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Hurco Reports Third Quarter Results

Stocks in this article: HURC

INDIANAPOLIS, Sept. 7, 2012 (GLOBE NEWSWIRE) -- Hurco Companies, Inc., (Nasdaq:HURC) today reported net income of $3,957,000, or $0.61 per diluted share, for its third fiscal quarter ended July 31, 2012, compared to $4,575,000, or $0.70 per diluted share, for the corresponding period in fiscal 2011. For the first nine months of fiscal 2012, Hurco reported net income of $11,552,000, or $1.77 per diluted share, compared to $8,470,000, or $1.30 per diluted share, for the corresponding period in fiscal 2011.

Sales and service fees for the third quarter of fiscal 2012 totaled $49,959,000, a decrease of $614,000, or 1%, compared to the third quarter of fiscal 2011. This year-over-year comparison includes the adverse impact of $3,711,000, or 7%, due to a weaker Euro when translating foreign sales to U.S. Dollars for financial reporting purposes. Sales and service fees for the nine months ended July 31, 2012 totaled $147,050,000, an increase of $15,221,000, or 12%, over the corresponding period in 2011. The unfavorable impact of currency translation on the year-over-year nine-month comparison was $5,522,000, or 4%.

The following table sets forth net sales and service fees by geographic region for the third quarter and first nine months of fiscal 2012 and 2011, respectively:

  Three Months Ended Nine Months Ended
  July 31, July 31,
      %     %
  2012 2011 Change 2012 2011 Change
North America  $ 15,513  $ 13,119 18%  $ 42,835  $ 35,718 20%
Europe  29,049  31,305 -7%  85,614  79,881 7%
Asia Pacific  5,397  6,149 -12%  18,601  16,230 15%
Total  $ 49,959  $ 50,573 -1%  $ 147,050  $ 131,829 12%

Sales during the third quarter of fiscal 2012 remained relatively stable as increased sales in North America were offset by lower sales in Europe and Asia. Sales in Europe were down compared to the prior year period primarily due to the European debt crisis, which resulted in both a decline in demand attributable to economic uncertainty and a weaker Euro. Sales in Asia declined in comparison to the corresponding prior year period due to a slowing economy in that region. During the third quarter of fiscal 2012, unit shipments increased over the corresponding quarter in fiscal 2011 by 6% in North America, but decreased by 10% in Europe and 13% in the Asia Pacific sales region. Unit shipments in the first nine months of fiscal 2012 increased over the prior year period by 8% in North America, 1% in Europe, and 17% in the Asia Pacific sales region.

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