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TheStreet Open House

Hurco Reports Third Quarter Results

INDIANAPOLIS, Sept. 3, 2010 (GLOBE NEWSWIRE) -- Hurco Companies, Inc., (Nasdaq:HURC) today reported a net loss of $1,173,000, or $(0.18) per diluted share, for its third quarter ended July 31, 2010, compared to a net loss of $1,231,000, or $(0.19) per diluted share, for the corresponding period in fiscal 2009.   For the first nine months of fiscal 2010, Hurco reported a net loss of $4,582,000, or $(0.71) per diluted share, compared to a net loss of $1,158,000, or $(0.18) per diluted share, reported for the corresponding period in fiscal 2009. The year-to-date net loss for fiscal 2009 reflected the offsetting benefit of $2,712,000 of net realized gains on hedge contracts that were closed before maturity due to forecasted reductions in production and sales.  There were no such gains during the corresponding period in fiscal 2010.

Sales and service fees for the third quarter of fiscal 2010 totaled $26,474,000, an increase of $7,435,000, or 39%, from those in the third quarter of fiscal 2009. The effect of a stronger U.S. Dollar when translating foreign sales to U.S. Dollars for financial reporting purposes had an unfavorable impact of approximately 7%, or $1,285,000, on the period-to-period comparison. Sales and service fees for the nine months ended July 31, 2010, totaled $71,178,000, an increase of $3,343,000, or 5%, from the corresponding period in fiscal 2009. Currency translation had a favorable impact on sales for the first nine months of fiscal 2010 of approximately 2%, or $1,075,000, compared to the same period in fiscal 2009.  

The following table sets forth net sales and service fees by geographic region for the third quarter and first nine months of fiscal 2010 and 2009, respectively:

Net Sales and Service Fees by Geographic Region
               
  Three Months Ended   Nine Months Ended
  July 31,   July 31,
      %       %
  2010 2009 Change   2010 2009 Change
North America  $ 7,208  $ 5,809 24%    $19,114  $ 21,618 -12%
Europe  15,896  11,777 35%    43,254  42,879 1%
Asia Pacific  3,370  1,453 132%    8,810  3,338 164%
 Total  $ 26,474  $ 19,039 39%    $71,178  $ 67,835 5%

The third quarter increase in sales was primarily driven by increased demand for vertical machining centers in all sales regions, with the largest percentage increase in the Asia Pacific region. The increase in the Asia Pacific region was primarily the result of increased sales in China and India of our entry-level, lower-priced VM series machines and increased market demand in the other Asia Pacific territories. Compared to the third quarter of fiscal 2009, unit shipments for the third quarter of fiscal 2010 increased in North America by 25%, in Europe by 38%, and in the Asia Pacific sales region by 123%.   Unit shipments for the first nine months of fiscal 2010 decreased in North America by 27%, increased in Europe by 1% and increased in the Asia Pacific sales region by 212% compared to the same period in fiscal 2009. 

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