Hardinge Inc. (NASDAQ:HDNG), a leading international provider of
advanced metal-cutting solutions and accessories, reported
financial results for its fourth quarter and year ended
December 31, 2015.
Net sales (“sales”) for 2015 increased 1% to $315.2 million,
compared with $311.6 million in 2014. Adjusting for $11.4
million of unfavorable foreign currency translation, 2015 sales
increased 5% over the prior year. Fourth quarter sales of
$87.0 million decreased $6.0 million, or 7%, from the prior-year
period. Adjusting for unfavorable foreign currency
translation of $2.6 million, fourth quarter sales were down
4%.
Non-GAAP(1) adjusted net income for 2015 more than doubled to
$6.9 million, or $0.54 per diluted share, compared with adjusted
net income of $2.8 million, or $0.22 per diluted share, in
2014. Net income in 2015 of $2.6 million, or $0.20 per
diluted share, improved $4.7 million over the prior year net loss
of $2.1 million, or $0.17 loss per diluted share. Fourth
quarter non-GAAP adjusted net income increased 26%, or $1.2
million, to $5.9 million, or $0.45 per diluted share, over adjusted
net income of $4.7 million, or $0.36 per diluted share, in the
prior year’s fourth quarter. Net income for the quarter was
$2.8 million, or $0.21 per diluted share, compared with $4.5
million, or $0.35 per diluted share, in the prior-year
period.
Richard L. Simons, President and Chief Executive Officer,
commented, "Our results for 2015 demonstrate Hardinge’s ability to
generate cash and deliver growth in a globally challenged economy
through continuous product innovation grounded in a deep
understanding of what our customers value. These efforts more
than offset the impact on sales of the strengthened U.S. dollar and
the general weakness in North America. Importantly, we
finished the year by delivering impressive fourth quarter gross
profit margin in the low thirties, validating that our business can
produce this level of margin, given our focus on cost controls and
initiatives to drive a more favorable product mix.”
___________________(1)Management believes that the use of
non-GAAP measures helps in the understanding of the Company's
operating performance. See pages 9 and 10 of this release for
the reconciliation tables between reported amounts and non-GAAP
measures discussed in this document.He also noted that “As we look
into 2016, our visibility is masked by the uncertainty in both the
North American and Asian machine tool markets given weak industrial
economies. We are, however, energized by the quote activity
in Europe as that market recovers from its recession. While
the lack of visibility makes it difficult to forecast 2016 sales at
this point, we remain focused on continuing to build a more
profitable company as we complete our current restructuring
initiatives.”
2015-2016 Hardinge Restructuring
Program(pre-tax, in millions) |
|
|
|
|
Estimated Total Restructuring Charges |
ChargesTo-date |
EstimatedAnnualized
Savings |
Q4 and YTD2015
Savings |
$ |
4.5 |
|
$ |
3.6 |
|
$ |
4.5 |
|
$ |
0.3 |
|
Mr. Simons added, "We have made solid progress with our
restructuring program and began to see early benefits of these
efforts in the fourth quarter." The previously announced
restructuring program, which was initiated in the second half of
2015, is progressing according to plan and expected to be completed
by the end of the second quarter of 2016.
Fourth Quarter Review
Quarterly Sales by Region($ in thousands) |
|
Quarter Ended |
|
December 31, 2015 |
December 31, 2014 |
September 30, 2015 |
Sales to Customers in |
$ |
% of Total |
$ |
Year-over-Year%
Change |
$ |
Sequential%
Change |
North America |
28,431 |
|
|
33 |
% |
28,636 |
|
|
(1 |
)% |
24,661 |
|
|
15 |
% |
Europe |
30,716 |
|
|
35 |
% |
31,102 |
|
|
(1 |
)% |
21,569 |
|
|
42 |
% |
Asia |
27,813 |
|
|
32 |
% |
33,270 |
|
|
(16 |
)% |
30,575 |
|
|
(9 |
)% |
Total |
86,960 |
|
|
93,008 |
|
|
(7 |
)% |
76,805 |
|
|
13 |
% |
____________________Note: Fluctuations in Hardinge’s
consolidated sales and orders among geographic locations and
industries can vary from quarter to quarter based on the timing and
magnitude of orders and projects. Hardinge does not believe
that such quarter-to-quarter fluctuations are necessarily
indicative of larger business trends. Rather, the Company
believes that such business trends can be discerned from the
Company’s performance during a longer period of time, such as a
trailing twelve-month period.
