Hurco Q1 Earnings Up

(RTTNews) - Hurco Companies, Inc. (HURC), a maker of interactive computer controls, software and computerized machine tools and components, Friday reported a slight rise in earnings for the first quarter, helped by revenue growth and lower tax rate. The company's revenue growth is chiefly attributable to increased orders and shipments in Germany and China.

First-quarter earnings increased slightly to $2.37 million or $0.36 per share, from $2.25 million or $0.34 per share a year earlier.

Net sales and service fees rose by 16 percent to $50.97 million from $44.08 million a year earlier. While sales in North America remained nearly flat, Europe sales advanced to $29.23 million from $24.67 million a year ago and Asia Pacific sales increased to $5.44 million from $3.16 million last year. Effective tax rate decreased to 28 percent from 39 percent last year, while selling, general and administrative expense rose to $10.6 million from $8.9 million a year earlier.