Hurco Companies Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended October 31, 2013
January 10, 2014 at 08:00 am EST
Share
Hurco Companies Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended October 31, 2013. For the quarter, the company reported net income of $1,899,000, or $0.29 per diluted share, as compared to net income of $4,086,000, or $0.63 per diluted share, for the corresponding period in fiscal 2012. Sales and service fees were $53,942,000, a decrease of $2,125,000, or 4%, from the prior year period sales and service fees of $56,067,000 a year ago. This quarter-over-quarter decrease is net of the favorable impact of $700,000, or 1%, in the fourth quarter of fiscal 2013, due to a stronger Euro when translating foreign sales to U.S. Dollars for financial reporting purposes. Operating income was $3,340,000 against $5,350,000 a year ago. Income before taxes was $3,114,000 against $5,305,000 a year ago. Capital expenditures was $483,000 against $1,129,000 a year ago.
For the year, the company reported net income of $8,190,000, or $1.25 per diluted share, as compared to net income of $15,638,000, or $2.40 per diluted share, for fiscal 2012. Sales and service fees was $192,804,000, a decrease of $10,313,000, or 5%, from fiscal 2012 sales and service fees of $203,117,000 a year ago. Operating income was $13,643,000 against $22,021,000 a year ago. Income before taxes was $12,442,000 against $21,864,000 a year ago. Capital expenditures was $2,380,000 against $3,732,000 a year ago.
Hurco Companies, Inc. is an international, industrial technology company. The Company designs, manufactures, and sells computerized (such as Computer Numeric Control (CNC)) machine tools, consisting primarily of vertical machining centers (mills) and turning centers (lathes), to companies in the metal cutting industry through a worldwide sales, service, and distribution network. Its computer control systems and software products are primarily sold as integral components of its computerized machine tool products. It also provides machine tool components, automation integration equipment and solutions for job shops, software options, control upgrades, accessories, and replacement parts for its products, and customer service, training, and applications support. It has three brands of CNC machine tools in its product portfolio, including Hurco, Milltronics and Takumi. It pioneered the application of microprocessor technology and conversational programming software for use in machine tools.