Fourth quarter sales to the North America market declined
modestly from the prior-year period as new product introductions in
North America compensated for the impact of a weakened industrial
economy. Higher sales volume to Europe helped to offset
unfavorable foreign exchange translation of $1.6 million resulting
in a moderate $0.4 million decline in sales from the prior-year
period. After adjusting for foreign currency impacts, fourth
quarter sales to Europe increased 4%. Fourth quarter sales to
Asia were impacted by timing of shipments to the region and the
decline in China’s economy, as well as $1.0 million in unfavorable
foreign currency translation.
Gross profit of $26.9 million in the fourth quarter was
unchanged from the prior-year period, on lower sales. Gross
margin as a percentage of sales increased 1.9 points to 31.0%,
compared with 29.1% in the fourth quarter of 2014. The
measurable expansion in gross margin was the result of a higher
volume of grinding machines, a richer configuration mix of grinding
products and the 0.3 point benefit from the early effects of
restructuring activities.
Selling, general and administrative (“SG&A”) expense was
down by $1.0 million from the prior-year period, to $20.7 million.
The quarter included $0.4 million of professional fees
associated with the Company's previously announced strategic review
process while foreign currency translation resulted in a favorable
$1.1 million impact in the quarter. SG&A as a percentage
of sales was 23.8% compared with 23.3% in the prior-year
period.
Non-GAAP adjusted operating income in the fourth quarter
increased 21% to $6.3 million, or 7.2% of sales, from $5.2 million,
or 5.6% of sales, in the prior-year period. Product mix,
increased production efficiencies and cost control were the primary
drivers of increased adjusted operating income despite lower
sales. Operating income was $3.2 million, or 3.7% of sales,
compared with $5.1 million, or 5.5% of sales, in the prior-year
period.
Full Year 2015 Review
Sales by Region($ in thousands) |
|
Twelve months ended |
|
December 31, 2015 |
December 31, 2014 |
Sales to Customers in |
$ |
% of Total |
$ |
Year-over-Year%
Change |
North America |
108,470 |
|
|
34 |
% |
100,894 |
|
|
8 |
% |
Europe |
97,269 |
|
|
31 |
% |
103,063 |
|
|
(6 |
)% |
Asia |
109,510 |
|
|
35 |
% |
107,676 |
|
|
2 |
% |
Total |
315,249 |
|
|
311,633 |
|
|
1 |
% |
Sales of $315.2 million in 2015 were up 1% from 2014 sales of
$311.6 million. Sales increased 4.8% excluding $11.4 million
for unfavorable foreign currency translation. Sales to the
North America market increased over the prior-year period as a
result of new product launches and improved demand for grinding
machines. Increased sales to Asia were driven by ongoing
demand for Hardinge’s high precision machines, partially offset by
the $2.1 million impact of unfavorable foreign currency
translation. Sales to Europe were down $5.8 million due to
$9.3 million unfavorable foreign exchange translation.
Excluding the currency impact, sales to Europe increased $3.5
million, or 3%, primarily driven by higher demand for grinding
machines.
Gross profit of $90.4 million in 2015 increased $3.5 million
compared with gross profit of $86.9 million in 2014. Gross
profit was favorably impacted by higher volumes of machine
production, particularly at the Company’s Swiss grinding
facilities, as well as improved product mix. This was
partially offset by $0.8 million for the integration of the Voumard
product line, which was acquired in September 2014, and a first
quarter inventory valuation adjustment of approximately $0.7
million. Gross margin as a percent of sales improved 0.8
points to 28.7% when compared with gross margin of 27.9% in
2014.
