Hurco Companies Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and the Fiscal Year Ended October 31, 2012
January 11, 2013 at 06:30 pm IST
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Hurco Companies Inc. reported unaudited consolidated earnings results for the fourth quarter and the fiscal year ended October 31, 2012. For the quarter, the company reported net income of $4.086 million or $0.63 per diluted share, as compared to net income of $2.654 million or $0.41 per diluted share, for the corresponding period in fiscal 2011. The fourth quarter increase in sales was driven by increased demand in North America and Europe. Sales and service fees were $56.067 million against $48.571 million a year ago. Operating income was $5.350 million against $4.590 million a year ago. Income before taxes was $5.305 million against $3.494 million a year ago. Capital expenditures were $1.129 million against $31.097 million a year ago. The quarter-over-quarter improvement in sales and service fees is net of the adverse impact of $2,087,000, or 4%, in the fourth quarter of fiscal 2012, due to a weaker Euro when translating foreign sales to U.S. Dollars for financial reporting purposes.
For the year, the company reported net income of $15.638 million or $2.40 per diluted share, as compared to net income of $11.124 million or $1.71 per diluted share, for fiscal 2011. For the full fiscal year, sales increased in all regions, driven by higher customer demand. Sales and service fees were $203.117 million against $180.400 million a year ago. Operating income was $22.021 million against $17.381 million a year ago. Income before taxes was $21.864 million against $15.619 million a year ago. Capital expenditures were $3.732 million against $2.842 million 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.