Hurco Cos. and Manufacturers and Manufacturing & Technology

Hurco president Fabris to resign

October 1, 2009

Indianapolis-based Hurco Companies Inc., a computer control and software maker, said Thursday that James D. Fabris will resign as president and chief operating officer as of Oct. 31.

Hurco said in a release that Fabris is leaving to pursue other interests.

The company said CEO Michael Doar will handle Fabris' responsibilities for the "foreseeable future."

Fabris has been Hurco's president and COO since November 2001. He previously served as the company's executive vice president of operations from 1997 to 2001 and was vice president from 1995 to 1997.

In August, Hurco reported its second straight quarterly loss after sales dropped a staggering 64 percent.

Hurco lost $1.2 million, or 19 cents a share, in its fiscal third quarter ended July 31. The company had a profit of $5.8 million, or 90 cents a share, during the same quarter last year.

Quarterly revenue fell to $19 million, down from $57.3 million a year ago—a decrease of $38.2 million.

Shares of Hurco fell 90 cents, or 5 percent, to $16.18 on Thursday.

 

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