SG&A expense increased $0.2 million to $81.3 million
compared with the prior year. The increase included $0.8
million for investments to grow the Voumard product line and $0.4
million for the expansion of the Company’s Forkardt businesses in
China and India, as well as $0.8 million of professional fees
associated with the Company's previously announced strategic review
process. These increases were offset by $3.8 million of
favorable foreign currency translation when compared with the
prior-year period.
Non-GAAP adjusted operating income for 2015, which excludes
restructuring charges of $3.6 million and $0.8 million of
professional fees, was $9.3 million, an 83% increase from $5.1
million in the prior year. Included in 2015 adjusted
operating income were $1.5 million of expenses for investments in
the Voumard product line. As a percent of sales, adjusted
operating income margin was 2.9%, a 1.2 point improvement
year-over-year. Operating income was $4.9 million, or 1.6% of
sales, compared with an operating loss of $0.4 million, in the
prior-year period.
Strong Cash Generation
Cash generated by operating activities in the fourth quarter of
2015 improved measurably to $17.7 million from $4.0 million in the
prior-year period. For the full year, cash from operations
increased to $26.7 million in 2015 from $3.2 million in 2014.
Cash and cash equivalents at December 31, 2015 more than
doubled over the prior year to $32.8 million. Total debt was
$11.8 million at the end of the year and had been reduced by $4.5
million from December 31, 2014 and $1.4 million from September
30, 2015.
Orders by Region($ in thousands) |
|
Quarter Ended |
|
December 31, 2015 |
December 31, 2014 |
September 30, 2015 |
Orders from Customers in |
$ |
% of Total |
$ |
Year-over-Year%
Change |
$ |
Sequential%
Change |
North America |
24,305 |
|
|
33 |
% |
31,467 |
|
|
(23 |
)% |
20,105 |
|
|
21 |
% |
Europe |
20,610 |
|
|
28 |
% |
31,302 |
|
|
(34 |
)% |
23,234 |
|
|
(11 |
)% |
Asia |
29,133 |
|
|
39 |
% |
31,582 |
|
|
(8 |
)% |
28,612 |
|
|
2 |
% |
Total |
74,048 |
|
|
94,351 |
|
|
(22 |
)% |
71,951 |
|
|
3 |
% |
|
Twelve months ended |
|
December 31, 2015 |
December 31, 2014 |
Orders from Customers in |
$ |
% of Total |
$ |
Year-over-Year%
Change |
North America |
98,809 |
|
|
31 |
% |
105,152 |
|
|
(6 |
)% |
Europe |
97,223 |
|
|
31 |
% |
109,122 |
|
|
(11 |
)% |
Asia |
120,045 |
|
|
38 |
% |
116,416 |
|
|
3 |
% |
Total |
316,077 |
|
|
330,690 |
|
|
(4 |
)% |
Fourth quarter orders of $74.0 million declined from the
prior-year period. The prior-year period had unusually high
order levels across all regions, particularly North America.
Additionally, fourth quarter orders were impacted by $2.6 million
of unfavorable foreign exchange translation.
Orders for 2015 of $316.1 million were down 4% when compared
with 2014. Excluding $11.9 million for unfavorable foreign
currency translation, 2015 orders decreased 1% over the prior year.
The Company’s order backlog at December 31, 2015 was $101.8
million compared with $105.3 million at the end of 2014.
Webcast and Conference Call
Hardinge will host a conference call and webcast today at 11:00
a.m. ET. During the conference call and webcast, Richard L.
Simons, President and CEO, and Douglas J. Malone, Vice President
and CFO, will review the financial and operating results for the
quarter, as well as the Company’s outlook. A question and
answer session will follow the formal discussion. Their
review will be accompanied by a slide presentation which will be
available on Hardinge’s website
at ir.hardinge.com/events.cfm.
The conference call can be accessed by calling (315)
625-6888. The listen-only audio webcast can be monitored
at ir.hardinge.com/events.cfm.
A telephonic replay will be available from 2:00 p.m. ET the day
of the call through Thursday, February 18, 2016. To listen to
the archived call, dial (404) 537-3406 and enter conference ID
#27663940. Alternatively, the archive can be heard on the
Company’s website at ir.hardinge.com/events.cfm. A transcript
will also be posted to the website, once available.
