-----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, Lg3fkDy06YlEHUV0I5MTJ9tbVsk1f9I8cEzk22Y268XTfuiN0gnTs2pDLVVkj2mm klM78pVI/m4Zxpb2DNQ58Q== 0000313716-99-000003.txt : 19990514 0000313716-99-000003.hdr.sgml : 19990514 ACCESSION NUMBER: 0000313716-99-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990513 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: 99619381 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 10Q 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 March 31, 1999 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 March 31, 1999 there were 9,809,313 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 March 31, 1999 and December 31, 1998. 3 Consolidated Statements of Income and Retained Earnings for the three months ended March 31, 1999 and 1998. 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 1999 and 1998. 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 15 Part II Other Information Item 1. Legal Proceedings 15 Item 2. Changes in Securities 15 Item 3. Default upon Senior Securities 15 Item 4. Submission of Matters to a Vote of Security Holders 15 Item 5. Other Information 15 Item 6. Exhibits and Reports on Form 8-K 15 Signatures 16 PART I, ITEM 1 HARDINGE INC. AND SUBSIDIARIES Consolidated Balance Sheets (In Thousands)
March 31, Dec. 31, 1999 1998 ------------------------------- (Unaudited) Assets Current assets: Cash $ 2,132 $ 2,192 Accounts receivable 46,738 54,631 Notes receivable 8,545 7,194 Inventories 87,822 91,965 Deferred income taxes 2,299 2,299 Prepaid expenses 2,880 2,960 ------------------------------- Total current assets 150,416 161,241 Property, plant and equipment: Property, plant and equipment 144,952 143,937 Less accumulated depreciation 68,715 67,183 ------------------------------- 76,237 76,754 Other assets: Notes receivable 15,471 13,063 Goodwill 3,902 3,938 Other 2,230 1,685 ------------------------------- 21,603 18,686 ------------------------------- Total assets $248,256 $256,681 ===============================
See accompanying notes. HARDINGE INC. AND SUBSIDIARIES Consolidated Balance Sheets--Continued (Dollars In Thousands)
March 31, Dec. 31, 1999 1998 ------------------------------- (Unaudited) Liabilities and shareholders' equity Current liabilities: Accounts payable $ 9,667 $ 11,368 Notes payable to bank 3,560 5,018 Accrued expenses 8,852 8,540 Accrued income taxes 2,010 Deferred income taxes 2,230 2,111 Current portion long-term debt 3,550 3,654 ------------------------------- Total current liabilities 29,869 30,691 Other liabilities: Long-term debt 28,368 35,415 Accrued pension plan expense 3,527 3,527 Deferred income taxes 1,717 1,863 Accrued postretirement benefits 5,448 5,390 ------------------------------- 39,060 46,195 Shareholders' equity: Preferred stock, Series A, par value $.01: Authorized - 2,000,000; issued - none Common stock, $.01 par value: Authorized shares - 20,000,000 Issued shares - 9,919,992 at March 31, 1999 and 9,843,992 at December 31, 1998 99 98 Additional paid-in capital 61,630 60,351 Retained earnings 128,230 127,526 Treasury shares (1,949) (853) Accumulated other comprehensive income - Foreign currency translation adjustments (3,388) (2,485) Deferred employee benefits (5,295) (4,842) ------------------------------- Total shareholders' equity 179,327 179,795 ------------------------------- Total liabilities and shareholders' equity $248,256 $256,681 ===============================
See accompanying notes. HARDINGE INC AND SUBSIDIARIES Consolidated Statements of Income and Retained Earnings (Unaudited) (In Thousands, Except Per Share Data)
Three months ended March 31, 1999 1998 ------------------------------- Net Sales $46,194 $65,779 Cost of sales 30,646 42,926 ------------------------------- Gross profit 15,548 22,853 Selling, general and administrative expenses 12,095 13,671 ------------------------------- Income from operations 3,453 9,182 Interest expense 489 573 Interest (income) (157) (150) ------------------------------- Income before income taxes 3,121 8,759 Income taxes 1,039 3,305 ------------------------------- Net income 2,082 5,454 Retained earnings at beginning of period 127,526 112,625 Less dividends declared 1,378 1,368 =============================== Retained earnings at end of period $128,230 $ 116,711 =============================== Per share data: Basic earnings per share $ .22 $ .58 =============================== Weighted average number of common shares outstanding 9,460 9,411 =============================== Diluted earnings per share $ .22 $ .58 =============================== Weighted average number of common shares outstanding 9,431 9,441 =============================== Cash dividends declared $ .14 $ .14 ===============================
See accompanying notes. HARDINGE INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In Thousands)
Three Months Ended March 31, 1999 1998 ---------------------------------- Net cash provided by operating activities $13,125 $ 10,014 Investing activities: Capital expenditures (2,501) (6,677) ---------------------------------- Net cash (used in) investing activities (2,501) (6,677) Financing activities: (Decrease) in short-term notes payable to bank (1,403) (3,002) (Decrease) increase in long-term debt (7,032) 2,259 (Purchase) of treasury stock (818) (169) Dividends paid (1,378) (1,368) ---------------------------------- Net cash (used in) financing activities (10,631) (2,280) Effect of exchange rate changes on cash (53) (4) ----------------------------------- Net (decrease) increase in cash ($ 60) $1,053
