Profile: Hurco Companies Inc (HURC.OQ)

HURC.OQ on NASDAQ Stock Exchange Global Select Market

17 Oct 2014
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Hurco Companies, Inc., incorporated on June 4, 1968, is an industrial technology company. The Company designs, manufactures and sells computerized machine tools, consisting primarily of vertical machining centers (mills) and turning centers (lathes), to companies in the metal working industry through a worldwide sales, service and distribution network. The Company’s core products consist of general purpose computerized machine tools for the metal cutting ilndustry. The Company also produces computer control systems and related software for press brake applications that are sold as retrofit units for installation on existing or new press brake machines. Additionally, it produces and distributes software options, control upgrades, hardware accessories, and replacement parts for its machine tool product lines, and it provides operator training and support services to its customers. The Company’s computer control systems and software products are primarily sold as integral components of its computerized machine tool products. In July 2013, Hurco Companies Inc announced it has acquired the machine tool component business of LCM Srl.

Computerized Machine Tools- Machining and Turning Centers

The Company designs, manufactures and sells computerized machine tools equipped with an integrated interactive computer control system that features its WinMax software. Its computer control system enables a machine tool operator to create complex two-dimensional or three-dimensional machining programs directly from an engineering drawing or computer aided design geometry file. In addition, WinMax has a Windows based operating system to enable users to improve shop floor flexibility and software productivity. Its Windows based control facilitates its ability to meet these customer needs. The familiar Windows operating system coupled with its intuitive conversational style of program creation allows its customers’ operators to create and edit part-making programs without incurring the incremental overhead of specialized computer aided design and computer aided manufacturing programmers.

The Company’s controls with WinMax software and high speed processors efficiently handle the large amounts of data these complex part-making programs require, which enables its customers to create parts with higher accuracy at faster speeds. The Company’s offering of machining centers equipped with either a twin touch-screen console or a single touch-screen console, consists of product lines, such as VM Product Line, VMX Product Line, Five-Axis Product Line, TM/TMM Product Line, and Specialty Product Line. The VM product line consists of moderately priced vertical machining centers for the entry-level market. The VM line consists of four models in three sizes with X-axis (horizontal) travels of 24, 32, and 41 inches. The VMX product line consists of vertical machining centers aimed at manufacturers that require greater part accuracy. It is its flagship series of machining centers. The VMX line consists of twenty models in seven sizes with X-axis travels of 24, 30, 42, 50, 60, 64, and 84 inches.

The Company’s five-axis product line is targeted at manufacturers seeking to produce complex multi-sided parts in a single setup. In total, it has seven models in five sizes to offer customers. The TM series is designed for entry-level job shops and contract manufacturers seeking efficient processing of small to medium lot sizes. There is one TM model in six sizes: the TM6, TM8, TM10, TM12, TM18, and TM18L. It added motorized tooling on the lathe turret to further enhance the capability of the TM turning centers and designated it as the TMM product line. These turning centers with live tooling allow its customers to complete a number of secondary milling, drilling and tapping operations while the part is still held in the chuck after the turning operations are complete, which provides productivity gains. It offer one TMM model in two sizes: the TMM8 and TMM10.

The Company’s TMX product line consists of high performance turning centers. There are three models in two sizes. One of the models is equipped with an additional axis and motorized live tooling, and another one of the models has an additional spindle. Both the DCX Series which includes three models in two sizes and the VTXZ Series, which is just one model and size are designed to facilitate production of large parts and molds often required by the aerospace and energy industries.

Computer Control Systems and Software

The Company’s Autobend computer control systems are applied to metal bending press brake machines that form parts from sheet metal and steel plate. They consist of a microprocessor-based computer control and back gauge (an automated gauging system that determines where the bend will be made). The Company markets two models of its Autobend computer control systems for press brake machines, in combination with six different back gauges as retrofit units for installation on existing or new press brake machines.

In addition to the Company’s standard computer control features, it offers software option products for two-dimensional programming. These products are sold to users of its computerized machine tools equipped with its twin touch-screen or single touch-screen consoles featuring WinMax control software. The options include Swept Surface, SelectSurface Finish Quality (SFQ), DXF Transfer, UltiMonitorTM, UltiMotionTM, UltiPocketTM, Conversational Part and Tool Probing, Advanced Verification Graphics, the Tool and Material Library, NC/Conversational Merge, and Simultaneous Five-Axis Contouring.

The Company’s Swept Surface software option simplifies programming of third generation (3D) contours and significantly reduces programming time. The DXF Transfer software option increases operator productivity because it eliminates manual data entry of part features by transferring AutoCAD drawing files directly into its computer control or into its desktop programming software, WinMax Desktop. UltiMonitor is a Web-based productivity, management and service tool, enabling customers to monitor, inspect and receive notifications about Hurco machines from any location where it can access the Internet. Customers can transfer part designs, receive event notifications through email or text, access diagnostic data, monitor the machine through webcam and communicate with the machine operator.

The Company’s UltiMotion uses software-based motion control, which is more efficient than conventional hardware-based motion control. This software-based motion control system provides cycle time reductions, minimizes machine jerk, and increases the quality of the part’s surface finish. UltiPocket automatically calculates the tool path around islands, eliminating the arduous task of plotting these shapes. Islands can also be rotated, scaled and repeated. Conversational Part and Tool Probing options permit the computerized dimensional measurement of machined parts and the associated cutting tools. The Advanced Verification Graphics feature reduces both scrap and programming time because it provides customers with a three-dimensional solid rendering of the part, including dynamic rotation.

The Company’s Tool and Material Library option stores the tool and material information with the machine instead of storing it with each individual part program. The user enters the tool data and geometry one time and chooses the particular tool from the list when it is needed. Additionally, the library reads the part program and automatically locates the tool or displays an alert if the tool does not exist. NC/Conversational Merge lets the user incorporate conversational features, such as tool probing, pattern operations, and scaling, into existing G-Code programs. Simultaneous Five-Axis Contouring software enables a five-axis machine to command motion concurrently on all axes. This allows the user to create continuous tool-paths along complex geometries with only a single machine/part setup, providing increased productivity along with the performance benefits of using shorter cutting tools.

The Company competes with Deckel Maho Gildemeister Group (DMG), Mori Seiki Co., Ltd., Mazak, Haas Automation, Inc., Hardinge Inc., Doosan, and Okuma Machinery Works Ltd.

Company Address

Hurco Companies Inc

One Technology Way
P: +1317.2935309
F: +1317.3282811

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