Hurco(HURC) - 2024 Q4 - Annual Results

Financial Performance - Net loss for Q4 2024 was $1.442 million, compared to net income of $2.422 million in Q4 2023, including a non-cash tax valuation allowance of $193,000[1] - Gross profit for Q4 2024 was $12.186 million, or 23% of sales, compared to $17.419 million, or 26% of sales, in Q4 2023[11] - Gross profit for the twelve months ended October 31, 2024, was $37.7 million, down from $56.2 million in 2023[18] - Net loss for the twelve months ended October 31, 2024, was $16.6 million, compared to a net income of $4.4 million in 2023[18] - Gross margin for the twelve months ended October 31, 2024, was 20%, down from 25% in 2023[19] - Operating loss as a percentage of sales was 4% for the twelve months ended October 31, 2024, compared to an operating income of 3% in 2023[19] Sales and Orders - Sales and service fees for Q4 2024 decreased by 19% to $53.702 million, with a favorable currency impact of 2%[2] - Americas sales for Q4 2024 decreased by 21% to $23.331 million, primarily due to decreased shipments of Hurco and Takumi machines[4] - European sales for Q4 2024 decreased by 18% to $25.381 million, with a favorable currency impact of 3%[5] - Asian Pacific sales for Q4 2024 decreased by 11% to $4.990 million, with a favorable currency impact of less than 1%[6] - Orders for Q4 2024 decreased by 6% to $51.077 million, with a favorable currency impact of 2%[7] - Asian Pacific orders for Q4 2024 increased by 103% to $5.980 million, with a favorable currency impact of 2%[8] - Sales and service fees for the three months ended October 31, 2024, were $53.7 million, a decrease from $66.1 million in the same period in 2023[18] - Global orders for fiscal year 2024 outpaced sales in every region, with orders improving from the first half to the second half of the year[3] Expenses and Efficiency - SG&A expense as a percentage of sales increased to 25% for the twelve months ended October 31, 2024, from 22% in 2023[19] - Days sales outstanding increased to 49 days as of October 31, 2024, from 41 days in 2023[19] - Inventory turns decreased to 1.0 as of October 31, 2024, from 1.1 in 2023[19] Cash and Assets - Cash and cash equivalents totaled $33.330 million as of October 31, 2024, compared to $41.784 million as of October 31, 2023[14] - Total assets decreased to $268.6 million as of October 31, 2024, from $290.6 million in 2023[21] - Shareholders' equity decreased to $207.2 million as of October 31, 2024, from $222.2 million in 2023[21]