Boston, MA 06/09/2014 (wallstreetpr) – Industrial technology company, Hurco Companies, Inc. (NASDAQ:HURC) suffered set back in North America region during the second quarter where it witnessed its sales to fall 6%. However, the company’s overall sales advanced with Europe and Asia Pacific more than offsetting the weakness recorded in North America.
Sales In North America
The company disclosed that its sales in North America dipped 6% to $12.29 million during the second quarter from $13.08 million in the year earlier period. The industrial technology company termed the soft sales as nothing unusual just before the International Manufacturing Technology exhibition that is slated in September in the current year.
However, Hurco Companies, Inc. (NASDAQ:HURC) sales in Europe advanced 10% to $35.04 million from $31.9 million, while Asia Pacific witnessed 38% jump in sales revenue to $6.41 million from $4.64 million in the year-ago quarter. The upside in two regions offset the weakness fully and allowed it to post 8% uptick in sales revenue to $53.73 million from $49.62 million.
Orders Position
At the end of the second quarter, the company’s order from North America dropped 12% to $11.43 million from $13.04 million. Asia Pacific followed suit where the order position dipped 11% to $4.43 million from 44.98 million in the previous year quarter. However, Europe recorded 23% upside in orders to $37.82 million from $30.76 million in the year earlier period.
As a result, the total order position grew 10% to $53.68 million from $48.77 million in the prior year quarter.
Profit & Dividend
Hurco Companies, Inc. (NASDAQ:HURC) earned a profit of $3.54 million or 54 cents a share for the second quarter, up from $3.18 million or 48 cents a share in the year-ago quarter.
The company has also disclosed that its board has given its approval for payment of dividend of 7 cents a share in cash to shareholders of record on June 17. The dividend will be payable on July 7. The company’s cash and cash equivalents stood at $46.67 million at the end of the second quarter.
