Hardinge Inc. (HDNG, Financial) filed Quarterly Report for the period ended 2009-03-31.
Hardinge Inc. is an international leader in providing the latest industrial technology to companies requiring material cutting solutions. Hardinge is the leader in providing a wide range of highly reliable turning milling grinding & workholding solutions. The Company designs and manufactures computer-numerically controlled metal-cutting lathes machining centers grinding machines collets chucks indexing fixtures & other industrial products. The company never compromise on product design so customers can count on Hardinge to help them make the right part to the required specification every time. The breadth and depth of our product solutions are unmatched in the industry enabling us to support a variety of market applications including aerospace automotive medical energy construction agriculture mold tool and die and more. The Company has manufacturing operations in the United States Switzerland Taiwan and China and distributes machines in all major indust Hardinge Inc. has a market cap of $59.1 million; its shares were traded at around $5.1199 with and P/S ratio of 0.2. The dividend yield of Hardinge Inc. stocks is 0.7%. Hardinge Inc. had an annual average earning growth of 28.2% over the past 5 years.
Gross Profit. Gross profit for the three months ended March 31, 2009 was $14.1 million, a decrease of $11.1 million or 44% compared to the three months ended March 31, 2008. The decreased gross profit is primarily due to the $33.5 million reduction in sales as well as lower gross margins due to increasingly competitive business conditions.
Selling, General and Administrative Expenses & Other. Selling, general and administrative (SG&A) expenses were $18.2 million, or 34.8% of net sales for the three months ended March 31, 2009, a decrease of $5.4 million or 23% compared to $23.5 million or 27.5% of net sales for the three months ended March 31, 2008. SG&A for the three months ended March 31, 2009 includes $1.5 million in VERP and severance related expenses in the U.S. and Europe as well as a favorable foreign currency translation impact of approximately $1.8 million compared to the same quarter in 2008. Exclusive of the VERP and severance related charges, SG&A was $16.7 million, a decrease of $6.8 million over the same period in 2008 which is primarily due to strategic actions taken to manage operating expenses as a result of the current sales and order activity level.
Net (Loss). Net loss for the three months ended March 31, 2009 was $5.4 million, or (10.3%) of net sales, compared to a net loss of $0.7 million, or (0.9%) of net sales for the three months ended March 31, 2008. Basic and diluted loss per share for the three months ended March 31, 2009 were ($0.47) compared to ($0.06) for the three months ended March 31, 2008.
the three months ended March 31, 2009, we used $24.0 million to repay the multi-currency debt facility. We borrowed $8.4 on the new term loan. Dividend payments during the first quarter of 2009 decreased by $0.5 million over the same period in 2008 as a result of our decreasing the dividend payout to $0.01 per share in December 2008. During the first quarter of 2009, we paid fees of $0.6 million related to the term loan facility and the multi-currency debt facility.
In June 2006, our Taiwan subsidiary negotiated a mortgage loan with a bank secured by the real property owned by the Taiwan subsidiary which initially provided borrowings of 153.0 million New Taiwanese Dollars which was equivalent to approximately $4.7 million. At March 31, 2009 and December 31, 2008 borrowings under this agreement were $3.8 million and $4.1 million, respectively. Principal on the mortgage loan is repaid quarterly in the amount of 4.5 million New Taiwanese Dollars, which is equivalent to approximately $0.1 million.
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Hardinge Inc. is an international leader in providing the latest industrial technology to companies requiring material cutting solutions. Hardinge is the leader in providing a wide range of highly reliable turning milling grinding & workholding solutions. The Company designs and manufactures computer-numerically controlled metal-cutting lathes machining centers grinding machines collets chucks indexing fixtures & other industrial products. The company never compromise on product design so customers can count on Hardinge to help them make the right part to the required specification every time. The breadth and depth of our product solutions are unmatched in the industry enabling us to support a variety of market applications including aerospace automotive medical energy construction agriculture mold tool and die and more. The Company has manufacturing operations in the United States Switzerland Taiwan and China and distributes machines in all major indust Hardinge Inc. has a market cap of $59.1 million; its shares were traded at around $5.1199 with and P/S ratio of 0.2. The dividend yield of Hardinge Inc. stocks is 0.7%. Hardinge Inc. had an annual average earning growth of 28.2% over the past 5 years.
Highlight of Business Operations:
Net sales to customers in Asia & Other decreased by $7.8 million or 40%. The decrease was primarily in Turning and Milling which was down $6.9 million or 77% over the same period in 2008 while Grinding decreased $0.9 million or 32% over the same period. The decrease from the prior year quarter was also influenced by a favorable foreign currency translation impact of approximately $0.1 millionGross Profit. Gross profit for the three months ended March 31, 2009 was $14.1 million, a decrease of $11.1 million or 44% compared to the three months ended March 31, 2008. The decreased gross profit is primarily due to the $33.5 million reduction in sales as well as lower gross margins due to increasingly competitive business conditions.
Selling, General and Administrative Expenses & Other. Selling, general and administrative (SG&A) expenses were $18.2 million, or 34.8% of net sales for the three months ended March 31, 2009, a decrease of $5.4 million or 23% compared to $23.5 million or 27.5% of net sales for the three months ended March 31, 2008. SG&A for the three months ended March 31, 2009 includes $1.5 million in VERP and severance related expenses in the U.S. and Europe as well as a favorable foreign currency translation impact of approximately $1.8 million compared to the same quarter in 2008. Exclusive of the VERP and severance related charges, SG&A was $16.7 million, a decrease of $6.8 million over the same period in 2008 which is primarily due to strategic actions taken to manage operating expenses as a result of the current sales and order activity level.
Net (Loss). Net loss for the three months ended March 31, 2009 was $5.4 million, or (10.3%) of net sales, compared to a net loss of $0.7 million, or (0.9%) of net sales for the three months ended March 31, 2008. Basic and diluted loss per share for the three months ended March 31, 2009 were ($0.47) compared to ($0.06) for the three months ended March 31, 2008.
the three months ended March 31, 2009, we used $24.0 million to repay the multi-currency debt facility. We borrowed $8.4 on the new term loan. Dividend payments during the first quarter of 2009 decreased by $0.5 million over the same period in 2008 as a result of our decreasing the dividend payout to $0.01 per share in December 2008. During the first quarter of 2009, we paid fees of $0.6 million related to the term loan facility and the multi-currency debt facility.
In June 2006, our Taiwan subsidiary negotiated a mortgage loan with a bank secured by the real property owned by the Taiwan subsidiary which initially provided borrowings of 153.0 million New Taiwanese Dollars which was equivalent to approximately $4.7 million. At March 31, 2009 and December 31, 2008 borrowings under this agreement were $3.8 million and $4.1 million, respectively. Principal on the mortgage loan is repaid quarterly in the amount of 4.5 million New Taiwanese Dollars, which is equivalent to approximately $0.1 million.
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