12.4		59.7
2004		10.8		15.7		14.6

	Net Cash Provided by (Used for) Operating Activities
	Q1		Q2			Q3			Q4		FY
2003		1.3		(2.1	)		6.6			117.5		123.3
2004		13.1		(11.8	)		(29.2	)

	Net Cash Provided by (Used for) Investing Activities
	Q1			Q2			Q3			Q4			FY
2003		0.7			(21.6	)		(12.6	)		(9.3	)		(42.8	)
2004		(6.9	)		(14.3	)		(10.3	)

	Effective Income Tax Rate
	Q1			Q2			Q3			Q4			FY
2003		31.6	%		30.4	%		3.4	%		28.1	%		24.3	%
2004		28.4	%		-65.8	%		21.8	%

NACCO Industries, Inc. — Consolidated
(in millions, except percentage data)

	Cash Flow Before Financing Activities (2)
	Q1		Q2			Q3			Q4		FY
2003		2.0		(23.7	)		(6.0	)		108.2		80.5
2004		6.2		(26.1	)		(39.5	)

	Net Cash Provided by (Used for) Financing Activities
	Q1			Q2		Q3			Q4			FY
2003		(9.2	)		5.1		(1.3	)		(66.5	)		(71.9	)
2004		(22.2	)		21.6		25.5

	Dividends Paid to Shareholders
	Q1		Q2		Q3		Q4		FY
2003		2.0		2.1		3.1		3.1		10.3
2004		3.1		3.2		3.7

	Total Debt (4)
	Q1		Q2		Q3		Q4		FY
2003		479.9		489.8		491.3		435.2		435.2
2004		416.4		440.9		469.1

	Equity
	Q1		Q2		Q3		Q4		FY
2003		563.8		585.6		598.7		637.0		637.0
2004		629.9		630.0		644.1

	Return on Equity (3)
	Q1			Q2			Q3			Q4			FY
2003		7.3	%		8.4	%		8.9	%		9.0	%		9.0	%
2004		7.3	%		6.7	%		6.8	%

(1)	Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
(2)	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.
(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)	Total debt presented excludes the obligations of the project mining subsidiaries. The project mining subsidiaries’ utility customers arrange and guarantee the financing of the project mining subsidiaries. These obligations are without recourse to and are not guaranteed by North American Coal or NACCO.

NACCO Materials Handling Group — Consolidated
(in millions, except percentage data)

	Revenues
	Q1		Q2		Q3		Q4		FY
2003		419.0		428.4		407.9		524.3		1,779.6
2004		470.8		495.7		494.5

	Gross Profit
	Q1		Q2		Q3		Q4		FY
2003		74.8		75.5		72.2		89.8		312.3
2004		74.2		73.0		73.9

	Operating Expenses
	Q1		Q2		Q3		Q4		FY
2003		62.1		59.9		66.4		75.1		263.5
2004		65.9		65.8		68.7

	Operating Profit
	Q1		Q2		Q3		Q4		FY
2003		12.7		15.6		5.8		14.7		48.8
2004		8.3		7.2		5.2

	Interest (Income) Expense
	Q1		Q2		Q3		Q4		FY
2003		8.0		8.0		7.9		8.4		32.3
2004		8.3		8.1		7.7

	Other (Income) Expense
	Q1			Q2			Q3			Q4			FY
2003		0.1			(0.7	)		(0.1	)		(0.4	)		(1.1	)
2004		(0.3	)		(1.1	)		(7.4	)

	Income (Loss) Before Taxes, Minority Interest and
	Cumulative Effect of Accounting Changes
	Q1		Q2		Q3			Q4		FY
2003		4.6		8.3		(2.0	)		6.7		17.6
2004		0.3		0.2		4.9

	Net Income (Loss)
	Q1		Q2		Q3		Q4		FY
2003		3.3		5.7		2.6		4.8		16.4
2004		0.5		2.5		4.4

	Restructuring Expense (Reversal)
	Q1			Q2			Q3			Q4		FY
2003		(0.1	)		(0.6	)		(0.1	)		—		(0.8	)
2004		—			(1.0	)		—

	Restructuring Accrual Balance
	Q1		Q2		Q3		Q4		FY
2003		10.5		9.3		8.0		7.9		7.9
2004		7.5		4.9		4.6

	Depreciation and Amortization Expense
	Q1		Q2		Q3		Q4		FY
2003		11.3		11.0		10.3		11.5		44.1
2004		10.7		10.6		10.4

	Net Working Capital (1)
	Q1		Q2		Q3		Q4		FY
2003		232.9		263.9		286.3		275.9		275.9
2004		248.6		264.4		322.7

	Capital Expenditures
	Q1		Q2		Q3		Q4		FY
2003		3.2		6.4		8.8		9.2		27.6
2004		7.0		11.2		8.8

	Net Cash Provided by (Used for) Operating Activities
	Q1		Q2			Q3			Q4		FY
2003		12.7		(16.1	)		(6.4	)		59.9		50.1
2004		24.3		(12.4	)		(23.2	)

	Effective Income Tax Rate
	Q1			Q2			Q3			Q4			FY
2003		34.8	%		33.7	%		n.m.			23.9	%		10.2	%
2004		33.3	%		n.m.			12.2	%

NACCO Materials Handling Group — Consolidated
(in millions, except percentage data)

	Net Cash Provided by (Used for) Investing Activities
	Q1			Q2			Q3			Q4			FY
2003		3.8			(0.6	)		(8.0	)		(6.3	)		(11.1	)
2004		(3.1	)		(10.3	)		(4.9	)

	Cash Flow Before Financing Activities (2)
	Q1		Q2			Q3			Q4		FY
2003		16.5		(16.7	)		(14.4	)		53.6		39.0
2004		21.2		(22.7	)		(28.1	)

	Net Cash Provided by (Used for) Financing Activities
	Q1			Q2			Q3		Q4			FY
2003		(22.5	)		(3.2	)		8.5		(16.9	)		(34.1	)
2004		(30.8	)		16.5			15.2

	Dividends to NACCO
	Q1		Q2		Q3		Q4		FY
2003		1.2		1.3		1.3		1.2		5.0
2004		—		—		—

	Total Debt
	Q1		Q2		Q3		Q4		FY
2003		306.3		307.0		316.5		307.7		307.7
2004		277.2		292.9		307.2

	Equity
	Q1		Q2		Q3		Q4		FY
2003		382.2		402.6		407.4		424.8		424.8
2004		425.4		422.1		430.3

	Return on Equity (3)
	Q1			Q2			Q3			Q4			FY
2003		3.0	%		4.7	%		5.5	%		4.1	%		4.1	%
2004		3.3	%		2.5	%		2.9	%

(1)	Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
(2)	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.
(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.

NACCO Materials Handling Group — Wholesale
(in millions, except percentage data)

	Backlog
	Q1		Q2		Q3		Q4		FY
2003		17.3		19.4		20.1		19.1		19.1
2004		24.5		24.7		26.8

	Unit Shipments
	Q1		Q2		Q3		Q4		FY
2003		17.5		17.0		16.2		19.7		70.4
2004		17.6		18.8		18.7

	Revenues – North America
	Q1		Q2		Q3		Q4		FY
2003		256.2		251.7		239.5		321.3		1,068.7
2004		264.9		288.7		296.5

	Revenues – Europe
	Q1		Q2		Q3		Q4		FY
2003		102.7		111.5		102.6		129.7		446.5
2004		128.2		131.7		122.1

	Revenues – Asia-Pacific
	Q1		Q2		Q3		Q4		FY
2003		23.7		26.0		25.1		27.0		101.8
2004		28.2		25.1		31.1

	Revenues – Consolidated
	Q1		Q2		Q3		Q4		FY
2003		382.6		389.2		367.2		478.0		1,617.0
2004		421.3		445.5		449.7

	Gross Profit $
	Q1		Q2		Q3		Q4		FY
2003		64.1		64.3		62.2		80.3		270.9
2004		62.9		61.9		61.9

	Operating Expenses
	Q1		Q2		Q3		Q4		FY
2003		50.4		48.8		55.1		61.1		215.4
2004		53.2		53.5		57.2

	Operating Profit $
	Q1		Q2		Q3		Q4		FY
2003		13.7		15.5		7.1		19.2		55.5
2004		9.7		8.4		4.7

	Interest (Income) Expense
	Q1		Q2		Q3		Q4		FY
2003		6.7		6.6		6.5		6.5		26.3
2004		6.7		6.5		6.1

	Other (Income) Expense
	Q1			Q2			Q3			Q4			FY
2003		0.3			(0.3	)		(0.1	)		(1.2	)		(1.3	)
2004		(0.3	)		(1.2	)		(7.4	)

	Income Before Taxes, Minority Interest and
	Cumulative Effect of Accounting Changes
	Q1		Q2		Q3		Q4		FY
2003		6.7		9.2		0.7		13.9		30.5
2004		3.3		3.1		6.0

	Revenues – North America – % Change Year Over Year
	Q1			Q2			Q3			Q4			FY
2003		12.2	%		5.9	%		4.4	%		22.2	%		11.5	%
2004		3.4	%		14.7	%		23.8	%

