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Hurco Reports Fourth Quarter And Full-Year Results

INDIANAPOLIS, Jan. 12, 2011 (GLOBE NEWSWIRE) -- Hurco Companies, Inc., (Nasdaq:HURC) today reported results for the fourth quarter and fiscal year ended October 31, 2010. For the fourth quarter Hurco recorded a net loss of $1,162,000, or $0.18 per diluted share, as compared to a net loss of $1,163,000, or $0.18 per diluted share, from the corresponding period in fiscal 2009. The results for the last quarter included severance costs of $358,000, which had the effect of $0.04 per diluted share, and a non-cash charge of $733,000, or $0.11 per diluted share, due to a valuation allowance for certain deferred tax assets. For the full fiscal year 2010, Hurco recorded a net loss of $5,744,000, or $0.89 per diluted share, as compared to a net loss of $2,321,000, or $0.36 per diluted share, for fiscal 2009.  The results for fiscal 2009 reflected the benefit of net realized gains of $2,028,000 from cash flow hedges of forecasted inter-company sales and purchases that became ineffective as we reduced production levels during that year.

Sales and service fees for the fourth quarter of fiscal 2010 were $34,715,000, an increase of $11,534,000, or 50%, from the prior year period. 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 4%, or $1,068,000, on the fourth quarter period-to-period comparison.   Sales and service fees for the full fiscal year totaled $105,893,000, an increase of $14,877,000, or 16%, from fiscal 2009. There was no impact due to foreign currency translation on the year over year increase in sales. 

The following table sets forth net sales and service fees by geographic region for the three and twelve month periods ended October 31, 2010 and 2009 (in thousands), respectively:

Net Sales and Service Fees by Geographic Region
             
  Three Months Ended Twelve Months Ended
  October 31, October 31,
      %     %
  2010 2009 Change 2010 2009 Change
North America  $ 8,705  $ 4,034 116%  $ 27,818  $ 25,652 8%
Europe  22,425  17,253 30%  65,678  60,132 9%
Asia Pacific  3,585  1,894 89%  12,397  5,232 137%
 Total  $ 34,715  $ 23,181 50%  $105,893  $ 91,016 16%

The fourth quarter increase in sales was primarily driven by higher demand for vertical machining centers in all sales regions, with the largest percentage increase in the North American and Asia Pacific regions. The sales increase in North America reflected increased customer demand. The increase in the Asia Pacific region was primarily the result of increased market penetration in the India market and continued growing demand in the other Asia Pacific territories. Compared to the fourth quarter of fiscal 2009, unit shipments for the fourth quarter of fiscal 2010 increased in North America by 162%, in Europe by 33%, and in the Asia Pacific sales region by 77%.  For the full fiscal year sales increased in all regions, with the largest percentage increase in the Asia Pacific region.  The full year increase in the Asia Pacific region was primarily the result of increased market penetration in China and India, and strong demand for our entry-level, lower-priced machines, as well as continued growing demand in the other Asia Pacific territories. Unit shipments for the full year decreased in North America by 5%, increased in Europe by 10% and increased in the Asia Pacific sales region by 157% compared to fiscal 2009. 

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