Hurco reports smaller loss on higher revenue

September 3, 2010

Rising sales helped Hurco Cos. Inc. report a smaller fiscal third quarter loss than it did a year ago, the Indianapolis-based machine tool maker said Friday morning.

For the period ended July 31, Hurco suffered a loss of $1.1 million, or 18 cents per share, compared with a loss of $1.2 million, or 19 cents per share, a year earlier.

Revenue jumped 39 percent, to $26.5 million, up from $19 million in 2009.

Hurco said the increase in sales primarily was driven by increased demand for computerized metal cutting machines, particularly in the Asia Pacific region. Demand was strongest in China and India, where lower-priced machines were introduced.

Compared with the fiscal third quarter of 2009, shipments more than doubled in Asia Pacific. They increased by 38 percent in Europe and by 25 percent in North America.

“I am encouraged that we have seen improvement to our bottom line each quarter of this fiscal year while continuing our product and technology development as scheduled,” Hurco CEO Michael Doar said in a prepared statement.

Hurco shares traded Friday morning at $16.83 each, up 48 cents from their opening price.


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