	Revenues – Europe – % Change Year Over Year
	Q1			Q2			Q3			Q4			FY
2003		21.4	%		20.9	%		8.0	%		13.8	%		15.7	%
2004		24.8	%		18.1	%		19.0	%

	Revenues – Asia-Pacific – % Change Year Over Year
	Q1			Q2			Q3			Q4			FY
2003		60.1	%		49.4	%		40.2	%		22.7	%		41.2	%
2004		19.0	%		-3.5	%		23.9	%

	Revenues – Consolidated – % Change Year Over Year
	Q1			Q2			Q3			Q4			FY
2003		16.8	%		12.1	%		7.3	%		19.8	%		14.2	%
2004		10.1	%		14.5	%		22.5	%

	Gross Profit %
	Q1			Q2			Q3			Q4			FY
2003		16.8	%		16.5	%		16.9	%		16.8	%		16.8	%
2004		14.9	%		13.9	%		13.8	%

	Operating Expenses as a % of Revenues
	Q1			Q2			Q3			Q4			FY
2003		13.2	%		12.5	%		15.0	%		12.8	%		13.3	%
2004		12.6	%		12.0	%		12.7	%

	Operating Profit %
	Q1			Q2			Q3			Q4			FY
2003		3.6	%		4.0	%		1.9	%		4.0	%		3.4	%
2004		2.3	%		1.9	%		1.0	%

	Effective Income Tax Rate
	Q1			Q2			Q3			Q4			FY
2003		34.3	%		33.7	%		n.m.			27.3	%		28.5	%
2004		33.3	%		-38.7	%		16.7	%

NACCO Materials Handling Group — Wholesale
(in millions, except percentage data)

	Net Income
	Q1		Q2		Q3		Q4		FY
2003		4.7		6.3		1.6		9.8		22.4
2004		2.5		4.4		5.1

	Restructuring Expense (Reversal)
	Q1		Q2			Q3		Q4		FY
2003		—		(0.3	)		—		—		(0.3	)
2004		—		(1.0	)		—

	Restructuring Accrual Balance
	Q1		Q2		Q3		Q4		FY
2003		9.3		8.5		7.4		7.3		7.3
2004		6.9		4.4		4.2

	Depreciation and Amortization Expense
	Q1		Q2		Q3		Q4		FY
2003		6.6		6.6		6.4		6.6		26.2
2004		6.7		6.6		6.7

	Capital Expenditures
	Q1		Q2		Q3		Q4		FY
2003		2.8		5.6		6.1		7.5		22.0
2004		6.8		8.6		5.4

NACCO Materials Handling Group — Retail (net of eliminations)
(in millions, except percentage data)

	Revenues – North America
	Q1		Q2		Q3		Q4		FY
2003		0.7		0.5		—		—		1.2
2004		—		—		—

	Revenues – Europe
	Q1		Q2		Q3		Q4		FY
2003		17.5		19.9		17.8		23.1		78.3
2004		21.6		21.3		21.2

	Revenues – Asia Pacific
	Q1		Q2		Q3		Q4		FY
2003		18.2		18.8		22.9		23.2		83.1
2004		27.9		28.9		23.6

	Revenues – Consolidated
	Q1		Q2		Q3		Q4		FY
2003		36.4		39.2		40.7		46.3		162.6
2004		49.5		50.2		44.8

	Operating Profit (Loss) $
	Q1			Q2			Q3			Q4			FY
2003		(1.0	)		0.1			(1.3	)		(4.5	)		(6.7	)
2004		(1.4	)		(1.2	)		0.5

	Interest (Income) Expense
	Q1		Q2		Q3		Q4		FY
2003		1.3		1.4		1.4		1.9		6.0
2004		1.6		1.6		1.6

	Other (Income) Expense
	Q1			Q2			Q3		Q4		FY
2003		(0.2	)		(0.4	)		—		0.8		0.2
2004		—			0.1			—

	Income (Loss) Before Taxes
	Q1			Q2			Q3			Q4			FY
2003		(2.1	)		(0.9	)		(2.7	)		(7.2	)		(12.9	)
2004		(3.0	)		(2.9	)		(1.1	)

	Net Income (Loss)
	Q1			Q2			Q3			Q4			FY
2003		(1.4	)		(0.6	)		1.0			(5.0	)		(6.0	)
2004		(2.0	)		(1.9	)		(0.7	)

	Restructuring Expense (Reversal)
	Q1			Q2			Q3			Q4		FY
2003		(0.1	)		(0.3	)		(0.1	)		—		(0.5	)
2004		—			—			—

	Restructuring Accrual Balance
	Q1		Q2		Q3		Q4		FY
2003		1.2		0.8		0.6		0.6		0.6
2004		0.6		0.5		0.4

	Revenues – North America – % Change Year Over Year
	Q1			Q2			Q3		Q4		FY
2003		-90.8	%		-92.2	%		n.m		n.m		-95.4	%
2004		n.m.			n.m.			n.m.

