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		856.1		2,782.6

	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		47.9		88.0

	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		11.0		45.2

	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	)		(1.3	)		(9.5	)

	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		38.2		52.3

	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		32.6		47.9

	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	)		(0.1	)		7.6

	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		6.2		6.2

	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		15.5		62.9

	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		377.7		377.7

	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		16.1		57.2

	Net cash provided by (used for) operating activities
		Q1		Q2			Q3			Q4		FY
2003			1.3		(2.1	)		6.6			117.8		123.6
2004			13.1		(11.8	)		(29.2	)		154.1		126.2

	Net cash provided by (used for) investing activities
		Q1			Q2			Q3			Q4			FY
2003			0.7			(21.6	)		(12.6	)		(9.6	)		(43.1	)
2004			(6.9	)		(14.3	)		(10.3	)		(8.8	)		(40.3	)

	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	%		15.7	%		10.1	%

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	)		145.3		85.9

	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			(29.0	)		(4.1	)

	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		3.8		13.8

	Total debt
		Q1		Q2		Q3		Q4		FY
2003			479.9		489.8		491.3		435.2		435.2
2004			416.4		440.9		469.1		449.7		449.7

	Equity
		Q1		Q2		Q3		Q4		FY
2003			563.8		585.6		598.7		637.0		637.0
2004			629.9		630.0		644.1		688.0		688.0

	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	%		7.4	%		7.4	%

(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 - 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		595.9		2,056.9

	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		87.0		308.1

	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		72.7		273.1

	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		14.3		35.0

	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		7.5		31.6

	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	)		(1.6	)		(10.4	)

	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			8.4		13.8

	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		7.7		15.1

	Restructuring Expense (Reversal)
		Q1			Q2			Q3			Q4			FY
2003			(0.1	)		(0.6	)		(0.1	)		—			(0.8	)
2004			—			(1.0	)		—			(0.4	)		(1.4	)

	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		4.5		4.5

	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		10.2		41.9

	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		270.3		270.3

	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		6.4		33.4

	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	)		91.3		80.0

	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	%		7.1	%		-6.5	%

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	)		1.0			(17.3	)

	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	)		92.3		62.7

	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		(27.2	)		(26.3	)

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

	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		290.5		290.5

	Equity
		Q1		Q2		Q3		Q4		FY
2003			382.2		402.6		407.4		424.8		424.8
2004			425.4		422.1		430.3		446.8		446.8

	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	%		3.5	%		3.5	%

(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		25.7		25.7

	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		22.4		77.5

	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		351.6		1,201.7

	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		162.6		544.6

	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		31.0		115.4

	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		545.2		1,861.7

	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		75.1		261.8

	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		58.8		222.7

	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		16.3		39.1

	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		6.2		25.5

	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	)		(1.5	)		(10.4	)

	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		11.6		24.0

	Revenues - North America - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2003			12.2	%		5.9	%		4.4	%		22.2	%		11.5	%
2004			3.4	%		14.7	%		23.8	%		9.4	%		12.4	%

	Revenues - Europe - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2003			21.4	%		20.9	%		8.0	%		13.8	%		15.7	%
2004			24.8	%		18.1	%		19.0	%		25.4	%		22.0	%

	Revenues - Asia-Pacific - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2003			60.1	%		49.4	%		40.2	%		22.7	%		41.2	%
2004			19.0	%		-3.5	%		23.9	%		14.8	%		13.4	%

	Revenues - Consolidated - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2003			16.8	%		12.1	%		7.3	%		19.8	%		14.2	%
2004			10.1	%		14.5	%		22.5	%		14.1	%		15.1	%

	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	%		13.8	%		14.1	%

	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	%		10.8	%		12.0	%

	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	%		3.0	%		2.1	%

	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	%		10.3	%		8.8	%

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		10.3		22.3

	Restructuring Expense (Reversal)
		Q1		Q2			Q3		Q4			FY
2003			—		(0.3	)		—		—			(0.3	)
2004			—		(1.0	)		—		(0.1	)		(1.1	)

	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		4.3		4.3

	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		6.3		26.3

	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		5.3		26.1

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		24.4		88.5

	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		26.3		106.7

	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		50.7		195.2

	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			(2.0	)		(4.1	)

	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		1.3		6.1

	Other (Income) Expense
		Q1			Q2			Q3		Q4			FY
2003			(0.2	)		(0.4	)		—		0.8			0.2
2004			—			0.1			—		(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	)		(3.2	)		(10.2	)

	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	)		(2.6	)		(7.2	)

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

	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		0.2		0.2

Revenues - North America - % change yr. over yr.

