-----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, NyvYqWHC92bJE6G7QdyQBsfaYWmS7DZ3PR/gXuiHwOyJR8mw7y/pgW316pIQa+0e YZ1VWYH80bJD43Lo3oDMuQ== 0000313716-99-000004.txt : 19990623 0000313716-99-000004.hdr.sgml : 19990623 ACCESSION NUMBER: 0000313716-99-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990616 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990621 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: 99649302 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): June 16, 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 June 16, 1999, Hardinge Inc. issued a press release announcing preliminary results for the second quarter of 1999. 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 June 16, 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. June 21, 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 General Info: Karen Griffiths Senior VP & CFO For Analyst Info: John McNamara (607) 734-2281 For Media Info: Claudine Cornelis (212) 661-8030 FOR IMMEDIATE RELEASE: HARDINGE COMMENTS ON SECOND QUARTER ELMIRA, N.Y., JUNE 16, 1999 -- Hardinge Inc. (Nasdaq: HDNG), a leading producer of machine tools, today announced that it expects net profit for the second quarter ending June 30, 1999 to be between $1.3 million and $1.6 million ($0.14 to $0.17 per diluted share). The company indicated that shipments in this year's second quarter are currently running at levels similar to that experienced during the first quarter and competition is very intense. Hardinge is scheduled to formally release final results for the second quarter on July 29, 1999, and will hold a conference call at that time. Robert E. Agan, Chairman, President and Chief Executive Officer commented, "The encouraging signs that we saw at the end of the first quarter did not prevail and the industry is again operating at a depressed level. It is becoming increasingly difficult to predict with any certainty the level of future sales and profit." Mr. Agan noted that many manufacturing companies, large and small, are continuing to hold back on purchases due to unease about the current economy. He also noted that industry-wide domestic orders for metal cutting machines are down by 50% from a year ago. "This is resulting in special discounting and promotional programs as other machine tool manufacturers and distributors fight for cash flow," he said. --MORE-- "Because of our diverse product mix, extensive geographical distribution, and aggressive cost management tactics we are comfortable that we can continue to maintain profitability. However, we would have to see a sustained improvement in order and shipment levels to achieve the level of profitability that we expected at the beginning of the year. Currently, there are no signs of such an improvement." "We will continue to look at our organization and expense levels with the goal of balancing long-term strategic programs with the absolute need for short-term profitability. We believe we will be in the position to take advantage of any opportunities that may arise in the future because of our strong balance sheet, extensive product range, superior product reliability, cutting-edge technology, and excellent customer service," Mr. Agan concluded. 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". This news release 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 cycle, 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-----