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Hardinge Inc (HDNG) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Hardinge Inc

CIK: 313716 Ticker: HDNG

Exhibit 99.1

 

GRAPHIC

 

NEWS RELEASE

 

 

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

 

For more information contact:

 

 

Company:

 

Investor Relations:

Edward J. Gaio

 

Deborah K. Pawlowski, Kei Advisors LLC

Chief Financial Officer

 

Phone: (716) 843-3908

Phone: (607) 378-4207

 

Email: dpawlowski@keiadvisors.com

 

Hardinge Inc. Reports Earnings per Share
of $0.66 for the Fourth Quarter of 2012

 

·                  Fourth quarter diluted earnings per share were $0.66, which includes the favorable tax impact of $0.23 resulting from an acquisition in the fourth quarter of 2012

 

·                  Operating margin of 7.2% in the fourth quarter improved 3.2 points over prior-year’s fourth quarter on comparable revenue

 

·                  Generated $17.8 million of cash from operations during the fourth quarter, $23.4 million for the full year 2012

 

ELMIRA, N.Y., February 14, 2013

Hardinge Inc. (NASDAQ: HDNG), a leading international provider of advanced metal-cutting solutions, reported financial results for its fourth quarter and full year ended December 31, 2012.

 

Net sales (“sales”) were $90.6 million in the fourth quarter of 2012, down $0.4 million from sales of $91.0 million in the prior-year’s fourth quarter.  The effect of foreign currency exchange was not significant.  When compared with the trailing third quarter of 2012, sales were up $7.7 million, or 9%, during the fourth quarter 2012.  Foreign currency translation had a $1.4 million positive impact on sales relative to the trailing quarter.

 

Net income for the fourth quarter was $7.8 million, or $0.66 per diluted share, compared with
$3.2 million, or $0.28 per diluted share, in the prior-year’s fourth quarter.  Net income in the 2012 fourth quarter benefited from a $2.7 million reduction in tax valuation allowances which resulted from deferred tax liabilities recorded in conjunction with the acquisition of Usach Technologies in December 2012.  Excluding the tax benefit, net income would have been $5.1 million*, or $0.43 per diluted share*.

 

For the full year, sales declined in 2012 to $334.4 million, down by $7.2 million, or 2%, from sales of $341.6 million in 2011.  Foreign currency translation had a negative $4.8 million effect on sales for the year.  Excluding this unfavorable impact, 2012 sales were down $2.4 million, or relatively unchanged, compared with the prior year.  Net income for the year was $17.9 million, or $1.53 per diluted share, compared with $12.0 million, or $1.02 per diluted share, in 2011.  Excluding the tax benefit from the previously mentioned reversal in tax valuation allowances, net income in 2012 was $15.2 million*, or $1.29 per diluted share*.

 


The following information was filed by Hardinge Inc (HDNG) on Wednesday, February 20, 2013 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
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (details)
Accumulated Other Comprehensive Loss (tables)
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Derivative Financial Instruments
Derivative Financial Instruments (details)
Derivative Financial Instruments (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefits
Employee Benefits (details 2)
Employee Benefits (details 3)
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)
Fair Value Of Financial Instruments (tables)
Financing Arrangements
Financing Arrangements (details 2)
Financing Arrangements (details)
Financing Arrangements (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (details)
Goodwill And Intangible Assets (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details)
Income Taxes (tables)
Industry Segment And Foreign Operations
Industry Segment And Foreign Operations (details 2)
Industry Segment And Foreign Operations (details)
Industry Segment And Foreign Operations (tables)
Net Inventories
Net Inventories (details)
Net Inventories (tables)
New Accounting Standards
Property, Plant And Equipment
Property, Plant And Equipment (details)
Property, Plant And Equipment (tables)
Quarterly Financial Information (details)
Quarterly Financial Information (tables)
Quarterly Financial Information (unaudited)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Shareholders' Equity
Shareholders' Equity (details)
Shareholders' Equity (tables)
Significant Accounting Policies
Significant Accounting Policies (details 2)
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Stock Based Compensation
Stock Based Compensation (details)
Stock Based Compensation (tables)
Warranty
Warranty (details)
Warranty (tables)
Ticker: HDNG
CIK: 313716
Form Type: 10-K Annual Report
Accession Number: 0001047469-13-002656
Submitted to the SEC: Wed Mar 13 2013 3:02:18 PM EST
Accepted by the SEC: Wed Mar 13 2013
Period: Monday, December 31, 2012
Industry: Machine Tools Metal Cutting Types

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