Selling, general and administrative (“SG&A”) expenses in the 2011 fourth quarter were $19.0 million compared with $16.5 million in the prior year’s fourth quarter. The increase was primarily due to commissions on higher sales, performance-based compensation increases and approximately $0.4 million associated with foreign currency exchange. As a percent of sales, SG&A was 20.9% in the 2011 fourth quarter, up from 20.1% in the prior year’s fourth quarter. For the year, SG&A expenses increased 12%, or $7.9 million, to $73.6 million compared with $65.7 million in 2010; however, as a percent of sales, SG&A was down to 21.5% of sales in 2011 compared with 25.5% in the prior year, reflecting the Company’s emphasis on cost discipline.Income from operations in the fourth quarter of 2011 was $3.6 million, up 12% over $3.3 million in the prior year’s fourth quarter. As a percent of sales, income from operations remained unchanged at 4.0%. For the year, income from operations was $16.6 million, or 4.9% of sales, compared with a loss from operations of $2.7 million in the prior year.
Hardinge Inc. Reports Net Income Grows 69% On 11% Increase In Sales For Fourth Quarter 2011
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