Hamilton Beach 2008 Annual Report Download

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2008 Annual Report
NACCO
INDUSTRIES, INC.

Table of contents

  • Page 1
    NACCO I N D U S T R I E S , I N C . 2008 Annual Report

  • Page 2
    ... owned dealers, which sell, lease and service Hyster® and Yale® lift trucks and sell related service parts. Hamilton Beach Brands ("HBB") Headquarters: Richmond, Virginia HBB is a leading designer, marketer and distributor of small electric household appliances, as well as commercial products for...

  • Page 3
    ... Kitchen Collection: Achieve a minimum operating profit margin target of 5 percent Kitchen Collection: • Corporate expense management • Store expense management • Continuous product cost management • Logistics efficiency • Innovative products and merchandising • Hamilton Beach® brand...

  • Page 4
    ....4 685.0 (1) During the fourth quarter of 2008, NACCO's stock price significantly declined compared with previous periods and the Company's market value of equity was below its book value of tangible assets and book value of equity. The Company performed an interim impairment test, which indicated...

  • Page 5
    ... Flow Data: Operating Activities NACCO Materials Handling Group ...$ Hamilton Beach Brands ...Kitchen Collection ...North American Coal Corporation ...NACCO and Other ...Provided by operating activities ...$ Year Ended December 31 2007(2) 2006(2) 2005(2) (In millions, except employee data) 2004...

  • Page 6
    ...at NACCO Materials Handling Group ("NMHG") Wholesale, $80.7 million at Hamilton Beach and $3.9 million at Kitchen Collection. The Company, however, believes that current stock market valuations, which were the basis for the impairment testing under existing accounting rules, are generally reflective...

  • Page 7
    ... of our operating holding company organizational structure. In this regard, during 2008, NACCO contributed $68.3 million to NMHG, $29.0 million to Hamilton Beach and $25.3 million to Kitchen Collection to increase capitalization at each of these subsidiaries. Subsidiary Financial Objectives Each...

  • Page 8
    ... in late 2009. The company also mitigated its financial exposure to these limerock operations by transitioning to new cost reimbursable management fee contracts with almost all of its customers. Only one Florida limerock operation, which is not in the lake belt area, will be in production for all of...

  • Page 9
    ...NMHG Wholesale expects to have significantly lower unit booking and shipment levels and a reduction in parts sales in 2009 compared with 2008. NACCO Materials Handling Group 2008 Results Like many companies in the industrial equipment sector, NMHG faced exceedingly high material costs in early 2008...

  • Page 10
    ... lift trucks in key markets worldwide eventually improves, to achieve its long-term minimum financial objectives. Hamilton Beach Brands 2008 Results Hamilton Beach Brands ("HBB") and other small kitchen appliance companies were affected by a significant softening of retail markets during the year...

  • Page 11
    ... appliances industry and to attain its longer-term financial objectives when increased consumer spending returns. Above: Clockwise from top: Hamilton Beach Brands' newest products include: Hamilton Beach® Stay or Go™ 6 quart slow cooker with lid rest, Hamilton Beach® Big Mouth® Deluxe food...

  • Page 12
    ... Le Gourmet Chef® stores was implemented in 2008 and is now in place. Also in 2008, a new distribution center for Le Gourmet Chef came on line, which added efficiency to its supply chain system. 2009, all of which make forecasts of revenue very uncertain. Nevertheless, Kitchen Collection expects...

  • Page 13
    ...® outlet and traditional mall stores, although the total number of Kitchen Collection® and Le Gourmet Chef® stores is unlikely to increase in 2009. well positioned to achieve their long-term financial objectives after restoring employee benefits that have been suspended or reduced to lower costs...

  • Page 14
    ... deferred tax assets of NMHG Wholesale and Retail. Management believes that both Net Income (Loss) and Adjusted Income (Loss) assist the investor in understanding the results of operations of NACCO Industries, Inc. and its subsidiaries. In addition, management evaluates results using Net Income...

  • Page 15
    ... Officers of NACCO Materials Handling Group, Inc. Corporate: Officers of Hamilton Beach Brands, Inc. Dr. Michael J. Morecroft President and Chief Executive Officer Keith B. Burns Vice President, Engineering and Information Technology Kathleen L. Diller Vice President, General Counsel and...

  • Page 16
    ...Listing The New York Stock Exchange Symbol: NC Annual CEO Certification On June 10, 2008, in accordance with Section 303A.12(a) of the New York Stock Exchange Listed Company Manual, our Chief Executive Officer, Alfred M. Rankin, Jr., submitted his annual certification to the New York Stock Exchange...

  • Page 17
    ...Benefits This Summary Annual Report and Supplemental Package is printed using post-consumer waste recycled paper and vegetable-based inks. By using this environmental paper, NACCO Industries Inc. saved the following resources... certified in accordance with the rules of the Forest Stewardship Counsel.

  • Page 18
    NACCO Industries, Inc. 5875 Landerbrook Drive, Suite 300 • Cleveland, Ohio 44124 An Equal Opportunity Employer Printed in U.S.A.