Mr. Simons noted, “We continue to focus on providing the marketplace with machine tool products to meet the increasingly complex needs of our customers. Uncertainty surrounding the global economic environment has created a low level of clarity for the near-term future of machine tool demand. We expect that 2012 will finish with fourth quarter sales similar to what we reported today. Looking forward to 2013, we are expecting lower sales levels for the first half of the year as a result of our recent order run rate. We will continue to focus on operating and cash management efficiencies throughout this period of uncertainty.”
“We plan to continue to invest in new product development, cost reduction initiatives, and productivity improvements and expect to be in a solid position to react quickly when the market recovery occurs,” added Mr. Simons.
Webcast and Conference CallHardinge will host a conference call and webcast today at 11:00 a.m. Eastern Time. During the conference call and webcast, Richard L. Simons, Chairman, President and CEO, and Edward J. Gaio, Vice President and CFO, will review the financial and operating results for the quarter, as well as the Company’s strategy and outlook. A question and answer session will follow the formal discussion. Their review will be accompanied by a slide presentation which will be available on Hardinge’s website at www.hardinge.com. The conference call can be accessed by dialing (201) 689-8560. The listen-only audio webcast can be monitored at www.hardinge.com. A telephonic replay will be available from 2:00 p.m. ET the day of the call through Thursday, November 15, 2012. To listen to the archived call, dial (858) 384-5517 and enter conference ID number 401276. Alternatively, the archive can be heard on the Company’s website at www.hardinge.com. A transcript will also be posted to the website, once available. About Hardinge Hardinge is a leading global designer and manufacturer of high precision, computer-controlled machine tool solutions developed for critical, hard to machine metal parts. The Company’s strategy is to leverage its global brand strength to further penetrate global market opportunities where customers will benefit from the technologically advanced, high quality, reliable equipment Hardinge produces. With approximately 75% of its sales outside the U.S., Hardinge serves the worldwide metal working market. Hardinge’s machine tool solutions can also be found in a broad base of industries to include aerospace, agricultural, automotive, construction, consumer products, defense, energy, medical, technology and transportation.