Hurco Reports Second Quarter Results for Fiscal Year 2023

About this update from Hurco Companies, Inc.

[{"type":"text","content":"INDIANAPOLIS, June 02, 2023 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the second fiscal quarter ended April 30, 2023. Hurco recorded net income of $377,000, or $0.06 per diluted share, for the second quarter of fiscal year 2023, compared to net income of $2,029,000, or $0.30 per diluted share, for the corresponding period in fiscal year 2022. For the first six months of fiscal year 2023, Hurco reported net income of $1,707,000, or $0.26 per diluted share, compared to net income of $5,564,000, or $0.83 per diluted share, for the corresponding period in fiscal year 2022. Sales and service fees for the second quarter of fiscal year 2023 were $53,819,000, a decrease of $9,006,000, or 14%, compared to the corresponding prior year period, and included an unfavorable currency impact of $1,503,000, or 2%, when translating foreign sales to U.S. dollars for financial reporting purposes. Sales and service fees for the first six months of fiscal year 2023 were $108,501,000, a decrease of $21,211,000, or 16%, compared to the corresponding prior year period, and included an unfavorable currency impact of $4,692,000, or 4%, when translating foreign sales to U.S. dollars for financial reporting purposes. The following table sets forth net sales and service fees by geographic region for the second fiscal quarter and six months ended April 30, 2023, and 2022 (dollars in thousands): Three Months Ended Six Months Ended April 30, April 30, 20232022$ Change% Change 20232022$ Change% ChangeAmericas$18,324 $22,409 $(4,085)-18% $40,337 $46,418 $(6,081)-13%Europe 29,991 30,882 (891)-3% 58,583 65,000 (6,417)-10%Asia Pacific 5,504 9,534 (4,030)-42% 9,581 18,294 (8,713)-48%Total$53,819 $62,825 $(9,006)-14% $108,501 $129,712 $(21,211)-16% Sales in the Americas for the second quarter and first six months of fiscal year 2023 decreased by 18% and 13%, respectively, compared to the corresponding periods in fiscal year 2022, primarily due to decreased shipments of Hurco and Milltronics machines and reduced sales of other original equipment manufacturer (“OEM”) machines by one of our wholly-owned domestic distributors. These reductions were partially offset by increased shipments of Takumi machines. European sales for the second quarter of fiscal year 2023 decreased by 3%, compared to the corresponding period in fiscal yea...

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