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
2008			865.0			948.1			917.8			949.4			3,680.3
2009			558.6
	Operating Profit (Loss)
		Q1			Q2			Q3			Q4			FY
2008 (1)			16.3			10.7			3.1			(417.4	)		(387.3	)
2009			(0.8	)
	Interest (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			7.9			9.0			8.3			7.8			33.0
2009			7.4
	Other (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			0.3			(1.4	)		(1.3	)		0.9			(1.5	)
2009			0.5
	Income (Loss) Before Taxes
		Q1			Q2			Q3			Q4			FY
2008 (1)			8.1			3.1			(3.9	)		(426.1	)		(418.8	)
2009			(8.7	)
	Net Income (Loss)
		Q1			Q2			Q3			Q4			FY
2008 (1)			5.6			2.3			(17.3	)		(428.2	)		(437.6	)
2009			(9.1	)
	Restructuring Expense (Reversal)
		Q1			Q2			Q3			Q4			FY
2008			0.6			0.8			1.7			6.0			9.1
2009			0.7
	Restructuring Accrual Balance
		Q1			Q2			Q3			Q4			FY
2008			5.3			5.7			6.6			10.0			10.0
2009			5.6
		Depreciation, depletion and
	amortization expense
		Q1			Q2			Q3			Q4			FY
2008			15.4			15.1			15.4			14.6			60.5
2009			13.6
	Net Working Capital (2)
		Q1			Q2			Q3			Q4			FY
2008			594.6			590.0			561.5			523.0			523.0
2009			481.7
	Capital Expenditures
		Q1			Q2			Q3			Q4			FY
2008			18.0			21.5			18.0			14.4			71.9
2009			9.0
	Net cash provided by (used for) operating activities
		Q1			Q2			Q3			Q4			FY
2008			(85.5	)		34.1			6.4			49.9			4.9
2009			(21.0	)
	Net cash provided by (used for) investing activities
		Q1			Q2			Q3			Q4			FY
2008			(16.2	)		(22.0	)		(18.4	)		(14.8	)		(71.4	)
2009			(4.9	)

	Effective Income Tax Rate
		Q1			Q2			Q3		Q4		FY
2008			30.9	%		22.6	%		n.m.		n.m.		n.m.
2009			-4.6	%

1

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

	Cash flow before financing activities (3)
		Q1			Q2			Q3			Q4			FY
2008			(101.7	)		12.1			(12.0	)		35.1			(66.5	)
2009			(25.9	)
	Net cash provided by (used for) financing activities
		Q1			Q2			Q3			Q4			FY
2008			40.6			(46.8	)		(3.9	)		(73.0	)		(83.1	)
2009			43.2
	Dividends Paid to Shareholders
		Q1			Q2			Q3			Q4			FY
2008			4.1			4.3			4.2			4.3			16.9
2009			4.3
	Total debt
		Q1			Q2			Q3			Q4			FY
2008			555.3			517.3			516.3			449.5			449.5
2009			495.3
	Equity
		Q1			Q2			Q3			Q4			FY
2008 (1)			899.8			912.7			863.0			356.7			356.7
2009			340.9

	Return on Equity (4)
		Q1			Q2			Q3			Q4			FY
2008 (1)			10.4	%		9.3	%		4.8	%		-55.8	%		-55.8	%
2009			-67.0	%

(1)	During the fourth quarter of 2008, the Company’s stock price significantly declined compared with previous periods and the Company’s market value of equity was below the book value of tangible assets and the book value of equity. The Company performed an interim impairment test, which indicated that goodwill and certain other intangibles were impaired at December 31, 2008. Therefore, the Company recorded a noncash impairment charge of $435.7 million during the fourth quarter of 2008.
(2)	Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
(3)	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.
(4)	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.

