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Hardinge Inc. Net Income Increased 17% To $3.6 Million In The Second Quarter 2012 On Comparable Prior-Year Sales

Stocks in this article: HDNG

Hardinge Inc. (NASDAQ: HDNG), a leading international provider of advanced metal-cutting solutions, reported financial results for its second quarter 2012.

Net sales (“sales”) were $86.3 million in the second quarter of 2012, down $0.3 million, or 0.4%, from sales of $86.7 million in the prior year’s second quarter. Compared with the prior-year quarter, foreign currency translation negatively impacted second quarter 2012 sales by approximately $2.1 million. When compared with the trailing first quarter of 2012, sales were up $11.7 million, or 16%, during the second quarter 2012.

Net income for the second quarter increased to $3.6 million, up $0.5 million when compared with the prior year’s second quarter. Compared with the trailing first quarter of 2012, net income grew $1.2 million, or 49%. On a per diluted share basis, earnings were $0.31 in the second quarter of 2012 compared with $0.27 in the same period in the prior year and $0.21 in the trailing first quarter of 2012.

Richard L. Simons, Chairman, President and Chief Executive Officer, commented, “Sales to Europe and North America remained stable in the quarter despite economic concerns. Sales to Asia remain challenged by tough comparatives with last year’s surge and a general slowing of growth in that region. Importantly, a favorable product mix resulted in measurable net income growth during the quarter.”

Sales Distribution More Balanced Among Geographic Regions

Sales by Region

      Quarter Ended
      June 30,     June 30,     March 31,

Sales to Customers in

        2012     % of Total         2011     % Change         2012     % Change
North America $ 20,735 24% $ 18,529 12% $ 18,621 11%
Europe 34,028 39% 25,267 35% 24,657 38%
Asia         31,557     37%         42,860     (26)%         31,372     1%
Total     $   86,320     100%     $   86,656     0%     $   74,650     16%

North America sales, which represented 24% of total sales in the second quarter of 2012, increased by 12% compared with the second quarter of 2011. Sequentially, North America sales during the second quarter 2012 increased 11% when compared with the trailing first quarter of 2012. In Europe, second quarter sales grew 35% year-over-year and 38% compared with the trailing first quarter of 2012.

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