	Revenues – Europe – % Change Year Over Year
	Q1			Q2			Q3			Q4			FY
2003		8.7	%		22.8	%		13.4	%		26.9	%		18.3	%
2004		23.4	%		7.0	%		19.1	%

	Revenues – Asia Pacific – % Change Year Over Year
	Q1			Q2			Q3			Q4			FY
2003		-10.8	%		-0.5	%		8.0	%		20.2	%		4.1	%
2004		53.3	%		53.7	%		3.1	%

	Revenues – Consolidated – % Change Year Over Year
	Q1			Q2			Q3			Q4			FY
2003		-17.5	%		-5.5	%		-6.0	%		6.9	%		-5.6	%
2004		36.0	%		28.1	%		10.1	%

	Operating Profit (Loss) %
	Q1			Q2			Q3			Q4			FY
2003		-2.7	%		0.3	%		-3.2	%		-9.7	%		-4.1	%
2004		-2.8	%		-2.4	%		1.1	%

	Effective Income Tax Rate
	Q1			Q2			Q3			Q4			FY
2003		33.3	%		33.3	%		n.m.			44.4	%		53.5	%
2004		33.3	%		34.5	%		36.4	%

Housewares — Consolidated *
(in millions, except percentage data)

	Revenues
	Q1		Q2		Q3		Q4		FY
2003		116.0		118.3		151.2		213.2		598.7
2004		117.5		121.5		143.7

	Gross Profit
	Q1		Q2		Q3		Q4		FY
2003		21.5		26.9		35.3		55.9		139.6
2004		25.1		28.3		33.8

	Operating Expenses
	Q1		Q2		Q3		Q4		FY
2003		25.3		22.5		23.9		25.9		97.6
2004		34.5		26.0		25.4

	Operating Profit
	Q1			Q2		Q3		Q4		FY
2003		(3.8	)		4.4		11.4		30.0		42.0
2004		(9.4	)		2.3		8.4

	Interest (Income) Expense
	Q1		Q2		Q3		Q4		FY
2003		1.6		1.7		1.7		1.5		6.5
2004		1.8		1.5		1.5

	Other (Income) Expense
	Q1		Q2			Q3			Q4		FY
2003		0.3		0.1			1.1			1.8		3.3
2004		—		(0.4	)		(0.2	)

	Income Before Taxes
	Q1			Q2		Q3		Q4		FY
2003		(5.7	)		2.6		8.6		26.7		32.2
2004		(11.2	)		1.2		7.1

	Net Income
	Q1			Q2		Q3		Q4		FY
2003		(3.4	)		1.5		5.2		16.2		19.5
2004		(6.5	)		1.3		4.4

	Restructuring Expense (Reversal)
	Q1		Q2			Q3			Q4			FY
2003		—		—			(0.2	)		(0.2	)		(0.4	)
2004		9.1		(0.1	)		(0.3	)

	Restructuring Accrual Balance
	Q1		Q2		Q3		Q4		FY
2003		1.2		1.0		0.6		0.1		0.1
2004		6.1		4.9		3.6

	Depreciation and Amortization Expense
	Q1		Q2		Q3		Q4		FY
2003		3.2		3.2		3.2		3.1		12.7
2004		2.5		2.2		2.1

	Net Working Capital (1)
	Q1		Q2		Q3		Q4		FY
2003		105.6		109.7		124.9		107.8		107.8
2004		90.2		100.8		128.8

	Effective Income Tax Rate
	Q1			Q2			Q3			Q4			FY
2003		40.4	%		42.3	%		39.5	%		39.3	%		39.4	%
2004		42.0	%		n.m.			38.0	%

Housewares — Consolidated *
(in millions, except percentage data)

	Capital Expenditures
	Q1		Q2		Q3		Q4		FY
2003		1.4		1.9		1.0		1.5		5.8
2004		2.6		2.6		1.5

	Net Cash Provided by (Used for) Operating Activities
	Q1			Q2			Q3			Q4		FY
2003		(6.7	)		0.2			2.0			45.7		41.2
2004		(3.4	)		(9.0	)		(16.5	)

	Net Cash Provided by (Used for) Investing Activities
	Q1			Q2			Q3			Q4			FY
2003		(1.4	)		(1.9	)		(1.0	)		(1.5	)		(5.8	)
2004		(2.6	)		(2.5	)		(1.1	)

	Cash Flow Before Financing Activities (2)
	Q1			Q2			Q3			Q4		FY
2003		(8.1	)		(1.7	)		1.0			44.2		35.4
2004		(6.0	)		(11.5	)		(17.6	)