About Hardinge
Hardinge is a leading global designer and manufacturer of high
precision, computer-controlled machine tool solutions developed for
critical, hard-to-machine metal parts and of technologically
advanced workholding accessories. The Company’s strategy is
to leverage its global brand strength to further penetrate global
market opportunities where customers will benefit from the
technologically advanced, high quality, reliable products Hardinge
produces. With approximately two-thirds of its sales outside
of North America, Hardinge serves the worldwide metal working
market. Hardinge’s machine tool and accessory solutions can
also be found in a broad base of industries to include aerospace,
agricultural, automotive, construction, consumer products, defense,
energy, medical, technology and transportation.
Hardinge applies its engineering design and manufacturing
expertise in high performance machining centers, high-end
cylindrical and jig grinding machines, SUPER-PRECISION® and
precision CNC lathes and technologically advanced workholding
accessories. Hardinge has manufacturing operations in China,
France, Germany, India, Switzerland, Taiwan, the United Kingdom and
the United States.
The Company regularly posts information on its website:
http://www.hardinge.com.
Safe Harbor Statement
This news release contains forward-looking statements (within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended). Such statements are based on management's current
expectations that involve risks and uncertainties. Any statements
that are not statements of historical fact or that are about future
events may be deemed to be forward-looking statements. For example,
words such as "may," "will," "should," "estimates," "predicts,"
"potential," "continue," "strategy," "believes," "anticipates,"
"plans," "expects," "intends," and similar expressions are intended
to identify forward-looking statements. The Company's actual
results or outcomes and the timing of certain events may differ
significantly from those discussed in any forward-looking
statements. The Company undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new
information, future events, or otherwise.
FINANCIAL TABLES FOLLOW.
HARDINGE INC. AND SUBSIDIARIES |
Consolidated Statements of
Operations |
(in thousands, except per share data) |
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
86,960 |
|
|
$ |
93,008 |
|
|
$ |
315,249 |
|
|
$ |
311,633 |
|
Cost of sales |
60,033 |
|
|
65,988 |
|
|
224,851 |
|
|
224,755 |
|
Gross profit |
26,927 |
|
|
27,020 |
|
|
90,398 |
|
|
86,878 |
|
Gross profit margin |
31.0 |
% |
|
29.1 |
% |
|
28.7 |
% |
|
27.9 |
% |
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
20,675 |
|
|
21,669 |
|
|
81,271 |
|
|
81,045 |
|
Restructuring
charges |
2,681 |
|
|
— |
|
|
3,558 |
|
|
— |
|
Impairment charges |
— |
|
|
— |
|
|
— |
|
|
5,766 |
|
Other expense, net |
356 |
|
|
265 |
|
|
632 |
|
|
514 |
|
Income (loss) from operations |
3,215 |
|
|
5,086 |
|
|
4,937 |
|
|
(447 |
) |
Operating margin |
3.7 |
% |
|
5.5 |
% |
|
1.6 |
% |
|
(0.1 |
)% |
|
|
|
|
|
|
|
|
Interest expense |
183 |
|
|
168 |
|
|
655 |
|
|
737 |
|
Interest income |
(76 |
) |
|
(12 |
) |
|
(156 |
) |
|
(59 |
) |
Income (loss) from continuing
operations before income taxes |
3,108 |
|
|
4,930 |
|
|
4,438 |
|
|
(1,125 |
) |
Income taxes |
349 |
|
|
388 |
|
|
1,828 |
|
|
1,233 |
|
Net income (loss) from continuing
operations |
2,759 |
|
|
4,542 |
|
|
2,610 |
|
|
(2,358 |
) |
|
|
|
|
|
|
|
|
Gain from disposal of
discontinued operation, net of tax |
— |
|
|
— |
|
|
— |
|
|
218 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
2,759 |
|
|
$ |
4,542 |
|
|
$ |
2,610 |
|
|
$ |
(2,140 |
) |
|
|
|
|
|
|
|
|
Per share
data: |
|
|
|
|
|
|
|
Basic earnings (loss) per
share: |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.22 |
|
|
$ |
0.36 |
|
|
$ |
0.20 |
|
|
$ |
(0.19 |
) |
Disposal of discontinued
operation |
— |
|
|
— |
|
|
— |
|
|
0.02 |
|
Basic earnings (loss) per
share |
$ |
0.22 |
|
|
$ |
0.36 |
|
|
$ |
0.20 |
|
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
Diluted earnings (loss) per
share: |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.21 |
|
|
$ |
0.35 |
|
|
$ |
0.20 |
|
|
$ |
(0.19 |
) |
Disposal of discontinued
operation |
— |
|
|
— |
|
|
— |
|
|
0.02 |
|
Diluted earnings (loss) per
share |
$ |
0.21 |
|
|
$ |
0.35 |
|
|
$ |
0.20 |
|
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
Cash dividends declared per
share: |
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
Weighted avg.
