UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 17, 2002
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NACCO INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-9172 34-1505819
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(State or other (Commission File Number) (IRS Employer
Jurisdiction of Identification Number)
Incorporation)
5875 Landerbrook Drive, Mayfield Heights, Ohio 44124
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (440) 449-9600
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N/A
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(Former name or former address, if changed since last report)
Item 9. Regulation FD Disclosure
NACCO Industries, Inc. ("NACCO") is filing this report to disclose
information that has not previously been publicly disclosed. This disclosure
relates to NACCO Materials Handling Group, which consists of our wholly owned
subsidiary, NMHG Holding Co., and its subsidiaries ("NMHG," "we," "our" and
"Company").
RECENT DEVELOPMENTS
RECENT OPERATING RESULTS
The following unaudited data summarizes NMHG's results of operations
for the quarter ended March 31, 2002 and certain balance sheet data as of
March 31, 2002:
(DOLLARS IN MILLIONS)
QUARTER ENDED
3/31/02
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(UNAUDITED)
STATEMENT OF INCOME DATA:
Revenues............................................... $ 371.8
Operating profit excluding goodwill
amortization......................................... 6.6
Net income............................................. 4.3
OTHER DATA:
Adjusted EBITDA(1)..................................... $ 18.6
Units sold............................................. 14,971
Backlog (in units)(2).................................. 16,300
Capital expenditures................................... $ 6.2
Dividends to NACCO(3).................................. 15.0
BALANCE SHEET DATA (AT PERIOD END):
Cash and cash equivalents.............................. $ 54.9
Working capital(4)..................................... (156.3)
Total assets........................................... 1,186.6
Total debt............................................. 349.0
Stockholder's equity................................... 372.1
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(1) Adjusted EBITDA does not represent cash flow from operations, as defined by
U.S. generally accepted accounting principles, and is not calculated in the
same way by all companies. We define adjusted EBITDA as operating profit
(loss) before certain unusual items, as identified below, plus depreciation
and amortization. You should not consider adjusted EBITDA as a substitute
for net income, as an indicator of our operating performance or cash flow,
or as a measure of liquidity.
EBITDA before adjustments, or operating profit (loss) plus depreciation and
amortization, was $17.2 million. In determining adjusted EBITDA, NMHG
included $0.6 million related to idling the Danville, Illinois assembly
facilities of NMHG and $0.8 million of other non-cash charges to reduce
asset values.
(2) As of March 31, 2002, our backlog of unfilled orders placed with
our manufacturing and assembly operations for new lift trucks was
approximately 16,300 units, or $292.4 million, of which substantially all is
expected to be filled during fiscal 2002. This compares to a backlog of
15,100 units, or $265.3 million, as of December 31, 2001. This increase in
backlog is a result of improved product demand and economic recovery.
(3) NMHG paid a dividend of $15.0 million to NACCO.
(4) As of March 31, 2002, includes $265.0 million of debt outstanding
under our existing credit facility and classified as a current liability in
accordance with U.S. generally accepted accounting principles.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934,
NACCO has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NACCO INDUSTRIES, INC.
By: /s/ Kenneth C. Schilling
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Name: Kenneth C. Schilling
Title: Vice President and Controller
Dated: April 17, 2002