=================================== NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 1999 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 month period ended March 31, 1999, are not necessarily indicative of the results that may be expected for the year ended December 31, 1999. 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, 1998. 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): March 31, December 31, 1999 1998 ----------------- --- ------------------ Finished products $ 35,266 $ 36,185 Work-in-process 29,733 29,499 Raw materials and purchased components 22,823 26,281 =============== ================= $ 87,822 $ 91,965 =============== ================= NOTE C--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. 1998 common shares outstanding and earnings per share have been restated to reflect this stock split. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) March 31, 1999 NOTE D--EARNINGS PER SHARE AND WEIGHTED AVERAGE SHARES OUTSTANDING Earnings per share are computed using Statement of Financial Accounting Standards No. 128 "Earnings per Share." Basic 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. 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 March 31, ------------------------------ 1999 1998 ------------------------------ Numerator: Net income $ 2,082 $ 5,454 Numerator for basic earnings per share 2,082 5,454 Numerator for diluted earnings per share 2,082 5,454 Denominator: Denominator for basic earnings per share -weighted average shares 9,460 9,411 Effect of diluted securities: Restricted stock and stock options (29) 30 Denominator for diluted earnings per share -adjusted weighted average shares 9,431 9,441 Basic earnings per share $ .22 $ .58 ============================== Diluted earnings per share $ .22 $ .58 ============================== NOTE E--DIVIDENDS DECLARED 1998 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) March 31, 1999 NOTE F--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. During the three months ended March 31,1999 and 1998, the components of total comprehensive income consisted of the following (dollars in thousands) following (dollars in thousands): Three months ended March 31, 1999 1998 -------------- -------------- Net Income $ 2,082 $ 5,454 Foreign currency translation adjustments (903) (266) ============== ============== Comprehensive Income $ 1,179 $ 5,188 ============== ============== 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 periods ended March 31, 1999 and 1998 and in the Company's financial condition during the three month period ended March 31, 1999. Results of Operations Net Sales. Net sales for the quarter ended March 31, 1999 were $46,194,000 compared to $65,779,000 for the quarter ended March 31, 1998, for a reduction of $19,585,000 or 29.8%. While sales to automotive customers fell during the first quarter of 1999 by $8,500,000 from the same 1998 quarter, the remaining decrease in sales volume resulted from declining demand among all customers worldwide. In the United States, first quarter 1999 sales declined by $16,214,000 or 35.6% from the same period a year ago. Similarly, sales to European customers and to all other areas of the world decreased by $1,288,000 and $2,083,000, respectively, a combined decrease of 16.7%. Sales of machines accounted for $28,567,000 during the first quarter of 1999 compared to $46,405,000 for the same 1998 period, a decline of $17,838,000 or 38.4%. Sales of non-machine products and services of $17,627,000 represented a reduction of $1,747,000 or 9.0% from the same quarter last year. The Company's orders backlog at March 31, 1999 dropped by 35.2% from a year earlier. However, backlog rose during the first quarter of 1999 by 13.4% from its level at December 31, 1998. This was the result of a strong influx of orders at the end of the current quarter. Gross Profit. Gross margin, as a percentage of sales, was 33.7% in the first quarter of 1999, compared to 34.7% for the same period in 1998. This reduction is the net result of several factors. First, the significant downturn in customer demand has been felt across the entire machine tool industry. For example, published data on consumption of U.S. domestic metal cutting machines indicate a reduction in demand of approximately 53% for the first two months of 1999 compared to the same period during 1998. This condition resulted in significant price discounting among machine tool suppliers, including Hardinge. At the same time, the relatively larger portion of Hardinge total sales to customers outside the United States also caused a reduction in gross margin. This is true because foreign sales are typically conducted more through distributor-based distribution channels requiring higher discounts than domestic sales which often are made by the Company's direct sales force. Offsetting these margin reductions is the fact that the relative proportion of total sales attributable to non-machine products and services has increased during the first quarter of 1999 compared to 1998. Higher gross margins on these items have helped to offset the effects of price and channel of distribution discounting. Finally, the Company made significant reductions in productive and overhead labor levels in January 1999 in response to the lower sales volume. Selling, General, and Administrative Expenses. Selling, general and administrative ("SG&A") expenses during the first quarter of 1999 were $12,095,000 compared to $13,671,000 for the same quarter of 1998, for a reduction of $1,576,000. The Company's January 1999 workforce reduction resulted in reduced levels of SG&A labor in response to declining market conditions, and additional cost reduction measures were taken as well. However, the significant decline in sales