Q1

Q2

Q3

Q4

FY

2003

-90.8

%

-92.2

%

n.m.

n.m.

-95.4

%

2004

n.m.

n.m.

n.m.

n.m.

n.m.

	Revenues - Europe - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2003			8.7	%		22.8	%		13.4	%		26.9	%		18.3	%
2004			23.4	%		7.0	%		19.1	%		5.6	%		13.0	%

	Revenues - Asia Pacific - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2003			-10.8	%		-0.5	%		8.0	%		20.2	%		4.1	%
2004			53.3	%		53.7	%		3.1	%		13.4	%		28.4	%

	Revenues - Consolidated - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2003			-17.5	%		-5.5	%		-6.0	%		6.9	%		-5.6	%
2004			36.0	%		28.1	%		10.1	%		9.5	%		20.0	%

	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	%		-3.9	%		-2.1	%

	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	%		18.8	%		29.4	%

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		232.1		614.8

	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		63.4		150.6

	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		32.8		118.7

	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		30.6		31.9

	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		1.7		6.5

	Other (Income) Expense
		Q1		Q2			Q3			Q4		FY
2003			0.3		0.1			1.1			1.8		3.3
2004			—		(0.4	)		(0.2	)		0.6		—

	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		28.3		25.4

	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		18.0		17.2

	Restructuring Expense (Reversal)
		Q1		Q2			Q3			Q4			FY
2003			—		—			(0.2	)		(0.2	)		(0.4	)
2004			9.1		(0.1	)		(0.3	)		0.7			9.4

	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		1.7		1.7

	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		2.1		8.9

	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		119.9		119.9

	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	%		36.4	%		32.3	%

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		1.5		8.2

	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	)		46.0		17.1

	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	)		(1.5	)		(7.7	)

	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	)		44.5		9.4

	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			(44.3	)		(10.7	)

	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		5.0		31.0

	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		55.7		55.7

	Equity
		Q1		Q2		Q3		Q4		FY
2003			149.7		150.1		156.2		161.6		161.6
2004			148.6		151.3		135.8		149.4		149.4

	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	%		11.5	%		11.5	%

*	Housewares Consolidated includes Hamilton Beach/Proctor-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 Beach/Proctor-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		190.9		507.3

	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		44.9		102.2

	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		19.8		74.0

	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		25.1		28.2

	Interest (Income) Expense
		Q1		Q2		Q3		Q4		FY
2003			1.5		1.6		1.6		1.6		6.3
2004			1.7		1.3		1.4		1.7		6.1

	Other (Income) Expense
		Q1		Q2			Q3			Q4		FY
2003			0.3		0.1			1.1			1.8		3.3
2004			—		(0.3	)		(0.2	)		0.5		—

	Income (Loss) Before Taxes
		Q1			Q2		Q3		Q4		FY
2003			(5.0	)		3.0		8.2		20.4		26.6
2004			(10.3	)		2.5		7.0		22.9		22.1

	Net Income (Loss)
		Q1			Q2		Q3		Q4		FY
2003			(3.0	)		1.8		4.9		12.4		16.1
2004			(5.9	)		2.0		4.3		14.8		15.2

	Restructuring Expense (Reversal)
		Q1		Q2			Q3			Q4			FY
2003			—		—			(0.2	)		(0.2	)		(0.4	)
2004			9.1		(0.1	)		(0.3	)		0.7			9.4

	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		1.7		1.7

	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		1.7		7.5

	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		110.6		110.6

	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		1.1		6.0

	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	%		10.2	%		2.9	%

	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	%		23.5	%		20.1	%

	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	%		10.4	%		14.6	%

	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	%		13.1	%		5.6	%

	Effective Income Tax Rate
		Q1			Q2			Q3			Q4			FY
2003			40.0	%		40.0	%		40.2	%		39.2	%		39.5	%
2004			41.7	%		20.0	%		38.6	%		35.4	%		31.2	%

Hamilton Beach/Proctor-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	)		33.0		17.7

	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	)		(1.1	)		(5.5	)

	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	)		31.9		12.2

	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			(32.0	)		(13.2	)

	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		5.0		31.0

	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		53.2		53.2

	Equity
		Q1		Q2		Q3		Q4		FY
2003			139.4		140.0		145.9		151.4		151.4
2004			139.0		142.4		126.7		137.1		137.1

	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	%		10.9	%		10.9	%

(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.

