Printer Friendly

HURCO REPORTS RESULTS FOR THE SECOND QUARTER OF 1992

 HURCO REPORTS RESULTS
 FOR THE SECOND QUARTER OF 1992
 INDIANAPOLIS, May 12 /PRNewswire/ -- Hurco Companies, Inc. (NASDAQ: HURC) today reported a net loss of $1,847,000, or $.33 per share, on sales of $20,962,000 for the second quarter of 1992, compared to net income of $1,078,000, or $.20 per share, on sales of $21,566,000 for the same period last year. The net loss totalled $1,793,000, or $.32 per share, on sales of $42,168,000 for the six months ended April 30, 1992, compared to net income of $1,332,000, or $.24 per share, on sales of $44,193,000 for the same period a year ago.
 Backlog as of April 30, 1992 was $6,900,000 compared to $6,400,000 as of Jan. 31, 1992. Orders for the second quarter of 1992 were $21,500,000, compared to $20,400,000 for the first quarter of 1992 and $22,500,000 for the second quarter 1991.
 "The loss is primarily the result of significantly lower sales volume and price discounting throughout Europe, with the biggest declines occurring in Unified Germany and the United Kingdom," said Brian D. McLaughlin, president and CEO of Hurco Companies, Inc. "Operating expenses have been higher worldwide as a result of increased R & D expenses on the Company's open-architecture CNC and the startup of Autocon GmbH, a recently established subsidiary created to market the open architecture control and related components. Hurco has also incurred significant expense fighting the extension of the machine tool voluntary restraint agreements (VRAs). The prolonged VRA negotiations between the U.S. and Taiwan have created delays, causing production inefficiencies.
 "We are pleased to see the U.S. market emerging from recession and are seeing signs of improvement in the United Kingdom. However, given the current results, we intend to take whatever actions are necessary to return to profitability in the short term without adversely affecting the company's long term strategies."
 HURCO COMPANIES, INC. FINANCIAL HIGHLIGHTS
 (in thousands, except per-share data)
 (unaudited)
 Three Months Ended
 April 30,
 1992 1991
 Sales $20,962 $21,566
 Net income (loss) $(1,847) $ 1,078
 Earnings (loss) per common
 and common equivalent share $ (.33) $ .20
 Weighted average common and common
 equivalent shares outstanding 5,523 5,499
 Six Months Ended
 April 30,
 1992 1991
 Sales $42,168 $44,193
 Net Income (loss) $(1,793) $ 1,332
 Earnings (loss) per common
 and common equivalent share $ (.32) $ .24
 Weighted average common and common
 equivalent shares outstanding 5,517 5,475
 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, France and Singapore. Products are sold through 145 independent agents and distributors in the United States and 32 other countries. The company also has direct sales forces in the United States, the United Kingdom, Germany, France and Asia.
 -0- 5/12/92
 /CONTACT: Michael K. Campbell, 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


BM -- CL003 -- 9001 05/12/92 09:42 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 12, 1992
Words:590
Previous Article:/C O R R E C T I O N -- CITICORP/
Next Article:XEROX-KINKO'S PARTNERSHIP LAUNCHES NATIONAL FAX NETWORK FOR LARGE DOCUMENTS
Topics:


Related Articles
HURCO REPORTS RESULTS FOR THE THIRD QUARTER OF 1992
HURCO REPORTS RESULTS FOR THE THIRD QUARTER OF 1993
HURCO COMPLETES DEBT RESTRUCTURING
HURCO REPORTS RESULTS FOR THE SECOND QUARTER OF 1994
HURCO REPORTS FIRST QUARTER OPERATING PROFIT
HURCO REPORTS THIRD QUARTER NET PROFIT
HURCO REPORTS FIRST QUARTER RESULTS
Hurco Reports Third Quarter Results
Hurco Reports Fiscal 1996 Year-End Results
Hurco Reports 1997 First Quarter Results

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters