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Hurco Reports Second Quarter Results

Stocks in this article: HURC

The following table sets forth new orders booked 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  $ 13,035  $ 14,042 -7%  $ 27,649  $ 28,425 -3%
Europe  30,756  30,391 1%  61,452  59,648 3%
Asia Pacific  4,980  6,647 -25%  10,772  11,902 -9%
Total  $ 48,771  $ 51,080 -5%  $ 99,873  $ 99,975 0%

Orders for the second quarter of fiscal 2013 were $48,771,000, a decrease of $2,309,000, or 5%, from the corresponding period in fiscal 2012. Orders for the first six months of fiscal 2013 remained relatively stable in comparison to the corresponding period in fiscal 2012. Orders in North America declined in the second quarter as compared to the first quarter, reflecting a softening market. The slight increase in European order activity was a positive sign, considering the ongoing recession in that region. The decrease in order activity in the Asia Pacific region was due to the same factors that impacted sales. The impact of currency translation on orders was consistent with the impact on sales. 

Gross profit for the second quarter of fiscal 2013 was $15,283,000, or 31% of sales, compared to $13,393,000, or 29% of sales, for the prior year period, due primarily to the impact of increased sales in Europe, the primary market for Hurco's larger, higher performance machines. Gross profit for the first six months of fiscal 2013 was $28,199,000, or 30% of sales, compared to $29,877,000, or 31% of sales, for the same period in 2012 due primarily to the lower level of sales.

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