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Hurco Reports Fourth Quarter And Full-Year Results For Fiscal 2013

Stocks in this article: HURC

INDIANAPOLIS, Jan. 10, 2014 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq:HURC) today reported results for the fourth quarter and full fiscal year ended October 31, 2013. For the fourth quarter of fiscal 2013, Hurco recorded net income of $1,899,000, or $0.29 per diluted share, as compared to net income of $4,086,000, or $0.63 per diluted share, for the corresponding period in fiscal 2012. For fiscal 2013, Hurco recorded net income of $8,190,000, or $1.25 per diluted share, as compared to net income of $15,638,000, or $2.40 per diluted share, for fiscal 2012.

Sales and service fees for the fourth quarter of fiscal 2013 were $53,942,000, a decrease of $2,125,000, or 4%, from the prior year period. This quarter-over-quarter decrease is net of the favorable impact of $700,000, or 1%, in the fourth quarter of fiscal 2013, due to a stronger Euro when translating foreign sales to U.S. Dollars for financial reporting purposes. Sales and service fees for fiscal 2013 totaled $192,804,000, a decrease of $10,313,000, or 5%, from fiscal 2012. The impact of currency translation on the year-over-year comparison was not material.

The following table sets forth net sales and service fees by geographic region for the quarter and fiscal year ending October 31, 2013 and 2012 (in thousands):

Net Sales and Service Fees by Geographic Region
                 
  Quarter Ended Fiscal Year Ended
  October 31, October 31,
      $ %     $ %
  2013 2012 Change Change 2013 2012 Change Change
North America  $ 16,697  $ 17,692  $ (995) -6%  $ 60,759  $ 60,527  $ 232 0%
Europe  32,316  33,745  (1,429) -4%  114,855  119,359  (4,504) -4%
Asia Pacific  4,929  4,630  299 6%  17,190  23,231  (6,041) -26%
 Total  $ 53,942  $ 56,067  $ (2,125) -4%  $ 192,804  $ 203,117  $ (10,313) -5%

European sales included $1,923,000 for the fourth quarter of fiscal 2013 and $2,446,000 for fiscal 2013 that were attributable to sales of electro-mechanical components and accessories manufactured by Hurco's subsidiary, LCM Precision Technologies (LCM). Hurco acquired this business in July 2013. LCM is based in Italy and supplies its components and accessories to Hurco, as well as third parties.  LCM products accounted for 6% of sales in Europe for the fourth quarter of fiscal 2013 and 2% for fiscal 2013. 

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