Hurco Reports First Quarter Results for Fiscal 2021

About this update from Hurco Companies, Inc.

[{"type":"text","content":"INDIANAPOLIS, March 05, 2021 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the first fiscal quarter ended January 31, 2021. Hurco recorded net income of $663,000, or $0.10 per diluted share, for the first quarter of fiscal 2021, compared to a net loss of $893,000, or $(0.13) per diluted share, for the corresponding period in fiscal 2020. Sales and service fees for the first quarter of fiscal 2021 were $54,115,000, an increase of $10,455,000, or 24%, compared to the corresponding prior year period, and included a favorable currency impact of $1,641,000, or 4%, when translating foreign sales to U.S. dollars for financial reporting purposes. Michael Doar, Chief Executive Officer, stated, “With all geographic regions experiencing some level of recovery during our first quarter of fiscal 2021, we remain cautiously optimistic. Orders outpaced sales for the second consecutive quarter, which is a trend we often see during an economic recovery. We must continue to be responsive to their need to work harder and smarter in order to recover faster. We believe that technology innovation can certainly support recovery for our customers, and we will continue our product development plans, which will position us to meet demand from both current customers and prospective customers as activity at their businesses increases. Additionally, we will continue to evaluate acquisition opportunities that could better position us to benefit from any economic expansion.” The following table sets forth net sales and service fees by geographic region for the first quarter ended January 31, 2021 and 2020 (dollars in thousands): Three Months EndedJanuary 31, 2021 2020 $ Change% ChangeAmericas$23,248 $17,479 $5,769 33%Europe 24,246 20,085 4,161 21%Asia Pacific 6,621 6,096 525 9%Total$54,115 $43,660 $10,455 24% During fiscal 2020, our operating results were adversely affected by the international business disruption due to the outbreak of coronavirus and the ongoing economic slowdown in Europe, uncertainty surrounding the U.K. Brexit activities, and political friction in the U.S. Many of our customers deferred or eliminated investments in capital equipment last year, which we attributed largely to the uncertainty these events created. During the first quarter of fiscal 2021, our sales increased year-over-year in all regions,...

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