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 $600,000 primarily due to a stronger Euro when translating foreign sales to U.S. Dollars for financial reporting purposes.
The following table sets forth net sales and service fees by geographic region for the first quarters of fiscal 2014 and 2013 (in thousands):
|Net Sales and Service Fees|
|Three Months Ended|
|North America||$ 16,293||$ 16,252||$ 41||0%|
|Total||$ 50,970||$ 44,085||$ 6,885||16%|