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INDIANAPOLIS, March 7, 2014 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq:HURC) today reported results for the first fiscal quarter ended January 31, 2014. For the first quarter of fiscal 2014, Hurco recorded net income of $2,369,000, or $0.36 per diluted share, compared to net income of $2,254,000, or $0.34 per diluted share, for the corresponding period in fiscal 2013. The increase in net income was attributable to a 16% growth in sales and service fees year-over-year. Orders for the first quarter of fiscal 2014 were 12% higher than the first quarter of fiscal 2013.
Sales and service fees for the first quarter of fiscal 2014 were $50,970,000, an increase of $6,885,000, or 16%, from the corresponding prior year period. The increase in sales and service fees included a favorable impact of $600,000 primarily due to a stronger Euro when translating foreign sales to U.S. Dollars for financial reporting purposes.
The following table sets forth net sales and service fees by geographic region for the first quarters of fiscal 2014 and 2013 (in thousands):
Net Sales and Service Fees
Three Months Ended
European and Asian Pacific sales increased during the first quarter of fiscal 2014 by 19% and 72%, respectively, compared to the corresponding prior year period. The overall improvement in sales was primarily driven by increased orders and shipments in Germany and China. European sales and service fees included $1,676,000 attributable to sales of electro-mechanical components and accessories manufactured by Hurco's Italian-based subsidiary LCM Precision Technologies (LCM). Hurco acquired this business on July 1, 2013. LCM products accounted for 6% of Hurco's sales in Europe for the first quarter of fiscal 2014. Asian Pacific sales in the fiscal 2014 period benefited from a multiple machine order from a customer in China totaling approximately $725,000, or 13% of total Asian Pacific sales.