-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P16etva0ik/e6liXOmR7Zd+BqZOAgye2HoIA+a4RwcwW070UEt77j3lLsU3kIlFB 9T4MXtX57SmGONX8K68LCA== 0000313716-98-000003.txt : 19980814 0000313716-98-000003.hdr.sgml : 19980814 ACCESSION NUMBER: 0000313716-98-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980813 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARDINGE INC CENTRAL INDEX KEY: 0000313716 STANDARD INDUSTRIAL CLASSIFICATION: MACHINE TOOLS, METAL CUTTING TYPES [3541] IRS NUMBER: 160470200 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-15760 FILM NUMBER: 98684773 BUSINESS ADDRESS: STREET 1: ONE HARDING DRIVE CITY: ELMIRA STATE: NY ZIP: 14902 BUSINESS PHONE: 6077342281 MAIL ADDRESS: STREET 1: ONE HARDINGE DRIVE STREET 2: ONE HARDINGE DRIVE CITY: ELMIRA STATE: NY ZIP: 14902 FORMER COMPANY: FORMER CONFORMED NAME: HARDINGE BROTHERS INC DATE OF NAME CHANGE: 19920703 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) |X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1998 OR |_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ___________ Commission file number: 000-15760 Hardinge Inc. (Exact name of Registrant as specified in its charter) New York 16-0470200 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Hardinge Inc. One Hardinge Drive Elmira, NY 14902 (Address of principal executive offices) (Zip code) (607) 734-2281 (Registrant's telephone number including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ____ As of June 30, 1998 there were 9,802,746 shares of Common Sock of the Registrant outstanding. HARDINGE INC. AND SUBSIDIARIES INDEX Part I Financial Information Page Item 1. Financial Statements Consolidated Balance Sheets at June 30, 1998 and December 31, 1997. 3 Consolidated Statements of Income and Retained Earnings for the three months ended June 30, 1998 and 1997,and the six months ended June 30, 1998 and 1997. 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 1998 and 1997. 6 Notes to Consolidated Financial Statements. 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 10 Item 3. Quantitative and Qualitative Disclosures About Market Risks 13 Part I I Other Information Item 1. Legal Proceedings 14 Item 2. Changes in Securities 14 Item 3. Default upon Senior Securities 14 Item 4. Submission of Matters to a Vote of Security Holders 14 Item 5. Other Information 14 Item 6. Exhibits and Reports on Form 8-K 14 Signatures 15 PART I, ITEM 1 HARDINGE INC. AND SUBSIDIARIES Consolidated Balance Sheets (In Thousands) Jun. 30, Dec. 31, 1998 1997 ------------------------------- (Unaudited) Assets Current assets: Cash $ 1,877 $ 1,565 Accounts receivable 55,542 56,210 Notes receivable 6,406 5,886 Inventories 93,908 91,969 Deferred income taxes 2,961 2,961 Prepaid expenses 2,431 1,790 ------------------------------- Total current assets 163,125 160,381 Property, plant and equipment: Property, plant and equipment 138,284 128,640 Less accumulated depreciation 67,101 63,453 ------------------------------- 71,183 65,187 Other assets: Notes receivable 12,845 11,951 Deferred income taxes 837 837 Goodwill 4,010 4,082 Other 2,886 2,846 ------------------------------- 20,578 19,716 ------------------------------- Total assets $254,886 $245,284 =============================== See accompanying notes. HARDINGE INC. AND SUBSIDIARIES Consolidated Balance Sheets--Continued (Dollars In Thousands) Jun. 30, Dec. 31, 1998 1997 --------------------------- (Unaudited) Liabilities and shareholders' equity Current liabilities: Accounts payable $ 12,706 $ 18,323 Notes payable to bank 6,167 7,282 Accrued expenses 12,191 9,756 Accrued income taxes 2,665 1,614 Deferred income taxes 1,774 1,553 Current portion long-term debt 4,355 3,468 --------------------------- Total current liabilities 39,858 41,996 Other liabilities: Long-term debt 34,474 31,012 Accrued pension plan expense 2,311 2,311 Deferred income taxes 1,518 1,575 Accrued postretirement benefits 5,234 5,206 --------------------------- 43,537 40,104 Shareholders' equity Preferred stock, Series A, par value $.01: Authorized - 3,000,000; issued - none Common stock, $.01 par value: Authorized shares - 20,000,000 Issued shares - 9,843,992 at June 30, 1998; 98 6,511,703 at December 31, 1997 65 Additional paid-in capital 59,964 58,065 Retained earnings 120,714 112,625 Treasury shares (983) (552) Accumulated other comprehensive income: Foreign currency translation adjustments (3,067) (2,763) Deferred employee benefits (5,235) (4,256) --------------------------- Total shareholders' equity 171,491 163,184 --------------------------- Total liabilities and shareholders' equity $254,886 $245,284 =========================== See accompanying notes. HARDINGE INC AND SUBSIDIARIES Consolidated Statements of Income and Retained Earnings (Unaudited) (In Thousands, Except Per Share Data)
