Hurco profit plunges with global economy

Keywords

Profit plummeted 40 percent for Hurco Cos. Inc. in its fourth fiscal quarter, the Indianapolis machine tool maker reported today.

The decline to $3.4 million in the period ended Oct. 31 was caused by the slumping global economy, Hurco said.

Sales edged up slightly in Europe, but fell in North America and dropped by more than half in Asia.

For the fiscal year, profit increased 19 percent, to $22.5 million. Most of the increase came from rising overseas sales.

Hurco said it is well positioned to ride out the downturn. It has $33 million in cash and other investments, and no debt.

Hurco shares fell $1.06 to $16.73 today.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.