shares outstanding: Basic |
12,793 |
|
|
12,716 |
|
|
12,776 |
|
|
12,661 |
|
Weighted avg.
shares outstanding: Diluted |
12,886 |
|
|
12,832 |
|
|
12,872 |
|
|
12,661 |
|
HARDINGE INC. AND SUBSIDIARIES |
Consolidated Balance Sheets |
(in thousands, except share and per share data) |
|
|
|
|
|
December 31, 2015 |
|
December 31, 2014 |
|
|
|
|
Assets |
|
|
|
Cash and cash equivalents |
$ |
32,774 |
|
|
$ |
16,293 |
|
Restricted cash |
2,192 |
|
|
3,151 |
|
Accounts receivable, net |
56,945 |
|
|
62,877 |
|
Inventories, net |
110,232 |
|
|
111,821 |
|
Other current assets |
9,385 |
|
|
10,545 |
|
Total current assets |
211,528 |
|
|
204,687 |
|
|
|
|
|
Property, plant and equipment,
net |
62,025 |
|
|
65,874 |
|
Goodwill |
6,620 |
|
|
6,698 |
|
Other intangible assets, net |
28,018 |
|
|
30,217 |
|
Other non-current assets |
3,109 |
|
|
3,844 |
|
Total non-current
assets |
99,772 |
|
|
106,633 |
|
Total assets |
$ |
311,300 |
|
|
$ |
311,320 |
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
Accounts payable |
$ |
24,696 |
|
|
$ |
25,592 |
|
Accrued expenses |
27,964 |
|
|
25,071 |
|
Customer deposits |
19,845 |
|
|
12,736 |
|
Accrued income taxes |
1,919 |
|
|
646 |
|
Deferred income taxes |
2,164 |
|
|
2,332 |
|
Current portion of long-term
debt |
5,692 |
|
|
3,972 |
|
Total current
liabilities |
82,280 |
|
|
70,349 |
|
|
|
|
|
Long-term debt |
6,079 |
|
|
12,253 |
|
Pension and postretirement
liabilities |
57,322 |
|
|
53,119 |
|
Deferred income taxes |
1,121 |
|
|
2,516 |
|
Other liabilities |
3,393 |
|
|
3,487 |
|
Total non-current
liabilities |
67,915 |
|
|
71,375 |
|
Commitments and
contingencies |
|
|
|
Common stock ($0.01 par value,
20,000,000 authorized; 12,856,716 issued and 12,838,227
outstanding as of December 31, 2015, and 12,825,468 issued
and 12,821,768 outstanding as of December 31, 2014) |
128 |
|
|
128 |
|
Additional paid-in capital |
120,524 |
|
|
120,538 |
|
Retained earnings |
89,368 |
|
|
87,777 |
|
Treasury shares (at cost, 18,489 as
of December 31, 2015, and 3,700 as of December 31,
2014) |
(202 |
) |
|
(46 |
) |
Accumulated other comprehensive
loss |
(48,713 |
) |
|
(38,801 |
) |
Total shareholders’
equity |
161,105 |
|
|
169,596 |
|
Total liabilities and
shareholders’ equity |
$ |
311,300 |
|
|
$ |
311,320 |
|
HARDINGE INC. AND SUBSIDIARIES |
Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
Year Ended |
|
December 31, 2015 |
|
December 31, 2014 |
Operating
activities |
|
|
|
Net income (loss) |
$ |
2,610 |
|
|
$ |
(2,140 |
) |
