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Hurco Reports First Quarter Results

Stocks in this article: HURC

INDIANAPOLIS, March 6, 2013 (GLOBE NEWSWIRE) -- Hurco Companies, Inc., (Nasdaq:HURC) today reported for its first fiscal quarter ended January 31, 2013, net income of $2,254,000, or $0.34 per diluted share, a decrease of $2,379,000, or 51%, when compared to net income of $4,633,000, or $0.71 per diluted share, for the first quarter of fiscal 2012. The decrease in net income was primarily due to a 14% reduction in reported sales, resulting from a shift in the timing of shipments between quarters, particularly in Europe. However, orders during the first quarter of fiscal 2013 were 5% higher than in the corresponding period of fiscal 2012.

Sales and service fees for the first quarter of fiscal 2013 totaled $44,085,000, a decrease of $7,041,000 from the first quarter of fiscal 2012. The impact of foreign currency when translating sales to U.S. Dollars for financial reporting purposes was not material on the period-to-period comparison.

The following table sets forth net sales and service fees, and orders by geographic region for the first quarters of fiscal 2013 and 2012 (in thousands):

   Net Sales and Service Fees  Orders
  Three Months Ended Three Months Ended
  January 31,  January 31,
      Amount %     Amount %
  2013 2012 Change Change 2013 2012 Change Change
North America  $16,252  $15,326  $ 926 6%  $14,613  $14,383  $ 230 2%
Europe  24,670  29,919  (5,249) -18%  30,696  29,257  1,439 5%
Asia Pacific  3,163  5,881  (2,718) -46%  5,792  5,255  537 10%
 Total  $44,085  $51,126  $ (7,041) -14%  $51,101  $48,895  $2,206 5%

Gross profit for the first quarter of fiscal 2013 was $12,916,000, or 29% of sales, compared to $16,484,000, or 32% of sales, for the prior year period. The decrease in gross profit was primarily a result of the decrease in sales.  

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