Hurco Q3 results show further growth

During the latest quarter, sales and service fees increased in Europe by $10,987,000, or 50 per cent, and in North America increased by $1,789,000, or 16 per cent, compared to the third quarter of 2006. Asia saw a decrease of $818,000, or 25 per cent, primarily due to the timing of two large non-recurring orders received in the third quarter of last year. Sales and service fees for the nine months ended July 31, 2007 totaled $137,927,000, an increase of $32,575,000, or 31 per cent, over the corresponding period in 2006. New orders booked during the third quarter of fiscal 2007 totalled $48,645,000, an increase of $10,685,000, or 28 per cent, over the amount recorded in the third quarter of fiscal 2006. During the latest quarter, orders increased in Europe and North America by $8,392,000, or 35 per cent, and $3,594,000, or 35 per cent, respectively, compared to the third quarter of 2006. Orders for Asia decreased by $1,301,000, or 36 pr cent, due to the related sales issue described above. For the nine months ended July 31, 2007, new orders totalled $144,193,000, an increase of $31,513,000, or 28 per cent, over the corresponding period in 2006. The company's net income of $5,163,000 for the third quarter compared to $3,802,000 for the corresponding period in 2006, and for the first nine months of fiscal 2007, Hurco recorded net income of $15,239,000 compared to $10,764,000 for the corresponding period in 2006. "Our global supply chain strategy continues to yield operational and financial benefits that allow us to focus on new product development, efficient worldwide release of new products, and targeted growth," said Michael Doar, chairman and chief executive officer. "The newest technology development for all of our products is WinMax, the software that powers our integrated control. Building on the momentum from the US rollout of WinMax, we are focused on its worldwide release."