	Net Cash Provided by (Used for) Financing Activities
	Q1		Q2		Q3			Q4			FY
2003		6.9		2.7		(3.0	)		(42.8	)		(36.2	)
2004		3.9		13.3		16.4

	Dividends to NACCO
	Q1		Q2		Q3		Q4		FY
2003		0.5		0.5		0.5		11.3		12.8
2004		1.0		5.0		20.0

	Total Debt
	Q1		Q2		Q3		Q4		FY
2003		65.4		68.7		66.2		35.0		35.0
2004		40.0		58.7		95.0

	Equity
	Q1		Q2		Q3		Q4		FY
2003		149.7		150.1		156.2		161.6		161.6
2004		148.6		151.3		135.8

	Return on Equity (3)
	Q1			Q2			Q3			Q4			FY
2003		11.7	%		12.4	%		12.5	%		12.6	%		12.6	%
2004		10.7	%		10.5	%		10.2	%

* Housewares Consolidated includes Hamilton BeachuProctor-Silex, Kitchen Collection and the related intercompany eliminations.

(1)	Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
(2)	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.
(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.

Hamilton BeachuProctor-Silex, Inc.
(in millions, except percentage data)

	Revenues
	Q1		Q2		Q3		Q4		FY
2003		95.7		97.6		126.2		173.3		492.8
2004		96.6		101.1		118.7

	Gross Profit $
	Q1		Q2		Q3		Q4		FY
2003		12.6		17.5		24.3		37.5		91.9
2004		15.8		18.9		22.6

	Operating Expenses
	Q1		Q2		Q3		Q4		FY
2003		15.8		12.8		13.4		13.7		55.7
2004		24.4		15.4		14.4

	Operating Profit $
	Q1			Q2		Q3		Q4		FY
2003		(3.2	)		4.7		10.9		23.8		36.2
2004		(8.6	)		3.5		8.2

	Interest (Income) Expense
	Q1		Q2		Q3		Q4		FY
2003		1.5		1.6		1.6		1.5		6.2
2004		1.7		1.3		1.4

	Other (Income) Expense
	Q1		Q2			Q3			Q4		FY
2003		0.3		0.1			1.1			1.8		3.3
2004		—		(0.3	)		(0.2	)

	Income (Loss) Before Taxes
	Q1			Q2		Q3		Q4		FY
2003		(5.0	)		3.0		8.2		20.5		26.7
2004		(10.3	)		2.5		7.0

	Net Income (Loss)
	Q1			Q2		Q3		Q4		FY
2003		(3.0	)		1.8		4.9		12.5		16.2
2004		(5.9	)		2.0		4.3

	Restructuring Expense (Reversal)
	Q1		Q2			Q3			Q4			FY
2003		—		—			(0.2	)		(0.2	)		(0.4	)
2004		9.1		(0.1	)		(0.3	)

	Restructuring Accrual Balance
	Q1		Q2		Q3		Q4		FY
2003		1.2		1.0		0.6		0.1		0.1
2004		6.1		4.9		3.6

	Depreciation and Amortization Expense
	Q1		Q2		Q3		Q4		FY
2003		2.9		2.9		2.8		2.7		11.3
2004		2.2		1.8		1.8

	Net Working Capital (1)
	Q1		Q2		Q3		Q4		FY
2003		93.0		98.2		115.0		100.7		100.7
2004		78.2		87.6		113.4

	Capital Expenditures
	Q1		Q2		Q3		Q4		FY
2003		1.0		1.4		0.9		1.2		4.5
2004		2.3		1.3		1.3

	Revenues % Change Year Over Year
	Q1			Q2			Q3			Q4			FY
2003		-5.6	%		-14.3	%		2.1	%		5.1	%		-2.2	%
2004		0.9	%		3.6	%		-5.9	%

	Gross Profit %
	Q1			Q2			Q3			Q4			FY
2003		13.2	%		17.9	%		19.3	%		21.6	%		18.6	%
2004		16.4	%		18.7	%		19.0	%

	Operating Expenses as a % of Revenues
	Q1			Q2			Q3			Q4			FY
2003		16.5	%		13.1	%		10.7	%		7.9	%		11.3	%
2004		25.3	%		15.2	%		12.1	%

	Operating Profit %
	Q1			Q2			Q3			Q4			FY
2003		-3.3	%		4.8	%		8.6	%		13.7	%		7.3	%
2004		-8.9	%		3.5	%		6.9	%

	Effective Income Tax Rate
	Q1			Q2			Q3			Q4			FY
2003		40.0	%		40.0	%		39.0	%		39.3	%		39.3	%
2004		41.7	%		20.0	%		38.6	%

