Hurco profit plunges with global economy

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.