Hurco Companies Q4 net income $4,863,000
Article continues below
For fiscal 2014, Hurco reported net income of $15,143,000, or $2.30 per diluted share, compared to $8,190,000, or $1.25 per diluted share, for fiscal 2013.
Sales and service fees for the fourth quarter of fiscal 2014 totaled $62,223,000, an increase of $8,281,000, or 15%, compared to the fourth quarter of fiscal 2013. The year-over-year increase in sales and service fees for the fourth quarter included an unfavorable impact of approximately $662,000, or 1%, when translating foreign sales to U.S. Dollars for financial reporting purposes.
Sales and service fees for fiscal 2014 totaled $222,303,000, an increase of $29,499,000, or 15%, from fiscal 2013. The year-over-year increase in sales and service fees for fiscal 2014 benefitted from a favorable currency impact of approximately $3,294,000, or 2%, when translating foreign sales to U.S. Dollars for financial reporting purposes.
Sales and service fees increased in all regions during the fourth quarter of fiscal 2014. The overall improvement in sales for those regions was driven by increased shipments and a favorable mix of higher-performance machines. During the first three quarters of fiscal 2014, sales in North America experienced some market softening in comparison to the same periods in fiscal 2013.
However, following the International Manufacturing Technology Show in September 2014, sales of our machine tools in North America increased due to year-end promotional activities, resulting in a year-over-year increase in the fourth quarter of fiscal 2014 of approximately 19% compared to the same period in fiscal 2013.
Sales and service fees in Europe during the fourth quarter of fiscal 2014 increased by 15%, compared to the corresponding prior year period.
Sales and service fees for fiscal 2014 totaled $222,303,000 with an increase of $29,499,000, or 15%.
Orders for the fourth quarter of fiscal 2014 were $65,302,000, an increase of $13,444,000, or 26%, over the corresponding period in fiscal 2013. European orders for the fourth quarter of fiscal 2014 included $2,601,000 of LCM products compared to $1,951,000 in the fourth quarter of fiscal 2013.
Orders for fiscal 2014 were $232,454,000, an increase of $34,589,000, or 17%, over fiscal 2013, and included $9,886,000 of orders for LCM products compared to $5,719,000 for fiscal 2013. North American orders for the fourth quarter and fiscal 2014 increased compared to the corresponding periods in fiscal 2013, primarily due to promotional activities related to the International Manufacturing Technology Show held in September 2014.
European orders for the fourth quarter and fiscal 2014 increased compared to the corresponding periods in fiscal 2013, primarily due to increased orders in Germany and the United Kingdom. The year-over-year improvement in Asian Pacific orders for the fourth quarter and fiscal 2014 included the benefit of multiple machine orders and a favorable mix of higher-performance machines.
The impact of currency translation on orders booked in the fourth quarter and fiscal 2014 was consistent with the impact on sales in those periods. ■