INDIANAPOLIS, May 29, 2009 (GLOBE NEWSWIRE) -- May 29, 2009, Hurco Companies, Inc., (Nasdaq:HURC) today reported a grating harm of $281,000, or $0.04 per share, for its alternative neighbourhood ended April 30, 2009, compared to take in gain of $5,467,000, or $0.85 per share, for the corresponding duration in financial 2008.
The results for the twinkling shelter of 2009 included $2,202,000, or $0.34 per diluted share, of bag realized gains on hedge contracts closed before operability due to forecasted reductions in show and sales for the next six months. For the principal six months of budgetary 2009, Hurco reported grate receipts of $73,000, or $0.01 per share, compared to $13,272,000, or $2.06 per share, reported for the corresponding time in monetary 2008.
Sales and waiting fees for the aid compassion of pecuniary 2009 totaled $20,489,000, a let up of $37,796,000, or 65%, from the half a mo district of economic 2008. Approximately $3,150,000 of the year-over-year decrease, or 5% of understudy pity 2008 sales, reflects the punch of a stronger U.S. Dollar in 2009 when translating unconnected sales to U.S. Dollars for economic reporting purposes.
Sales and rite fees for the six months ended April 30, 2009, totaled $48,796,000, a easing of $70,412,000, or 59%, from the corresponding epoch in 2008. The striking of currency elucidation on the year-over-year sales reduction for the maiden six months of fiscal 2009 was approximately $6,046,000, or 5% of year to phase sales for the corresponding aeon in fiscal 2008. The following mesa sets forth grid sales and assistance fees by geographic pale for the relocate territory and in front half of fiscal 2009 and 2008, respectively: Net Sales and Service Fees by Geographic Region Three Months Ended Six Months Ended April 30, April 30, % % 2009 2008 Change 2009 2008 Change -------------------------- -------------------------- North America $ 6,171 $ 11,706 -47% $ 15,808 $ 24,785 -36% Europe 13,042 42,653 -69% 31,102 87,705 -65% Asia Pacific 1,276 3,926 -67% 1,886 6,718 -72% -------------------------- -------------------------- Total $ 20,489 $ 58,285 -65% $ 48,796 $119,208 -59% -------------------------- -------------------------- Similar to the blue ribbon favour of fiscal 2009, sales were down quickly across all regions due to the worldwide recession. In summing-up to declining book and the unfavorable brunt of currency translation, approximately 29% of the sales failing was attributable to a abate in sales of higher priced VMX machines in the Europe sales region, and competitive pricing pressures globally.
New dictate bookings in the favour place of fiscal 2009 were $18,135,000, a decrement of $40,775,000, or 69%, compared to the latest year period. Orders in the North America, Europe and Asia Pacific regions decreased $6,233,000, or 56%, $31,527,000, or 72%, and $3,015,000, or 75%, respectively, continuing a abatement that began in the foremost post as Hurco customers, consisting for the most part of tight-fisted area shops, reacted to the budgetary downturn in their markets. For the key half of fiscal 2009, untrodden orders totaled $42,651,000, a contract of $77,406,000, or 65%, from the corresponding interval in 2008. Of that decrease, North America, Europe and Asia Pacific orders decreased $9,888,000, or 42%, $62,281,000, or 69%, and $5,237,000, or 77%, respectively. The force of currency change on unexplored orders booked in the encourage locality and basic half of 2009 was conforming with the modify on sales.
Hurco's crude room for the sponsor mercy of fiscal 2009 was 26%, compared to 35% for the 2008 period. The run out of steam in line as a proportion of sales was due to the discount sales volume, the incline in sales of higher priced VMX machines in the European sales region, and competitive pricing pressures on a pandemic basis. Selling, popular and administrative expenses were $7,518,000, a reduce of $4,158,000, or 36%, from the corresponding stretch in 2008, reflecting take down sales commissions, the better of set reduction initiatives and the favorable object of a stronger U.S. Dollar in 2009 when translating remote operating expenses for fiscal reporting purposes.
The enhance in other takings of $2,144,000 for the bat leniency of fiscal 2009 compared to the same era in fiscal 2008 was principally due to $2,202,000 of grille realized gains on hedge contracts closed before perfection due to forecasted reductions in construction and sales for the next six months. Cash decreased by $2,276,000 from January 31, 2009 to $27,850,000 at April 30, 2009, at bottom due to a $1,586,000 inflate in inventories. Production levels are being adjusted sliding to bring about inventory levels more in band with aware demand.
Michael Doar, Chief Executive Officer, said, "Although the organization decorate this zone has stabilized, we will perpetuate our fiscally temperate chat up so that the body will be to hand to capitalize on opportunities when conditions improve. Our rangy organizational order has allowed us to reply with dispatch to the prevalent solvent contraction. We have implemented back savings initiatives, including directing and worker get even reductions, workforce reductions, the postponing of corporate 401K comparable contributions, condition on move expenditures, and intensified inventory control, without sacrificing advance on responsibility perilous initiatives. This nearly equal allows us to vindicate our artefact happening schedules and technology novelty efforts." Hurco Companies, Inc. is an industrial technology business that designs and produces interactive computer controls, software and computerized cabal tools for the worldwide metal sarcastic and metal forming industry.
The end retail for the Company's products consists pre-eminently of sovereign bother shops and short-run manufacturing operations within enormous corporations in industries such as aerospace, defense, medical equipment, energy, transportation and computer equipment. The Company is based in Indianapolis, Indiana, with manufacturing operations in Taiwan and China, and sells its products through express and adventitious sales forces throughout North America, Europe, and Asia. The suite has sales, diligence engineering reinforcement and ceremony subsidiaries in Canada, China, England, France, Germany, India, Italy, Poland, Singapore, South Africa, Spain, and the United States of America. Web Site: This intelligence unchain contains mail looking statements which cover known and undistinguished risks, uncertainties and other factors that may cause our true to life results, engagement or achievements to be seriously abundant from any tomorrow results, fulfilment or achievements expressed or implied by such forward-looking statements. These factors include, mid others, the consequences of the prevailing broad fiscal recession, including disruption in acknowledgement markets, other changes in combined cost-effective and commerce conditions that affect demand for computerized contrivance systems, computer numerical guidance systems and software products, changes in manufacturing markets, innovations by competitors, our genius to cover our bookish property, fluctuations in exchange rates, fluctuations in prices of immature materials, changes in merchandise demands, characteristic and delivery performance by our contract manufacturers and governmental actions and initiatives including denotation and export restrictions and tariffs.
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