-----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, A31W+G/DLUBvS9fH/VXQ3WvS+gOlXJhNYsFBWP8v2Z/HkVSH+AYPzcz9+yXg8xby iHAtt0u9rbfvkXJxAxGaEw== 0000912057-01-520166.txt : 20010619 0000912057-01-520166.hdr.sgml : 20010619 ACCESSION NUMBER: 0000912057-01-520166 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010611 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010618 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: 1662320 BUSINESS ADDRESS: STREET 1: ONE HARDING DRIVE CITY: ELMIRA STATE: NY ZIP: 14902 BUSINESS PHONE: 6077342281 MAIL ADDRESS: STREET 1: 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 a2051916z8-k.txt 8-K 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 11, 2001 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 11, 2001, Hardinge Inc. issued a press release announcing a reduction in their North American workforce. 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 11, 2001. . 2 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 14, 2001 By: /s/ Richard L. Simons - --------------- --------------------------- Date Richard L. Simons Executive Vice President and Chief Financial Officer (Principal Financial Officer) 3 EX-99.1 2 a2051916zex-99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 NEWS BULLETIN HARDINGE INC. FROM: RE: ONE HARDINGE DRIVE ELMIRA, NY 14902 (NASDAQ: HDNG) THE FINANCIAL RELATIONS BOARD - ----------------------------- BSMG WORLDWIDE - -------------------------------------------------------------------------------- AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD/BSMG WORLDWIDE: Richard L. Simons Kerry Thalheim John McNamara David Closs EXEC VP & CFO General Inquiries Analyst Inquiries Media Inquiries ------------- (212) 661-8030 (212) 661-8030 (212) 661-8030 (607) 734-2281 Ext. 3052 Ext. 3027 Ext. 3047 FOR IMMEDIATE RELEASE MONDAY, JUNE 11, 2001 HARDINGE ANNOUNCES REDUCTION IN NORTH AMERICAN WORKFORCE REAFFIRMS GUIDANCE FOR 2001 ELMIRA, N.Y., JUNE 11, 2001 -- Hardinge Inc. (NASDAQ: HDNG), a leading producer of advanced material-cutting solutions, today announced that the Company has implemented a 15% reduction in its North American workforce to better align resources to current market conditions. The layoffs, which are effective immediately, have been structured to ensure continued fulfillment of Hardinge's commitment to customer service and support and to new product development. J. Patrick Ervin, President and Chief Executive Officer, commented, "Unfortunately, today's action impacts approximately 100 employees and they are of paramount concern to us. As the Association of Manufacturing Technology has recently reported, US machine tool sales are approximately 30% 4 below the already very depressed level of the first quarter of 2000. While we continue to expect that our North American sales will benefit in the second half of 2001 from higher shipments of new products, we have not yet seen any clear signs of improved economic conditions. Hardinge has a long history of maintaining profitability during all market conditions, and has done so for over 50 years. Today's actions are a part of our continuing program to become a leaner company, which has already eliminated positions at all levels, including executive. As difficult as they are, these changes allow us to protect the Company's strong financial position. However, it is important to note that if business conditions start to improve, and do so more sharply than now seems probable, we are prepared to respond quickly. Mr. Ervin went on to say, "Our geographic and product diversification continues to be very successful, with European and Asian sales now almost half of Hardinge revenues and still growing. During these difficult U.S. market conditions, our long-term global expansion beyond our traditional markets, and our clear focus on introducing effective new products, have proven increasingly important. For example, the strong performance of our grinding businesses is an increasing contributor to our results. Largely due to these strategies, we are able to reaffirm our previous guidance for the second quarter of 2001, which is $0.20 to $0.23 per basic and diluted share, and for the full year, which is $.90 to $1.00 per basic and diluted share, although we now expect results will more likely be closer to the bottom of those ranges." concluded Mr. Ervin. Hardinge Inc., founded more than 100 years ago, is an international leader in providing the latest industrial technology to companies requiring material-cutting solutions. 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." For more information, please visit the Company's website at www.hardinge.com. ---------------- 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. 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 5 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. ### 6 -----END PRIVACY-ENHANCED MESSAGE-----