<PAGE>
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 September 30, 2000
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 September 30, 2000 there were 8,879,146 shares of Common Stock of
the Registrant outstanding.
<PAGE>
HARDINGE INC. AND SUBSIDIARIES
INDEX
Part I Financial Information Page
Item 1. Financial Statements
Consolidated Balance Sheets at September 30, 2000
and December 31, 1999. 3
Consolidated Statements of Income and Retained
Earnings for the three months ended September 30,
2000 and 1999 and the nine months ended September 30,
2000 and 1999. 5
Condensed Consolidated Statements of Cash Flows
for the nine months ended September 30, 2000 and
1999. 6
Notes to Consolidated Financial Statements. 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations. 9
Item 3. Quantitative and Qualitative Disclosures About
Market Risks 13
Part II Other Information
Item 1. Legal Proceedings 13
Item 2. Changes in Securities 13
Item 3. Default upon Senior Securities 13
Item 4. Submission of Matters to a Vote of
Security Holders 13
Item 5. Other Information 13
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 14
2
<PAGE>
PART I, ITEM 1
HARDINGE INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In Thousands)
<TABLE>
<CAPTION>
Sept. 30, Dec. 31,
2000 1999
--------- ---------
(Unaudited)
Assets
Current assets:
<S> <C> <C>
Cash $ 775 $ 1,156
Accounts receivable 42,035 46,218
Notes receivable 6,847 7,594
Inventories 87,229 85,640
Deferred income taxes 4,207 4,207
Prepaid expenses 3,804 3,367
-------- --------
Total current assets 144,897 148,182
Property, plant and equipment:
Property, plant and equipment 144,383 144,421
Less accumulated depreciation 77,435 72,156
-------- --------
66,948 72,265
Other assets:
Notes receivable 16,139 15,014
Goodwill 3,686 3,794
Other 3,257 2,202
-------- --------
23,082 21,010
-------- --------
Total assets $234,927 $241,457
======== ========
</TABLE>
See accompanying notes.
3
<PAGE>
HARDINGE INC. AND SUBSIDIARIES
Consolidated Balance Sheets--Continued
(In Thousands)
<TABLE>
<CAPTION>
Sept. 30, Dec. 31,
2000 1999
----------- ----------
(Unaudited)
<S> <C> <C>
Liabilities and shareholders' equity
Current liabilities:
Accounts payable $ 10,124 $ 14,460
Notes payable to bank 3,724 663
Accrued expenses 16,101 9,292
Accrued income taxes 1,785 2,667
Deferred income taxes 1,897 2,122
Current portion long-term debt 3,550 3,550
--------- ---------
Total current liabilities 37,181 32,754
Other liabilities:
Long-term debt 15,605 23,380
Accrued pension plan expense 4,971 4,971
Deferred income taxes 2,000 2,055
Accrued postretirement benefits 5,711 5,620
--------- ---------
28,287 36,026
Equity of minority interest 1,129 963
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 September 30, 2000
and December 31, 1999 99 99
Additional paid-in capital 61,583 61,760
Retained earnings 130,086 128,325
Treasury shares (14,020) (10,199)
Accumulated other comprehensive income -
Foreign currency translation adjustments (6,189) (4,143)
Deferred employee benefits (3,229) (4,128)
--------- ---------
Total shareholders' equity 168,330 171,714
--------- ---------
Total liabilities and shareholders' equity $ 234,927 $ 241,457
========= =========
</TABLE>
See accompanying notes.
