Core Viewpoint - Hurco Companies, Inc. reported a significant net loss for the third fiscal quarter of 2024, primarily due to decreased sales and a non-cash tax valuation allowance impacting financial results [1][14]. Financial Performance - The net loss for the third quarter of fiscal year 2024 was $9,596,000, or $(1.47) per diluted share, compared to a net income of $260,000, or $0.04 per diluted share in the same period of fiscal year 2023 [1]. - For the nine months of fiscal year 2024, the net loss was $15,166,000, or $(2.33) per diluted share, compared to a net income of $1,967,000, or $0.30 per diluted share for the same period in fiscal year 2023 [1]. Sales and Orders - Sales and service fees for the third quarter of fiscal year 2024 were $42,651,000, a decrease of $10,550,000, or 20%, compared to the prior year [2]. - Global orders for the third quarter exceeded $52,000,000, representing a year-over-year increase of 26% [3][7]. - Orders in the Americas increased by 21% in the third quarter, driven by demand for higher-performing machines [8][9]. Geographic Sales Breakdown - Sales in the Americas decreased by 16% for both the third quarter and nine months of fiscal year 2024, primarily due to reduced shipments of certain machine types [4]. - European sales decreased by 23% for both the third quarter and nine months, attributed to lower shipments in key countries [5]. - Asian Pacific sales decreased by 15% in the third quarter but increased by 8% for the nine months, driven by demand in India and specific customer orders in China [6][10]. Profitability Metrics - Gross profit for the third quarter was $7,843,000, or 18% of sales, down from 25% in the prior year [12]. - Selling, general, and administrative expenses for the third quarter were $10,376,000, or 24% of sales, compared to 23% in the prior year [13]. Tax and Valuation - Income tax expenses for the third quarter were $6,999,000, significantly higher than $385,000 in the prior year, primarily due to a non-cash tax valuation allowance [14]. Cash and Working Capital - Cash and cash equivalents totaled $36,054,000 at July 31, 2024, down from $41,784,000 at October 31, 2023 [15]. - Working capital decreased to $181,979,000 from $193,257,000 during the same period [15].

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 ...

Core Insights - Hurco Companies, Inc. and Kawasaki Robotics (USA), Inc. have formed a strategic collaboration to enhance innovation and deliver industrial-grade robotic CNC machine solutions to customers [1][2] - The partnership aims to combine over 50 years of expertise from both companies in CNC machine innovation and industrial robotics to provide turnkey robotic machine tending solutions [2][3] Company Overview - Hurco Companies, Inc. is an international industrial technology company that sells CNC machine tools to the metal cutting and forming industry, with brands including Hurco, Milltronics, and Takumi [5] - Kawasaki Robotics is a leading supplier of industrial robots and automation systems, boasting over 50 years of experience in the automation industry [6] Strategic Initiatives - The collaboration will focus on several key initiatives, including: 1. CNC Machine Automation: Developing new technologies and products to meet emerging market needs [3] 2. Market Expansion: Utilizing each company's networks to reach new customers and markets [3] 3. Research and Development: Pooling resources for faster and more effective innovation [3] Leadership Statements - Hurco's President and CEO emphasized the seamless integration of Kawasaki robots into Hurco's CNC control, highlighting the collaboration's potential to provide accessible automation solutions [3] - Kawasaki Robotics' President expressed excitement about the partnership, noting the alignment of values in delivering top-quality solutions to customers [3]

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. | --- | --- | -- ...

Liuhsihsiang Uncertainty has been a watchword in the manufacturing space for a while now, and the results at Hurco (NASDAQ:HURC) certainly reflect that. When I last wrote about this small manufacturer of machine tools, I was concerned about an ugly near-term outlook for manufacturing tool demand in North America and Western Europe and the likelihood that the company would “bump along the bottom” for a few more quarters. Those bumps proved to be a lot more jarring, as fiscal Q4’23 results were surprising ...