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Hurco Reports Second Quarter Results And Announces Quarterly Cash Dividend

Stocks in this article: HURC

INDIANAPOLIS, June 6, 2014 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq:HURC) today reported net income of $3,536,000, or $0.54 per diluted share, for its second fiscal quarter ended April 30, 2014, compared to $3,183,000, or $0.48 per diluted share, for the corresponding period in fiscal 2013. For the first six months of fiscal 2014, Hurco reported net income of $5,905,000, or $0.90 per diluted share, compared to $5,437,000, or $0.83 per diluted share, for the corresponding period in fiscal 2013. 

Sales and service fees for the second quarter of fiscal 2014 totaled $53,731,000, an increase of $4,112,000, or 8%, compared to the second quarter of fiscal 2013. Sales and service fees for the six months ended April 30, 2014, totaled $104,701,000, an increase of $10,997,000, or 12%, compared to the corresponding period in fiscal 2013. The year-over-year increases in sales and service fees for the second quarter and the first six months included a favorable currency impact of approximately $1,700,000 for the quarter and $2,301,000 for the six month period, respectively, 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 second quarter and first six months of fiscal 2014 and 2013, respectively (in thousands):

  Three Months Ended April 30, Six Months Ended April 30,
  2014 2013 $ Change %  Change 2014 2013 $ Change %  Change
North America  $ 12,287  $ 13,080  $ (793) -6%  $ 28,580  $ 29,332  $ (752) -3%
Europe  35,037  31,896  3,141 10%  64,271  56,566  7,705 14%
Asia Pacific  6,407  4,643  1,764 38%  11,850  7,806  4,044 52%
Total  $ 53,731  $ 49,619  $ 4,112 8%  $ 104,701  $ 93,704  $10,997 12%

Sales in North America decreased during the second quarter of fiscal 2014 compared to the corresponding prior year period. The softening of sales in North America is not unusual in the months prior to the International Manufacturing Technology Show which is held in September of even-numbered years.   European sales and service fees for the second quarter and the first six months of fiscal 2014 included $2,127,000 and $3,803,000, respectively, from sales of electro-mechanical components and accessories manufactured by Hurco's Italian-based subsidiary LCM Precision Technologies (LCM). Hurco acquired the LCM machine tool component business on July 1, 2013. In addition, the increase in European sales and service fees for the second quarter and first six months of fiscal 2014 included a favorable currency impact of approximately $1,823,000 for the quarter and $2,515,000 for the six month period, respectively, due primarily to a stronger Euro when translating foreign sales to U.S. Dollars for financial reporting purposes. The year-over-year increase in Asia Pacific sales and service fees was primarily attributable to increased shipments in China. 

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