EXHIBIT 99.1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 26, 2000
Commission file number:
000-15760
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HARDINGE INC.
(Exact name of Registrant as specified in its charter)
NEW YORK 16-0470200
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Hardinge Drive Elmira, Ny 14902
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(Address of principal executive offices) (Zip code)
(607) 734-2281
(Registrant's telephone number including area code)
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ITEM 5. OTHER EVENTS
On July 26, 2000, Hardinge Inc. issued a press release announcing that
the Hardinge Repurchase Program was authorized for an additional one million
shares. The Board of Directors expanded the Company's share buyback program by
authorizing a plan to repurchase up to an additional one million shares. The
press release is included as Exhibit 99 to this Current Report on Form 8-K and
is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
99 Press Release issued by registrant on July 26, 2000.
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EXHIBIT 99
HARDINGE INC.
ONE HARDINGE DRIVE
ELMIRA, NY 14902
(NASDAQ: HDNG)
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
Richard L. Simons For General Info: Kerry Thalheim/ Maura Gedid
Executive VP & CFO For Analyst Info: John McNamara
(607) 734-2281 For Media Info: William Keegan
(212) 661-8030
FOR IMMEDIATE RELEASE
HARDINGE REPURCHASE PROGRAM AUTHORIZED FOR AN
ADDITIONAL ONE MILLION SHARES
ELMIRA, N.Y., JULY 26, 2000 -- Hardinge Inc. (Nasdaq:HDNG) today announced that
its Board of Directors has expanded its share buyback program by authorizing a
plan to repurchase up to an additional one million shares. Any such purchases
will be made from time to time in the open market or in privately negotiated
transactions and will be at the discretion of management. Shares repurchased
will be available for use under the Company's employee incentive compensation
plans and for other general corporate purposes.
Robert E. Agan, Chairman and Chief Executive Officer, commented, "The
decision to repurchase our stock reflects management's optimism about the
long-term performance of the Company and future prospects for the machine tool
industry. At current values, we believe a stock buyback is an appropriate use of
the Company's financial resources."
A previous stock repurchase plan, authorized in April of 1999, resulted in
the company purchasing over 900,000 shares in the open market.
Hardinge Inc., founded more than 100 years ago, is an international leader
in providing the latest industrial technology to companies requiring
metal-cutting solutions. The Company designs and manufactures
computer-numerically controlled metal-cutting lathes, machining centers,
grinding machines, electrical discharge machines and other industrial products.
The Company's common stock trades on Nasdaq under the symbol "HDNG."
To receive additional information on Hardinge Inc., via fax at no charge,
dial 1-800-PRO-INFO and enter code HDNG.
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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.
AUGUST 3, 2000 By: /s/ RICHARD L. SIMONS
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Date Richard L. Simons
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
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