2

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

	Revenues
		Q1			Q2			Q3			Q4			FY
2008			698.9			767.5			696.4			661.5			2,824.3
2009			389.1
	Gross Profit
		Q1			Q2			Q3			Q4			FY
2008			92.8			85.4			62.6			69.3			310.1
2009			44.9
	Operating Expenses
		Q1			Q2			Q3			Q4			FY
2008 (1)			79.6			78.2			68.2			428.1			654.1
2009			57.5
	Operating Profit (Loss)
		Q1			Q2			Q3			Q4			FY
2008 (1)			13.2			7.2			(5.6	)		(358.8	)		(344.0	)
2009			(12.6	)
	Interest (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			5.6			5.9			5.3			4.7			21.5
2009			4.2
	Other (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			(1.3	)		(1.7	)		(1.4	)		(0.8	)		(5.2	)
2009			0.1
	Income (Loss) Before Taxes
		Q1			Q2			Q3			Q4			FY
2008 (1)			8.9			3.0			(9.5	)		(362.7	)		(360.3	)
2009			(16.9	)
	Net Income (Loss)
		Q1			Q2			Q3			Q4			FY
2008 (1)			7.3			2.6			(20.1	)		(365.8	)		(376.0	)
2009			(18.5	)
	Restructuring Expense (Reversal)
		Q1			Q2			Q3			Q4			FY
2008			0.6			0.8			1.7			6.0			9.1
2009			0.7
	Restructuring Accrual Balance
		Q1			Q2			Q3			Q4			FY
2008			5.3			5.7			6.6			10.0			10.0
2009			5.6
	Depreciation and amortization expense
		Q1			Q2			Q3			Q4			FY
2008			10.9			10.5			10.6			10.0			42.0
2009			9.2
	Net Working Capital (2)
		Q1			Q2			Q3			Q4			FY
2008			448.5			451.7			413.2			377.7			377.7
2009			349.4
	Capital Expenditures
		Q1			Q2			Q3			Q4			FY
2008			10.9			12.3			13.2			4.8			41.2
2009			1.7

Effective Income Tax Rate

Q1

Q2

Q3

Q4

FY

2008

18.0

%

10.0

%

n.m.

n.m.

n.m.

2009

n.m.

3

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

	Net cash provided by (used for) operating activities
		Q1			Q2			Q3			Q4			FY
2008			(62.6	)		16.3			—			19.0			(27.3	)
2009			(8.9	)
	Net cash provided by (used for) investing activities
		Q1			Q2			Q3			Q4			FY
2008			(10.4	)		(11.8	)		(12.7	)		(2.6	)		(37.5	)
2009			4.2
	Cash flow before financing activities (3)
		Q1			Q2			Q3			Q4			FY
2008			(73.0	)		4.5			(12.7	)		16.4			(64.8	)
2009			(4.7	)
	Net cash provided by (used for) financing activities
		Q1			Q2			Q3			Q4			FY
2008			43.9			(4.7	)		28.9			(20.1	)		48.0
2009			20.9
	Dividends to (capital contributions from) NACCO
		Q1			Q2			Q3			Q4			FY
2008			—			—			(25.0	)		—			(25.0	)
2009			(25.0	)
	Total debt
		Q1			Q2			Q3			Q4			FY
2008			349.8			349.6			352.1			291.0			291.0
2009			287.5
	Equity
		Q1			Q2			Q3			Q4			FY
2008 (1)			538.6			553.1			530.6			154.2			154.2
2009			162.8

	Return on Equity (4)
		Q1			Q2			Q3			Q4			FY
2008 (1)			8.1	%		7.5	%		2.4	%		-81.7	%		-81.7	%
2009			-103.6	%

(1)	During the fourth quarter of 2008, the Company’s stock price significantly declined compared with previous periods and the Company’s market value of equity was below the book value of tangible assets and the book value of equity. The Company performed an interim impairment test, which indicated that goodwill and certain other intangibles were impaired at December 31, 2008. Therefore, NMHG recorded a noncash impairment charge of $351.1 million during the fourth quarter of 2008.
(2)	Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
(3)	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.
(4)	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

NACCO Materials Handling Group — Wholesale
(in millions, except backlog, unit shipments and percentage data)

