Hurco Companies, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Fiscal Year Ended October 31, 2016
January 06, 2017 at 01:00 pm
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HuHurco Companies, Inc. reported unaudited consolidated earnings results for the fourth quarter and fiscal year ended October 31, 2016. For the quarter, the company reported net income of $3,003,000, or $0.45 per diluted share compared to net income of $4,804,000, or $0.72 per diluted share, for the corresponding period in fiscal 2015. Sales and service fees were $66,354,000, an increase of $661,000, or 1%, compared to the corresponding prior year period and included a negative currency impact of $1,293,000, or 2%, when translating foreign sales to U.S. dollars for financial reporting purposes. Operating income was $5,119,000 against $6,723,000 a year ago. Capital expenditures were $927,000 against $2,059,000 a year ago. Income before taxes was $4,542,000 against $6,655,000 a year ago.
For the full year, the company reported net income of $13,292,000, or $1.99 per diluted share, compared to $16,214,000, or $2.44 per diluted share, for fiscal 2015. Sales and service fees were a record $227,289,000, an increase of $7,906,000, or 4%, compared to fiscal 2015 and included a negative currency impact of $6,426,000, or 3%, when translating foreign sales to U.S. dollars for financial reporting purposes. Operating income was $19,616,000 against $23,804,000 a year ago. Capital expenditures were $4,177,000 against $4,533,000 a year ago. Income before taxes was $18,885,000 against $23,553,000 a year ago.
Hurco Companies, Inc. is an international, industrial technology company. The Company designs, manufactures, and sells computerized (such as Computer Numeric Control (CNC)) machine tools, consisting primarily of vertical machining centers (mills) and turning centers (lathes), to companies in the metal cutting industry through a worldwide sales, service, and distribution network. Its computer control systems and software products are primarily sold as integral components of its computerized machine tool products. It also provides machine tool components, automation integration equipment and solutions for job shops, software options, control upgrades, accessories, and replacement parts for its products, and customer service, training, and applications support. It has three brands of CNC machine tools in its product portfolio, including Hurco, Milltronics and Takumi. It pioneered the application of microprocessor technology and conversational programming software for use in machine tools.