Business
Hurco Reports First Quarter Results For Fiscal Year 2023 and Announces Quarterly Cash Dividend
INDIANAPOLIS, March 10, 2023 (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 10, 2023 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the first fiscal quarter ended January 31, 2023. Hurco recorded net income of $1,330,000, or $0.20 per diluted share, for the first quarter of fiscal year 2023, compared to net income of $3,535,000, or $0.53 per diluted share, for the corresponding period in fiscal year 2022. Sales and service fees for the first quarter of fiscal year 2023 were $54,682,000, a decrease of $12,205,000, or 18%, compared to the corresponding prior year period, and included an unfavorable currency impact of $3,189,000, or 5%, when translating foreign sales to U.S. dollars for financial reporting purposes. Greg Volovic, Chief Executive Officer, stated, “Right now the global machine tool market is experiencing some oscillation in demand that seems unpredictable. Volatility in the macroeconomic environment is not unfamiliar territory to us, and we plan to continue our strategy to innovate and invest in new and advanced technologies. We still believe our historical practice of maintaining a strong balance sheet and cash flows will allow us to be opportunistic and prepared for the upside of these market cycles when they come. We also plan to stay the course on a balanced capital allocation strategy that prioritizes liquidity while recognizing the importance of targeting accretive growth and returning shareholder value.” The following table sets forth net sales and service fees by geographic region for the first fiscal quarter ended January 31, 2023, and 2022 (dollars in thousands): Three Months Ended January 31, 2023 2022$ Change% ChangeAmericas$22,013$24,009$(1,996)(8%)Europe 28,592 34,118 (5,526)(16%)Asia Pacific 4,077 8,760 (4,683)(53%)Total$ 54,682 $ 66,887 $ (12,205 )(18%) Sales in the Americas for the first quarter of fiscal year 2023 decreased by 8%, compared to the corresponding period in fiscal year 2022, primarily due to a decreased volume of shipments of Hurco and Takumi machines. European sales for the first quarter of fiscal year 2023 decreased by 16%, compared to the corresponding period in fiscal year 2022, and included an unfavorable currency impact of 8%, when translating foreign sales to U.S. dollars for financial reporting purposes. The decrease in European sales for the first quarter of fiscal year 2023 was primarily attribu...