ELMIRA — Machine tool manufacturer Hardinge, Inc. (NASDAQ: HDNG) announced today the company’s stock was added to the Russell 2000 Index.
The annual configuration of the Russell 3000 captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. The largest 1,000 companies become the Russell 1000 and the next 2,000 companies become the Russell 2000.
“We expect our inclusion in the Russell 2000 will help to create greater visibility for Hardinge in the investment community,” Hardinge Chairman, President, and CEO Richard Simons said in a release. “We welcome the opportunity to educate a broader audience on our strategy to leverage our strong brands to capture greater global market share, while we focus on driving cash generation.”
Hardinge had net income of $2.4 million, or 21 cents per share, on net sales of $74.7 million during the first quarter of 2012, compared with net income of $1.1 million, or 12 cents, on net sales of $91.1 million in 2011.
In 2010, the company struggled with the global recession and a decline in machine tool purchases. The company reported a net loss of $5.19 million, or a loss of 45 cents per share, on sales of $43.2 million in the first quarter of 2010.
Headquartered in Elmira, Hardinge (www.hardingeus.com) manufactures machine tools for the aerospace, agricultural, transportation, consumer-goods, communications, electronics, construction, defense, energy, pharmaceutical and medical-equipment, and recreation industries. The company employs about 400 people at its Elmira facility. Hardinge also operates plants in Switzerland, Taiwan, and China.
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