Financial Performance - Net loss for Q3 FY2024 was $9,596,000, compared to net income of $260,000 in Q3 FY2023, primarily due to a non-cash tax valuation allowance of $8,158,000[1] - Gross profit for Q3 FY2024 was $7,843,000, or 18% of sales, compared to $13,448,000, or 25% of sales, in Q3 FY2023[12] - Selling, general, and administrative expenses for Q3 FY2024 were $10,376,000, or 24% of sales, compared to $12,436,000, or 23% of sales, in Q3 FY2023[13] - Income tax expense for Q3 FY2024 was $6,999,000, primarily due to a non-cash valuation allowance on U.S. deferred tax assets[14] - Sales and service fees for the three months ended July 2024 were $42.651 million, a decrease from $53.201 million in the same period in 2023[18] - Gross profit for the three months ended July 2024 was $7.843 million, down from $13.448 million in the same period in 2023[18] - Net loss for the three months ended July 2024 was $9.596 million, compared to a net income of $260 thousand in the same period in 2023[18] - Gross margin for the three months ended July 2024 was 18%, down from 25% in the same period in 2023[18] - Operating loss as a percentage of sales for the three months ended July 2024 was 6%, compared to an operating income of 2% in the same period in 2023[18] Sales and Orders - Sales and service fees for Q3 FY2024 decreased by 20% to $42,651,000, with a currency impact of less than 1%[2] - Global orders for Q3 FY2024 increased by 26% to $52,815,000, outpacing sales by more than $10,000,000[3][8] - Americas sales decreased by 16% in Q3 FY2024, primarily due to reduced shipments of Hurco and Takumi 3-axis vertical machines[5] - European sales decreased by 23% in Q3 FY2024, with a favorable currency impact of 1%[6] - Asia Pacific sales decreased by 15% in Q3 FY2024, with an unfavorable currency impact of 2%, but increased by 8% for the nine-month period[7] Cash and Assets - Cash and cash equivalents totaled $36,054,000 at July 31, 2024, compared to $41,784,000 at October 31, 2023[15] - Cash and cash equivalents as of July 31, 2024, were $36.054 million, down from $41.784 million as of October 31, 2023[19] - Accounts receivable, net as of July 31, 2024, were $25.128 million, down from $39.965 million as of October 31, 2023[19] - Total current assets as of July 31, 2024, were $233.212 million, down from $248.230 million as of October 31, 2023[19] - Shareholders' equity as of July 31, 2024, was $206.625 million, down from $222.231 million as of October 31, 2023[19] Capital Expenditures - Capital expenditures for the nine months ended July 2024 were $2.046 million, up from $1.751 million in the same period in 2023[18]

INDIANAPOLIS, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the third fiscal quarter ended July 31, 2024. Hurco recorded a net loss of $9,596,000, or $(1.47) per diluted share, in the third quarter of fiscal year 2024, which included a non-cash tax valuation allowance of $8,158,000 recorded in provision for income taxes. This net loss of $9,596,000 for the third quarter of fiscal 2024 compares to net income of $260,000, or $0.04 per diluted share, for the ...

INDIANAPOLIS, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC), a leader in CNC machine and controls technology, is poised to make a significant impact at the International Manufacturing Technology Show (IMTS) in Chicago next month. Being North America's largest manufacturing technology exhibition, Hurco chose IMTS to unveil the results of its aggressive technology innovation and product development strategies. With an expanded 16,000-square-foot IMTS booth, Hurco will showcase how its ...

Companies will present interactive, no-code, turnkey, robotic machine tending demos in booth #236520 and booth #338319 at the 2024 International Manufacturing Technology Show (IMTS) in Chicago, Illinois (USA) INDIANAPOLIS, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC), a premier CNC machine and controls industrial technology company, and Kawasaki Robotics (USA), Inc., a leading manufacturer of industrial robotics and automation systems, announced today the formation of a strategic c ...

Zacks Investment Research has recently initiated coverage of Hurco Companies, Inc. (HURC) , assigning an "Underperform" recommendation to the company's shares. This bearish stance reflects significant concerns over the company's recent financial performance and operational challenges. In the second quarter of fiscal 2024, Hurco's sales and service fees plummeted 16.1%, significantly impacting profitability. The company reported a net loss of $3.9 million against a $0.4 million profit in the year-ago quarter ...

"While it was a difficult decision, we believe that temporarily suspending the quarterly cash dividend on Hurco's common stock will provide near-term benefits to our cash flow management while also allowing us to enhance our balance sheet and more optimally allocate available capital among various strategies. We remain dedicated to furthering our shareholders' interests, including, when appropriate, distributing a meaningful portion of available cash through dividends on our common stock during periods of p ...

Hurco Companies, Inc. (HURC) delivered a loss per share of 61 cents in the second quarter of fiscal 2024 against the year-over-year earnings per share of 6 cents. Dismal performances by all the geographic regions dampened the topline. Sales in the Americas for the second quarter of fiscal 2024 were $16.9 million, down 7.5% year over year. This decline resulted primarily due to decreased shipments of Hurco machines. The downtick in sales of Hurco machines was primarily attributable to decreased shipments of ...

Table of Contents Securities registered pursuant to Section 12(b) of the Act: UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission File No. 0-9143 HURCO COMPANIES, INC. (Exact name of registrant as specified in its charter) | Indiana | 35-1150732 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer Identification Number) | | incorporation or organization) | | | One Technology Way | | | Indianapolis, Indiana | 46268 | | (Address of principal ...

Exhibit 99.1 FOR IMMEDIATE RELEASE FRIDAY, JUNE 7, 2024 | | Three | Months | Ended | | Six Months | Ended | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | April 30, | | | April | 30, | | | | | 2024 2023 | $ | Change% | Change | 2024 2023 | $ | Change% | Change | | Americas | $16,947 $18,324 | | ($1,377) | (8)% | $33,597 $40,337 | | ($6,740) | (17)% | | Europe | 22,720 29,991 | | (7,271) | (24)% | 45,470 58,583 | | (13,113) | (22)% | | Asia Pacific | 5,505 | 5,504 | 1 | 0% | 11,164 9,581 | ...

The following table sets forth net sales and service fees by geographic region for the second fiscal quarter and six months ended April 30, 2024, and 2023 (dollars in thousands): Takumi machines in Germany, the United Kingdom, and Italy, as well as decreased volume of shipments of electro-mechanical components and accessories manufactured by our wholly-owned subsidiary, LCM Precision Technology S.r.l. ("LCM"), partially offset by an increased volume of shipments of Hurco machines in France. | --- | --- | -- ...