4
<PAGE>
HARDINGE INC AND SUBSIDIARIES
Consolidated Statements of Income and Retained Earnings (Unaudited)
(In Thousands, Except Per Share Data)
<TABLE>
<CAPTION>
Three months ended Nine months ended
Sept. 30, Sept. 30,
2000 1999 2000 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net Sales $ 45,335 $ 42,399 $ 140,944 $ 134,474
Cost of sales 30,903 28,981 95,014 91,127
--------- --------- --------- ---------
Gross profit 14,432 13,418 45,930 43,347
Selling, general and
administrative expenses 12,008 11,950 36,039 36,118
--------- --------- --------- ---------
Income from operations 2,424 1,468 9,891 7,229
Interest expense 369 362 1,348 1,327
Interest (income) (106) (129) (325) (403)
Income before income taxes and minority --------- --------- --------- ---------
interest in consolidated subsidiary 2,161 1,235 8,868 6,305
Income taxes 639 515 3,188 2,229
Minority interest in (profit) loss of
consolidated subsidiary (153) 260 (166) 444
--------- --------- --------- ---------
Net income 1,369 980 5,514 4,520
Retained earnings at beginning of period 129,964 128,337 128,325 127,526
Less dividends declared 1,247 1,337 3,753 4,066
--------- --------- --------- ---------
Retained earnings at end of period $ 130,086 $ 127,980 $ 130,086 $ 127,980
========= ========= ========= =========
Per share data:
Basic earnings per share $ .16 $ .11 $ .63 $ .48
========= ========= ========= =========
Weighted average number
of common shares outstanding 8,715 9,264 8,766 9,366
========= ========= ========= =========
Diluted earnings per share $ .16 $ .11 $ .63 $ .48
========= ========= ========= =========
Weighted average number
of common shares outstanding 8,715 9,265 8,797 9,385
========= ========= ========= =========
Cash Dividends Declared $ .14 $ .14 $ .42 $ .42
========= ========= ========= =========
</TABLE>
See accompanying notes.
5
<PAGE>
HARDINGE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In Thousands)
<TABLE>
<CAPTION>
Nine Months Ended
Sept. 30,
2000 1999
-------- --------
<S> <C> <C>
Net cash provided by operating activities $ 14,756 $ 24,593
Investing activities:
Capital expenditures (1,828) (3,626)
Investment in Hardinge EMAG (1,425)
-------- --------
Net cash (used in) investing activities (3,253) (3,626)
Financing activities:
Increase (decrease) in short-term notes payable to bank 3,129 (654)
(Decrease) in long-term debt (7,050) (11,552)
(Purchase) of treasury stock (4,315) (5,178)
Dividends paid (3,753) (4,066)
Funds provided by minority intertest 166
-------- --------
Net cash (used in) financing activities (11,823) (21,450)
Effect of exchange rate changes on cash (61) (65)
-------- --------
Net (decrease) in cash ($ 381) ($ 548)
======== ========
</TABLE>
See accompanying notes
6
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 2000
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 and nine month periods ended
September 30, 2000, are not necessarily indicative of the results that may be
expected for the year ended December 31, 2000. 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, 1999.
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):
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
---------------------------
<S> <C> <C>
Finished products $34,677 $37,361
Work-in-process 29,292 25,572
Raw materials and purchased components 23,260 22,707
======= =======
$87,229 $85,640
======= =======
</TABLE>
NOTE C--COMPANY STOCK REPURCHASE PROGRAM
On April 9, 1999 Hardinge announced a stock repurchase program. The
Board of Directors authorized the repurchase of up to 1.0 million shares of the
Company's common stock, or approximately 10% of the total shares outstanding.
The Company purchased 900,351 shares under the program through July 25, 2000. On
July 26, 2000, Hardinge announced that its Board of Directors had expanded the
Company's stock buyback program by authorizing a plan to repurchase up to an
additional one million shares of stock. No shares have been purchased since July
26, 2000.
7
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2000
NOTE D--EARNINGS PER SHARE AND WEIGHTED AVERAGE SHARES OUTSTANDING
Earnings per share are computed in accordance with 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.
