Hurco Reports Second Quarter Results for Fiscal 2021

About this update from Hurco Companies, Inc.

[{"type":"text","content":"INDIANAPOLIS, June 04, 2021 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the second fiscal quarter ended April 30, 2021. Hurco recorded net income of $2,437,000, or $0.36 per diluted share, for the second quarter of fiscal 2021, compared to a net loss of $3,927,000, or $(0.58) per diluted share, for the corresponding period in fiscal 2020. For the first six months of fiscal 2021, Hurco reported a net income of $3,100,000, or $0.46 per diluted share, compared to a net loss of $4,820,000, or $(0.71) per diluted share, for the corresponding period in fiscal 2020. Sales and service fees for the second quarter of fiscal 2021 were $57,920,000, an increase of $20,794,000, or 56%, compared to the corresponding prior year period, and included a favorable currency impact of $2,749,000, or 7%, when translating foreign sales to U.S. dollars for financial reporting purposes. Sales and service fees for the first six months of fiscal 2021 were $112,035,000, an increase of $31,249,000, or 39%, compared to the corresponding prior year period, and included a favorable currency impact of $4,390,000, or 5%, when translating foreign sales to U.S. dollars for financial reporting purposes. During the first six months of fiscal 2021, our sales increased year-over-year in all regions as countries began to lift the government-mandated COVID-19 stay-at-home orders or other similar operating restrictions. Greg Volovic, Chief Executive Officer, stated, “As Hurco emerges from one of the more challenging business environments in recent history, I am extremely excited about our current position and opportunity for meaningful strategic growth. During our 2021 second fiscal quarter, Hurco’s global orders exceeded $65.0 million for the first time since our second fiscal quarter of 2019, prior to the impact of the COVID-19 pandemic. Second quarter orders in Europe and Asia were particularly encouraging, increasing by 121% and 138%, respectively, over the prior year period. Our operating income for the first two quarters of fiscal 2021 represents an improvement of over $10.0 million compared to the prior year period and reflects pricing improvement, efficiencies in our factories, and continued benefits associated with cost management initiatives implemented during fiscal 2020. We remain focused on optimizing shareholder value ...

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