Hurco(HURC)2024-09-06 13:41Financial 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]