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Hurco sees drop in sales, profit in latest quarter

 IBJ Staff
January 10, 2014
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Hurco Cos. saw a big drop in profit and revenue in its fiscal fourth quarter, the Indianapolis-based industrial technology company announced Friday morning.

The company earned $1.9 million, or 29 cents per share, for the period ended Oct. 31 after making $4.1 million, or 63 cents per share, in the same quarter a year earlier.

Sales and service fees totaled $53.9 million, a 4.1-percent drop from $56.1 million a year ago.

Revenue decreased across all regions during the quarter.

Sales dropped 4 percent in Europe, the company’s biggest market, to $32.3 million. North America sales fell 6 percent, to $16.7 million, and Asia Pacific sales declined 6 percent, to $4.9 million.

"The European and Asian markets were challenging in fiscal 2013,” Hurco CEO Michael Doar said in a prepared statement. “Since we typically sell the majority of our high-performance machines in Europe, we are particularly sensitive to conditions in that region, which have been weak.”

Hurco designs and produces computer controls, software, and computerized machine tools and machine-tool components for the metal-cutting and metal-forming industry.

Hurco shares rose 6 percent in early trading Friday, to $24.01 each.
 

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