Last10K.com

Hardinge Inc (HDNG) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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 and Full Year 2015 Results

ELMIRA, N.Y., February 11, 2016 - 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, 2015.

Net sales (“sales”) for 2015 increased 1% to $315.2 million, compared with $311.6 million in 2014. Adjusting for $11.4 million of unfavorable foreign currency translation, 2015 sales increased 5% over the prior year. Fourth quarter sales of $87.0 million decreased $6.0 million, or 7%, from the prior-year period. Adjusting for unfavorable foreign currency translation of $2.6 million, fourth quarter sales were down 4%.

Non-GAAP(1) adjusted net income for 2015 more than doubled to $6.9 million, or $0.54 per diluted share, compared with adjusted net income of $2.8 million, or $0.22 per diluted share, in 2014. Net income in 2015 of $2.6 million, or $0.20 per diluted share, improved $4.7 million over the prior year net loss of $2.1 million, or $0.17 loss per diluted share. Fourth quarter non-GAAP adjusted net income increased 26%, or $1.2 million, to $5.9 million, or $0.45 per diluted share, over adjusted net income of $4.7 million, or $0.36 per diluted share, in the prior year’s fourth quarter. Net income for the quarter was $2.8 million, or $0.21 per diluted share, compared with $4.5 million, or $0.35 per diluted share, in the prior-year period.

Richard L. Simons, President and Chief Executive Officer, commented, "Our results for 2015 demonstrate Hardinge’s ability to generate cash and deliver growth in a globally challenged economy through continuous product innovation grounded in a deep understanding of what our customers value. These efforts more than offset the impact on sales of the strengthened U.S. dollar and the general weakness in North America. Importantly, we finished the year by delivering impressive fourth quarter gross profit margin in the low thirties, validating that our business can produce this level of margin, given our focus on cost controls and initiatives to drive a more favorable product mix.”



___________________
(1)Management believes that the use of non-GAAP measures helps in the understanding of the Company's operating performance. See pages 9 and 10 of this release for the reconciliation tables between reported amounts and non-GAAP measures discussed in this document.




-MORE-

The following information was filed by Hardinge Inc (HDNG) on Thursday, February 11, 2016 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.

View differences made from one year to another to evaluate Hardinge Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Hardinge Inc.

Continue

Assess how Hardinge Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Hardinge Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2016 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

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 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)
Restrucutring Charges
Restrucutring Charges (cost Incurred And Expected To Be Incurred) (details)
Restrucutring Charges (details)
Restrucutring Charges (restructuring Reserve) (details)
Restrucutring Charges (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: 0000313716-16-000075
Submitted to the SEC: Thu Mar 10 2016 4:14:52 PM EST
Accepted by the SEC: Thu Mar 10 2016
Period: Thursday, December 31, 2015
Industry: Machine Tools Metal Cutting Types

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/hdng/0000313716-16-000075.htm