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NACCO Industries Announces Increased Quarterly Dividend

MAYFIELD HEIGHTS, Ohio, Aug. 13 /PRNewswire-FirstCall/ -- NACCO Industries, Inc. (NYSE: NC) today announced that the Board of Directors increased its regular quarterly cash dividend to 38 cents per share, an increase of 49% over its current quarterly dividend of 25-1/2 cents per share. The dividend is payable on both the Class A and Class B Common Stock, and will be paid September 15, 2003 to stockholders of record at the close of business on September 2, 2003. The new dividend is equal to $1.52 per share on an annualized basis. This increased dividend reflects the Board's confidence in the Company's financial strength and business prospects as well as the recent reduction in the federal tax rate on dividends which provides a more tax- efficient means of distributing returns to stockholders.