	Backlog (in thousands)
		Q1			Q2			Q3			Q4			FY
2008			29.1			28.4			26.0			14.9			14.9
2009			12.8
	Unit Shipments (in thousands)
		Q1			Q2			Q3			Q4			FY
2008			22.3			23.4			20.7			20.8			87.2
2009			10.7
	Revenues - North America
		Q1			Q2			Q3			Q4			FY
2008			394.1			416.6			394.6			387.3			1,592.6
2009			229.2
	Revenues - Europe
		Q1			Q2			Q3			Q4			FY
2008			222.7			256.1			211.7			204.8			895.3
2009			100.3
	Revenues - Asia-Pacific
		Q1			Q2			Q3			Q4			FY
2008			61.1			69.7			66.9			54.5			252.2
2009			42.1
	Revenues - Consolidated
		Q1			Q2			Q3			Q4			FY
2008			677.9			742.4			673.2			646.6			2,740.1
2009			371.6
	Gross Profit $
		Q1			Q2			Q3			Q4			FY
2008			84.3			76.8			54.4			62.9			278.4
2009			39.1
	Operating Expenses
		Q1			Q2			Q3			Q4			FY
2008 (1)			70.9			69.5			59.4			421.3			621.1
2009			51.9
	Operating Profit (Loss) $
		Q1			Q2			Q3			Q4			FY
2008 (1)			13.4			7.3			(5.0	)		(358.4	)		(342.7	)
2009			(12.8	)
	Interest (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			5.2			5.4			4.8			4.4			19.8
2009			4.0
	Other (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			(1.4	)		(1.7	)		(1.3	)		(0.9	)		(5.3	)
2009			0.2
	Income (Loss) Before Taxes
		Q1			Q2			Q3			Q4			FY
2008 (1)			9.6			3.6			(8.5	)		(361.9	)		(357.2	)
2009			(17.0	)

	Revenues - North America - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2008			6.2	%		9.1	%		3.7	%		-7.4	%		2.6	%
2009			-41.8	%
	Revenues - Europe - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2008			22.9	%		35.6	%		12.7	%		-26.4	%		7.1	%
2009			-55.0	%
	Revenues - Asia-Pacific - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2008			59.5	%		83.4	%		22.8	%		-13.5	%		30.1	%
2009			-31.1	%
	Revenues - Consolidated - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2008			14.8	%		21.9	%		8.1	%		-14.9	%		6.1	%
2009			-45.2	%
	Gross Profit %
		Q1			Q2			Q3			Q4			FY
2008			12.4	%		10.3	%		8.1	%		9.7	%		10.2	%
2009			10.5	%
	Operating Expenses as a % of revenues
		Q1			Q2			Q3			Q4			FY
2008			10.5	%		9.4	%		8.8	%		65.2	%		22.7	%
2009			14.0	%
	Operating Profit (Loss) %
		Q1			Q2			Q3			Q4			FY
2008			2.0	%		1.0	%		-0.7	%		-55.4	%		-12.5	%
2009			-3.4	%

Effective Income Tax Rate

Q1

Q2

Q3

Q4

FY

2008

17.7

%

8.3

%

n.m.

n.m.

n.m.

2009

n.m.

��

5

NACCO Materials Handling Group — Wholesale
(in millions, except backlog, unit shipments and percentage data)

	Net Income (Loss)
		Q1			Q2		Q3			Q4			FY
2008 (1)			7.9			3.2		(12.7	)		(364.0	)		(365.6	)
2009			(19.1	)
	Restructuring Expense (Reversal)
		Q1			Q2		Q3			Q4			FY
2008			0.6			0.8		1.7			5.7			8.8
2009			0.7
	Restructuring Accrual Balance
		Q1			Q2		Q3			Q4			FY
2008			5.3			5.7		6.6			10.0			10.0
2009			5.6
	Depreciation and amortization expense
		Q1			Q2		Q3			Q4			FY
2008			9.9			9.6		9.7			9.2			38.4
2009			8.5
	Capital Expenditures
		Q1			Q2		Q3			Q4			FY
2008			10.5			11.9		12.6			4.2			39.2
2009			1.6

(1) During the fourth quarter of 2008, the Company’s stock price significantly declined compared with previous periods and the Company’s market value of equity was below the book value of tangible assets and the book value of equity. The Company performed an interim impairment test, which indicated that goodwill and certain other intangibles were impaired at December 31, 2008. Therefore, NMHG Wholesale recorded a noncash impairment charge of $351.1 million during the fourth quarter of 2008.

