Hurco Reports Second Quarter Results for Fiscal 2020

About this update from Hurco Companies, Inc.

[{"type":"text","content":"INDIANAPOLIS, June 08, 2020 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the second fiscal quarter ended April 30, 2020. Hurco recorded a net loss of $3,927,000, or $(0.58) per diluted share, for the second quarter of fiscal 2020, compared to net income of $5,252,000, or $0.76 per diluted share, for the corresponding period in fiscal 2019. For the first six months of fiscal 2020, Hurco reported a net loss of $4,820,000, or $(0.71) per diluted share, compared to net income of $11,906,000, or $1.73 per diluted share, for the corresponding period in fiscal 2019.\n Sales and service fees for the second quarter of fiscal 2020 were $37,126,000, a decrease of $33,548,000, or 47%, compared to the corresponding prior year period, and included an unfavorable currency impact of $438,000, or less than 1%, when translating foreign sales to U.S. dollars for financial reporting purposes. Sales and service fees for the first six months of fiscal 2020 were $80,786,000, a decrease of $64,101,000, or 44%, compared to the corresponding period in fiscal 2019, and included an unfavorable currency impact of $756,000, or less than 1%, when translating foreign sales to U.S. dollars for financial reporting purposes. Michael Doar, Chief Executive Officer, stated, “The COVID-19 pandemic has had a significant impact on our business and industry. Over the past few months, governmental authorities in many of the major global machine tool markets implemented mandatory stay-at-home or shelter orders requiring most businesses to close or to significantly limit operations – resulting in a sudden shock to demand for many goods and services. Although the mandatory stay-at-home or shelter orders in many jurisdictions permitted our local operations to continue as an essential business or a supplier to critical infrastructure industries (or otherwise with remote work capabilities), many of our customers experienced significant disruptions in their business operations and normal purchasing cycles. Fortunately, we know our industry is cyclical and therefore have long recognized the importance of maintaining a strong balance sheet. Therefore, we developed and implemented a strategy to ensure we would be able to maintain the strength of our balance sheet amid anticipated levels of reduced revenue and demand, including proactive cost ...

More updates from Hurco Companies, Inc.