Hot Growth Special Report 2006 >



Hurco (HURC)

Who says you have to be big to be multinational? Hurco, which makes computerized machine tools primarily for metal fabricators, booked two-thirds of its sales from outside the U.S. last year and actually builds its products in Taiwan. The Indianapolis-based company got pummeled during the factory-sector recession in the early 2000s. New management, led by Chief Executive Michael Doar, sold off underperforming lines. The new focus, combined with an upswing in industrial orders, has put Hurco on the fast track. Sales grew 77% over the last three years to a record $125.5 million in fiscal 2005, which ended last Oct. 31, while profits swung from back-to-back losses in 2001 and 2002 to $16.4 million, an all-time high in the company's 37-year history. Hurco also widened its gross margin to 33.9% from 30.4% a year earlier.

Company Info

2005 Rank


Market Value*
($ Millions)


($ Millions)


Sales Growth
(3-yr. avg. annual)

22.2 %

($ Millions)


Profit Growth
(3-yr. avg. annual)

496.6 %

Return on Inv. Capital (3-yr.)

14.0 %

Share Price
12-Mo. Hi/Lo


Share Price
As of 4/28/06


Return on Equity

25.6 %

P/E Ratio


No. of Employees


Industry Industrial Machinery


Location Indianapolis
Phone 317 293-5309
*Trailing 12 months
Stock price data as of 4/28/06
DATA: Standard & Poor's Compustat

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Company Snapshot

Hurco Companies engages in the design and production of interactive personal computer-based computer control systems, and software, and computerized machine tools for the metal working industry. It designs, manufactures, and sells general purpose computerized machine tools, principally vertical machining centers for the metal cutting industry; turning center product line for job shops and contract manufacturers; and computer control systems and related software for press brake applications. The company also produces and distributes software options, control upgrades, hardware accessories, and replacement parts related to its machine tool product lines, and provides operator training and support services to its customers. It distributes through independent agents and distributors in North America, Europe, and Asia, as well as England, France, Germany, Italy, Singapore, and China. Hurco Companies was founded in 1968 and has its headquarters in Indianapolis.

Data provided by Capital IQ
Michael Doar

Michael Doar, 50

Chairman and Chief Executive Officer

Total Compensation*

$ 909,544

Total Options Value*

$ 909,385

* Fiscal Year 2005

Executive Bio

Michael Doar has been a director of Hurco Companies since 2000. Doar serves as a member of executive/ nominating committee of Hurco. Doar was elected chairman of the board and CEO of Hurco in November, 2001. Previously, he was vice-president of sales and marketing of Ingersoll Contract Manufacturing, a subsidiary of Ingersoll International. Doar held various management positions with Ingersoll International beginning in 1989.

Management Team

Key Executives

Michael Doar; James D. Fabris; David E. Platts; Stephen J. Alesia; Sonja K. McClelland

Board Directors

Robert W. Cruickshank; Rentschler, Richard T. Niner; Michael Doar; O. Curtis Noel; Gerald V. Roch; Stephen H. Cooper

Executive Data provided by Capital IQ