Adjustments to reconcile
net income (loss) to net cash provided by operating
activities: |
|
|
|
Impairment charge |
— |
|
|
5,766 |
|
Depreciation and amortization |
8,509 |
|
|
9,847 |
|
Debt issuance costs
amortization |
38 |
|
|
42 |
|
Deferred income taxes |
(768 |
) |
|
446 |
|
Gain on sale of assets |
(26 |
) |
|
(82 |
) |
Gain on sale of business |
— |
|
|
(218 |
) |
Gain on purchase of business |
— |
|
|
(462 |
) |
Unrealized foreign currency
transaction loss |
404 |
|
|
350 |
|
Changes in operating assets and
liabilities, net of businesses acquired: |
|
|
|
Accounts receivable |
3,942 |
|
|
(7,860 |
) |
Restricted cash |
827 |
|
|
973 |
|
Inventories |
(1,442 |
) |
|
(1,303 |
) |
Other assets |
1,245 |
|
|
682 |
|
Accounts payable |
450 |
|
|
2,211 |
|
Customer deposits |
7,762 |
|
|
(1,783 |
) |
Accrued expenses |
3,250 |
|
|
(3,281 |
) |
Accrued pension and postretirement
liabilities |
(74 |
) |
|
(9 |
) |
Net cash provided by operating
activities |
26,727 |
|
|
3,179 |
|
|
|
|
|
Investing
activities |
|
|
|
Acquisition of businesses, net of
cash acquired |
— |
|
|
(5,683 |
) |
Capital expenditures |
(4,210 |
) |
|
(3,186 |
) |
Proceeds from disposal of
business |
— |
|
|
218 |
|
Proceeds from sales of assets |
69 |
|
|
151 |
|
Net cash used in investing
activities |
(4,141 |
) |
|
(8,500 |
) |
|
|
|
|
Financing
activities |
|
|
|
Payment of contingent
consideration |
— |
|
|
(7,500 |
) |
Proceeds from short-term notes
payable to bank |
32,502 |
|
|
21,143 |
|
Repayments of short-term notes
payable to bank |
(32,502 |
) |
|
(21,143 |
) |
Repayments of long-term debt |
(4,464 |
) |
|
(9,296 |
) |
Dividends paid |
(1,037 |
) |
|
(1,012 |
) |
Purchases of treasury stock |
(201 |
) |
|
— |
|
Net proceeds from sales of common
stock |
— |
|
|
5,678 |
|
Net cash used in financing
activities |
(5,702 |
) |
|
(12,130 |
) |
|
|
|
|
Effect of exchange rate
changes on cash |
(403 |
) |
|
(978 |
) |
Net increase (decrease) in
cash |
16,481 |
|
|
(18,429 |
) |
|
|
|
|
Cash and cash equivalents
at beginning of period |
16,293 |
|
|
34,722 |
|
|
|
|
|
Cash and cash equivalents
at end of period |
$ |
32,774 |
|
|
$ |
16,293 |
|
Hardinge believes that providing non-GAAP financial measures
such as adjusted operating income, adjusted net income, and
adjusted earnings per diluted share is important for investors and
other readers of Hardinge's financial statements, as they are used
as an analytical indicator by Hardinge management to better
understand its operating performance.