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:
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
------------------- --------------------
2000 1999 2000 1999
------------------- --------------------
<S> <C> <C> <C> <C>
Numerator:
Net income $1,369 $ 980 $5,514 $4,520
Numerator for basic earnings per share 1,369 980 5,514 4,520
Numerator for diluted earnings per share 1,369 980 5,514 4,520
Denominator:
Denominator for basic earnings per share
-weighted average shares 8,715 9,264 8,766 9,366
Effect of diluted securities:
Restricted stock and stock options -- 1 31 19
Denominator for diluted earnings per share
-adjusted weighted average shares 8,715 9,265 8,797 9,385
Basic earnings per share $ .16 $ .11 $ .63 $ .48
================= =================
Diluted earnings per share $ .16 $ .11 $ .63 $ .48
================= =================
</TABLE>
NOTE E- FOREIGN EXCHANGE CONTRACTS
In June 1998, the Financial Accounting Standards Board (FASB)
issued Statement of Financial Accounting Standards (SFAS) 133, "Accounting for
Derivative Instruments and Hedging Activities." SFAS 133 requires the Company to
recognize all derivatives on the balance sheet at fair value. Derivatives that
are not designated as part of a hedging relationship must be adjusted to fair
value through income. If the derivative is a hedge, depending on the nature of
the hedge, the effective portion of the hedge's change in fair value is either
(1) offset against the change in fair value of the hedged asset, liability or
firm commitment through income or (2) held in equity until the hedged item is
recognized in income. The ineffective portion of a hedge's change in fair value
is immediately recognized in income. The Company will adopt SFAS 133, as
amended, on January 1, 2001.
The Company regularly enters into foreign currency contracts to
manage its exposure to fluctuations in foreign currency exchange rates on
purchases of materials used in production and cash settlements of intercompany
sales. The Company has also entered into one cross-currency interest rate swap
agreement and one five year interest rate swap arrangement. The Company does not
hold derivative financial instruments for trading purposes.
The Company is currently evaluating the impact of SFAS 133 on its
consolidated financial statements.
8
<PAGE>
PART I, ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following are management's comments relating to Hardinge's
results of operations for the three month and nine month periods ended September
30, 2000 and 1999 and it's financial condition at September 30, 2000.
RESULTS OF OPERATIONS
NET SALES. Net sales for the quarter ended September 30, 2000 were
6.9% greater than the third quarter of 1999, increasing $2,936,000, to
$45,335,000 from $42,399,000. Year to date net sales for the first nine months
of 2000 were $140,944,000 compared to $134,474,000 a year earlier, increasing
$6,470,000 or 4.8%.
Sales in the U.S. market were $27,096,000 in the quarter ended
September 30, 2000, down 4.3% or $1,204,000 from the $28,300,000 for the same
three months of 1999. The third quarter of 1999 included shipment of several
large orders. For the nine months ended September 30, 2000, U.S. sales have
risen 5.0%, or $4,375,000, to $91,054,000 from $86,679,000 during the same nine
months of 1999. Sales to European customers increased 44.2% to $12,084,000 in
the quarter ended September 30, 2000 from $8,382,000 in the third quarter of
1999. For the nine months ended September 30, 2000, Europe sales declined 5.1%,
or $1,713,000, to $32,169,000 from $33,882,000 in the same period in 1999, due
to a decline in U.S. export sales to Europe during the first six months of 2000.
Other international sales, primarily to customers in Asia, rose 7.7% to
$6,155,000 in the third quarter of 2000, compared to $5,718,000 in the same
three months in 1999. For the nine months ended September 30, 2000, these other
international sales rose 27.4%, or $3,808,000, to $17,721,000 from $13,913,000
during the same nine months of 1999.
Machine sales accounted for 61.1% of revenues for the quarter ended
September 30, 2000 compared to 59.9% for the same period last year. For the nine
month period ended September 30, 2000, machine sales represented 63.0% of the
total, compared to 61.7% in the same nine month period in 1999. Sales of
non-machine products and services made up the balance.
The Company's order rate rose 54.3% to $57,216,000 in the quarter
ended September 30, 2000, compared to $37,088,000 for the same quarter last
year. For the nine months ended September 30, 2000, orders were $151,307,000, an
increase of $7,608,000 or 5.3% over the same period last year. The backlog at
September 30, 2000 was $48,675,000, which was 17.9% higher than a year earlier.
This backlog was 30.7% greater than the $37,250,000 backlog at June 30, 2000.
