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Hurco Reports First Quarter Results -- Sales Up 92%, Orders Up 115% And Earnings Of $1.5 Million

Stocks in this article: HURC

INDIANAPOLIS, March 10, 2011 (GLOBE NEWSWIRE) -- Hurco Companies, Inc., (Nasdaq:HURC) today reported for its first quarter ended January 31, 2011, net income of $1,546,000, or $0.24 per diluted share, as compared to a net loss of $1,836,000, or $(0.29) per diluted share, for the first quarter of fiscal 2010.

Sales and service fees for the first quarter of fiscal 2011 totaled $39,680,000, an increase of $19,064,000, or 92%, from the first quarter of fiscal 2010. The effect of a stronger U.S. dollar when translating foreign sales to U.S. dollars for financial reporting purposes had a negative impact of approximately 5%, or $1,073,000, on the period-to-period comparison.

The following table sets forth net sales and service fees by geographic region for the first quarter of fiscal 2011 and 2010 (in thousands):

Net Sales and Service Fees by Geographic Region
       
Three Months Ended
January 31,
      %
  2011 2010 Change
North America  $ 13,462  $ 6,101 121%
Europe  21,279  12,015 77%
Asia Pacific  4,939  2,500 98%
 Total  $ 39,680  $ 20,616 92%

The increases in sales were driven by higher customer demand in all sales regions as a result of the recent rebound in industrial manufacturing activity. Unit shipments increased in North America by 139%, in Europe by 68%, and in the Asia Pacific sales region by 55%.  

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