HARDINGE INC. AND SUBSIDIARIES |
Reconciliation of GAAP Operating Income (Loss)
to Non-GAAP Operating Income (Loss) |
(in thousands) |
|
|
Three Months Ended December 31,
2015 |
|
Three Months Ended December 31,
2014 |
|
Amount |
|
% of Sales |
|
Amount |
|
% of Sales |
|
|
|
|
|
|
|
|
Operating income as
reported |
$ |
3,215 |
|
|
3.7 |
% |
|
$ |
5,086 |
|
|
5.5 |
% |
Adjustments to reported
operating income: |
|
|
|
|
|
|
|
Acquisition-related expenses |
— |
|
|
— |
|
|
121 |
|
|
0.1 |
|
Restructuring charges |
2,681 |
|
|
3.1 |
|
|
— |
|
|
— |
|
Professional fees for strategic
review process |
414 |
|
|
0.4 |
|
|
— |
|
|
— |
|
Non-GAAP operating
income as adjusted |
$ |
6,310 |
|
|
7.2 |
% |
|
$ |
5,207 |
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
Year Ended December 31,
2015 |
|
Year Ended December 31,
2014 |
|
Amount |
|
% of Sales |
|
Amount |
|
% of Sales |
Operating income (loss)
as reported |
$ |
4,937 |
|
|
1.6 |
% |
|
$ |
(447 |
) |
|
(0.1 |
)% |
Adjustments to reported
operating income (loss): |
|
|
|
|
|
|
|
Impairment charge |
— |
|
|
— |
|
|
5,766 |
|
|
1.9 |
|
Gain on purchase of business |
— |
|
|
— |
|
|
(462 |
) |
|
(0.1 |
) |
Acquisition-related inventory
step-up charge |
— |
|
|
— |
|
|
86 |
|
|
— |
|
Acquisition-related expenses |
— |
|
|
— |
|
|
121 |
|
|
— |
|
Restructuring charges |
3,558 |
|
|
1.1 |
|
|
— |
|
|
— |
|
Professional fees for strategic
review process |
756 |
|
|
0.2 |
|
|
— |
|
|
— |
|
Non-GAAP operating
income as adjusted |
$ |
9,251 |
|
|
2.9 |
% |
|
$ |
5,064 |
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
HARDINGE INC. AND SUBSIDIARIES |
Reconciliation of GAAP Net (Loss) Income to
Non-GAAP Net Income |
(in thousands, except per share data) |
|
|
Three Months Ended December 31,
2015 |
|
Three Months Ended December 31,
2014 |
|
Amount |
|
EPS |
|
Amount |
|
EPS |
|
|
|
|
|
|
|
|
Net income as
reported |
$ |
2,759 |
|
|
$ |
0.21 |
|
|
$ |
4,542 |
|
|
$ |
0.35 |
|
Adjustments to reported
net loss, net of taxes: |
|
|
|
|
|
|
|
Acquisition-related expenses |
— |
|
|
— |
|
|
121 |
|
|
0.01 |
|
Restructuring charges |
2,681 |
|
|
0.21 |
|
|
— |
|
|
— |
|
Professional fees for strategic
review process |
414 |
|
|
0.03 |
|
|
— |
|
|
— |
|
Non-GAAP net income as
adjusted |
$ |
5,854 |
|
|
$ |
0.45 |
|
|
$ |
4,663 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
2015 |
|
Year Ended December 31,
2014 |
|
Amount |
|
EPS |
|
Amount |
|
EPS |
|
|
|
|
|
|
|
|
Net income (loss) as
reported |
$ |
2,610 |
|
|
$ |
0.20 |
|
|
$ |
(2,140 |
) |
|
$ |
(0.17 |
) |
Adjustments to reported
net income (loss), net of taxes: |
|
|
|
|
|
|
|
Impairment charge |
— |
|
|
— |
|
|
5,437 |
|
|
0.43 |
|
Gain on purchase of business |
— |
|
|
— |
|
|
(462 |
) |
|
(0.04 |
) |
Gain from disposal of discontinued
operation, net of tax |
— |
|
|
— |
|
|
(218 |
) |
|
(0.02 |
) |
Acquisition-related inventory
step-up charge |
— |
|
|
— |
|
|
86 |
|
|
0.01 |
|
Acquisition-related expenses |
— |
|
|
— |
|
|
121 |
|
|
0.01 |
|
Restructuring charges |
3,558 |
|
|
0.28 |
|
|
— |
|
|
— |
|
Professional fees for strategic
review process |
756 |
|
|
0.06 |
|
|
— |
|
|
— |
|
Non-GAAP net income as
adjusted |
$ |
6,924 |
|
|
$ |
0.54 |
|
|
$ |
2,824 |
|
|
$ |
0.22 |
|
For more information contact:
Company:
Douglas J. Malone
Chief Financial Officer
Phone: (607) 378-4140
Investor Relations:
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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