Business
Hurco Reports First Quarter Results for Fiscal Year 2024
INDIANAPOLIS, March 08, 2024 (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 08, 2024 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the first fiscal quarter ended January 31, 2024. Hurco recorded a net loss of $1,648,000, or $0.25 per diluted share, for the first quarter of fiscal year 2024, compared to net income of $1,330,000, or $0.20 per diluted share, for the corresponding period in fiscal year 2023. Sales and service fees for the first quarter of fiscal year 2024 were $45,059,000, a decrease of $9,623,000, or 18%, compared to the corresponding prior year period, and included a favorable currency impact of $779,000, or 1%, when translating foreign sales to U.S. dollars for financial reporting purposes. Greg Volovic, Chief Executive Officer, stated, “We were disappointed with first quarter results but are continuing to invest in the future growth of our business. I am particularly heartened by the positive shift we witnessed in both the Americas and the Asian Pacific regions this quarter. Seeing orders in these regions surpass sales and outpace prior year figures is a promising sign. I am hopeful this momentum will also extend into Europe as we get further into 2024. Meanwhile, our commitment to innovation remains unwavering. We are investing in cutting-edge technology, harnessing the power of artificial intelligence to advance autonomous machining, continuing the development of next generation controls, and positioning our brands to support the ever-evolving needs of our customers. Finally, our decision to strategically relocate Milltronics to Indianapolis will lead to enhanced customer service and support by bringing our engineering expertise closer to our U.S. Milltronics customers, sales, and service teams. As always, we are keeping a keen eye on our liquidity position and balance sheet strength to capitalize on opportunities presented by the anticipated recovery in the global machine tool market.” The following table sets forth net sales and service fees by geographic region for the first fiscal quarter ended January 31, 2024, and 2023 (dollars in thousands): Three Months Ended January 31 20242023$ Change% ChangeAmericas$16,650$22,013($5,363)(24)%Europe22,75028,592(5,842)(20)%Asia Pacific5,6594,0771,58239%Total$45,059$54,682($9,623)(18)% Sales in the Americas for the first quarter of fiscal year 2024 decreased by 24%, compared to the corr...