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)
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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.
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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)
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.
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"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.
