Hurco Companies Inc (HURC) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, October 31, 2021

Earnings Press Release
10-K Annual Report
10-K YoY Changes
Hurco Companies Inc
Ticker: HURC CIK: 315374

Exhibit 99.1

FOR IMMEDIATE RELEASE

FRIDAY, JANUARY 7, 2022

HURCO REPORTS FOURTH QUARTER AND FULL YEAR RESULTS FOR FISCAL 2021

INDIANAPOLIS, INDIANA – January 7, 2022 -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the fourth fiscal quarter and fiscal year ended October 31, 2021. Hurco recorded net income of $2,096,000, or $0.31 per diluted share, for the fourth quarter of fiscal 2021, compared to a net loss of $3,589,000 or $(0.54) per diluted share, for the corresponding period in fiscal 2020. For fiscal 2021, Hurco reported net income of $6,764,000, or $1.01 per diluted share, compared to a net loss of $6,247,000, or $(0.93) per diluted share, for fiscal 2020. The net loss for the fourth quarter and fiscal 2020 included a one-time $4,903,000 non-cash goodwill impairment charge attributable primarily to the then prolonged ongoing uncertainty in the global markets due to the COVID-19 pandemic.

Sales and service fees for the fourth quarter of fiscal 2021 were $68,982,000, an increase of $24,523,000, or 55%, compared to the corresponding prior year period, and included a favorable currency impact of $1,072,000, or 2%, when translating foreign sales to U.S. Dollars for financial reporting purposes. Sales and service fees for fiscal 2021 were $235,195,000, an increase of $64,568,000, or 38%, compared to fiscal 2020, and included a favorable currency impact of $7,749,000, or 5%, when translating foreign sales to U.S. Dollars for financial reporting purposes. During fiscal 2021, sales increased year-over-year for all product brands and in all regions as countries began to lift the government-mandated COVID-19 stay-at-home orders or other similar operating restrictions put in place in fiscal 2020.

Greg Volovic, Chief Executive Officer, stated, “I’m proud of the way our employees responded to the needs of our customers across the globe during 2021. We rebounded well from very uncertain and unstable times caused by the pandemic. We delivered products in high demand to our customers as we navigated vendor delays, transportation issues, inflationary cost increases, and competitive labor markets. We increased factory production, hired new employees, and completed our new software control platform for multi-axis, multi-spindle turning centers. Most importantly, we provided outstanding customer support and service, a signature part of our brand that sets us apart from our competition. The many contributions of our employees are greatly appreciated. Global sales for fiscal 2021 totaled $235.2 million and orders totaled $265.4 million, reflecting year-over-year increases of 38% and 59%, respectively. We also managed to move from approximately $10.0 million in operating losses in fiscal 2020 to approximately $10.0 million in operating income in fiscal 2021. We leveraged the strength of our balance sheet to grow our business and we believe we are prepared for unexpected challenges, poised for further growth, and focused on continuous innovation as we look forward into fiscal 2022.”

The following information was filed by Hurco Companies Inc (HURC) on Friday, January 7, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Hurco Companies Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Hurco Companies Inc.

Continue

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/315374/000155837022000137/hurc-20211031x10k.htm