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Hurco Reports Third Quarter Results

INDIANAPOLIS, Sept. 6, 2013 (GLOBE NEWSWIRE) -- Hurco Companies, Inc., (Nasdaq:HURC) today reported net income of $854,000, or $0.13 per diluted share, for its third fiscal quarter ended July 31, 2013, compared to $3,957,000, or $0.61 per diluted share, for the corresponding period in fiscal 2012. For the first nine months of fiscal 2013, Hurco reported net income of $6,291,000, or $0.96 per diluted share, compared to $11,552,000, or $1.77 per diluted share, for the corresponding period in fiscal 2012.

Sales and service fees for the third quarter of fiscal 2013 totaled $45,158,000, a decrease of $4,801,000, or 10%, compared to the third quarter of fiscal 2012. This decrease was partially offset by approximately $0.7 million, due to the favorable impact of a higher Euro in 2013 when translating foreign sales to U.S. Dollars for financial reporting purposes. Sales and service fees for the nine months ended July 31, 2013 totaled $138,862,000, a decrease of $8,188,000, or 6%, compared to the corresponding period in 2012. The impact of foreign currency translation on the nine-month comparison was not material.   

The following table sets forth net sales and service fees by geographic region for the third quarter and first nine months of fiscal 2013 and 2012, respectively (U.S. Dollars in thousands):
  Three Months Ended Nine Months Ended
  July 31, July 31,
      %     %
  2013 2012 Change 2013 2012 Change
North America  $ 14,730  $ 15,513 -5%  $ 44,062  $ 42,835 3%
Europe  25,973  29,049 -11%  82,539  85,614 -4%
Asia Pacific  4,455  5,397 -17%  12,261  18,601 -34%
 Total  $ 45,158  $ 49,959 -10%  $ 138,862  $147,050 -6%

Sales decreased across all regions during the third quarter of fiscal 2013, as compared to fiscal 2012, driven primarily by the weakened market conditions in Europe. 

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