GROSS PROFIT. Expressed as a percentage of net sales, gross margin
for the three months ended September 30, 2000 was 31.8% compared to 31.6% a year
earlier. While substantial competitive price discounting continued in both
domestic and international markets, the benefits from on-going cost reduction
efforts at the Company's manufacturing facilities more than offset those
discounts. The higher mix of sales outside the United States had an unfavorable
impact on gross margin as sales to the rest of the world tend to carry lower net
selling prices due to exchange rate pressures and other distribution costs. For
the nine months ended September 30, 2000, gross margin was 32.6% compared to
32.2% a year earlier.
9
<PAGE>
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES. Selling, general and
administrative ("SG&A") expenses were $12,008,000, or 26.5% of sales, during the
third quarter of 2000 compared to $11,950,000, or 28.2% a year earlier. SG&A
expenses for the nine months ended September 30, 2000 and 1999 were $36,039,000
and $36,118,000, or 25.6% and 26.9% of sales, respectively. Significant expense
reduction efforts have resulted in SG&A expenses being held at consistent
levels, even with the volume increases experienced during the first three
quarters of this year. The 2000 SG&A spending levels are especially noteworthy
with the Company having made a significant increase in promotional spending for
the biannual International Manufacturing Technology Show (IMTS) held this
September.
INCOME FROM OPERATIONS. Income from operations rose to $2,424,000 or
5.3% of sales, for the quarter ended September 30, 2000, compared to $1,468,000,
or 3.5% of sales, for the same three month period one year earlier. For the
first nine months of 2000, income from operations increased to $9,891,000, or
7.0% of sales, compared to $7,229,000, or 5.4%, for the same period of 1999.
These improvements are the result of improved gross margin coupled with reduced
SG&A expenses as a percentage of sales.
INTEREST EXPENSE AND INCOME. Interest expense for the quarter ended
September 30, 2000 was $369,000 compared to $362,000 a year earlier. Interest
expense for the nine month periods ended September 30, 2000 and 1999 was
$1,348,000 and $1,327,000, respectively, reflecting somewhat lower average
outstanding borrowings offset by higher interest rates. Interest income was
slightly lower for the quarter and nine months ended September 30, 2000 compared
to a year earlier.
INCOME TAXES. The provision for income taxes was 29.6% of pre-tax
income for the quarter ended September 30, 2000 compared to 41.7% during the
third quarter of 1999. The Company's new operation in Taiwan incurred a loss
during it's 1999 startup year for which no future tax benefits could be
recorded. Taiwan's profits in 2000 have not been taxed as a result of carryover
of these losses. For the first nine months of 2000, the tax rate was 35.9%
compared to 35.4% for the corresponding period in 1999.
NET INCOME. Net income for the third quarter of 2000 was $1,369,000,
or $.16 per share, compared to $980,000, or $.11 per share, for the third
quarter of 1999. Year to date 2000 net income was $5,514,000, or $.63 per share,
compared to $4,520,000, or $.48 per share for the same 1999 period. The
improvement in earnings was the result of the factors discussed above.
EARNINGS PER SHARE. All earnings per share and weighted average
share amounts are computed in accordance with Financial Accounting Standards
Board Statement No. 128, EARNINGS PER SHARE.
10
<PAGE>
QUARTERLY INFORMATION
The following table sets forth certain quarterly financial data for
each of the periods indicated.
