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

Hardinge applies its engineering design and manufacturing expertise in high performance machining centers, high-end cylindrical and jig grinding machines, SUPER-PRECISION® and precision CNC lathes and technologically advanced workholding accessories. Hardinge has manufacturing operations in China, Switzerland, Taiwan, the United Kingdom and the United States.

The Company regularly posts information on its website: http://www.hardinge.com.

Safe Harbor Statement

This news release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Such statements are based on management's current expectations that involve risks and uncertainties. Any statements that are not statements of historical fact or that are about future events may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," "estimates," "predicts," "potential," "continue," "strategy," "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. The Company's actual results or outcomes and the timing of certain events may differ significantly from those discussed in any forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

HARDINGE INC. AND SUBSIDIARIES Consolidated statements of operations (in thousands except per share data)
					Quarter Ended September 30,														Year to Date Ended September 30,
					2012							2011							2012							2011
					(unaudited)														(unaudited)
Net sales					$	82,883						$	90,389						$	243,853						$	250,527
Cost of sales						58,856							64,840							174,597							182,599
Gross profit						24,027							25,549							69,256							67,928
Gross profit margin						29.0%							28.3%							28.4%							27.1%
Selling, general and administrative expenses						18,602							18,943							55,316							54,609
Gain on sale of assets						(13	)						(5	)						(27	)						(23	)
Other expense						127							284							430							389
Income from operations						5,311							6,327							13,537							12,953
Operating margin						6.4%							7.0%							5.6%							5.2%
Interest expense						246							97							655							268
Interest income						(44	)						(45	)						(95	)						(132	)
Income before income taxes						5,109							6,275							12,977							12,817
Income tax expense						1,089							2,025							2,874							4,073
Net income					$	4,020						$	4,250						$	10,103						$	8,744
Basic earnings per share					$	0.35						$	0.37						$	0.87						$	0.75
Diluted earnings per share					$	0.34						$	0.36						$	0.86						$	0.75
Cash dividends declared per share					$	0.02						$	0.02						$	0.06						$	0.03
Weighted avg. shares outstanding: Basic						11,567							11,467							11,551							11,461
Weighted avg. shares outstanding: Diluted						11,656							11,533							11,638							11,527

HARDINGE INC. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands except share and per share data)
				September 30, 2012						December 31, 2011
				(unaudited)
Assets
Cash and cash equivalents				$	21,507					$	21,736
Restricted cash					5,088						4,575
Accounts receivable, net					50,391						65,909
Inventories, net					134,501						122,782
Other current assets					15,198						13,338
Total current assets					226,685						228,340
Property, plant and equipment, net					70,168						68,204
Intangible assets, net					12,503						12,765
Other non-current assets					1,665						2,360
Total non-current assets					84,336						83,329
Total assets				$	311,021					$	311,669
Liabilities and shareholders' equity
Accounts payable				$	32,203					$	36,952
Notes payable to bank					14,150						12,969
Accrued expenses					28,278						25,103
Customer deposits					14,767						18,881
Accrued income taxes					2,517						3,480
Deferred income taxes					2,677						2,556
Current portion of long-term debt					2,842						1,548
Total current liabilities					97,434						101,489
Long-term debt					5,674						7,020
Pension and postretirement liabilities					41,381						49,310
Deferred income taxes					3,071						2,391
Other liabilities					4,102						4,436
Total non-current liabilities					54,228						63,157
Common stock ($0.01 par value, 12,472,992 issued)					125						125
Additional paid-in capital					114,340						114,369
Retained earnings					74,442						65,041
Treasury shares (782,717 shares at September 30, 2012and 813,980 shares at December 31, 2011)					(9,934)						(10,379)
Accumulated other comprehensive loss					(19,614)						(22,133)
Total shareholders' equity					159,359						147,023
Total liabilities and shareholders' equity				$	311,021					$	311,669

HARDINGE INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
				Quarter Ended September 30,												YTD Ended September 30,
				2012						2011						2012						2011
Operating activities
Net income				$	4,020					$	4,250					$	10,103					$	8,744
Adjustments to reconcile net income to net cash usedin operating activities:
Depreciation and amortization					1,795						1,989						5,453						5,885
Debt issuance amortization					10						26						42						78
Provision for deferred income taxes					(149)						861						852						(411)
Gain on sale of assets					(13)						(5)						(27)						(23)
Unrealized intercompany foreign currencytransaction loss (gain)					223						(1,147)						513						(748)
Changes in operating assets and liabilities:
Accounts receivable					4,541						2,315						16,226						(11,362)
Inventories					371						(8,248)						(10,215)						(20,485)
Other assets					(417)						(129)						(957)						(2,700)
Accounts payable					(2,513)						1,694						(5,419)						6,051
Customer deposits					(1,808)						(1,799)						(4,207)						4,209
Accrued expenses					(560)						1,873						(6,292)						2,190
Accrued postretirement benefits					(129)						(136)						(387)						(423)
Net cash provided by (used in) operating activities					5,371						1,544						5,685						(8,995)
Investing activities
Capital expenditures					(803)						(4,518)						(6,167)						(13,520)
Proceeds on sale of assets					18						44						40						908
Net cash used in investing activities					(785)						(4,474)						(6,127)						(12,612)
Financing activities
Proceeds from short-term notes payable to bank					969						4,951						827						10,943
(Repayments of) proceeds from long-term debt					(150)						1,461						(140)						1,152
Dividends paid					(233)						(233)						(698)						(349)
Other financing activities					(1)						(5)						8						42
Net cash provided by (used in) financing activities					585						6,174						(3)						11,788
Effect of exchange rate changes on cash					187						(684)						216						135
Net increase (decrease) in cash					5,358						2,560						(229)						(9,684)
Cash and cash equivalents at beginning of period					16,149						18,701						21,736						30,945
Cash and cash equivalents at end of period				$	21,507					$	21,261					$	21,507					$	21,261

« First ‹ Previous 1 2 3 4 5 6 Next › Last »