IBJNews

Hurco suffers loss as sales plummet

Back to TopCommentsE-mailPrintBookmark and Share

Hurco Cos. Inc. suffered a loss of $1.8 million in its first fiscal quarter as manufacturers continued to cut back on capital purchases, the Indianapolis-based machine tool maker announced Thursday morning.

The loss in the period ended Jan. 31 contrasted against a $354,000 profit a year earlier.

Revenue fell 27 percent, to $20.6 million.

Manufacturers have dramatically curtailed machine tool purchases during the global recession, Hurco said. And credit market woes have also prevented some companies from obtaining financing for Hurco products.

Hurco produces interactive computer controls, software and computerized machine tools for the worldwide metal-cutting industry.

Economic conditions have been particularly bad in European, where Hurco sells many of its higher-priced products. European accounted for 58 percent of sales in the first quarter of fiscal 2010, compared to 64 percent in the same quarter of 2009 and 74 percent in the first quarter of 2008.

North American orders declined by 33 percent over last year’s quarter, to $2.8 million.

One bright spot for Hurco was a 413-percent quarter-over-quarter rise in orders in the Asia Pacific region, to $2.5 million.

Hurco shares were priced at $18.71 cents this morning before trading started.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
ADVERTISEMENT