Hamilton BeachuProctor-Silex, Inc.
(in millions, except percentage data)

	Net Cash Provided by (Used for) Operating Activities
	Q1		Q2			Q3			Q4		FY
2003		1.1		(1.0	)		(0.5	)		35.1		34.7
2004		6.2		(7.3	)		(14.2	)

	Net Cash Provided by (Used for) Investing Activities
	Q1			Q2			Q3			Q4			FY
2003		(1.0	)		(1.4	)		(0.9	)		(1.2	)		(4.5	)
2004		(2.3	)		(1.1	)		(1.0	)

	Cash Flow Before Financing Activities (2)
	Q1		Q2			Q3			Q4		FY
2003		0.1		(2.4	)		(1.4	)		33.9		30.2
2004		3.9		(8.4	)		(15.2	)

	Net Cash Provided by (Used for) Financing Activities
	Q1			Q2		Q3			Q4			FY
2003		(1.3	)		3.3		(0.5	)		(33.2	)		(31.7	)
2004		(5.4	)		10.3		13.9

	Dividends to NACCO
	Q1		Q2		Q3		Q4		FY
2003		0.5		0.5		0.5		7.5		9.0
2004		1.0		5.0		20.0

	Total Debt
	Q1		Q2		Q3		Q4		FY
2003		56.5		60.3		60.3		35.0		35.0
2004		30.6		46.3		80.2

	Equity
	Q1		Q2		Q3		Q4		FY
2003		139.4		140.0		145.9		151.4		151.4
2004		139.0		142.4		126.7

															��
	Return on Equity (3)
	Q1			Q2			Q3			Q4			FY
2003		9.6	%		10.6	%		11.3	%		11.3	%		11.3	%
2004		9.3	%		9.4	%		9.1	%

(1)	Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
(2)	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.
(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.

The Kitchen Collection, Inc.
(in millions, except percentage and number of stores)

	Number of Stores
	Q1		Q2		Q3		Q4		FY
2003		172		178		179		180		180
2004		183		185		187

	Revenues
	Q1		Q2		Q3		Q4		FY
2003		20.6		21.8		26.0		41.8		110.2
2004		21.7		21.4		26.0

	Gross Profit $
	Q1		Q2		Q3		Q4		FY
2003		8.8		9.4		11.2		18.5		47.9
2004		9.3		9.4		11.2

	Operating Expenses
	Q1		Q2		Q3		Q4		FY
2003		9.5		9.7		10.4		12.3		41.9
2004		10.2		10.5		11.0

	Operating Profit $
	Q1			Q2			Q3		Q4		FY
2003		(0.6	)		(0.3	)		0.8		6.2		6.1
2004		(0.9	)		(1.1	)		0.2

	Interest (Income) Expense
	Q1		Q2		Q3		Q4		FY
2003		—		0.1		0.1		—		0.2
2004		0.1		0.1		0.1

	Other (Income) Expense
	Q1		Q2		Q3		Q4		FY
2003		—		—		—		—		—
2004		—		—		—

	Income Before Taxes
	Q1			Q2			Q3		Q4		FY
2003		(0.7	)		(0.4	)		0.7		6.2		5.8
2004		(0.9	)		(1.2	)		0.1

	Net Income
	Q1			Q2			Q3		Q4		FY
2003		(0.4	)		(0.3	)		0.4		3.8		3.5
2004		(0.6	)		(0.7	)		0.1

	Restructuring Expense
	Q1		Q2		Q3		Q4		FY
2003		—		—		—		—		—
2004		—		—		—

	Restructuring Accrual Balance
	Q1		Q2		Q3		Q4		FY
2003		—		—		—		—		—
2004		—		—		—

	Depreciation and Amortization Expense
	Q1		Q2		Q3		Q4		FY
2003		0.3		0.3		0.3		0.3		1.2
2004		0.3		0.3		0.4

	Net Working Capital (1)
	Q1		Q2		Q3		Q4		FY
2003		12.7		11.7		10.3		7.5		7.5
2004		12.5		13.5		15.7

	Capital Expenditures
	Q1		Q2		Q3		Q4		FY
2003		0.3		0.5		0.1		0.3		1.2
2004		0.3		1.3		0.2

	Average Sales Per Store
	Q1		Q2		Q3		Q4		FY
2003		0.1		0.1		0.1		0.2		0.5
2004		0.1		0.1		0.1

	Gross Profit %
	Q1			Q2			Q3			Q4			FY
2003		42.7	%		43.1	%		43.1	%		44.2	%		43.5	%
2004		42.8	%		43.9	%		43.1	%

	Operating Expenses as a % of Revenues
	Q1			Q2			Q3			Q4			FY
2003		46.0	%		44.5	%		40.0	%		29.3	%		38.0	%
2004		47.0	%		49.1	%		42.3	%

	Operating Profit %
	Q1			Q2			Q3			Q4			FY
2003		-2.9	%		-1.4	%		3.1	%		14.8	%		5.5	%
2004		-4.0	%		-5.0	%		0.8	%

	Effective Income Tax Rate
	Q1			Q2			Q3			Q4			FY
2003		42.9	%		50.0	%		42.9	%		40.3	%		39.7	%
2004		44.4	%		41.7	%		n.m.

