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HARDINGE INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2018 10-Q, filed May 3, 2018. Its latest SEC filing is a 15-12G from Jun 4, 2018.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Sells precision metalcutting machines, grinding and machining equipment, and workholding products and accessories to manufacturers.

How Did They Make Money?

Customers buy machines, parts, workholding products and accessories; product sales generally count when goods ship, while larger multiple-machine installations that require customer run-offs count when the customer accepts them.

FY2017 revenue by reportable segment revenue
SegmentShareRevenue
MMS
79%
FY2014: 78%
ATA
21%
FY2014: 22%

Who Were Their Customers?

Manufacturers, including small and medium-sized independent job shops, buy through Hardinge’s direct sales force, distributors, agents and manufacturers’ representatives. Standard accessories and repair parts are also sold through its website.

Did Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2017.

Operating income, FY2017
3% of revenue
▲ +163% vs FY2016 ($3.4M, 1%)
Net income, FY2017
2% of revenue
▲ +378% vs FY2016 ($1.2M, 0%)

How Were They Changing?

Since the FY2017 annual report
Latest quarter: Q1 FY2018, the three months to Mar 31, 2018
Revenue
▲ +24%
vs $64.6M in Q1 FY2017
Net income
▲ Now profitable
vs −$2M in Q1 FY2017
MMS share of revenue vs 75.6% in Q1 FY2017
  • May 29, 2018 Privet completed its acquisition of Hardinge Hardinge became a wholly owned subsidiary of Parent, and its shares were delisted from Nasdaq.

Held flat. Revenue was $317.9M in FY2017, about the same as the $315.2M of FY2015.

Revenue over time
MMS ATA
$500M$250M$0

Who Did They Compete With?

Competes with DMG Mori Seiki, Mazak, Okuma, Doosan, Haas, United Grinding Group, Toyoda, Shigiya, Moore Tool, Okamoto, and Chevalier

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