Hurco reports fourth quarter, annual losses

Hurco Cos. Inc. on Wednesday reported losses for the fourth quarter and the entire fiscal year, but executives of the Indianapolis-based machine tool maker said they are encouraged by rising sales.

For the quarter ended Oct. 31, the company lost $1.1 million, or 18 cents per share, identical to its loss in its 2009 fourth quarter.

Quarterly revenue jumped 50 percent, to $34.7 million, up from $23.2 million in 2009.

“I am encouraged that order levels for the fourth quarter of fiscal 2010 are approaching levels we experienced before the economic downturn that began in 2008,” Hurco President and CEO Michael Doar said.

Hurco said the increase in sales primarily was driven by higher demand for vertical machining centers, particularly in the North American and Asia Pacific regions.

Compared with the fiscal fourth quarter of 2009, shipments more than doubled in North America. They increased by 89 percent in Asia Pacific and by 30 percent in Europe.

For the entire fiscal year, Hurco lost $5.7 million, or 89 cents per share, compared to a loss of $2.3 million, or 36 cents per share, in fiscal 2009.

Annual evenue rose from $91 million in fiscal 2009 to $105.9 million in 2010.

Hurco's stock price opened Tuesday at $2517 per share, near its 52-week high.