Hurco Companies, Inc. is an industrial technology company that designs and produces interactive computer controls, software and computerized machine tools for the worldwide metal cutting and metal forming industry. 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 equipment. The Company is based in Indianapolis, Indiana, and has sales, application engineering and service subsidiaries in High Wycombe, England; Munich, Germany; Paris, France; Milan, Italy; Shanghai, China; Chennai, India; Mississauga, Canada; and Singapore, along with manufacturing operations in Taiwan and China. Products are sold through independent agents and distributors in North America, Europe and Asia. The Company also has direct sales forces in the United Kingdom, Germany, France, Italy, Canada, and Asia. Web Site: www.hurco.com and they are located in Indianapolis, Indiana.
Hurco Reports Strong Second Quarter Results -- Sales Up 37 Percent and Orders Up 22 Percent
INDIANAPOLIS, May 23, 2008 (PRIME NEWSWIRE) -- Hurco Companies, Inc., (Nasdaq:HURC) today reported for its second quarter ended April 30, 2008, net income of $5,467,000, or $.85 per share, a 17% increase over the $4,680,000, or $.73 per share, reported for the corresponding period in fiscal 2007. For the first six months of fiscal 2008, Hurco reported net income of $13,272,000, or $2.06 per share, a 32% increase over the $10,075,000, or $1.57 per share, reported for the corresponding period in fiscal 2007.
Sales and service fees for the second quarter of fiscal 2008 totaled $58,285,000, an increase of $15,791,000, or 37%, over the second quarter of fiscal 2007. Approximately $5,252,000, or 12%, of the year-over-year increase reflects the effect of a weaker U.S. dollar when translating foreign sales to U.S. dollars for financial reporting purposes. Sales and service fees for the six months ended April 30, 2008, totaled $119,208,000, an increase of $29,836,000, or 33%, over the corresponding period in 2007.
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Investors thrashed Hurco Cos. after the locally based machine-tool maker reported quarterly profit that narrowly missed analysts' expectations. The company's shares tumbled $11, or 23 percent, on the week. Shares now are off 18 percent for the year. Hurco said profit rose 17 percent and revenue climbed a robust 37 percent. Still, it wasn't enough to satisfy investors. Per-share profit was 85 cents, 3 cents shy of expectations. Also trounced over the past week was Republic Airways Holdings Inc. The Indianapolisbased airline shed $2.82, or 19 percent, on concern that turmoil in the aviation industry would hamper its results
In a down economy with a weak US Dollar an Indiana company has a great quarter and gets trashed on Wall Street because they did not meet analysts' expectations? I bet these analysts' have never sold a piece of machinery overseas in their entire life, or made payroll or for that fact ever spent a day in a real company.
This got just a small blurb in the IBJ and I don't think the Star even covered it but I could be wrong on that.
No wonder we are in a mess.