Machine-tool manufacturer Hurco Cos. Inc. saw earnings drop 51 percent in its latest fiscal quarter on falling revenue, the Indianapolis-based company announced Wednesday.

Hurco earned $2.3 million, or 34 cents per share, in its fiscal first quarter ended Jan. 31 after making $4.6 million, or 71 cents per share, in the same quarter the previous year.

Quarterly sales fell nearly 14 percent from the previous year, to $44.1 million.

Sales in North America picked up 6 percent, which Hurco credited to a rebranding initiative it launched in September. But an 18-percent drop in European sales and a 46-percent slide in Asia caused overall revenue to fall.

Hurco said product orders actually rose 5 percent in the latest quarter compared to the previous year, but timing of shipments will delay reporting more orders until the second quarter.

Company officials told IBJ in January that they expect a new image and new products to re-energize sales at the 45-year-old company .

Hurco designs and produces computerized controls, machinery and software used for metal cutting and forming.

Shares in Hurco fell 98 cents Wednesday morning, or 3.5 percent, to $27.30 each.