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HURCO REPORTS FIRST QUARTER RESULTS

 INDIANAPOLIS, Feb. 22 /PRNewswire/ -- Hurco Companies, Inc. (NASDAQ: HURC) today reported net loss of $2,232,000 or $(.41) per share, on revenues of $16,759,000 for the first quarter of 1993, compared to net income of $54,000, or $.01 per share, on revenues of $21,206,000 for the same period last year.
 Backlog as of Jan. 31, 1993 was $5,200,000 compared to $5,800,000 as as of Oct. 31, 1992. First quarter orders were $16,200,000 compared to $20,400,000 for the same period a year ago.
 Revenues and margins continue to suffer from weak market conditions and decline in global machine tool consumption, particularly in Europe. Operating expenses were $5,483,000 for the current quarter compared to $6,187,000 in the most recent quarter ended Oct. 31, 1992 reflecting the initial results of the turn-around program implemented mid-year 1992.
 In connection with renegotiating loan covenants with its principal lenders, the company has agreed to suspend payment of its quarterly dividend.
 "While fiscal 1993 is expected to be another challenging year, management believes that the implementation of the turn-around plan, the company's unique technology and its strong global market position will result in improvement during fiscal 1993," said Brian McLaughlin, president and CEO of Hurco Companies, Inc. "We expect the previously announced integration of Acroloc to be substantially completed during the second quarter, and are planning additional measures to respond to the continuing recessionary environment in Germany."
 HURCO COMPANIES, INC. FINANCIAL HIGHLIGHTS
 (In thousands, except per share data)
 (unaudited)
 Three Months Ended January 31 1993 1992
 Revenue $16,759 $21,206
 Net Income $(2,232) $ 54
 Earnings per common and common
 equivalent share $(.41) $.01
 Weighted average common and common
 equivalent shares outstanding 5,468 5,528
 Hurco Companies, Inc. is one of the largest manufacturers of computer numerical control systems designed and built in the United States for stand-alone machine tools. The end market for the company's products consists primarily of independent job shops and short-run manufacturing operations within large corporations in industries such as the aerospace, defense, medical equipment, energy, transportation and computer industries. The company is based in Indianapolis, has additional manufacturing facilities in Detroit, Phoenix, Ariz. and High Wycombe, England, and has sales, application engineering and service subsidiaries in Munich, Germany, Paris and Singapore. Products are sold through 145 independent agents and distributors in the United States and 38 other countries. The company also has direct sales forces in the United States, the United Kingdom, Germany, France and Asia.
 -0- 2/22/93
 /CONTACT: Roger J. Wolf, senior vice president and chief financial officer of Hurco Companies, Inc., 317-293-5309/
 (HURC)


CO: Hurco Companies, Inc. ST: Indiana IN: MAC SU: ERN

KK -- CL003 -- 8823 02/22/93 09:08 EST
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Publication:PR Newswire
Date:Feb 22, 1993
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