6

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

	Revenues - Europe
		Q1			Q2			Q3			Q4			FY
2008			5.5			6.9			4.4			5.2			22.0
2009			4.4
	Revenues - Asia Pacific
		Q1			Q2			Q3			Q4			FY
2008			15.5			18.2			18.8			9.7			62.2
2009			13.1
	Revenues - Consolidated
		Q1			Q2			Q3			Q4			FY
2008			21.0			25.1			23.2			14.9			84.2
2009			17.5
	Operating Profit (Loss) $
		Q1			Q2			Q3			Q4			FY
2008			(0.2	)		(0.1	)		(0.6	)		(0.4	)		(1.3	)
2009			0.2
	Interest (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			0.4			0.5			0.5			0.3			1.7
2009			0.2
	Other (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			0.1			—			(0.1	)		0.1			0.1
2009			(0.1	)
	Income (Loss) Before Taxes
		Q1			Q2			Q3			Q4			FY
2008			(0.7	)		(0.6	)		(1.0	)		(0.8	)		(3.1	)
2009			0.1
	Net Income (Loss)
		Q1			Q2			Q3			Q4			FY
2008			(0.6	)		(0.6	)		(7.4	)		(1.8	)		(10.4	)
2009			0.6

	Revenues - Europe - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2008			-59.9	%		-51.4	%		-72.2	%		100.0	%		-52.5	%
2009			-20.0	%
	Revenues - Asia Pacific - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2008			-46.2	%		-42.4	%		9.3	%		-30.2	%		-32.0	%
2009			-15.5	%
	Revenues - Consolidated - % change yr. over yr.
		Q1			Q2			Q3			Q4			FY
2008			-50.6	%		-45.2	%		-29.7	%		-9.7	%		-38.9	%
2009			-16.7	%
	Operating Profit (Loss) %
		Q1			Q2			Q3			Q4			FY
2008			-1.0	%		-0.4	%		-2.6	%		-2.7	%		-1.5	%
2009			1.1	%

Effective Income Tax Rate

Q1

Q2

Q3

Q4

FY

2008

14.3

%

n.m.

n.m.

n.m.

n.m.

2009

n.m.

7

Hamilton Beach Brands, Inc.
(in millions, except percentage data)

	Revenues
		Q1			Q2			Q3			Q4			FY
2008			95.2			108.8			138.2			186.5			528.7
2009			94.2
	Gross Profit $
		Q1			Q2			Q3			Q4			FY
2008			19.9			16.9			18.4			29.0			84.2
2009			17.3
	Operating Expenses
		Q1			Q2			Q3			Q4			FY
2008 (1)			17.2			15.6			14.4			97.8			145.0
2009			12.9
	Operating Profit (Loss) $
		Q1			Q2			Q3			Q4			FY
2008 (1)			2.7			1.3			4.0			(68.8	)		(60.8	)
2009			4.4
	Interest (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			2.9			2.5			2.5			2.3			10.2
2009			2.1
	Other (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			—			0.2			(0.1	)		(0.5	)		(0.4	)
2009			(0.1	)
	Income (Loss) Before Taxes
		Q1			Q2			Q3			Q4			FY
2008 (1)			(0.2	)		(1.4	)		1.6			(70.6	)		(70.6	)
2009			2.4
	Net Income (Loss)
		Q1			Q2			Q3			Q4			FY
2008 (1)			0.1			(0.6	)		1.3			(74.1	)		(73.3	)
2009			1.4
	Depreciation and amortization expense
		Q1			Q2			Q3			Q4			FY
2008			0.8			0.9			1.1			1.4			4.2
2009			0.8
	Net Working Capital (2)
		Q1			Q2			Q3			Q4			FY
2008			86.8			81.6			98.5			93.9			93.9
2009			72.3
	Capital Expenditures
		Q1			Q2			Q3			Q4			FY
2008			1.7			1.6			1.3			1.1			5.7
2009			0.7
	Net cash provided by (used for) operating activities
		Q1			Q2			Q3			Q4			FY
2008			4.8			6.5			(7.8	)		14.5			18.0
2009			12.2
	Net cash provided by (used for) investing activities
		Q1			Q2			Q3			Q4			FY
2008			(1.7	)		(1.6	)		(1.3	)		(1.1	)		(5.7	)
2009			(0.7	)

	Revenues % Change Year Over Year
		Q1			Q2			Q3			Q4			FY
2008			-1.7	%		5.3	%		-1.6	%		-6.8	%		-2.2	%
2009			-1.1	%
	Gross Profit %
		Q1			Q2			Q3			Q4			FY
2008			20.9	%		15.5	%		13.3	%		15.5	%		15.9	%
2009			18.4	%
	Operating Expenses as a % of revenues
		Q1			Q2			Q3			Q4			FY
2008 (1)			18.1	%		14.3	%		10.4	%		52.4	%		27.4	%
2009			13.7	%
	Operating Profit (Loss) %
		Q1			Q2			Q3			Q4			FY
2008 (1)			2.8	%		1.2	%		2.9	%		-36.9	%		-11.5	%
2009			4.7	%

	Effective Income Tax Rate
		Q1			Q2			Q3			Q4		FY
2008			n.m.			57.1	%		18.7	%		n.m.		n.m.
2009			41.7	%

8

Hamilton Beach Brands, Inc.
(in millions, except percentage data)

	Cash flow before financing activities (3)
		Q1			Q2			Q3			Q4			FY
2008			3.1			4.9			(9.1	)		13.4			12.3
2009			11.5
	Net cash provided by (used for) financing activities
		Q1			Q2			Q3			Q4			FY
2008			(3.6	)		(2.6	)		9.9			(10.3	)		(6.6	)
2009			(2.3	)
	Dividends to (capital contributions from) NACCO
		Q1			Q2			Q3			Q4			FY
2008			(3.0	)		—			(10.0	)		(16.0	)		(29.0	)
2009			—
	Total debt
		Q1			Q2			Q3			Q4			FY
2008			148.6			146.0			145.9			119.6			119.6
2009			117.3
	Equity
		Q1			Q2			Q3			Q4			FY
2008 (1)			19.7			21.8			32.4			(38.2	)		(38.2	)
2009			(37.6	)

	Return on Equity (4)
		Q1			Q2			Q3			Q4			FY
2008 (1)			63.5	%		154.7	%		72.0	%		-687.6	%		-687.6	%
2009			n.m.

(1)	During the fourth quarter of 2008, the Company’s stock price significantly declined compared with previous periods and the Company’s market value of equity was below the book value of tangible assets and the book value of equity. The Company performed an interim impairment test, which indicated that goodwill and certain other intangibles were impaired at December 31, 2008. Therefore, HBB recorded a noncash impairment charge of $80.7 million during the fourth quarter of 2008.
(2)	Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
(3)	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.
(4)	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.

9

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

	Number of stores
		Q1			Q2			Q3			Q4			FY
2008			269			272			278			285			285
2009			282
	Revenues
		Q1			Q2			Q3			Q4			FY
2008			39.2			39.7			45.6			77.8			202.3
2009			39.7
	Gross Profit $
		Q1			Q2			Q3			Q4			FY
2008			16.1			16.3			17.6			34.1			84.1
2009			17.0
	Operating Expenses
		Q1			Q2			Q3			Q4			FY
2008 (1)			21.6			21.6			22.4			30.7			96.3
2009			21.3
	Operating Profit (Loss) $
		Q1			Q2			Q3			Q4			FY
2008 (1)			(5.5	)		(5.3	)		(4.8	)		3.4			(12.2	)
2009			(4.3	)
	Interest (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			0.2			0.3			0.3			0.3			1.1
2009			0.1
	Other (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			0.1			(0.1	)		0.1			(0.1	)		—
2009			(0.1	)
	Income (Loss) Before Taxes
		Q1			Q2			Q3			Q4			FY
2008 (1)			(5.8	)		(5.5	)		(5.2	)		3.2			(13.3	)
2009			(4.3	)
	Net Income (Loss)
		Q1			Q2			Q3			Q4			FY
2008 (1)			(3.2	)		(3.7	)		(3.3	)		0.2			(10.0	)
2009			(2.8	)
	Depreciation and amortization expense
		Q1			Q2			Q3			Q4			FY
2008			0.7			0.7			0.7			0.9			3.0
2009			0.9
	Net Working Capital (2)
		Q1			Q2			Q3			Q4			FY
2008			34.0			29.1			25.5			25.8			25.8
2009			35.1
	Capital Expenditures
		Q1			Q2			Q3			Q4			FY
2008			0.6			2.8			2.5			0.1			6.0
2009			0.2

	Average sales per store
		Q1		Q2		Q3		Q4		FY
2008			0.1		0.1		0.2		0.3		0.7
2009			0.1

	Gross Profit %
		Q1			Q2			Q3			Q4			FY
2008			41.1	%		41.1	%		38.6	%		43.8	%		41.6	%
2009			42.8	%
	Operating Expenses as a % of revenues
		Q1			Q2			Q3			Q4			FY
2008 (1)			55.1	%		54.4	%		49.1	%		39.5	%		47.6	%
2009			53.7	%
	Operating Profit (Loss) %
		Q1			Q2			Q3			Q4			FY
2008 (1)			-14.0	%		-13.4	%		-10.5	%		4.4	%		-6.0	%
2009			-10.8	%

	Effective Income Tax Rate
		Q1			Q2			Q3			Q4		FY
2008 (1)			44.8	%		32.7	%		36.5	%		n.m.		24.8	%
2009			34.9	%

10

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

	Net cash provided by (used for) operating activities
		Q1			Q2			Q3			Q4			FY
2008			(17.7	)		1.0			—			10.3			(6.4	)
2009			(13.4	)
	Net cash provided by (used for) investing activities
		Q1			Q2			Q3			Q4			FY
2008			(0.6	)		(2.8	)		(2.5	)		(0.1	)		(6.0	)
2009			(0.2	)
	Cash flow before financing activities (3)
		Q1			Q2			Q3			Q4			FY
2008			(18.3	)		(1.8	)		(2.5	)		10.2			(12.4	)
2009			(13.6	)
	Net cash provided by (used for) financing activities
		Q1			Q2			Q3			Q4			FY
2008			17.6			1.8			1.9			(9.7	)		11.6
2009			13.1
	Dividends to (capital contributions from) NACCO
		Q1			Q2			Q3			Q4			FY
2008			(0.8	)		—			(5.0	)		(6.0	)		(11.8	)
2009			(3.0	)
	Total debt
		Q1			Q2			Q3			Q4			FY
2008			29.5			31.3			28.2			—			—
2009			10.1
	Equity
		Q1			Q2			Q3			Q4			FY
2008 (1)			19.8			16.1			17.8			37.5			37.5
2009			37.8

	Return on Equity (4)
		Q1			Q2			Q3			Q4			FY
2008 (1)			-6.5	%		-11.9	%		-24.9	%		-44.1	%		-44.1	%
2009			-37.2	%

(1)	During the fourth quarter of 2008, the Company’s stock price significantly declined compared with previous periods and the Company’s market value of equity was below the book value of tangible assets and the book value of equity. The Company performed an interim impairment test, which indicated that goodwill and certain other intangibles were impaired at December 31, 2008. Therefore, KC recorded a noncash impairment charge of $3.9 million during the fourth quarter of 2008.
(2)	Net working capital is equal to accounts receivable, net plus inventories less accounts payable.
(3)	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.
(4)	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.

11

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

	Lignite tons delivered - Project mines
		Q1			Q2			Q3			Q4		FY
2008			5.9			6.5			6.8			7.1		26.3
2009			6.8
	Lignite tons delivered - Non-project mines
		Q1			Q2			Q3			Q4		FY
2008			1.6			1.6			2.1			1.4		6.7
2009			1.9
	Limerock yards delivered
		Q1			Q2			Q3			Q4		FY
2008			6.8			6.3			4.6			4.3		22.0
2009			1.4
	Revenues
		Q1			Q2			Q3			Q4		FY
2008			32.3			33.1			39.0			26.1		130.5
2009			36.5
	Gross Profit $
		Q1			Q2			Q3			Q4		FY
2008			3.1			3.4			5.4			2.8		14.7
2009			6.6
		Earnings of unconsolidated project
	mining subsidiaries
		Q1			Q2			Q3			Q4		FY
2008			8.6			9.3			9.7			11.8		39.4
2009			10.5
	Operating Expenses
		Q1			Q2			Q3			Q4		FY
2008			5.2			4.8			5.8			6.3		22.1
2009			4.3
	Operating Profit $
		Q1			Q2			Q3			Q4		FY
2008			6.5			7.9			9.3			8.3		32.0
2009			12.8
	Interest (Income) Expense
		Q1			Q2			Q3			Q4		FY
2008			1.6			1.3			1.4			1.1		5.4
2009			1.0
	Other (Income) Expense
		Q1			Q2			Q3			Q4		FY
2008			0.9			(0.3	)		(0.2	)		1.0		1.4
2009			(0.2	)
	Income Before Taxes
		Q1			Q2			Q3			Q4		FY
2008			4.0			6.9			8.1			6.2		25.2
2009			12.0
	Net Income
		Q1			Q2			Q3			Q4		FY
2008			3.8			6.4			7.0			4.9		22.1
2009			10.8