Three months ended Six months ended June 30, June 30, 1998 1997 1998 1997 ------------------------------- ------------------------------ Net Sales $65,071 $63,668 $130,850 $123,724 Cost of sales 41,471 42,334 84,397 82,212 ---------------------------------------------------------------------------------------- ------------------------------ Gross profit 23,600 21,334 46,453 41,512 Selling, general and administrative expenses 14,532 12,975 28,203 24,779 Unusual expense 1,960 ---------------------------------------------------------------------------------------- ------------------------------ Income from operations 9,068 8,359 18,250 14,773 Interest expense 598 674 1,171 1,365 Interest (income) (109) (188) (259) (354) ---------------------------------------------------------------------------------------- ------------------------------ Income before income taxes 8,579 7,873 17,338 13,762 Income taxes 3,170 3,040 6,475 5,415 ---------------------------------------------------------------------------------------- ------------------------------ Net income 5,409 4,833 10,863 8,347 Retained earnings at beginning of period 116,711 101,901 112,625 99,622 Less dividends declared 1,373 1,236 2,741 2,471 Less transfer to common stock due to stock split in the form of a dividend 33 33 ---------------------------------------------------------------------------------------- ------------------------------ Retained earnings at end of period $120,714 $105,498 $120,714 $ 105,498 ======================================================================================== ============================== Per share data: Basic earnings per share $ .57 $ .52 $ 1.15 $ .90 ======================================================================================== ============================== Weighted average number of common shares outstanding 9,420 9,347 9,417 9,323 ======================================================================================== ============================== Diluted earnings per share $ .57 $ .52 $ 1.15 $ .89 ======================================================================================== ============================== Weighted average number of common shares outstanding 9,468 9,356 9,451 9,366 ======================================================================================== ============================== Cash dividends declared $ .14 $ .13 $ .28 $ .26 ======================================================================================== ==============================
1997 per share data restated for stock slpit - see Note D See accompanying notes. HARDINGE INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In Thousands) Six Months Ended June 30, 1998 1997 ---------------------------- Net cash provided by operating activities $10,334 $ 18,308 Investing activities: Capital expenditures (10,320) (5,124) Investment in subsidiary (4,588) ---------------------------- Net cash (used in) investing activities (10,320) (9,712) Financing activities: (Decrease) in short-term notes payable to bank (1,013) (6,801) Increase (decrease) in long-term debt 4,497 (652) (Purchase) sale of treasury stock (430) 137 Dividends paid (2,741) (2,471) ---------------------------- Net cash provided by (used in) financing activities 313 (9,787) Effect of exchange rate changes on cash (15) (53) ----------------------------- Net increase (decrease) in cash $ 312 ($1,244) ============================= NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) June 30, 1998 NOTE A--BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 1998, are not necessarily indicative of the results that may be expected for the year ended December 31, 1998. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report for the year ended December 31, 1997. The Company has adopted Statement of Financial Accounting Standards No. 131, "Disclosures About Segments of an Enterprise and Related Information." The Company operates in only one business segment - industrial machine tools. NOTE B--INVENTORIES Inventories are summarized as follows (dollars in thousands): June 30, December 31, 1998 1997 ------------------------------------ Finished products $ 35,871 $ 32,290 Work-in-process 31,800 32,328 Raw materials and purchased components 26,237 27,351 --------------- --------------- $ 93,908 $ 91,969 =============== =============== NOTE C--UNUSUAL EXPENSE 1997's first