Record 2006 sales figures for Hardinge Inc

Net sales for the fourth quarter of 2006 were $93.4 million, an increase of 19 per cent, compared to $78.5 million of net sales for the fourth quarter of 2005. Net sales were $326.6 million for 2006, an increase of 13 per cent, compared to $289.9 million for 2005. Net income for the fourth quarter of 2006 was $6.2 million compared to $1.9 million, in the fourth quarter of 2005. Net income for 2006 was $14.0 million compared to $7.0 million for 2005. “During 2006 we emphasised our belief that Hardinge remains solidly positioned to benefit from a combination of the strong worldwide machine tool market and the continued expansion of the company's product line, and our fourth quarter and full year results support this premise,” said J. Patrick Ervin, chairman, president and chief executive officer. “As was widely predicted, the global business environment for machine tools was strong last year, and our focused strategy for growth and improved operating performance enabled us to realise solid increases in sales and earnings. With record net sales of $326.6 million, and net income which was nearly double 2005, we clearly reinforced Hardinge's position as a significant global competitor in the machine tool industry. Equally gratifying for us was the market balance we achieved in 2006, with 36 per cent of sales coming from North America, 39 per cent from Europe, and 25 per cent from the fast-growing Asian market."