Hurco suffers loss as sales plummet

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

Hurco Cos. Inc. suffered a loss of $1.8 million in its first fiscal quarter as manufacturers continued to cut back on capital purchases, the Indianapolis-based machine tool maker announced Thursday morning.

The loss in the period ended Jan. 31 contrasted against a $354,000 profit a year earlier.

Revenue fell 27 percent, to $20.6 million.

Manufacturers have dramatically curtailed machine tool purchases during the global recession, Hurco said. And credit market woes have also prevented some companies from obtaining financing for Hurco products.

Hurco produces interactive computer controls, software and computerized machine tools for the worldwide metal-cutting industry.

Economic conditions have been particularly bad in European, where Hurco sells many of its higher-priced products. European accounted for 58 percent of sales in the first quarter of fiscal 2010, compared to 64 percent in the same quarter of 2009 and 74 percent in the first quarter of 2008.

North American orders declined by 33 percent over last year’s quarter, to $2.8 million.

One bright spot for Hurco was a 413-percent quarter-over-quarter rise in orders in the Asia Pacific region, to $2.5 million.

Hurco shares were priced at $18.71 cents this morning before trading started.
 

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In