The Kitchen Collection, Inc.
(in millions, except percentage and number of stores)

	Net Cash Provided by (Used for) Operating Activities
	Q1			Q2			Q3			Q4		FY
2003		(8.0	)		1.2			2.6			10.6		6.4
2004		(9.7	)		(1.7	)		(2.2	)

	Net Cash Provided by (Used for) Investing Activities
	Q1			Q2			Q3			Q4			FY
2003		(0.3	)		(0.5	)		(0.1	)		(0.3	)		(1.2	)
2004		(0.3	)		(1.3	)		(0.2	)

	Cash Flow Before Financing Activities (2)
	Q1			Q2			Q3			Q4		FY
2003		(8.3	)		0.7			2.5			10.2		5.1
2004		(10.0	)		(3.0	)		(2.4	)

	Net Cash Provided by (Used for) Financing Activities
	Q1		Q2			Q3			Q4			FY
2003		8.2		(0.6	)		(2.5	)		(9.6	)		(4.5	)
2004		9.3		3.0			2.5

	Dividends to NACCO
	Q1		Q2		Q3		Q4		FY
2003		—		—		—		3.8		3.8
2004		—		—		—

	Total Debt
	Q1		Q2		Q3		Q4		FY
2003		8.9		8.3		5.8		—		—
2004		9.3		12.4		14.8

	Equity
	Q1		Q2		Q3		Q4		FY
2003		10.4		10.2		10.6		10.5		10.5
2004		10.0		9.2		9.3

	Return on Equity (3)
	Q1			Q2			Q3			Q4			FY
2003		39.7	%		36.5	%		30.3	%		33.3	%		33.3	%
2004		31.9	%		28.7	%		26.2	%

(1)	Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
(2)	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.
(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.

The North American Coal Corporation
(in millions, except percentage data)

	Lignite Tons Delivered – Project Mines
	Q1		Q2		Q3		Q4		FY
2003		7.3		6.4		7.3		7.1		28.1
2004		7.2		5.8		7.2

	Lignite Tons Delivered – Non-project Mines
	Q1		Q2		Q3		Q4		FY
2003		1.9		1.7		1.8		2.0		7.4
2004		1.8		1.6		2.0

	Limerock Yards Delivered
	Q1		Q2		Q3		Q4		FY
2003		2.8		2.4		2.5		3.3		11.0
2004		4.2		5.1		4.5

	Revenues
	Q1		Q2		Q3		Q4		FY
2003		23.2		22.0		22.9		26.0		94.1
2004		25.9		27.0		29.8

	Gross Profit $
	Q1		Q2		Q3		Q4		FY
2003		3.9		2.6		4.7		3.7		14.9
2004		5.1		5.0		4.5

	Earnings of Unconsolidated Project Mining Subsidiaries
	Q1		Q2		Q3		Q4		FY
2003		8.6		7.8		8.2		7.1		31.7
2004		8.5		7.2		8.4

	Operating Expenses
	Q1		Q2		Q3		Q4		FY
2003		4.8		4.8		5.0		4.6		19.2
2004		4.8		5.2		5.1

	Operating Profit $
	Q1		Q2		Q3		Q4		FY
2003		7.7		5.6		7.9		6.2		27.4
2004		8.8		7.0		7.8

	Interest (Income) Expense
	Q1		Q2		Q3		Q4		FY
2003		2.1		2.3		2.2		2.5		9.1
2004		1.9		1.9		1.9

	Other (Income) Expense
	Q1		Q2		Q3		Q4			FY
2003		0.1		0.1		0.1		(0.3	)		—
2004		—		—		—

	Income Before Taxes and Cumulative Effect of
	Accounting Changes
	Q1		Q2		Q3		Q4		FY
2003		5.5		3.2		5.6		4.0		18.3
2004		6.9		5.1		5.9

	Cumulative Effect of Accounting Changes
	Q1			Q2		Q3		Q4		FY
2003		(1.3	)		—		—		—		(1.3	)
2004		—			—		—

	Gross Profit %
	Q1			Q2			Q3			Q4			FY
2003		16.8	%		11.8	%		20.5	%		14.1	%		15.8	%
2004		19.7	%		18.5	%		15.1	%

