Indianapolis-based Hurco Cos. this morning reported another 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.
The quarterly loss was the second straight for manufacturer. It reported a $281,000 loss in its fiscal second quarter after sales dropped 65 percent from the same period in 2008.
The downturn in the global economy is “significantly” hurting sales, CEO Michael Doar said in a prepared statement.
“We implemented cost-reduction initiatives earlier this year, which minimized our operating loss even though sales decreased 62 percent during the first three quarters of fiscal 2009,” he said.
The company this year has reduced pay, cut staff and suspended 401(k) matching contributions to cut costs.
Lower volume and continued global pricing pressures are causing the sales declines, the company said. Sales in the third quarter dropped by at least 50 percent in all of Hurco’s major markets—North America, Europe and Asia Pacific.
Hurco designs and produces interactive computer controls, software and computerized machine tools for the metal-cutting and metal-forming industry.
Shares of Hurco stock were down 4.6 percent this morning, to $19.35 each.