-----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, WXIDFtEGiE1mqWwRLyQlPkXZuiQ0BJGUp+7TnfGWnQifJWiNXS42BtgJugpKxGhy oqcfW1NdDbXYX1F8K//exQ== 0000313716-99-000002.txt : 19990419 0000313716-99-000002.hdr.sgml : 19990419 ACCESSION NUMBER: 0000313716-99-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990409 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990416 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: 8-K SEC ACT: SEC FILE NUMBER: 000-15760 FILM NUMBER: 99596206 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 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 9, 1999 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.) One Hardinge Drive Elmira, NY 14902 (Address of principal executive offices) (Zip code) (607) 734-2281 (Registrant's telephone number including area code) ITEM 5. OTHER EVENTS On April 9, 1999, Hardinge Inc. issued a press release announcing a stock repurchase program and preliminary results for the first quarter of 1999. The Board of Directors has authorized the repurchase of up to 1.0 million shares of its common stock, or approximately 10% of the total shares outstanding. A copy of the press release is included as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Not applicable (b) Not applicable (c) Exhibits 99 Press Release issued by registrant on April 9, 1999. 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. April 16, 1999 By:_/s/ Richard L. Simons_________ Date Richard L. Simons Senior Vice President and Chief Financial Officer (Principal Financial Officer) EX-99 2 PRESS RELEASE EXHIBIT 99 HARDINGE INC. One Hardinge Drive Elmira, NY 14902 (Nasdaq: HDNG) AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD: Richard L. Simons For Analyst Info: John McNamara Senior VP & CFO For Media Info: Claudine Cornelis (607) 734-2281 (212) 661-8030 FOR IMMEDIATE RELEASE HARDINGE COMMENTS ON FIRST QUARTER Repurchase Program Authorized For Up To 1.0 Million Shares ELMIRA, N.Y., April 9, 1999 -- Hardinge Inc. (HDNG), a leading producer of machine tools, today announced that it expects sales for the first quarter ending March 31, 1999 to be approximately 30% below the $65.8 million in sales reported for the first quarter of 1998. It expects to report net income for the first quarter of between $2.0 million and $2.2 million, or $0.21 and $0.23 per share. The first quarter of 1999 was characterized by very weak demand in the early weeks, with improvement as the quarter progressed. As a result, backlog increased by approximately $3.0 million to $35 million due to a surge in orders at the end of the quarter. Hardinge is scheduled to formally release final results for the first quarter on April 22, 1999 and will hold a conference call at that time. Robert E. Agan, Chairman, President and Chief Executive Officer, commented, "As we have stated previously, we have been experiencing weakness in all machine lines which we believe is prevalent throughout the industry. However, it is still too early to determine whether this situation is a short-term dip in demand or the start of a longer-term trend. "Current market conditions are consistent with those of the last two quarters. There are many manufacturing companies, both large and small, that are holding back on purchases due to uneasiness about the current economy. Our sales have been negatively impacted by these conditions. On the other hand, many companies continue to buy machine tools as an investment in their future. It is also important to note that despite the soft market, we continue to win orders against our competitors, although discounting and special financing packages have been necessary. "The changing market conditions have significantly reduced our visibility on future sales figures by creating a `book to bill' situation. Most of our orders result in product shipment within three months. Trends suggest that sales for the second quarter of 1999 will increase compared with the first quarter, but will be lower year-over-year compared with the second quarter of 1998. Total sales for 1999 could be off by as much as 25% compared with 1998. "We expect to benefit during the second quarter from the full impact of our previously announced restructuring measures, including the reduction of our U.S. workforce by approximately 15%. We will also continue our efforts to reduce costs. However, since new product development and strong customer service are the foundation upon which we build for future success, we do not intend to reduce our investments in these efforts. As a result of this strategy, along with the discounting of machines, it is likely that our operating margins going forward will continue to be depressed relative to historical performance. Although it is still early in the year and visibility is limited, we are anticipating that net income for 1999 could fall into the range of $11.0 million to $12.5 million, or $1.16 to $1.32 per share," Mr. Agan concluded. "In the midst of current industry conditions, we continue to successfully introduce new products to the marketplace and plan to unveil a number of new machines throughout the remainder of the year," continued Mr. Agan. "We initiated sales of the new CONQUEST(R) Twin Turn 65, the most technologically advanced machine ever offered by Hardinge, during the first quarter and we are very encouraged by initial market interest, especially in Europe. Additionally, we recently introduced the CONQUEST(R) GT27 Autoload at WESTEC `99, a leading industry tradeshow. This gang-tooled turning cell has built-in automation to provide affordable unattended operation for smaller job shops, enhancing the appeal to this key target segment. " The Company also announced that its Board of Directors has authorized the repurchase of up to 1.0 million shares of its common stock, or approximately 10% of the total shares outstanding. Any such purchases will be made from time to time in the open market or in privately negotiated transactions and will be at the discretion of management. Shares repurchased will be available for use under the Company's employee incentive compensation plans and for other general corporate purposes. Mr. Agan continued, "The decision to repurchase our stock reflects management's optimism about the long-term performance of the company and future prospects for the machine tool industry. We have an extensive history of managing profitability through industry downturns and have confidence in our ability to continue to do so. At current levels, it is our opinion that the stock price does not accurately reflect our position and is undervalued." Hardinge Inc., founded more than 100 years ago, is an international leader in the machine tool industry. The company designs and manufactures computer-numerically controlled metal-cutting lathes, machining centers, grinding machines, electrical discharge machines and other industrial products. The company's common stock trades on Nasdaq under the symbol "HDNG." To receive additional information on Hardinge Inc., via fax at no charge, dial 1-800-PRO-INFO and enter code HDNG. This news release contains statements of a forward-looking nature relating to the financial performance of Hardinge Inc. in 1999 . 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. # # # -----END PRIVACY-ENHANCED MESSAGE-----