Hurco Companies, Inc. (HURC), a computerized machine tools manufacturer, Friday reported a decline in profit for the third quarter, weighed down by higher expenses.
For the third quarter, the Indiana-based company's net profit decreased to $3.95 million or 61 cents per share from $4.57 million or 70 cents per share in the same year-ago quarter. Selling, general and administrative expenses in the quarter rose to $10.27 million from $9.31 million prior year.
For the quarter, sales and service fees declined slightly to $49.95 million from $50.57 million in the comparable period last year, reflecting a weaker Euro and depressed demand in both Europe and Asia, said Hurco.
Thursday, Hurco closed at $21.80 on the Nasdaq.
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