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Hardinge Inc. Reports Earnings Of $4.0 Million For The Third Quarter Of 2012

Stocks in this article: HDNG

Strong Balance Sheet

Cash and cash equivalents at September 30, 2012 were $21.5 million compared with $21.7 million at December 31, 2011. Capital expenditures in the third quarter of 2012 were $0.8 million and were $6.2 million in the first nine months of 2012. Capital expenditures for the 2012 fourth quarter are expected to be approximately $2.0 million which includes general maintenance expenditures and finalizing the purchase and installation of machinery in the Company’s newly completed facilities in Switzerland and China. Cash provided by operations in the third quarter was $5.4 million.

Net Orders by Region

          Quarter Ended
          September 30,       September 30,       June 30,

Orders from Customers in

          2012       % of Total         2011       % Change           2012       % Change  
North America $ 20,913 30 % $ 20,167 4% $ 19,960 5%
Europe 23,756 35 % 29,735 (20)% 32,489 (27)%
Asia           23,690       35 %         31,572       (25)%         27,893       (15)%
Total         $ 68,359       100 %       $ 81,474       (16)%       $ 80,342       (15)%

Net orders (“orders”) during the quarter were $68.4 million, a decrease of $13.1 million, or 16%, when compared with the third quarter of 2011, which includes $2.8 million related to unfavorable foreign currency translation. Excluding the foreign currency impact, orders decreased $10.3 million, or 13%. Declines were in Asia where industrial activity growth is decelerating and Europe, where the economic conditions continue to negatively impact demand. Sequentially, orders were down 15% from the trailing second quarter of 2012, which was attributable to reductions in orders received from Europe and Asia. The Company’s order backlog at the end of the quarter was $127 million.

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