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Hurco Reports Fourth Quarter And Full-Year Results

New order bookings for the fourth quarter of fiscal 2010 totaled $36,106,000, an increase of $16,066,000, or 80%, from the corresponding period in fiscal 2009. New order bookings increased in North America by $5,970,000, or 141%, in Europe by $7,776,000, or 53%, and in the Asia Pacific region by $2,320,000, or 218%. New order bookings for the full year were $115,315,000, an increase of $34,710,000, or 43%, over fiscal 2009. The full fiscal year orders increased in North America by $8,915,000, or 38%, in Europe by $14,780,000, or 28%, and in the Asia Pacific region by, $11,015,000, or 288%. The impact of currency translation on new orders booked in the fourth quarter and full fiscal year was consistent with the impact on sales.   

Hurco's gross profit for fiscal 2010 was 21%, compared to 28% for fiscal 2009. Gross profit for the fourth quarter of fiscal 2010 was 24%, compared to 29% for the prior year period. The decrease in profit as a percentage of sales reflected higher production costs per machine as machines sold during the period were produced at a time of lower production levels. Also contributing to the decrease was a product mix that included a greater amount of our entry-level machines that were in high demand in the Asia Pacific region where competitive price pressure is a strong factor.  Gross profit for the fourth quarter of fiscal 2010 was 24%, compared to 19% for the first nine months of the year due primarily to increased sales in Europe of our high performance VMX machines. In addition, our increased production levels served to reduce our allocated fixed cost per machine. 

Selling, general and administrative expenses for the fourth quarter of fiscal 2010 were $9,080,000, an increase of $953,000, 12%, from the corresponding period in 2009 due to higher sales and marketing expenses, primarily related to the International Manufacturing Technology Show in Chicago, and commissions as a result of higher sales. Selling, general and administrative expenses were $29,837,000 for fiscal 2010, a decrease of $1,037,000, or 3%, from fiscal 2009 and $16,974,000, or 36%, from fiscal 2008. These reductions reflect the benefit of cost reduction initiatives that began at the start of fiscal 2009. 

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