	Gross Profit %
		Q1			Q2			Q3			Q4			FY
2008			9.6	%		10.3	%		13.8	%		10.7	%		11.3	%
2009			18.1	%
		Operating Expenses as a % of the sum of Gross Profit
		plus Earnings of unconsolidated project mining
	subsidiaries
		Q1			Q2			Q3			Q4			FY
2008			44.4	%		37.8	%		38.4	%		43.2	%		40.9	%
2009			25.1	%
		Operating Profit as a % of the sum of Gross Profit plus
	Earnings of unconsolidated project mining subsidiaries
		Q1			Q2			Q3			Q4			FY
2008			55.6	%		62.2	%		61.6	%		56.8	%		59.1	%
2009			74.9	%
	Effective Income Tax Rate
		Q1			Q2			Q3			Q4			FY
2008			5.0	%		7.2	%		13.6	%		21.0	%		12.3	%
2009			10.0	%

12

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

		Depreciation, depletion and
	amortization expense
		Q1			Q2			Q3			Q4			FY
2008			3.0			2.9			3.0			2.2			11.1
2009			2.6
	Capital Expenditures
		Q1			Q2			Q3			Q4			FY
2008			4.8			4.8			0.9			2.1			12.6
2009			0.7
	Net cash provided by (used for) operating activities
		Q1			Q2			Q3			Q4			FY
2008			2.9			6.4			12.5			1.4			23.2
2009			15.2
	Net cash provided by (used for) investing activities
		Q1			Q2			Q3			Q4			FY
2008			(3.5	)		(5.8	)		(1.9	)		(4.7	)		(15.9	)
2009			0.4
	Cash flow before financing activities (1)
		Q1			Q2			Q3			Q4			FY
2008			(0.6	)		0.6			10.6			(3.3	)		7.3
2009			15.6
	Net cash provided by (used for) financing activities
		Q1			Q2			Q3			Q4			FY
2008			(0.4	)		(0.2	)		(10.1	)		3.5			(7.2	)
2009			(16.2	)
	Dividends to NACCO
		Q1			Q2			Q3			Q4			FY
2008			—			0.6			0.7			5.9			7.2
2009			3.0
	Total debt
		Q1			Q2			Q3			Q4			FY
2008			109.0			109.4			100.0			109.4			109.4
2009			96.4
	Equity
		Q1			Q2			Q3			Q4			FY
2008			80.2			85.9			92.2			86.0			86.0
2009			93.9

	Return on Equity (2)
		Q1			Q2			Q3			Q4			FY
2008			39.8	%		32.7	%		29.5	%		26.3	%		26.3	%
2009			33.2	%

(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.

13

NACCO and Other
(in millions, except percentage data)

	Operating Profit (Loss)
		Q1			Q2			Q3			Q4			FY
2008			(0.7	)		(0.3	)		0.2			(1.5	)		(2.3	)
2009			(1.1	)
	Interest (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			(2.4	)		(1.0	)		(1.2	)		(0.6	)		(5.2	)
2009			—
	Other (Income) Expense
		Q1			Q2			Q3			Q4			FY
2008			0.6			0.5			0.3			1.3			2.7
2009			0.8
	Income (Loss) Before Taxes
		Q1			Q2			Q3			Q4			FY
2008			1.1			0.2			1.1			(2.2	)		0.2
2009			(1.9	)
	Net Income (Loss)
		Q1			Q2			Q3			Q4			FY
2008			0.4			(0.6	)		0.8			(1.0	)		(0.4	)
2009			(1.5	)

14