Hamilton Beach 2011 Annual Report Download - page 5

Year Ended December 31
2011(1) 2010(1) 2009(1) 2008(1)(2) 2007
(In millions, except employee data)
Cash Flow Data:
Operating Activities
NACCO Materials Handling Group . . . . . . . . . . . . . . . . .
Hamilton Beach Brands . . . . . . . . . . . . . . . . . . . . . . . . .
Kitchen Collection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
North American Coal Corporation . . . . . . . . . . . . . . . . .
NACCO and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provided by operating activities . . . . . . . . . . . . . . . . . . . . .
Investing Activities
NACCO Materials Handling Group . . . . . . . . . . . . . . . . .
Hamilton Beach Brands . . . . . . . . . . . . . . . . . . . . . . . . .
Kitchen Collection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
North American Coal Corporation . . . . . . . . . . . . . . . . .
NACCO and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provided by (used for) investing activities . . . . . . . . . . . .
Cash Flow before Financing Activities(4)
NACCO Materials Handling Group . . . . . . . . . . . . . . . . .
Hamilton Beach Brands . . . . . . . . . . . . . . . . . . . . . . . . .
Kitchen Collection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
North American Coal Corporation . . . . . . . . . . . . . . . . .
NACCO and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Cash Flow before Financing Activities . . .
Provided by (used for) financing activities . . . . . . . . . . . .
Other Data:
Adjusted EBITDA(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total employees at December 31(6) . . . . . . . . . . . . . . . . . .
(4) Cash Flow before Financing Activities is equal to net cash provided by operating activities less net cash used for investing activities.
(5) Adjusted EBITDA is provided solely as a supplemental disclosure with respect to liquidity because management believes it provides useful information regarding a company’s
ability to service its indebtedness. Adjusted EBITDA does not represent cash flow from operations, as defined by U.S. GAAP. You should not consider Adjusted EBITDA as a
substitute for net income or net loss, or as an indicator of our operating performance or whether cash flows will be sufficient to fund our cash needs. NACCO defines Adjusted
EBITDA as income before Applica settlement and litigation charges, goodwill and other intangible assets impairment charges, income taxes, non-controlling interest (income)
expense and discontinued operations plus net interest expense and depreciation, depletion and amortization expense. Adjusted EBITDA is not a measurement under U.S.
GAAP and is not necessarily comparable with similarly titled measures of other companies. Net cash flows from operating, investing and financing activities as determined
using U.S. GAAP are presented above. A reconciliation of cash flow provided by operating activities to Adjusted EBITDA is presented below.
(6) Includes employees of the unconsolidated mining subsidiaries and excludes employees of Red River.
$ 34.6
19.5
(10.9)
44.7
(6.5)
$ 81.4
$ (33.9)
(3.7)
(3.9)
(18.2)
(0.2)
$ (59.9)
$ 0.7
15.8
(14.8)
26.5
(6.7)
$ 21.5
$ 64.4
$ 201.7
10,600
$ (27.3)
18.0
(6.4)
23.2
(2.6)
$ 4.9
$ (37.5)
(5.7)
(6.0)
(15.9)
(6.3)
$ (71.4)
$ (64.8)
12.3
(12.4)
7.3
(8.9)
$ (66.5)
$ (83.2)
$ 107.4
9,500
$ 115.9
35.5
5.4
42.0
(41.8)
$ 157.0
$ 5.8
(2.1)
(1.1)
34.5
(14.0)
$ 23.1
$ 121.7
33.4
4.3
76.5
(55.8)
$ 180.1
$ (64.1)
$ 112.6
8,600
Year Ended December 31
2011(1) 2010(1) 2009(1) 2008(1)(2) 2007
(In millions)
Reconciliation of cash flow from operations
to Adjusted EBITDA(5)
Cash flow from operations . . . . . . . . . . . . . . . . . . . . . . . . .
Change in working capital items . . . . . . . . . . . . . . . . . . . .
Applica settlement and litigation costs . . . . . . . . . . . . . . .
Gain (loss) on sale of assets and businesses . . . . . . . . . .
Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restructuring (charges) reversals . . . . . . . . . . . . . . . . . . .
Difference between deferred income
taxes and total tax provision . . . . . . . . . . . . . . . . . . . . .
Other non-cash items . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted EBITDA(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Calculation of Adjusted EBITDA(5)
Net income (loss) attributable to stockholders . . . . . . . .
Applica settlement and litigation costs . . . . . . . . . . . . . . .
Goodwill and other intangible
assets impairment charges . . . . . . . . . . . . . . . . . . . . . .
Discontinued operations, net of tax . . . . . . . . . . . . . . . . . .
Noncontrolling interest (income) loss . . . . . . . . . . . . . . . .
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation, depletion and amortization expense . . . . .
Adjusted EBITDA(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 155.2
73.6
(57.2)
0.8
—
—
37.3
(5.4)
22.4
$ 226.7
$ 162.1
(57.2)
—
—
—
51.7
24.5
(2.1)
47.7
$ 226.7
$ 47.5
15.0
6.3
25.9
(31.6)
$ 63.1
$ (8.5)
(2.2)
(2.7)
6.9
0.7
$ (5.8)
$ 39.0
12.8
3.6
32.8
(30.9)
$ 57.3
$ (43.3)
$ 192.6
8,900
$ 63.1
48.9
18.8
(5.9)
—
1.9
6.9
34.1
24.8
$ 192.6
$ 79.5
18.8
—
—
(0.1)
17.4
27.4
(2.6)
52.2
$ 192.6
$ 81.4
77.2
—
1.3
(2.0)
(8.6)
19.1
4.6
28.7
$ 201.7
$ 90.4
—
—
(0.6)
(0.1)
24.3
40.7
(12.0)
59.0
$ 201.7
$ 4.9
96.6
0.8
0.1
(4.6)
(9.1)
(1.6)
(12.7)
33.0
$ 107.4
$ (437.6)
0.8
435.7
(2.3)
0.2
18.7
40.6
(7.6)
58.9
$ 107.4
$ 157.0
(114.5)
1.1
10.0
8.4
(9.3)
(4.2)
35.1
29.0
$ 112.6
$ 31.1
1.1
—
(22.6)
(0.1)
20.5
32.2
(3.2)
53.6
$ 112.6
$ 54.6
24.2
4.9
31.7
39.8
$ 155.2
$ (15.9)
(3.7)
(2.3)
(10.7)
(0.1)
$ (32.7)
$ 38.7
20.5
2.6
21.0
39.7
$ 122.5
$ (42.0)
$ 226.7
9,300
Two