Hurco's fourth quarter and full-year results substantially better than 2009

The fourth quarter increase in sales was primarily driven by higher demand for vertical machining centres in all sales regions, with the largest percentage increase in the North American and Asia Pacific regions. The sales increase in North America reflected increased customer demand. The increase in the Asia Pacific region was primarily the result of increased market penetration in the India market and continued growing demand in the other Asia Pacific territories. New order bookings for the fourth quarter of fiscal 2010 totalled $36,106,000, an increase of $16,066,000, or 80%, from the corresponding period in fiscal 2009. New order bookings increased in North America by $5,970,000, or 141%, in Europe by $7,776,000, or 53%, and in the Asia Pacific region by $2,320,000, or 218%. New order bookings for the full year were $115,315,000, an increase of $34,710,000, or 43%, over fiscal 2009. The full fiscal year orders increased in North America by $8,915,000, or 38%, in Europe by $14,780,000, or 28%, and in the Asia Pacific region by, $11,015,000, or 288%. Hurco's gross profit for fiscal 2010 was 21%, compared to 28% for fiscal 2009. Gross profit for the fourth quarter of fiscal 2010 was 24%, compared to 29% for the prior year period. The decrease in profit as a percentage of sales reflected higher production costs per machine as machines sold during the period were produced at a time of lower production levels Michael Doar, president and chief executive officer, stated: "I am encouraged that order levels for the fourth quarter of fiscal 2010 are approaching levels we experienced before the economic downturn that began in 2008. Most importantly, we are seeing a strengthening in Europe, our largest and most profitable sales region."