Good morning. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the NACCO Industries 2017 Fourth Quarter and Full Year Earnings Conference Call. [Operator Instructions]. Christina Kmetko, Investor Relations, you may begin your conference.

Thank you. Good morning, everyone, and welcome to our 2017 fourth quarter earnings call. I am Christina Kmetko, and I am responsible for Investor Relations at NACCO Industries. I'll be -- I will be providing a brief overview of our quarterly results and business outlook, and then I will open up the call for your questions. Joining me today are J.C. Butler, President and Chief Executive Officer of both NACCO and North America Coal; and Elizabeth Loveman, NACCO's Vice President and Controller. Yesterday, we published our fourth quarter 2017 results and filed our 10-K. Copies of our earnings release and 10-K are available on our website at nacco.com. For anyone, who is not able to listen to today's entire call, an archived version of this webcast will be on our website later this afternoon and available for approximately 12 months. As we begin, I would like to remind participants that this conference call may contain certain forward-looking statements. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements made here today in either our prepared remarks or during the following question-and-answer session. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly conference call, if at all. Additional information regarding these risks and uncertainties were set forth in our earnings release and in our 10-K. Now that I have the formalities done, let's talk about the quarter. As we discussed on our third quarter call, we successfully completed the tax-free spinoff of our housewares-related businesses of Hamilton Beach brands and Kitchen Collection on September 29, 2017. As a result of the spin, the 2017 and 2016 financial information in our earnings release and 10-K reflect the…

[Operator Instructions]. Our first question comes from the line of Mitchell Lolley from Goshawk Global Investments.

What is the long-term potential of winning contracts in areas outside of the coal industry?

Did you say outside of the coal industry?

Yes.

Yes. One of the things that we are focused on is, how do we use the skills that we have to expand into other areas. The most significant example of that is our North American Mining business. Historically, that business has been maintaining an operating draglines for limerock producers in Florida. As you can see in our release, one of the customers that we picked up towards the end of last year, also included operation of a rope shovel, it's a large piece of excavation equipment. We think, we can operate things other than draglines. We certainly have a lot of experience with a broad range of equipment at our coal mining operations. We're leveraging those skills to see what other services we can provide with respect to the limerock industry, and quite frankly, there is no reason, it has to just be limerock. We could certainly be helpful with the mining part of any other aggregates business as well. And we're in Florida, there's no reason we only have to operate the North American Mining business in Florida. There's a lot of aggregates in other states, where we already operate, like Texas. So the potential -- your question is what's the potential? I mean, it's really -- the aggregates industry is huge. We don't want to be in the entire aggregates industry, but we think we've got a lot of relevant skills for the mining part. And then you just really look around the rest of our business and say what pieces and parts of our core skill set could we leverage to provide other services for people. So it's not really an answer of what's the potential, but we think that we've got relevant skills that could be useful to other people as well.

Okay. And then how much do you expect royalty income could be down next year?

I don't think we disclosed some specific amount. The royalties are related to oil and gas primarily in Southern Ohio. And they -- it's their -- some coal royalties in there as well. The coal that's mined by third parties, mainly in the East. It's incredibly hard to predict those numbers because it's really completely up to how those folks decide to extract oil, gas or even mine the coal. So it's a tricky number to predict. It was pretty large last year. We think it was unusually large in 2017. But I guess, what I hope is that it turn out to be the same or higher this year, but it's very hard for us to predict that number.

Okay. And then, lastly on CapEx. Can you talk about some of the things you guys are spending on and maybe why that number is a little bit higher for '18 now?

Yes. CapEx, the unconsolidated mines, it's really the customer CapEx. So when we talk about CapEx, it's really CapEx only for any of the consolidated operations or something that might be at a corporate level. Our one main consolidated operation is Mississippi Lignite Mining Company. And from time-to-time, you need to replace pieces of equipment and you need to replace large coal trucks or significant parts of a dragline or other pieces of equipment that generally have pretty long lives. You'll spend several million dollars on it. You'll run it for a very long time and then every so often, you've got to buy more. You've got to replace those. We do, from time-to-time, also have to make investments in land because we're going to move into a new mine area where we need to control the property where we're going to mine. So it's very lumpy. It will go through periods when it's low, and then we'll have some years when it's higher just because of the lumpiness of replacing those significant pieces of equipment. We also are spending some capital at our North American mining business that I mentioned earlier, the limerock business. In some instances, those are pieces of equipment that we think can be useful to customers that are -- we either currently have or that we might be able to secure in the future. We also, as we've expanded into Central Florida, needed to establish a new home base in Central Florida that we can operate out of. I mean, that's really the answer to the CapEx question.

Okay. Is it fair to say at all that CapEx in '18 could be -- may be slightly elevated versus what it looks like in future years after '18?

Well, we don't really give outlook into future years. It really is going to depend on what are the ongoing capital needs of the other operations that I just mentioned.

[Operator Instructions]. We have no questions in queue. I'll turn the call back to the presenters.

All right. Thank you very much. We don't have any final wrap-up comments here. So we thank you for all joining us today. We appreciate your interest. And if you do have any additional questions, I can be reached at 440-229-5130. Have a good day.