Low sales volumes slices Hurco’s revenue, as company posts 3Q loss
By APFriday, August 28, 2009
Hurco reports loss in fiscal third quarter
INDIANAPOLIS — Hurco Companies Inc. a computer control and software maker, reported a loss in its fiscal third quarter on lower sales volumes.
The company said it lost $1.2 million, or 19 cents per share, for the period ended July 31, compared with a profit of $5.8 million, or 90 cents per share, last year.
Revenue fell 67 percent to $19 million, from $57.3 million a year ago, primarily because of lower volume, particularly for higher priced VMX machines, and continued pricing pressures globally. The stronger U.S. dollar has weighed on the sales of companies that do business overseas.
Total new order bookings fell 66 percent to $17.9 million, while orders in North America, Europe and Asia Pacific regions also fell sharply.
The company said it would continue to stem some of the losses by cutting production 80 percent for the third and fourth quarters.
Shares of Hurco fell $1.08, or 5.3 percent, to $19.20 in morning trading.