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		188		188

	Revenues
	Q1		Q2		Q3		Q4		FY
2003		20.6		21.8		26.0		41.8		110.2
2004		21.7		21.4		26.0		43.2		112.3

	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		18.5		48.4

	Operating Expenses
	Q1		Q2		Q3		Q4		FY
2003		9.4		9.7		10.4		12.4		41.9
2004		10.2		10.5		11.0		13.0		44.7

	Operating Profit $
	Q1			Q2			Q3		Q4		FY
2003		(0.6	)		(0.3	)		0.8		6.1		6.0
2004		(0.9	)		(1.1	)		0.2		5.5		3.7

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

	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		5.3		3.3

	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		3.2		2.0

	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		0.4		0.4		1.4
2004		0.3		0.3		0.4		0.4		1.4

	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		9.7		9.7

	Capital Expenditures
	Q1		Q2		Q3		Q4		FY
2003		0.3		0.5		0.1		0.4		1.3
2004		0.3		1.3		0.2		0.4		2.2

	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		0.2		0.5

	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	%		42.9	%		43.1	%

	Operating Expenses as a % of revenues
	Q1			Q2			Q3			Q4			FY
2003		45.8	%		44.5	%		40.0	%		29.6	%		38.1	%
2004		47.0	%		49.1	%		42.3	%		30.2	%		39.8	%

	Operating Profit %
	Q1			Q2			Q3			Q4			FY
2003		-2.9	%		-1.4	%		3.1	%		14.6	%		5.4	%
2004		-4.0	%		-5.1	%		0.8	%		12.7	%		3.3	%

	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.			39.6	%		39.4	%

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	)		13.0		(0.6	)

	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	)		(0.4	)		(2.2	)

	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	)		12.6		(2.8	)

	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			(12.3	)		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		2.5		2.5

	Equity
	Q1		Q2		Q3		Q4		FY
2003		10.4		10.2		10.6		10.5		10.5
2004		10.0		9.2		9.3		12.5		12.5

	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	%		19.4	%		19.4	%

(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		6.9		27.1

	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		1.9		7.3

	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		5.1		18.9

	Revenues
	Q1		Q2		Q3		Q4		FY
2003		23.2		22.0		22.9		26.0		94.1
2004		25.9		27.0		29.8		28.1		110.8

	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		4.4		19.0

	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		7.4		31.5

	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		5.1		20.2

	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		6.7		30.3

	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		2.0		7.7

	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		4.7		22.6

	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	%		15.7	%		17.1	%

	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	%		43.2	%		40.0	%

	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	%		56.8	%		60.0	%

	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	%		17.0	%		17.7	%

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		3.9		18.6

	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		3.1		11.9

			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		8.2		15.5

	Net cash provided by (used for) operating activities
	Q1		Q2		Q3		Q4		FY
2003		6.6		9.4		11.4		8.7		36.1
2004		12.0		5.1		8.6		15.4		41.1

	Net cash provided by (used for) investing activities
	Q1			Q2			Q3			Q4			FY
2003		(1.7	)		(19.1	)		(3.5	)		(2.0	)		(26.3	)
2004		(1.2	)		(1.5	)		(4.3	)		(8.3	)		(15.3	)

	Cash flow before financing activities (1)
	Q1		Q2			Q3		Q4		FY
2003		4.9		(9.7	)		7.9		6.7		9.8
2004		10.8		3.6			4.3		7.1		25.8

	Net cash provided by (used for) financing activities
	Q1			Q2			Q3			Q4			FY
2003		(4.9	)		10.0			(7.3	)		(7.6	)		(9.8	)
2004		(10.6	)		(3.8	)		(4.1	)		(7.2	)		(25.7	)

	Dividends to NACCO
	Q1		Q2		Q3		Q4		FY
2003		2.1		4.0		5.1		—		11.2
2004		3.7		2.1		1.0		1.8		8.6

	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		111.9		111.9

	Equity
	Q1		Q2		Q3		Q4		FY
2003		64.7		66.5		66.0		67.2		67.2
2004		71.3		75.3		79.2		81.4		81.4

	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	%		24.8	%		24.8	%

(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	)		(3.7	)		(9.2	)

	Interest (Income) Expense
	Q1			Q2			Q3			Q4			FY
2003		0.2			(0.1	)		—			(0.1	)		—
2004		(0.2	)		(0.1	)		(0.1	)		(0.2	)		(0.6	)

	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		(0.3	)		0.9

	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	)		(3.2	)		(9.5	)

	Extraordinary Gain (Loss)
	Q1		Q2		Q3		Q4		FY
2003		—		—		—		1.8		1.8
2004		—		—		—		0.5		0.5

	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	)		3.0		(3.0	)