<TABLE>
<CAPTION>
Three Months Ended
Mar. 31, June 30, Sept. 30, Dec. 31,
2000 2000 2000 2000
---------------------------------------------
(in thousands, except per share data)
---------------------------------------------
<S> <C> <C> <C>
Net Sales $47,836 $47,773 $45,335
Gross Profit 15,702 15,796 14,432
Income from operations 3,781 3,686 2,424
Net income 2,162 1,983 1,369
Diluted earnings per share .24 .23 .16
Weighted average shares outstanding 8,934 8,680 8,715
Three Months Ended
Mar. 31, June 30, Sept. 30, Dec. 31,
1999 1999 1999 1999
---------------------------------------------
(in thousands, except per share data)
---------------------------------------------
Net Sales $46,194 $45,881 $42,399 $44,059
Gross Profit 15,548 14,381 13,418 13,811
Income from operations 3,415 2,346 1,468 2,388
Net income 2,082 1,458 980 1,521
Diluted earnings per share .22 .16 .11 .17
Weighted average shares outstanding 9,431 9,342 9,265 9,035
</TABLE>
LIQUIDITY AND CAPITAL RESOURCES
Operating activities for the nine months ended September 30, 2000
generated cash of $14,756,000, compared to $24,593,000 generated during the same
period in 1999, for a $9,837,000 net reduction in cash generation. The improving
business conditions for the first nine months of 2000 required $2,471,000 of
additional inventory, compared to a $6,145,000 inventory reduction during the
same nine months of 1999, causing $8,616,000 of this reduced cash generation.
Another $1,987,000 of lower cash generation resulted from the fact that the
accounts receivable decrease of $2,951,000 during the first nine months of 2000
was less than the accounts receivable decrease of $4,938,000 a year earlier.
Partially offsetting the above, the notes receivable increase of $594,000 during
the first nine months of 2000 compared to an increase of $3,427,000 during the
same period in 1999, caused a $2,833,000 increase in cash generation. An
additional $994,000 of cash generation resulted from the increase in net income.
Investing activities for the first nine months of 2000 used
$3,253,000 compared to $3,626,000 for the same period of 1999.
Financing activities used $11,823,000 in the first three quarters of
2000, compared to using $21,450,000 for the same nine months of 1999. The
primary change was in debt, which declined $3,921,000 in the nine months ended
September 30, 2000 after declining $12,206,000 in the same nine months of 1999.
Purchases of treasury stock used $4,315,000 in the first nine months of 2000 and
$5,178,000 during the same period in 1999.
Hardinge's current ratio at September 30, 2000 was 3.90:1 compared
to 4.52:1 at December 31, 1999.
11
<PAGE>
Hardinge provides long-term financing for the purchase of its
equipment by qualified customers. The Company periodically sells portfolios of
customer notes to financial institutions in order to reduce debt and finance
current operations. Our customer financing program has an impact on our
month-to-month borrowings, but it has had little long-term impact on our working
capital because of the ability to sell the underlying notes. Hardinge sold
$19,743,000 of customer notes in the first nine months of 2000, compared to
$8,766,000 during the same period of 1999.
At September 30, 2000, Hardinge maintained revolving loan agreements
with several U.S. banks providing for unsecured borrowing up to $50,000,000 on a
revolving basis through August 1, 2002. These facilities, along with other short
term credit agreements, provide for immediate access of up to $64,000,000. At
September 30, 2000, outstanding borrowings under these arrangements totaled
$14,003,000.
We believe that the currently available funds and credit facilities,
along with internally generated funds, will provide sufficient financial
resources for ongoing operations.
THIS REPORT CONTAINS STATEMENTS OF A FORWARD-LOOKING NATURE RELATING
TO THE FINANCIAL PERFORMANCE OF HARDINGE INC. IN 2000. 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.
12
<PAGE>
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. Financial Data Schedule
B. Reports on Form 8-K
1. Current Report on Form 8-K, filed August 3, 2000 in connection
with a July 26, 2000 press release announcing that the
Hardinge Inc. Repurchase Program was authorized to repurchase
an additional one million shares.
13
<PAGE>
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.
November 9, 2000 By: /s/ Robert E. Agan
------------------- -----------------------------------------------
Date Robert E. Agan
Chairman of the Board /CEO
November 9, 2000 By: /s/ J. Patrick Ervin
------------------- -----------------------------------------------
Date J. Patrick Ervin
President/COO
November 9, 2000 By: /s/ Richard L. Simons
------------------- -----------------------------------------------
Date Richard L. Simons
Executive Vice President/CFO
(Principal Financial Officer)
14
