Nacco Industries Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Reed Minerals Long-Lived Asset Impairment Charges for the Fourth Quarter Ended December 31, 2014
Mar 9 15
Nacco Industries Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenues of $297,285,000 against $311,983,000 a year ago. Operating loss was $73,156,000 against operating profit of $28,829,000 a year ago. Loss before income tax provision was $77,254,000 against income before income tax provision of $27,156,000 a year ago. Net loss was $40,669,000 or $5.57 per basic and diluted share against net income of $22,556,000 or $2.85 per diluted share a year ago. Consolidated adjusted income, which excludes these impairment charges, was $25.8 million, or $3.52 per diluted share for the 2014 fourth quarter. This compares with consolidated adjusted income of $25.1 million, or $3.18 per diluted share for the fourth quarter of 2013. This decrease was primarily attributable to a larger loss at Reed Minerals and substantially reduced deliveries at Mississippi Lignite Mining Company, the latter due to a significant number of planned outage days at the customer's power plant, reduced royalty and other income and higher selling, general and administrative expenses. The decrease was partially offset by gains on the sale of assets totaling $5.7 million, or $3.7 million after tax of $2.0 million, during the fourth quarter of 2014 and a larger income tax benefit in 2014 compared with 2013. Consolidated adjusted EBITDA was $38.330 million against $40.468 million a year ago. Adjusted operating profit was $31,963,000 against $32,802,000 a year ago. Adjusted income before income tax provision was $27,865,000 against $31,129,000 a year ago.
For the year, the company reported revenues of $896,782,000 against $932,666,000 a year ago. Operating loss was $66,309,000 against operating profit of $61,336,000 a year ago. Loss before income tax provision was $76,573,000 against income before income tax provision of $55,720,000, a year ago. Income from continuing operations, net of tax was $44,450,000 against $42,163,000 a year ago. Net loss was $38,118,000 or $5.02 per basic and diluted share against net income of $44,450,000 or $5.47 per diluted share, a year ago. Consolidated adjusted EBITDA was $63.3 million against $88.815 million a year ago. Consolidated adjusted income was $28.3 million, or $3.72 per diluted share. This compared with consolidated adjusted income of $47.0 million, or $5.79 per diluted share for the year ended December 31, 2013. The company generated negative cash flow before financing activities of $55.1 million, which was comprised of net cash provided by operating activities of $19.8 million and $57.5 million of capital expenditures. Adjusted operating profit was $38,810,000 against $65,309,000 a year ago. Adjusted income before income tax provision was $28,546,000 against $59,693,000 a year ago.
For the quarter, the company reported Reed Minerals long-lived asset impairment charge of $105,119,000.
NACCO Industries, Inc. Declares Quarterly Cash Dividend, Payable on March 13, 2015
Feb 12 15
NACCO Industries Inc. announced that the Board of Directors declared a regular cash dividend of 25.75 cents per share. The dividend is payable on both the Class A and Class B Common Stock, and will be paid March 13, 2015 to stockholders of record at the close of business on February 27, 2015.
Nacco Industries Inc. Announces Amendments to Articles of Incorporation
Dec 18 14
On December 16, 2014, the Board of Directors of Nacco Industries Inc. approved an amendment, effective immediately, to the Amended and Restated Bylaws of the Company to add Section 5 to Article VII. The Amendment designates the Court of Chancery of the State of Delaware, or if that court lacks jurisdiction, another court of the State of Delaware, or if no court of the State of Delaware has jurisdiction, the federal district court for the District of Delaware as the sole and exclusive forum for certain legal actions. The Amendment is designed to save the Company and its stockholders from the increased expense of defending against duplicative litigation brought in multiple courts, and also to provide that claims involving Delaware law are decided by Delaware courts.