Hurco Companies, Inc. (NASDAQ:HURC)

Third Quarter Results

• Sales and service fees for the third quarter of fiscal 2011 totaled $50,573,000, an increase of $24,099,000, or 91%, from the third quarter of fiscal 2010.
• Net income of $4,575,000, or $0.70 per diluted share, for its third fiscal quarter ended July 31, 2011, compared to a net loss of $1,173,000, or $(0.18) per diluted share, for the corresponding period in fiscal 2010.

Michael Doar, Chief Executive Officer, said, "While the primary contributors to our increased sales and profits continue to be our European and North American markets, I am particularly pleased that we are beginning to see the reward from the investments we made to strengthen sales channels and expand infrastructure and support teams in China and India during the last two years. We have opened four regional applications centers in India and three regional offices in China in 2011. With orders of $8 million and sales of $6 million for Asia this quarter, it is the best quarter for this region in Hurco's history."

INDIANAPOLIS, June 3, 2011 (GLOBE NEWSWIRE) -- Hurco Companies, Inc., (Nasdaq:HURC) today reported net income of $2,349,000, or $0.36 per diluted share, for its second quarter ended April 30, 2011, compared to a net loss of $1,573,000, or $(0.24) per diluted share, for the corresponding period in fiscal 2010. For the first six months of fiscal 2011, Hurco reported net income of $3,895,000, or $0.60 per diluted share, compared to a net loss of $3,409,000, or $(0.53) per diluted share, for the corresponding period in fiscal 2010.

Michael Doar, Chief Executive Officer, said, "We are encouraged that our sales and order levels are markedly higher than last year, with Europe showing the largest increase in growth. We are increasing production at our wholly-owned assembly facilities to keep pace with the market demand while working diligently to develop new technologies for our control and machines."