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Hurco Reports Second Quarter Results

Stocks in this article: HURC

INDIANAPOLIS, June 7, 2013 (GLOBE NEWSWIRE) -- Hurco Companies, Inc., (Nasdaq:HURC) today reported net income of $3,183,000, or $0.48 per diluted share, for its second fiscal quarter ended April 30, 2013, compared to $2,962,000, or $0.45 per diluted share, for the corresponding period in fiscal 2012. For the first six months of fiscal 2013, Hurco reported net income of $5,437,000, or $0.83 per diluted share, compared to $7,595,000, or $1.16 per diluted share, for the corresponding period in fiscal 2012.

Sales and service fees for the second quarter of fiscal 2013 totaled $49,619,000, an increase of $3,654,000, or 8%, compared to the second quarter of fiscal 2012. This increase was achieved despite the adverse impact of a weaker Euro and Pound Sterling in the 2013 quarter when translating foreign sales to U.S. Dollars for financial reporting purposes, which reduced reported sales and service fees for that quarter by approximately $788,000, or 2%. Sales and service fees for the six months ended April 30, 2013 totaled $93,704,000, a decrease of $3,387,000, or 3%, compared to the corresponding period in 2012. The adverse impact of foreign currency translation on the six-month comparison was $868,000, or 1%.   

The following table sets forth net sales and service fees by geographic region for the second quarter and first six months of fiscal 2013 and 2012, respectively:

  Three Months Ended April 30, Six Months Ended April 30,
  2013 2012 % Change 2013 2012 % Change
North America  $ 13,080  $ 11,996 9%  $ 29,332  $ 27,322 7%
Europe  31,896  26,646 20%  56,566  56,565 0%
Asia Pacific  4,643  7,323 -37%  7,806  13,204 -41%
Total  $ 49,619  $ 45,965 8%  $ 93,704  $ 97,091 -3%

The increase in sales during the second quarter of fiscal 2013 compared to fiscal 2012 was primarily driven by increased shipments in Europe related to orders received in the previous quarter. However, this improvement was partially offset by a continuing decline in sales in the Asia Pacific region, where slowing economies and more restricted credit conditions have resulted in deferred investments in capital equipment by small to medium sized companies in that region.  

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