Proactiveinvestors recommends
Additional Information
Market: NASDAQ
Sector: Manufacturing
EPIC: HURC
Latest Price: 26.42  (5.05% Ascending)
52-week High: 34.99
52-week Low: 18.70
Market Cap: 170.17M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Hurco Companies
www.hurco.com

Hurco Companies is an industrial technology company. The Company designs, manufactures and sells computerized machine tools, consisting primarily of vertical machining centers (mills) and turning centers (lathes) to companies in the metal working industry.

Full Hurco Companies profile here
Pdf

Hurco Q3 sales increase by 39% to $26.5m; cuts losses by 5%

3rd Sep 2010, 4:37 pm
Hurco Q3 sales increase by 39% to $26.5m; cuts losses by 5%

Hurco Companies (Nasdaq:HURC), a company that designs and produces interactive computer controls, software and computerized machine tools for the metal cutting and metal forming industry, has today reported an improvement in its third quarter results, recording a net loss of $1.17 million, or $ (0.18) per diluted share, compared to a net loss of $1.23 million or $ (0.19) per diluted share, for the same period last year - largely on account of increased sales in the Asia Pacific region.

Sales and service fees for the three months ending July 31, 2010 totaled $26.47 million, reflecting a jump of 39% from the prior year quarter, primarily driven by increased demand for vertical machining (VM) centers in all sales regions, with the largest percentage increase in the Asia Pacific region. The area saw a 132% increase in its net sales to $3.37 million from the same period in 2009.

The rise in Asia Pacific sales was on the back of increased sales in China and India of the company`s entry-level, lower-priced VM series machines, as well as a greater market demand in the other Asia Pacific territories.

Compared to Q3 2009, unit shipments for the third quarter of fiscal 2010 increased in North America by 25%, in Europe by 38%, and in the Asia Pacific sales region by 123%.

New order bookings were $28.01 million, an increase of 56% compared to the prior year period.  New orders in the Asia Pacific region went up by a whopping 285%.

The company`s cash position increased by $16.4 million from October 31, 2009, to $45.19 million at July 31, 2010, primarily due to a reduction in inventory.

"I am encouraged that we have seen improvement to our bottom line each quarter of this fiscal year while continuing our product and technology development as scheduled. Our research and development efforts have resulted in a more advanced product line that we will showcase at the International Machine and Technology Show (IMTS) this September in Chicago," said CEO Michael Doar.

The company recently released its WinMax8 control software, which includes features that enhance multi-tasking and 5-axis machining.

Customers of Hurco include independent job shops and short-run manufacturing operations within large corporations in industries such as aerospace, defense, medical equipment, energy, transportation and computer equipment.

The company is based in Indianapolis, Indiana, with manufacturing operations in Taiwan and China, and sells its products through direct and indirect sales forces throughout North America, Europe, and Asia.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.