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Hardinge Inc (HDNG) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Hardinge Inc

CIK: 313716 Ticker: HDNG
Exhibit 99.1

NEWS
RELEASE

Hardinge Inc. One Hardinge Drive, Elmira, N.Y. 14902

For more information contact:
 
 
 
Company:
Investor Relations:
Douglas J. Malone
Chief Financial Officer
Phone: (607) 378-4140
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com

Hardinge Reports Fourth Quarter 2014 Results

ELMIRA, N.Y., February 12, 2015 - Hardinge Inc. (NASDAQ: HDNG), a leading international provider of advanced metal-cutting solutions and accessories, reported financial results for its fourth quarter and year ended December 31, 2014.

Net sales (“sales”) for the quarter were $93.0 million, and net income was $4.5 million, or $0.35 per diluted share. Orders for the quarter increased 28% to $94.4 million, compared with $73.9 million in the prior-year period.

Richard L. Simons, Chairman, President and Chief Executive Officer, commented, “We finished the year on a strong note, demonstrating our team’s ability to execute, as fourth quarter sales slightly exceeded our guidance range. Compared with the trailing third quarter, we realized significant sales growth in all geographic regions. Europe and Asia each grew over 40% and the U.S. was up nearly 20%. Our orders for the quarter and the year were significantly higher than what we had experienced in the last few years. In fact, fourth quarter orders were at the highest level we have achieved since the second quarter of 2011."

Quarterly Sales by Region
($ in thousands)
 
Quarter Ended
 
December 31, 2014
December 31, 2013
September 30, 2014
Sales to
Customers in
  $
% of Total
  $
Year-over-Year
% Change
  $
Sequential
% Change
North America
28,636

31%
36,473

(21)%
24,026

19%
Europe
31,102

33%
28,867

8%
21,286

46%
Asia
33,270

36%
37,761

(12)%
23,612

41%
Total
93,008

 
103,101

(10)%
68,924

35%
____________________
Note: 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.

-MORE-

The following information was filed by Hardinge Inc (HDNG) on Thursday, February 12, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts (details)
Schedule Ii - Valuation And Qualifying Accounts (notes)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (loss) Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity Statement
(loss) Earnings Per Share
(loss) Earnings Per Share (details)
(loss) Earnings Per Share (tables)
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Changes In Accumulated Other Comprehensive Loss
Changes In Accumulated Other Comprehensive Loss (details 2)
Changes In Accumulated Other Comprehensive Loss (details)
Changes In Accumulated Other Comprehensive Loss (tables)
Commitments And Contingencies
Commitments And Contingencies (details 1)
Commitments And Contingencies (details 2)
Commitments And Contingencies (details)
Commitments And Contingencies Commitments And Contingencies (tables)
Derivative Instruments
Derivative Instruments (details)
Employee Benefits
Employee Benefits (details 2)
Employee Benefits (details 3)
Employee Benefits (details 4)
Employee Benefits (details 5)
Employee Benefits (details 6)
Employee Benefits (details Textual)
Employee Benefits (details)
Employee Benefits (tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details 2)
Fair Value Of Financial Instruments (details 3)
Fair Value Of Financial Instruments (details 4)
Fair Value Of Financial Instruments (details 5)
Fair Value Of Financial Instruments (details 6)
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (tables)
Financing Arrangements
Financing Arrangements (details 2)
Financing Arrangements (details)
Financing Arrangements Financing Arrangements (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (details 2)
Goodwill And Intangible Assets (details 3)
Goodwill And Intangible Assets (details 4)
Goodwill And Intangible Assets (details 5)
Goodwill And Intangible Assets (details)
Goodwill And Intangible Assets (tables)
Income Taxes
Income Taxes (details 1)
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details 4)
Income Taxes (details Textual)
Income Taxes (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
New Accounting Standards
Property, Plant And Equipment
Property, Plant And Equipment (details)
Property, Plant And Equipment (tables)
Segment Information
Segment Information (details 2)
Segment Information (details)
Segment Information (tables)
Selected Quarterly Financial Information (unaudited)
Selected Quarterly Financial Information (unaudited) (details)
Selected Quarterly Financial Information (unaudited) (tables)
Shareholders' Equity
Shareholders' Equity (details Textual)
Shareholders' Equity (details)
Shareholders' Equity (tables)
Significant Accounting Policies And Basis Of Presentation
Significant Accounting Policies And Basis Of Presentation (details 1)
Significant Accounting Policies And Basis Of Presentation (details)
Significant Accounting Policies And Basis Of Presentation (policies)
Significant Accounting Policies And Basis Of Presentation (tables)
Stock Based Compensation
Stock Based Compensation (details 2)
Stock Based Compensation (details 3)
Stock Based Compensation (details Textual)
Stock Based Compensation (details)
Stock Based Compensation (tables)
Warranties
Warranties (details)
Warranties (tables)
Ticker: HDNG
CIK: 313716
Form Type: 10-K Annual Report
Accession Number: 0000313716-15-000010
Submitted to the SEC: Thu Mar 12 2015 2:53:11 PM EST
Accepted by the SEC: Thu Mar 12 2015
Period: Wednesday, December 31, 2014
Industry: Machine Tools Metal Cutting Types

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