volume described above resulted in SG&A as a percentage of sales increasing to 26.2% for the quarter ended March 31, 1999 compared to 20.8% a year earlier. Income from Operations. Income from operations as a percentage of net sales decreased in the three month period ended March 31, 1999 to 7.5% from the 14.0% earned for the same period in 1998. In January 1999, the Company reduced its U.S. workforce by approximately 200 jobs, or 15%, in response to declining market conditions, and took other cost reduction measures as well. However, the substantial reduction in sales volume for the first quarter of 1999 could only be partially offset by these cost reduction efforts. Interest Expense and Income. Interest expense decreased to $489,000 in the first quarter of 1999, from $573,000 in the same 1998 period. Average outstanding debt for this year's quarter was somewhat lower than the previous year. The Company also paid slightly lower interest rates during the first quarter of 1999. Interest income, earned primarily on customer notes, remained nearly constant over the two periods. Income Taxes. The provision for income taxes as a percentage of net income was 33.3% for the first quarter of 1999 compared to 37.7% a year earlier. The decrease in average tax rate is the result of two factors. First, a relatively larger portion of 1999 earnings is attributable to profits of the Company's European operations, where the effective tax rate is considerably lower than in the U.S. Second, the Company's U.S. operations experienced a higher utilization of U.S. income tax credits during 1999's first quarter. Net Income. Net income for the first quarter of 1999 was $2,082,000 or $.22 diluted earnings per share compared to $5,454,000 or $.58 diluted earnings per share for the first quarter of 1998 after restatement for the Company's 3-for-2 stock split in May, 1998. Earnings Per Share. All earnings per share and weighted average share amounts are presented to conform with Financial Accounting Standards Board Statement No. 128, Earnings Per Share. Additionally, to provide comparability between periods, prior period 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, 1998 1998 1998 1998 ---------------------------------------------------------- ---------------------------------------------------------- (in thousands, except per share data) ---------------------------------------------------------- Net Sales $ 65,779 $ 65,071 $ 62,041 $ 66,734 Gross Profit 22,853 23,600 22,606 23,038 Income from operations 9,182 9,068 7,720 7,670 Net income 5,454 5,409 4,531 4,889 Diluted earnings per share .58 .57 .48 .52 Weighted average shares outstanding 9,441 9,468 9,468 9,468
Three Months Ended Mar. 31, 1999 ---------------------------------------------------------- ---------------------------------------------------------- (in thousands, except per share data) ---------------------------------------------------------- Net Sales $ 46,194 Gross Profit 15,548 Income from operations 3,453 Net income 2,082 Diluted earnings per share .22 Weighted average shares outstanding 9,431
Liquidity and Capital Resources For the first three months of 1999, operating activities generated $13,125,000 of cash compared to $10,014,000 for the same period during 1998, for an increase of $3,111,000. There are several reasons for this increase. Operating funds were generated by a smaller reduction in accounts payable ($3,621,000) from the previous year's comparable quarter and by a larger reduction in inventory ($1,470,000) during the first quarter of 1999 compared to the year-ago quarter. These sources of operating funds were offset by the reduction in net profit of $3,372,000 between the two quarters, with smaller changes making up the remaining difference. Investing activities for the quarter ended March 31, 1999, at $2,501,000, used $4,176,000 less than the same quarter of last year. 1998's first quarter investments were unusually high as a result of the purchase of several large items of manufacturing equipment. Financing activities during the first quarter of 1999 used cash of $10,631,000, or $8,351,000 more than 1998's first quarter. The additional cash usage resulted primarily from a net paydown of total debt of $8,435,000 in the first quarter of 1999, compared to a paydown of $743,000 for the year-ago quarter. Hardinge's current ratio at March 31, 1999 was 5.04:1 compared to 5.25:1 at December 31, 1998. Hardinge provides long-term financing for the purchase of its equipment by qualified customers. The Company periodically sell portfolios of customer notes to financial institutions in order to reduce debt and finance current operations. The customer financing program has an impact on Hardinge's month-to-month borrowings, but it has had little long-term impact on its working capital because of the ability to sell the underlying notes. The Company sold $10,238,000 of customer notes in the first three months of 1998. No notes were sold during 1999's first quarter as a result of the lower sales levels previously discussed coupled with the fact that a considerably lower portion of total sales were recorded on contracts. Hardinge maintains 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. It is the Company's intent to negotiate a new revolver agreement to replace this arrangement on or before November 1, 1999. These facilities, along with other short term credit agreements, provide for immediate access of up to $77,000,000. At March 31, 1999, outstanding borrowings under these arrangements totaled $20,718,000. We believe that currently available funds and credit facilities, along with internally generated funds, will provide