Declining sales in three major markets led Hurco Companies Inc. to suffer losses in its fourth quarter and fiscal year, the Indianapolis-based machine tool maker said Tuesday morning.
For the quarter ended Oct. 31, the company lost $1.1 million, or 18 cents per share, compared with a profit of $3.4 million, or 53 cents per share, in the same time frame a year ago.
Hurco’s loss for the entire fiscal year totaled $2.3 million, or 36 cents per share, compared with profit of $22.5 million, or $3.49 per share, in fiscal 2008.
The company attributed its losses to the ongoing global recession and the credit crunch that has made it difficult for businesses to obtain financing to purchase Hurco’s products.
Sales slid 65 percent the past fiscal year in both the European and Asia Pacific markets, while North American sales fell 51 percent compared with fiscal 2008.
Hurco President and CEO Michael Doar said in a written statement that cost savings employed by the company, including reducing administrative expenses and sales commissions, lessened the losses.
“We have maintained a strong cash position and zero debt despite the worldwide economic contraction,” he said. “As a result, we have been able to maintain schedules for technology innovation, which is fundamental to our product development. This leaves Hurco poised to benefit from the economic recovery.”
The company posted fiscal-year revenue of $91 million, a decline of 59 percent from fiscal 2008.
Hurco shares were trading Tuesday morning at $15.49 each, down from their 52-week high of $20.45 reached in September.