Hardinge Inc reports increased sales, net income and orders

Net income for the third quarter of 2006 was $2.8 million compared to $0.8 million, in the third quarter of 2005. Net income for the first nine months of 2006 was $7.7 million compared to $5.1 million for the first nine months of 2005. Net sales for the third quarter of 2006 were $79.2 million, an increase of 13 per cent compared to $69.8 million of net sales for the third quarter of 2005. Net sales for the first nine months of 2006 were $233.2 million, an increase of 10 per cent compared to $211.4 million of net sales for the first nine months of 2005. “Our strategy of product and market diversification continues to provide strong growth in orders and net sales through the first nine months of 2006,” commented J Patrick Ervin, chairman, president, and chief executive officer. “Our third quarter expansion in orders and net sales for 2006 reflects the sustained strength of the manufacturing sector around the globe as well as the success of our new expanded product lines. We are also pleased with our ability to leverage our incremental shipments into a solid improvement in operating and net income. We fully expect this leveraging to continue as we increase our sales in coming months. Given our current backlog and customer activity levels, we are confident of our ability to continue growing our sales performance for the foreseeable future.” The consolidated backlog at September 30, 2006 was $101.8 million compared to $88.8 million at June 30, 2006 and $75.0 million at March 31, 2006.