Hurco Reports Loss In Fiscal Third Quarter
INDIANAPOLIS (AP) ¿ Hurco Companies Inc. a computer control and software maker, reported a loss in its fiscal third quarter on lower sales volumes.
The company said it lost $1.2 million, or 19 cents per share, for the period ended July 31, compared with a profit of $5.8 million, or 90 cents per share, last year.
Revenue fell 67 percent to $19 million, from $57.3 million a year ago, primarily because of lower volume, particularly for higher priced VMX machines, and continued pricing pressures globally. The stronger U.S. dollar has weighed on the sales of companies that do business overseas.
Total new order bookings fell 66 percent to $17.9 million, while orders in North America, Europe and Asia Pacific regions also fell sharply.The company said it would continue to stem some of the losses by cutting production 80 percent for the third and fourth quarters. Shares of Hurco fell $1.08, or 5.3 percent, to $19.20 in morning trading.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV