Hardinge Inc. (HDNG, Financial) filed Quarterly Report for the period ended 2010-09-30.
Hardinge Inc. has a market cap of $94.4 million; its shares were traded at around $8.18 with and P/S ratio of 0.4. The dividend yield of Hardinge Inc. stocks is 0.3%.HDNG is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
In July 2010, our Taiwan subsidiary, Hardinge Machine Tools B.V., Taiwan Branch entered into a new unsecured credit facility replacing its existing $5.0 million facility. This new credit facility provides a $10.0 million facility for working capital purposes and expires on May 31, 2011. Interest is charged at the banks current base rate of 1.6% subject to change by the bank based on market conditions. This new credit facility carries no commitment fees on unused funds.
Orders, net of cancellations, for the quarter ended September 30, 2010 were $70.6 million, an increase of $23.8 million or 51% compared to the same quarter in 2009. Orders, net of cancellations, for the nine months ended September 30, 2010 were $213.7 million, an increase of $124.1 million or 72% compared to the nine months ended September 30, 2009. Worldwide demand for machine tools continued to improve during the third quarter of 2010 as reflected in the increases in orders for all of our major markets compared to 2009. Asia and Other represents 50% of the Companys total orders through the first nine months of 2010 driven by a $29.1 million order from a China-based supplier to the consumer electronics industry. Currency exchange rates impact on orders for the quarter was not material. Currency exchange rates had a favorable impact on new orders of approximately $1.6 million for the nine months ended September 30, 2010 compared to the same period in 2009.
North American orders increased by $4.0 million or 35% for the third quarter of 2010 compared to the same quarter in 2009. North American orders for the nine months ended September 30, 2010 increased by $13.1 million or 37% compared to the sa
Read the The complete Report
Hardinge Inc. has a market cap of $94.4 million; its shares were traded at around $8.18 with and P/S ratio of 0.4. The dividend yield of Hardinge Inc. stocks is 0.3%.HDNG is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
In June 2010, our Swiss subsidiary, L. Kellenbergrer & Co. AG (Kellenberger) entered into a new working capital credit facility with a bank to provide up to CHF 6.0 million ($6.1 million equivalent) which can be used as a limit for cash credits in the form of fixed advances in CHF and/or in any other freely convertible foreign currencies with maximum terms of up to 36 months. The interest rate, which is currently LIBOR plus 1.5% for a 90 day borrowing, is determined by the bank based on prevailing money and capital market conditions and the banks risk assessment of Kellenberger. The credit facility is secured by the real property owned by Kellenberger. This new facility replaced a CHF 5.0 million ($5.1 million equivalent) credit facility with substantially the same terms.In July 2010, our Taiwan subsidiary, Hardinge Machine Tools B.V., Taiwan Branch entered into a new unsecured credit facility replacing its existing $5.0 million facility. This new credit facility provides a $10.0 million facility for working capital purposes and expires on May 31, 2011. Interest is charged at the banks current base rate of 1.6% subject to change by the bank based on market conditions. This new credit facility carries no commitment fees on unused funds.
Orders, net of cancellations, for the quarter ended September 30, 2010 were $70.6 million, an increase of $23.8 million or 51% compared to the same quarter in 2009. Orders, net of cancellations, for the nine months ended September 30, 2010 were $213.7 million, an increase of $124.1 million or 72% compared to the nine months ended September 30, 2009. Worldwide demand for machine tools continued to improve during the third quarter of 2010 as reflected in the increases in orders for all of our major markets compared to 2009. Asia and Other represents 50% of the Companys total orders through the first nine months of 2010 driven by a $29.1 million order from a China-based supplier to the consumer electronics industry. Currency exchange rates impact on orders for the quarter was not material. Currency exchange rates had a favorable impact on new orders of approximately $1.6 million for the nine months ended September 30, 2010 compared to the same period in 2009.
North American orders increased by $4.0 million or 35% for the third quarter of 2010 compared to the same quarter in 2009. North American orders for the nine months ended September 30, 2010 increased by $13.1 million or 37% compared to the sa
Read the The complete Report