	Operating Expenses as a % of the Sum of Gross Profit
	Plus Earnings of Unconsolidated Project Mining Subsidiaries
	Q1			Q2			Q3			Q4			FY
2003		38.4	%		46.2	%		38.8	%		42.6	%		41.2	%
2004		35.3	%		42.6	%		39.5	%

	Operating Profit as a % of the Sum of Gross Profit Plus
	Earnings of Unconsolidated Project Mining Subsidiaries
	Q1			Q2			Q3			Q4			FY
2003		61.6	%		53.8	%		61.2	%		57.4	%		58.8	%
2004		64.7	%		57.4	%		60.5	%

	Effective Income Tax Rate
	Q1			Q2			Q3			Q4		FY
2003		16.4	%		n.m.			32.1	%		n.m.		14.8	%
2004		15.9	%		27.5	%		11.9	%

The North American Coal Corporation
(in millions, except percentage data)

	Net Income
	Q1		Q2		Q3		Q4		FY
2003		3.3		3.2		3.8		4.0		14.3
2004		5.8		3.7		5.2

	Depreciation, Depletion and Amortization Expense
	Q1		Q2		Q3		Q4		FY
2003		2.5		2.9		2.9		3.2		11.5
2004		2.9		2.9		3.0

	Capital Expenditures
	Q1		Q2		Q3		Q4		FY
2003		1.7		19.1		3.7		1.7		26.2
2004		1.2		1.9		4.2

	Net Cash Provided by (Used for) Operating Activities
	Q1		Q2		Q3		Q4		FY
2003		6.6		9.4		11.4		9.9		37.3
2004		12.0		5.1		8.6

	Net Cash Provided by (Used for) Investing Activities
	Q1			Q2			Q3			Q4			FY
2003		(1.7	)		(19.1	)		(3.5	)		(1.7	)		(26.0	)
2004		(1.2	)		(1.5	)		(4.3	)

	Cash Flow Before Financing Activities (1)
	Q1		Q2			Q3		Q4		FY
2003		4.9		(9.7	)		7.9		8.2		11.3
2004		10.8		3.6			4.3

	Net Cash Provided by (Used for) Financing Activities
	Q1			Q2			Q3			Q4			FY
2003		(4.9	)		10.0			(7.3	)		(9.1	)		(11.3	)
2004		(10.6	)		(3.8	)		(4.1	)

	Dividends to NACCO
	Q1		Q2		Q3		Q4		FY
2003		2.1		4.0		5.2		1.4		12.7
2004		3.7		2.1		1.0

	Total Debt
	Q1		Q2		Q3		Q4		FY
2003		124.5		138.5		136.4		128.7		128.7
2004		121.7		120.2		117.0

	Equity
	Q1		Q2		Q3		Q4		FY
2003		64.7		66.5		66.0		67.2		67.2
2004		71.3		75.3		79.2

	Return on Equity (2)
	Q1			Q2			Q3			Q4			FY
2003		27.4	%		24.8	%		24.4	%		21.8	%		21.8	%
2004		25.0	%		25.0	%		26.0	%

(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)	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.

NACCO and Other
(in millions, except percentage data)

	Operating Profit (Loss)
	Q1			Q2			Q3			Q4			FY
2003		(0.1	)		—			(0.3	)		(0.6	)		(1.0	)
2004		(2.4	)		(2.5	)		(0.6	)

	Interest (Income) Expense
	Q1			Q2			Q3			Q4			FY
2003		0.2			(0.1	)		—			(0.1	)		—
2004		(0.2	)		(0.1	)		(0.1	)

	Other (Income) Expense
	Q1		Q2		Q3		Q4		FY
2003		0.3		0.7		0.2		0.9		2.1
2004		0.5		0.3		0.4

	Income (Loss) Before Taxes, Extraordinary Gain (Loss) and
	Cumulative Effect of Accounting Changes
	Q1			Q2			Q3			Q4			FY
2003		(0.6	)		(0.6	)		(0.5	)		(1.4	)		(3.1	)
2004		(2.7	)		(2.7	)		(0.9	)

	Extraordinary Gain (Loss)
	Q1		Q2		Q3		Q4		FY
2003		—		—		—		1.8		1.8
2004		—		—		—

	Cumulative Effect of Accounting Changes
	Q1		Q2		Q3		Q4		FY
2003		2.5		—		—		—		2.5
2004		—		—		—

	Net Income (Loss)
	Q1			Q2			Q3			Q4		FY
2003		0.9			(0.8	)		0.1			2.4		2.6
2004		(4.3	)		(1.1	)		(0.6	)