Gross profit for the third quarter of fiscal 2012 was $16,084,000, or 32% of sales, which was relatively unchanged compared to $15,850,000, or 31% of sales, for the prior year period. Gross profit for the first nine months of fiscal 2012 was $45,961,000 or 31% of sales, compared to $40,192,000 or 30% of sales for the same period in 2011 due primarily to increased sales.
Selling, general and administrative expenses in the third quarter of fiscal 2012 were $10,272,000, an increase of $955,000 from the prior year period, primarily due to global sales and marketing initiatives. Selling, general and administrative expenses of $29,290,000 for the first nine months of fiscal 2012 compared to $27,401,000 for the first nine months of fiscal 2011 also reflected global sales and marketing initiatives.
Cash and cash equivalents totaled $35,095,000 as of July 31, 2012, compared to $44,961,000 as of October 31, 2011. The decrease in cash was primarily due to increased production in fiscal 2012 intended to meet forecasted growth in customer demand. Working capital, excluding cash, was $85,155,000 as of July 31, 2012, compared to $61,885,000 as of October 31, 2011. The increase in working capital, excluding cash, was primarily due to an increase in inventory of $17,620,000 as a result of the increase in production.
Michael Doar, Chairman, Chief Executive Officer and President, stated, "I am extremely pleased with the sales and order activity in North America, which is where we introduced our distributor partners to the Hurco rebranding initiative at the annual sales meeting last month. I was energized by the unprecedented enthusiasm I noticed from our sales partners when they saw the new machine design, new branding materials, and new machine lineup. We will officially launch this worldwide rebranding initiative to the public later this month at the International Manufacturing Technology Show (IMTS) in Chicago. In addition to acquainting the public with the updated design of the Hurco brand, we will introduce an entire line of high speed machine tools equipped with our patented motion control system called UltiMotion. UltiMotion exemplifies the type of advanced technology we continue to innovate so that our customers can increase their productivity and profitability."
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