Hurco Reports First Quarter Up

Hurco Companies, Inc. reported net income of $5,395,000 or $.84 per share, for its first fiscal quarter, which ended January 31, 2007, compared to $3,033,000 or $.48 per share, for the corresponding period in 2006. Hurco is a designer and producer of interactive computer controls, software and computerized machine tools for metal cutting and metal forming.

The company reported income of $46,878,000 for its first quarter of fiscal 2007, a 47 percent increase from its income from the same period in the previous year.

Hurco said its results reflect an improvement in demand, primarily in European markets, as well as increased shipments of its larger and more highly-priced machines in those markets. In addition, Hurco said it saw an approximate 9 percent increase in income due to the effects of a weaker U.S. dollar and currency translations.

Hurco said it booked new orders in the amount of $47,095,000 during the first quarter of fiscal 2007, a 25 percent over the amount it recorded in the first quarter of fiscal 2006. Michael Doar, Hurco’s chairman and chief executive officer, said the company was happy with its first quarter results.

“The European market remains strong and we continue to benefit from our global market strategy. I am also pleased with the positive response to our participation in the Indian Machine Tool Exhibition 2007 held in Bangalore, India,” Doar said.