sufficient financial resources for ongoing operations. Year 2000 Issue The Year 2000 issue arises from the use of two-digit date fields in certain computer programs which may cause problems as the year changes from 1999 to 2000. If the Company's computer systems do not correctly recognize date information, there could be a material adverse effect on the Company's operations. The Company has identified risk associated with the Year 2000 problem in the following areas: (i) systems used by the Company to operate its business; (ii) systems used by the Company's critical suppliers; and (iii) warranty or other potential claims from the Company's customers. The Company has evaluated its risks in these areas and is in the process of implementing a program to minimize any potential impact on operations arising out of the Year 2000 problem. The Company's efforts have been directed by a Steering Committee consisting of executive officers and other appropriate personnel. Costs associated with the program are not expected to be significant and are being expensed as incurred with funding through operating cash flows. With respect to IT (Information Technology) systems, the Company has reviewed, tested and corrected, where necessary, all internally-generated software for the ability to recognize the year 2000. Where the Company relies on outside software vendors, the Company has received written assurance of, and tested for, such software's ability to properly perform beyond December 31, 1999. Non-information technology ("Non-IT") systems include plant floor machinery and systems with embedded technology such as microprocessors or microcontrollers which operate such facility related items as phone systems, access controls and heating, ventilation and air conditioning systems. The Company has identified, tested where possible and received when available written confirmation that its facility-related non-IT equipment is Year 2000 compliant and has requested written assurance from its key equipment suppliers that their internal operations and products are and will be Year 2000 compliant. Currently, a majority of suppliers have provided information indicating they are addressing the Y2K issue in their own operations. The Company believes that its past and current products are Year 2000 compliant and therefore exposure to warranty and other potential claims is not expected to be outside the ordinary course of business. With respect to the computerized control systems in place on the Company's machines sold in prior years, the Company's primary supplier of these controls has provided written assurance that both their previously-supplied and current controls are Year 2000 compliant. As part of its Year 2000 compliance program, the Company has developed a contingency plan to address what it views as the most likely worst-case scenario resulting from one or more of the above-identified risks being realized. At this time, the Company believes that the failure of a third-party's system to perform as represented poses the greatest risk to the Company's operations. The contingency plan identifies alternative suppliers and addresses other potential third-party failures. While the Company believes it has addressed all critical Year 2000 issues, there is no guarantee against internal, external and third-party system failures related to the Year 2000 problem. Such failures could have a material adverse effect on the Company's results of operations, liquidity and financial condition. Subsequent Event On April 9, 1999, Hardinge announced a stock repurchase program. The Board of Directors has authorized the repurchase of up to 1.0 million shares of the Company's common stock, or approximately 10% of the total shares outstanding. Current report on Form 8-K was filed with the Securities and Exchange Commission on April 16, 1999. To date, the Company has purchased 147,500 shares under the program. This report contains statements, including those relating to the year 2000 issue, 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. PART I. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK None 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 None 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 January 13, 1999 was filed in connection with a January 7, 1999 press release announcing a workforce reduction and a restructuring charge for moving the company's Hansvedt facility in Illinois to Elmira, NY. 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. May 12, 1999 By:_/s/ Robert E. Agan Date Robert E. Agan Chairman of the Board, President /CEO May 12, 1999 By:_/s/ J. Patrick Ervin__________________ Date J. Patrick Ervin Executive Vice President May 12, 1999 By:_/s/ Richard L. Simons_________________ Date Richard L. Simons Senior Vice President and Chief Financial Officer (Principal Financial Officer) EX-27.1 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS INFORMATION EXTRACTED FROM THE COMPANY'S UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1999 MAR-31-1999 2,132 0 70,754 0 87,822 150,416 144,952 68,715 248,256 29,869 0 0 0 99 179,228 248,256 46,194 46,194 30,646 12,095 0 0 489 3,121 1,039 2,082 0 0 0 2,082 .22 .22
EX-27.2 3 RESTATED FINANCIAL DATA SCHEDULE
5 THIS RESTATED SCHEDULE CONTAINS INFORMATION EXTRACTED FROM THE COMPANY'S UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 1998 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 3-MOS DEC-31-1998 MAR-31-1998 2,618 0 70,963 0 89,880 157,286 134,724 65,221 246,495 37,843 32,383 0 0 66 167,229 246,495 65,779 65,779 42,926 13,671 0 0 573 8,759 3,305 5,454 0 0 0 5,454 .58 .58
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