For the full year, we had strong cash generation from operations which effectively funded the acquisition of Usach Technologies in late December.
Increased SG&A as a percent of sales compared with the prior-year period for both the fourth quarter and full year 2012 was due to acquisition related fees associated with the purchase of Usach Technologies of $0.
8 million use of cash for the acquisition of Usach Technologies in December 2012 and capital expenditures for the year of $7.
Hardinge is a world leader in grinding solutions and the acquisition of Usach Technologies strengthens and reinforces that position," stated Richard L.
It also has its own proprietary programming system, the Usach Open Architecture System([c]), for standard and custom internal (ID), external (OD) and simultaneous grinding applications.
Strengths of Usach are designing and configuring products specific to a customer's unique requirements and in many cases, equipping the machines with fully automatic loading systems.