Forklift News - RESTRUCTURING AFFECTS NMHG

MAYFIELD HEIGHTS, USA -- Nacco Materials Handling Group (NMHG) has reported a net loss of US$1.1 million for the fourth quarter of 2000, which the company blamed on US$8.3 million in restructuring charges for phasing out its Danville assembly plant, announced in December.

NMHG's results were detailed in Nacco Industries Inc's annual report, released in February.

For the year to December 31, NMHG reported net income of US$21.3 million, down from US$23.7 million in 1999. NMHG suffered a US$2.4 million loss from flood damage at the Sumitomo-NMHG plant in Japan in 2000.

Revenues for the full year increased to US$1.8 billion, compared to $1.6 billion for 1999. Lift truck shipments jumped to 84,825 units, compared to 76,055 units in 1999.

For the final quarter, worldwide forklift shipments lifted to 22,232 units, compared to 20,266 units in the last quarter of 1999.

During the quarter, NMHG's revenue from its operations in the Americas increased to US$332 million, up from US$276.2 million on 1999. Revenues grew due to a 12% increase in unit shipments, and a shift to higher-priced forklifts and lift trucks, the company said. NMHG expects lift truck shipments in the Americas to remain strong in 2001, although down on 2000.

European revenue totalled US$101.8 million for the last quarter, compared to US$115.3 million in 1999. Unit shipments increased to 6,011, compared to 5,708 in the same period in 1999. "Revenues declined due to adverse currency rates," a NMHG statement said. Demand in Europe would remain high initially in 2001, but would moderate as the year progressed. Currency rates were likely to continue to negatively affect revenues and costs in 2001, the company said.

Revenues from Asia-Pacific operations were US$13.9 million last quarter, compared to US$16.8 million in 1999. Shipments dropped to 597 units, compared to 653 in 1999. Income was affected by a weak Australian dollar.

NMHG expects its Asia-Pacific business to grow as economic conditions improve. The weak Australian dollar could still affect the amount of trucks shipped to Australia this year.

Parent company Nacco Industries' fourth quarter profit nearly doubled compared to 1999, increasing to US$36 million from US$18.1 million.

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