Indianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting fiscal first quarter net income of $2.9 million, up from $879,000 during the same quarter the previous year. Chief Executive Officer Michael Doer says the CNC manufacturer is in the best financial position in its history.
Doar says the company continues to achieve new milestones as it celebrates its 50th anniversary. "All geographic regions and product lines have made important contributions to our continued growth year-over-year. Our global business model has allowed us to successfully develop new products and technologies that can improve profitability for our customers while providing consistent returns for our shareholders."
The company is also reporting a 40 percent increase in sales and service fees for the quarter, which totaled more than $68 million.
Hurco kicked off its 50th anniversary celebration earlier this month at its Indy headquarters.