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Hardinge Inc. Reports Second Quarter Results

  • Second quarter diluted earnings per share were $0.19 compared with $0.31 in the prior-year period; Non-GAAP diluted earnings per share were $0.34 after adjusting for acquisition related expenses
  • Operating margin improved by 2.9 points to 3.6% of sales over the trailing first quarter; Non-GAAP operating margin was 5.8% after adjusting for acquisition related expenses
  • Cash generated by operations improved to $8.7 million in the second quarter from $3.8 million in the prior-year's second quarter

ELMIRA, N.Y., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Hardinge Inc. (Nasdaq:HDNG), a leading international provider of advanced metal-cutting solutions, reported financial results for its second quarter ended June 30, 2013. Results for the quarter include the operations of Usach Technologies, Inc. ("Usach"), acquired on December 20, 2012, and the Forkardt operations ("Forkardt") since its acquisition on May 9, 2013.

Net sales ("sales") were $80.8 million in the second quarter of 2013, down $5.5 million, or 6%, from sales of $86.3 million in the prior-year's second quarter. The acquisitions contributed $11.1 million of sales to the quarter. The decline in organic business sales was due to the slowed order environment in the latter half of 2012, primarily impacted by the recessionary environment in Europe. When compared with the trailing first quarter, second quarter 2013 sales were up $13.6 million, or 20%, driven by acquisition related sales and strength in Asia.

Net income for the 2013 second quarter was $2.3 million, or $0.19 per diluted share, compared with net income of $3.6 million, or $0.31 per diluted share, in the prior-year's second quarter. Excluding $1.0 million of acquisition related costs and $0.8 million of valuation adjustments for the step-up of acquired inventory, net income would have been $4.0 million, or $0.34 per diluted share.

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