Hamilton Beach 2011 Annual Report Download - page 4

Selected Financial & Operating Data
NACCO Industries, Inc. and Subsidiaries
This Annual Report contains references to non-GAAP financial measures. Presentations of, and quantitative reconciliations to, the most directly comparable financial measures
calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”) appear on page two and page eighteen. For certain pre-tax disclosures
included in the “To Our Stockholders” letter beginning on page three, the resulting after-tax amount and the related income tax amount have been included. Certain after-tax
amounts are considered non-GAAP measures in accordance with Regulation G. Management believes that after-tax information is useful in analyzing the Company’s net income.
Year Ended December 31
2011(1) 2010(1) 2009(1) 2008(1)(2) 2007
(In millions, except per share data)
Operating Statement Data:
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating profit (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income (loss) from continuing operations . . . . . . . . . . . .
Discontinued operations, net-of-tax(3) . . . . . . . . . . . . . . . .
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net (income) loss attributable
to noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) attributable to stockholders . . . . . . . .
Basic Earnings (Loss) per Share:
Income (loss) from continuing operations
attributable to stockholders . . . . . . . . . . . . . . . . . . . . .
Discontinued operations, net-of-tax(3) . . . . . . . . . . . . . . . .
Basic earnings (loss) per share . . . . . . . . . . . . . . . . . . . . .
Diluted Earnings (Loss) per Share:
Income (loss) from continuing operations
attributable to stockholders . . . . . . . . . . . . . . . . . . . . .
Discontinued operations, net-of-tax(3) . . . . . . . . . . . . . . . .
Diluted earnings (loss) per share . . . . . . . . . . . . . . . . . . .
Per Share and Share Data:
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Market value at December 31 . . . . . . . . . . . . . . . . . . . . .
Stockholders’ equity at December 31 . . . . . . . . . . . . . . .
Actual shares outstanding at December 31. . . . . . . . . .
Basic weighted average shares outstanding . . . . . . . . . .
Diluted weighted average shares outstanding . . . . . . . .
Balance Sheet Data at December 31:
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 2,687.5
$ 140.3
$ 79.4
—
$ 79.4
0.1
$ 79.5
$ 9.55
—
$ 9.55
$ 9.53
—
$ 9.53
$ 2.085
$ 108.37
$ 53.69
8.333
8.328
8.344
$ 261.9
$ 1,658.3
$ 355.3
$ 447.4
$ 2,310.6
$ 59.1
$ 8.4
22.6
$ 31.0
0.1
$ 31.1
$ 1.03
2.72
$ 3.75
$ 1.03
2.72
$ 3.75
$ 2.068
$ 49.80
$ 47.82
8.294
8.290
8.296
$ 256.2
$ 1,488.7
$ 377.6
$ 396.6
$ 3,665.1
$ (389.5)
$ (439.7)
2.3
$ (437.4)
(0.2)
$ (437.6)
$ (53.12)
0.28
$ (52.84)
$ (53.12)
0.28
$ (52.84)
$ 2.045
$ 37.41
$ 43.05
8.286
8.281
8.281
$ 138.2
$ 1,687.9
$ 400.3
$ 356.7
$3,590.0
$ 139.2
$ 89.7
0.6
$ 90.3
0.1
$ 90.4
$ 10.87
0.07
$ 10.94
$ 10.86
0.07
$ 10.93
$ 1.980
$ 99.69
$ 107.80
8.269
8.263
8.272
$ 281.2
$ 2,427.3
$ 439.3
$ 891.4
(1) In 2006, NACCO initiated litigation in the Delaware Chancery Court against Applica Incorporated (“Applica”) and individuals and entities affiliated with Applica’s shareholder,
Harbinger Capital Partners Master Fund, Ltd. The litigation alleged a number of contract and tort claims against the defendants related to the failed transaction with Applica,
which had been previously announced. On February 14, 2011, the parties to this litigation entered into a settlement agreement. The settlement agreement provided for,
among other things, the payment of $60 million to NACCO and dismissal of the lawsuit with prejudice. The payment was received in February 2011. Litigation costs related
to the failed transaction with Applica were $2.8 million, $18.8 million, $1.1 million and $0.8 million in 2011, 2010, 2009 and 2008, respectively.
(2) During 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 impairment test, which indicated that goodwill and certain other intangibles were impaired at December 31, 2008.
Therefore, the Company recorded a non-cash impairment charge of $435.7 million in 2008.
(3) During 2009, the Company’s North American Coal subsidiary completed the sale of certain assets of the Red River Mining Company. The results of operations of Red River
for 2009 and all prior periods have been reclassified to reflect Red River’s operating results as discontinued operations.
$ 3,331.2
$ 174.1
$ 162.1
—
$ 162.1
—
$ 162.1
$ 19.34
—
$ 19.34
$ 19.28
—
$ 19.28
$ 2.120
$ 89.22
$ 68.81
8.374
8.383
8.408
$ 338.6
$ 1,801.4
$ 129.1
$ 576.2
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