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Hardinge Inc. Reports Net Sales Of $82.3 Million In Third Quarter 2013

  • Reported third quarter EPS of $0.13 included $0.07 of non-recurring expenses
  • Strong cash from operations of $6.5 million in third quarter
  • Expect fourth quarter revenue of approximately $95 million

ELMIRA, N.Y., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Hardinge Inc. (Nasdaq:HDNG), a leading international provider of advanced metal-cutting solutions, reported financial results for its third quarter and nine-month period ended September 30, 2013. Results for the quarter included the operations of Usach Technologies, Inc. ("Usach"), acquired on December 20, 2012, and the Forkardt operations ("Forkardt"), acquired on May 9, 2013.

Third Quarter Review

Net sales ("sales") for the quarter were $82.3 million, comparable with sales of $82.9 million in the prior year's third quarter. Acquisitions contributed $10.5 million of sales. When compared with the trailing second quarter, sales were up $1.4 million, or 1.8%. The sequential improvement was primarily due to the addition of the Forkardt operations. 

Net income was $1.5 million, or $0.13 per diluted share, compared with net income of $4.0 million, or $0.34 per diluted share, in the prior year's third quarter. Net income when adjusted to exclude acquisition related items and a discrete tax charge was $2.4 million, or $0.20 per diluted share. Earnings per diluted share included $0.03 of acquisition related expenses, $0.02 of valuation adjustments for the step-up of acquired inventory and $0.02 for a discrete tax charge in Switzerland.  Management believes that the use of non-GAAP measures helps in the understanding of its operating performance. See the reconciliation tables on page 8 of this release.

Richard L. Simons, Chairman, President and Chief Executive Officer, commented, "Results for the quarter were as we expected. Organic sales reflect the general weakness that we have seen over the last year, but were favorably offset by our acquisitions. Sequentially, organic sales in Europe trended higher as that economy seems to be slightly better.  Of note, we are generating strong cash from operations and are making solid strides at reducing debt, providing us the financial flexibility to continue our acquisition strategy."

Sales by Region ($ in thousands)  
Quarter Ended
September 30, 2013 September 30, 2012 June 30, 2013
Sales to Customers in  $ % of Total  $ Year-over-Year % Change  $ Sequential % Change  
 
North America  22,020   27%  20,161  9%  26,116 (16)%  
Europe  29,454   36%  27,445  7%  24,743  19%  
Asia  30,784   37%  35,277 (13)%  29,955  3%  
Total  82,258 100%  82,883   (1)%  80,814  2%  

Fluctuations in Hardinge's consolidated sales among geographic locations and industries can vary from quarter to quarter based on the timing and magnitude of orders and projects. Hardinge does not believe that such quarter-to-quarter fluctuations are necessarily indicative of larger business trends.  Rather, the Company believes that such business trends can be discerned from the Company's performance during a longer period of time, such as a trailing twelve-month period.  

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