Hurco Reports Fourth Quarter And Full-Year Results

INDIANAPOLIS, Jan. 11, 2013 (GLOBE NEWSWIRE) -- Hurco Companies, Inc., (Nasdaq:HURC) today reported results for the fourth quarter and the fiscal year ended October 31, 2012. For the fourth quarter of fiscal 2012, Hurco recorded net income of $4,086,000, or $0.63 per diluted share, as compared to net income of $2,654,000, or $0.41 per diluted share, for the corresponding period in fiscal 2011. For the full fiscal year 2012, Hurco recorded net income of $15,638,000, or $2.40 per diluted share, as compared to net income of $11,124,000, or $1.71 per diluted share, for fiscal 2011.

Sales and service fees for the fourth quarter of fiscal 2012 were $56,067,000, an increase of $7,496,000, or 15%, from the prior year period. This quarter-over-quarter improvement is net of the adverse impact of $2,087,000, or 4%, in the fourth quarter of fiscal 2012, due to a weaker Euro when translating foreign sales to U.S. Dollars for financial reporting purposes. Sales and service fees for the full fiscal year totaled $203,117,000, an increase of $22,716,000, or 13%, from fiscal 2011. The unfavorable impact of currency translation on the full fiscal year-over-year comparison was $7,609,000, or 4%.

The following table sets forth net sales and service fees by geographic region for the quarter and fiscal year ending October 31, 2012 and 2011 (in thousands), respectively:

Net Sales and Service Fees by Geographic Region
	Quarter Ended October 31,			Fiscal Year Ended October 31,
	2012	2011	% Change	2012	2011	% Change
North America	$ 17,692	$ 13,919	27%	$ 60,527	$ 49,637	22%
Europe	33,745	31,199	8%	119,359	111,080	7%
Asia Pacific	4,630	3,453	34%	23,231	19,683	18%
Total	$ 56,067	$ 48,571	15%	$203,117	$ 180,400	13%

The fourth quarter increase in sales was driven by increased demand in North America and Europe. The 8% increase in Europe was actually 15% when adjusted to exclude the negative impact of foreign currency translation due to a weaker Euro. Compared to the fourth quarter of fiscal 2011, unit shipments for the fourth quarter of fiscal 2012 increased in North America by 33%, in Europe by 13%, and in Asia Pacific by 12%. For the full fiscal year, sales increased in all regions, driven by higher customer demand. Unit shipments for the full year 2012, compared to fiscal 2011, increased in North America by 14%, in Europe by 4% and in Asia Pacific by 16%. 

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