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Hamilton Beach Sees Third Quarter Income Gains

Nacco Industries, Inc., parent company of Hamilton Beach and Kitchen Collection today announced its third quarter results.
The company reported that Hamilton Beach’s net income increased to $6.9 million in 2009 from $1.3 million in 2008; the increase attributable primarily to lower product costs, sales of higher-margin and higher-priced products and reduced freight costs, partially offset by a decline in volume.
The company reported that Kitchen Collection’s net income increased to $0.3 million in 2009 from a net loss of $3.3 million in 2008 primarily due to improved gross margins at comparable stores.
In its forward looking statements, the company noted that, “the consumer markets in which Hamilton Beach and Kitchen Collection participate are likely to continue to be weak during the fourth quarter of 2009 as consumers struggle with high unemployment rates and lower income levels. Changes in product positioning and product costs have been implemented at NMHG and Hamilton Beach to achieve more acceptable margin positions in the fourth quarter of 2009 despite anticipated lower market levels.”