quarter included a one-time charge of $1,960,000 (approximately $1,200,000 after tax, or $.13 per share). This non-recurring charge involves outside costs incurred in connection with a major acquisition that the Company carried into the final stages of the due diligence process but decided not to complete. NOTE D--CHANGES IN SHAREHOLDERS' EQUITY On April 28, 1998, the Board of Directors approved a three-for-two stock split of the Company's Common shares to be paid in the form of a 50 percent stock dividend. As a result of the split, 3,281,351 additional shares were issued on May 29, 1998 to shareholders of record on May 8, 1998 and retained earnings were reduced by $32,813. Any fractional shares resulting from the split were paid in cash. All references in the accompanying consolidated financial statements to common shares outstanding and earnings per share have been restated to reflect this stock split. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) June 30, 1998 NOTE E--EARNINGS PER SHARE AND WEIGHTED AVERAGE SHARES OUTSTANDING Earnings per share are computed using the weighted average number of shares of common stock outstanding during the period. For diluted earnings per share, the weighted average number of shares includes common stock equivalents related primarily to restricted stock. In 1997, Statement of Financial Accounting Standards No. 128 "Earnings per Share" was issued. Statement 128 replaced the calculation of primary and fully diluted earnings per share with basic and diluted earnings per share. All earnings per share amounts have been restated to conform to the requirements of Statement 128. All earnings per share amounts and shares outstanding have been restated to reflect the stock split mentioned above. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations required by Statement No. 128. The table sets forth the computation of basic and diluted earnings per share:
Three months ended Six months ended June 30, June 30, ----------------------------------------------------------- 1998 1997 1998 1997 ----------------------------------------------------------- (in thousands) Numerator: Net income $ 5,409 $ 4,833 $10,863 $ 8,347 Numerator for basic earnings per share 5,409 4,833 10,863 8,347 Numerator for diluted earnings per share 5,409 4,833 10,863 8,347 Denominator: Denominator for basic earnings per share -weighted average shares 9,420 9,347 9,417 9,323 Effect of diluted securities: Restricted stock and stock options 48 9 34 43 Denominator for diluted earnings per share -adjusted weighted average shares 9,468 9,356 9,451 9,366 Basic earnings per share $ .57 $ .52 $ 1.15 $ .90 =========================== =========================== Diluted earnings per share $ .57 $ .52 $ 1.15 $ .89 =========================== ===========================
NOTE F--DIVIDENDS DECLARED Dividends declared per share have been restated to reflect the additional shares issued in the stock split mentioned above. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) June 30, 1998 NOTE G--REPORTING COMPREHENSIVE INCOME As of January 1, 1998 the Company adopted Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income." Statement 130 establishes new rules for the reporting and display of comprehensive income and its components. However, the adoption of this Statement had no impact on the Company's net income or shareholders' equity. Statement 130 requires that foreign currency translation adjustments, which prior to adoption were reported separately in shareholders' equity, be included in shareholders' equity as other comprehensive income. Prior year financial statements were reclassified to conform to the requirements of Statement 130. During the three months and six months ended June 30, 1998 and 1997, the components of total comprehensive income consisted of the following (dollars in thousands): Three months ended Six months ended June 30, June 30, 1998 1997 1998 1997 ---------- ---------- ----------- --------- Net Income $ 5,409 $ 4,833 $ 10,863 $ 8,347 Foreign currency translation adjustments (38) (76) (304) (1,784) ========== ========== =========== ========= Comprehensive Income $ 5,371 $ 4,757 $ 10,559 $ 6,563 ========== ========== =========== ========= PART I, ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following are management's comments relating to significant changes in the results of operations for the three month and six month periods ended June 30, 1998 and 1997 and in the Company's financial condition during the six month period ended June 30, 1998. Results of Operations Net Sales. Net sales for the quarter