Business
Hurco Reports First Quarter Results for Fiscal 2020
INDIANAPOLIS, March 06, 2020 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the first fiscal quarter ended January 31,
About this update from Hurco Companies, Inc.
[{"type":"text","content":"INDIANAPOLIS, March 06, 2020 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the first fiscal quarter ended January 31, 2020. Hurco recorded a net loss of $893,000, or $(0.13) per diluted share, for the first quarter of fiscal 2020, compared to net income of $6,654,000, or $0.97 per diluted share, for the corresponding period in fiscal 2019.\n Sales and service fees for the first quarter of fiscal 2020 were $43,660,000, a decrease of $30,553,000, or 41%, compared to the corresponding prior year period and included an unfavorable currency impact of $259,000, or less than 1%, when translating foreign sales to U.S. dollars for financial reporting purposes. Michael Doar, Chief Executive Officer, stated, “Although the last four fiscal years represented our highest annual revenue periods in company history, a variety of recently developing market and industry factors combined to significantly soften global demand, and increase pricing pressures, for machine tool products during our first quarter of fiscal 2020. Nevertheless, we firmly believe that our fiscally-conservative culture and cost-cutting measures that we started implementing in fiscal 2019 helped to minimize the impact of the steep sales decline we experienced during the period. Our organizational agility to implement cost saving initiatives quickly and our strong balance sheet will allow us to stay the course and to continue to return value to shareholders – even through this worldwide economic slowdown. We will continue to implement our plans for technology innovation, which is fundamental to our product development, and to evaluate potential acquisitions that could help us grow in strategic markets around the globe. We continue to believe economic downturns represent opportunities to invest in new technologies and acquire new businesses, at great value, in order to better position ourselves to benefit from subsequent economic expansions.” The following table sets forth net sales and service fees by geographic region for the first quarter ended January 31, 2020 and 2019 (dollars in thousands): Three Months Ended January 31, 2020 2019$ Change% ChangeAmericas$17,479$29,156$(11,677)-40%Europe 20,085 35,711 (15,626)-44%Asia Pacific 6,096 9,346 (3,250)-35% Total$43,660$74,213$(30,553)-41% Since the beginning of fiscal 2020, our operating resu...