Form 8-K NACCO INDUSTRIES INC For: Mar 07

March 7, 2018 5:15 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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):		March 7, 2018

NACCO INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

DELAWARE	1-9172	34-1505819
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5875 LANDERBROOK DRIVE, SUITE 220, CLEVELAND, OHIO		44124-4069
(Address of principal executive offices)		(Zip code)

(440) 229-5151
(Registrant's telephone number, including area code)

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 2.02 Results of Operations and Financial Condition and

Item 7.01 Regulation FD Disclosure.

On March 7, 2018, NACCO Industries, Inc. (the “Company”) will post on its website at www.nacco.com additional historical quarterly financial data and update the schedules that were previously posted to the website. A copy of the additional data is attached as Exhibit 99 to this Current Report on Form 8-K.

This Current Report on Form 8-K and the information attached hereto are being furnished by the Company pursuant to Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company's results of operations.

The information in this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

As described in Item 2.02 and 7.01 of this Current Report on Form 8-K, the following Exhibit is furnished as part of this Current Report on Form 8-K.



(d) Exhibits

99		NACCO Industries, Inc. additional historical quarterly financial data, as posted on the NACCO Industries, Inc. website at www.nacco.com on March 7, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




Date:	March 7, 2018		NACCO INDUSTRIES, INC.

		By:	/s/ Elizabeth I. Loveman
			Elizabeth I. Loveman
			Vice President and Controller



																		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		26,437		104,778

	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		6,507		32,814

	Interest (Income) Expense (5)
	Q1		Q2		Q3		Q4		FY
2016	1,020		1,052		981		1,069		4,122
2017	863		799		960		596		3,218

	Other (Income) Expense (5)
	Q1		Q2		Q3		Q4		FY
2016	95		2,337		(39	)	(1,481	)	912
2017	124		141		73		156		494

	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		5,755		29,102		2017	6.8	%	15.6	%	44.1	%	n.m.	2.2	%

	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		9,680		28,463

	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		493		1,874

	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		10,173		30,337

	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		3,187		12,767

	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		6,493		15,704

	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		14,187		49,005



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	)	(4,356	)	(10,660	)

		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		9,831		38,345

		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		(2,169	)	(6,053	)

		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		1,130		6,682

		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		58,146		58,146

		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	%	13.8	%	13.8	%
2017		224,526		230,960		207,063		219,448		219,448

(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		8.7		34.8

	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		0.5		2.4

	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		7.9		30.0

	Revenues
	Q1		Q2		Q3		Q4		FY
2016	30,287		23,089		32,402		25,303		111,081
2017	28,300		28,100		21,941		26,437		104,778

	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		5,432		17,198

	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		16,734		61,361

	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		13,616		38,882

	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		8,550		39,677

	Interest (Income) Expense
	Q1		Q2		Q3		Q4		FY
2016	1,024		1,053		982		1,101		4,160
2017	873		801		965		598		3,237

	Other (Income) Expense
	Q1		Q2		Q3		Q4		FY
2016	(198	)	2,041		(198	)	(198	)	1,447
2017	(184	)	(180	)	(202	)	(225	)	(791	)




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		8,177		37,231

	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		3,139		12,444

	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		6,493		15,692

	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		12,764		48,636

	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	)	(5,210	)	(11,562	)

	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		7,554		37,074

	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	)	(1,039	)	(41,371	)

	Dividends to (capital contributions from) NACCO
	Q1		Q2		Q3		Q4		FY
2016	—		—		4,300		5,900		10,200
2017	—		—		4,000		—		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		58,146		58,146




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	141,174	141,174

(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	)	(2,422	)	(8,129	)

(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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Form 8-K NACCO INDUSTRIES INC For: Mar 07

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