ended June 30, 1998 were $65,071,000, an increase of 2.2% over 1997's second quarter sales of $63,668,000. Year to date sales of $130,850,000 for the first six months of 1998 represent a 5.8% increase over the $123,724,000 net sales for the same 1997 period. Geographically, second quarter U.S. sales of $45,804,000 exceeded 1997's second quarter by $1,154,000, or 2.6%. Similarly, U.S. sales for the first six months of 1998 were up by $2,713,000 over the previous year, an increase of 3.1%. Sales to European customers increased by $1,379,000, or 11.4%, during the second quarter of 1998 compared to 1997, continuing the trend reported during the first quarter of 1998. Year to date June 30, 1998 European sales increased by $6,318,000 or 28.5% over the previous year. Sales to Asia and all other parts of the world declined by $1,130,000 and $1,905,000 for the three and six months ended June 30, 1998 compared to similar periods during 1997. Machine sales accounted for $45,162,000 of net sales for the second quarter of 1998, compared to $43,103,000 for the same 1997 period. Year to date June 30, 1998 sales of machines accounted for $91,567,000, a 7.8% increase over the $84,962,000 sales in the same 1997 period. Sales of non-machine products and services in the second quarter of 1998 were slightly less than a year ago, at $19,909,000 compared to $20,565,000. Year to date sales of this product group were $39,283,000, up 1.3% from $38,762,000 the previous year. Gross Profit. Gross margin for the second quarter of 1998, as a percentage of sales, improved significantly to 36.3% from 33.5% a year earlier. Gross margin for the six month periods ended June 30 showed a similar increase, from 33.6% in 1997 to 35.5% in 1998. The improvement was largely due to increased utilization of the Company's factories in the United States and Switzerland and better product mix. Selling, General, and Administrative Expenses. Selling, general and administrative ("SG&A") expenses were 22.3% of sales during the second quarter of 1998 compared to 20.4% a year earlier. SG&A expenses for the six months ended June 30, 1998 and 1997 were 21.6% and 20.0%, respectively. The increase represents implementation of the Company's strategy to hire additional sales and service personnel to better serve its growing customer base. Also, the cost of machine tool shows and promotion costs have increased during 1998, reflecting the Company's major commitment to the International Manufacturing Technology Show, to be held in Chicago during September. The show is held every two years. Income from Operations. Income from operations as a percentage of net sales increased for the three months ended June 30, 1998 to 13.9%, from 13.1% a year earlier, as the increase in gross margin for the period was only partially offset by higher SG&A costs. Income from operations for the first six months of 1998 increased to 13.9% of sales compared to 11.9% for the same period of 1997. Income from operations for the first six months of 1997 included a one-time charge of $1,960,000 for costs incurred in connection with a major acquisition which the Company decided not to complete. Net income from operations as a percentage of net sales, without consideration of this charge, would have been 13.5% for the first six months of 1997. Interest Expense. Interest expense for the quarter ended June 30, 1998 was somewhat lower than a year earlier, at $598,000 compared to $674,000 during the second quarter of 1997. Interest expense for the six month periods ended June 30, 1998 and 1997 was $1,171,000 and $1,365,000, respectively. While average borrowings have remained relatively unchanged during both years, the average interest rate paid during 1998 was slightly lower. Interest Income. Interest income was somewhat lower ($79,000 and $95,000, respectively) for the three and six month periods ended June 30, 1998 compared to the same 1997 periods because the Company chose to offer lower interest rates as a sales incentive to its customers to a greater extent during 1998. Income Taxes. The provision for income taxes as a percentage of income before income taxes was 37.0% for the three months ended June 30, 1998, compared to 38.6% a year previous. The tax rates for the six month periods ended June 30, 1998 and 1997 were 37.3% and 39.3%, respectively. The lower effective tax rates during 1998 result from higher utilization of U.S. income tax credits. Net Income. Net income for the second quarter of 1998 was $5,409,000, or $.57 per share, an increase of $576,000 or 11.9% from the same 1997 period. Year to date 1998 net income was $10,863,000, or $1.15 per share, compared to $8,347,000, or $.89 per share for the same 1997 period (after restatement for the Company's May, 1998 3-for-2 stock split). 