On December 18, 2014, the Company's operating company, NACCO Materials Handling Group, acquired Nuvera Fuels Cells, Inc., a development-stage technology and product development company focused on fuel cell stacks and related systems, for a preliminary cash purchase price of $6.9 million. Nuvera is being reported as a separate operating segment from the lift truck business. The 2014 fourth quarter consolidated net income includes a total of $2.8 million pre-tax of expenses related to the Nuvera acquisition, consisting of pre-acquisition costs of $0.6 million reported within the lift truck segment and $2.2 million of operating expenses, which includes post-acquisition severance of $1.5 million and $0.7 million of general operating costs, reported within the Nuvera segment.

Consolidated revenues were $2.8 billion for the year ended December 31, 2014 and consolidated net income was $109.8 million, or $6.58 per diluted share, compared with consolidated revenues of $2.7 billion and consolidated net income of $110.0 million, or $6.54 per diluted share, for the year ended December 31, 2013. Lift truck shipments in 2014 increased approximately 2.5 percent to approximately 87,600 units from approximately 85,500 units in 2013. Full year 2014 consolidated operating profit increased to $148.8 million from $134.3 million in 2013. Full year 2014 consolidated operating profit and net income include a gain on the sale of assets of $17.7 million, or $11.5 million net of taxes of $6.2 million, from the sale of the Company's Brazil facility in the second quarter of 2014.

Full-year 2013 consolidated net income included a tax benefit of $12.8 million, or $0.76 per diluted share, from the release of certain portions of previously recorded income tax valuation allowances related to the Company's United Kingdom operations.

EBITDA for the fourth quarter of 2014 was $40.7 million. EBITDA for the year ended December 31, 2014 was $182.6 million, including the $17.7 million gain from the sale of the Brazil plant. EBITDA in this press release is provided solely as a supplemental non-GAAP disclosure with respect to operating results. For reconciliations from GAAP results to the non-GAAP results, see page 7.

For the 2014 full year, the Company's cash flow before financing activities was $55.6 million, which was comprised of net cash provided by operating activities of $100.0 million less net cash used for investing activities of $44.4 million. For the 2013 full year, the Company's cash flow before financing activities was $126.8 million, which was comprised of net cash provided by operating activities of $152.9 million less net cash used for investing activities of $26.1 million. The Company's cash position was $111.4 million as of December 31, 2014 compared with $175.7 million as of December 31, 2013. Debt as of December 31, 2014 decreased to $31.5 million from $69.5 million as of December 31, 2013. Since the inception of a stock repurchase program in December 2012, which permits the repurchase of up to $50 million of the Company's outstanding Class A common stock, Hyster-Yale has purchased 694,653 shares for an aggregate purchase price of $49.8 million, including 591,034 shares purchased during 2014 for an aggregate purchase price of $44.6 million.

For more information, visit the Company's website at www.hyster-yale.com.

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Hyster-Yale Materials Handling, Inc., headquartered in Cleveland, Ohio, through its wholly-owned operating subsidiary, NACCO Materials Handling Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster^® and Yale^® brand names.