Nacco Industries Loses $428.2M In 4th Quarter
CLEVELAND (AP) ¿ Nacco Industries Inc. said Friday that it lost $428.2 million in the fourth quarter as it took a hefty write-down.
Nacco, which markets household goods under the Hamilton Beach and Proctor Silex names, reported a loss of $51.69 per share. That compares with a profit of $51.9 million, or $6.27 per share, a year earlier.
The company said the retail markets for its Hamilton Beach and Kitchen Collection have declined as consumers have reduced purchases to save money during the recession. However, it expects the segments' results will improve over the course of 2009, especially at Kitchen Collection, where the new Le Gourmet Chef store format is in place and no further large product clearance program is needed, it said.
Nacco said it took a $435.7 million write-down of goodwill and some other intangible assets because its stock price at the end of the year was "significantly below" its book value of tangible assets and book value of equity. Quarterly results also included a $15.3 million charge related to the deferred tax assets for the European operations of its wholesale and retail units.
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