1997's net income was reduced by $1,200,000, or $.13 per share (after restatement), as a result of the previously reported non-recurring charge related to first quarter 1997 acquisition efforts. Excluding that charge, net income for the first half of 1997 was $9,547,000, or $1.02 per share restated for the stock split. The improvement in performance is primarily the result of increased volume coupled with successful margin and operating cost management. Earnings Per Share. All earnings per share and weighted average share amounts are presented, and where appropriate, restated as diluted to conform with Financial Accounting Standards Board Statement No. 128, Earnings Per Share. Additionally, to provide comparability between periods, prior periods' data have also been restated to give effect to the Company's 3-for-2 stock split which took place in May, 1998. Quarterly Information The following table sets forth certain quarterly financial data for each of the periods indicated. Three Months Ended Mar. 31, June 30, Sept. 30, Dec. 31, 1997 1997 1997 1997 --------------------------------------------- (in thousands, except per share data) ---------------------------------------------- Net Sales $ 60,056 $ 63,668 $ 56,772 $66,083 Gross Profit 20,178 21,334 19,193 21,713 Income from operations 6,414 8,359 6,800 8,926 Net income 3,514 4,833 3,985 5,608 Diluted earnings per share .38 .52 .42 .59 Weighted average shares outstanding 9,328 9,356 9,413 9,443 Three Months Ended Mar. 31, June 30, 1998 1998 ---------------------------------------------- (in thousands, except per share data) ---------------------------------------------- Net Sales $ 65,779 $ 65,071 Gross Profit 22,853 23,600 Income from operations 9,182 9,068 Net income 5,454 5,409 Diluted earnings per share .58 .57 Weighted average shares outstanding 9,441 9,468 Liquidity and Capital Resources Hardinge's current ratio at June 30, 1998 was 4.09:1 compared to 3.82:1 at December 31, 1997. Current assets increased by $2,744,000, primarily as a result of an increase in inventory of $1,939,000. Current liabilities decreased by $2,138,000, with a reduction of accounts payable of $5,617,000 being partially offset by a number of smaller increases in other current liabilities. In the first half of 1998, operating activities provided $10,334,000 of cash, compared to $18,308,000 for the first half of 1997 during which inventories were reduced to normal levels after several major projects were completed. Capital expenditures and cash used in acquisition activities during both six month periods remained relatively constant, at $10,320,000 in 1998 and $9,712,000 in 1997. Excess cash generated during the first half of 1997 was used to reduce debt by $7,453,000, while debt was increased by $3,484,000 during the first half of 1998. Hardinge provides long-term financing for the purchase of its equipment by qualified customers. We periodically sell portfolios of our customer notes to financial institutions in order to reduce debt and finance current operations. Our customer financing program has an impact on our month-to-month borrowings, but it has had little long-term impact on our working capital because of the ability to sell the underlying notes. We sold $19,476,000 of customer notes in the first half of 1998, compared to $17,400,000 during the same period of 1997. At June 30, 1998 Hardinge maintained revolving loan agreements with several U.S. banks providing for unsecured borrowing up to $70,000,000 on a revolving basis, $20,000,000 through November 1, 1999 and $50,000,000 through August 1, 2002. At November 1, 1999 any outstanding balance on the $20,000,000 facility converts, at the Company's option, to a term loan payable quarterly over four years through 2003 These facilities, along with other short term credit agreements, provide for immediate access of up to $77,000,000. At June 30, 1998, outstanding borrowings under these arrangements totaled $24,900,000. We believe that the currently available funds and credit facilities, along with internally generated funds, will provide sufficient financial resources for ongoing operations. The Company continues implementation of its program to assure that the year 2000 problem will have no significant impact on operations. The plan, which considers both internal and external vulnerability, will be completed in sufficient time to avoid any disruption of its operations. The cost of implementing the plan is not material. This report contains statements of a forward-looking nature relating to the financial performance of Hardinge Inc. Such statements are based upon information known to management at this time. The company cautions that such statements necessarily involve uncertainties and risk and deal with matters beyond the company's ability to control, and in many cases the company cannot predict what factors would cause actual results to differ materially from those indicated. Among the many factors that could cause actual results to differ from those set forth in the forward-looking statements are fluctuations in the machine tool business cycles, changes in general economic conditions in the U.S. or internationally, the mix of products sold and the profit margins thereon, the relative success of the company's entry into new product and geographic markets , the company's ability to manage its operating costs, actions taken by customers such as order cancellations or reduced bookings by customers or distributors, competitors' actions such as price discounting or new product introductions, governmental regulations and environmental matters, changes in the availability and cost of materials and supplies, the implementation of new technologies and currency fluctuations. Any forward-looking statement should be considered in light of these factors. The company undertakes no obligation to revise its forward-looking statements if unanticipated events alter their accuracy. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not Applicable Part II. OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Changes in Securities None Item 3. Default upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders The 1998 Annual Meeting of Shareholders of Hardinge Inc. was held on April 28, 1998. A total of 6,214,259 of the Company's shares were present or represented by proxy at the meeting. This represents more than 95% of the Company's shares outstanding. The three Class I directors named below were elected to serve a three-year term and the Class II director named below was elected to serve a one-year term. Votes for Votes Withheld Class I Directors Robert E. Agan 6,207,125 7,134 Richard J. Cole 6,207,755 6,504 E. Martin Gibson 6,205,011 9,248 Class II Director Albert W. Moore 6,205,271 8,988 John W. Bennett, James L. Flynn, Douglas A. Greenlee, J. Philip Hunter and Eve L. Menger continue as Directors of the Company. Since said date, Eve L. Menger has resigned from the Board of Directors effective August 1, 1998 and Daniel J. Burke has been elected to fill the vacancy created. The election of Ernst & Young LLP as the Company's independent accountants was ratified, with 6,198,745 shares voting for and 4,565 shares voting against. No other matters were presented for vote at that meeting. Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K A. Exhibits 27.1 Financial Data Schedule 27.2 Restated Financial Data Schedule B. Reports on Form 8-K Current report on Form 8-K, dated May 11, 1998 was filed in connection with an April 28, 1998 press release announcing a three-for-two stock split. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Hardinge Inc. August 12, 1998 By:_/s/ Robert E. Agan____________________ Date Robert E. Agan Chairman of the Board, President /CEO August 12, 1998 By:_/s/ J. Patrick Ervin___________________ Date J. Patrick Ervin Executive Vice President August 12, 1998 By:_/s/ Malcolm L Gibson___________________ Date Malcolm L. Gibson Executive Vice President and Chief Financial Officer (Principal Financial Officer) August 12, 1998 By:_/s/ Richard L. Simons__________________ Richard L. Simons Vice President - Finance (Principal Accounting Officer) EX-27.1 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS INFORMATION EXTRACTED FROM THE COMPANY'S UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-1998 JUN-30-1998 1,877 0 74,793 0 93,908 163,125 138,284 67,101 254,886 39,858 0 0 0 98 171,393 254,886 130,850 130,850 84,397 28,203 0 0 1,171 17,338 6,475 10,863 0 0 0 10,863 1.15 1.15
EX-27.2 3 FINANCIAL DATA SCHEDULE
5 THIS RESTATED SCHEDULE CONTAINS INFORMATION EXTRACTED FROM THE COMPANY'S UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. EARNINGS PER SHARE AMOUNTS HAVE BEEN RESTATED TO REFLECT A THREE FOR TWO STOCK SPLIT IN MAY 1998. 1,000 6-MOS DEC-31-1997 JUN-30-1997 1,392 0 65,357 0 90,794 150,101 125,580 60,153 231,423 30,680 0 0 0 65 152,486 231,423 123,724 123,724 82,212 24,779 1,960 0 1,365 13,762 5,415 8,347 0 0 0 8,347 .90 .89
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