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Exhibit 99.1
FOR IMMEDIATE RELEASE
FRIDAY, JANUARY 6, 2023
HURCO REPORTS FOURTH QUARTER AND FULL YEAR RESULTS FOR FISCAL 2022
INDIANAPOLIS, INDIANA – January 6, 2023 -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the fourth fiscal quarter and fiscal year ended October 31, 2022. Hurco recorded net income of $1,424,000, or $0.22 per diluted share, for the fourth quarter of fiscal 2022, compared to net income of $2,096,000, or $0.31 per diluted share, for the corresponding period in fiscal 2021. For fiscal year 2022, Hurco reported net income of $8,226,000, or $1.23 per diluted share, compared to net income of $6,764,000, or $1.01 per diluted share, for fiscal year 2021.
Sales and service fees for the fourth quarter of fiscal 2022 were $63,462,000, a decrease of $5,520,000, or 8%, compared to the corresponding prior year period, and included an unfavorable currency impact of $5,929,000, or 9%, when translating foreign sales to U.S. dollars for financial reporting purposes. Sales and service fees for fiscal year 2022 were $250,814,000, an increase of $15,619,000, or 7%, compared to fiscal year 2021, and included an unfavorable currency impact of $13,872,000, or 6%, when translating foreign sales to U.S. dollars for financial reporting purposes.
Greg Volovic, President and Chief Executive Officer, stated, “It was exhilarating to be back together in September at the International Manufacturing Technology Show (IMTS), being able to showcase our new products and technological innovations over the last four years. The energy at IMTS was evident, and the attendees were highly engaged. Obviously, unprecedented events and uncertainty during the last two years have been challenging for our customers, our suppliers, and our entire industry. We are fortunate that Hurco has a strong balance sheet and decades of experience navigating industry and economic cycles that allow us to operate in such times with continuous focus on technological innovation, product development, and our long-term accretive growth strategy. The increase in sales of our advanced technology 5-axis machines in fiscal year 2022 validates our brand strategy to position Hurco as a higher technology tier machine tool manufacturer and reinforces the long-term benefit of our acquisition of LCM Precision Technology, S.r.l. (“LCM”), the Italian business we acquired in 2013 that designs and manufactures sophisticated 5-axis components. Without the negative impact of foreign currencies, we actually would have seen a small growth in fourth quarter sales and even stronger growth for the full fiscal year. We look forward to 2023 and are inspired to serve our customers, shareholders, and employees.”
The following table sets forth net sales and service fees by geographic region for the fourth quarter and fiscal year ended October 31, 2022, and 2021 (dollars in thousands):
| | Three Months Ended | | | Fiscal Year Ended | ||||||||||
| | October 31, | | | October 31, | ||||||||||
| | 2022 | | 2021 | | $ Change | % Change | | | 2022 | | 2021 | | $ Change | % Change |
Americas | $ | 25,810 | $ | 24,180 | $ | 1,630 | 7% | | $ | 95,964 | $ | 86,301 | $ | 9,663 | 11% |
Europe | | 32,118 | | 35,924 | | (3,806) | (11)% | | | 126,050 | | 117,522 | | 8,528 | 7% |
Asia Pacific | | 5,534 | | 8,878 | | (3,344) | (38)% | | | 28,800 | | 31,372 | | (2,572) | (8)% |
Total | $ | 63,462 | $ | 68,982 | $ | (5,520) | (8)% | | $ | 250,814 | $ | 235,195 | $ | 15,619 | 7% |
Sales in the Americas for the fourth quarter and fiscal year 2022 increased by 7% and 11%, respectively, compared to the corresponding periods in fiscal 2021, primarily due to inflationary price increases and an increased volume of shipments of VM and higher-performance five-axis Hurco machines.
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We cannot predict the duration or scope of impact of the COVID-19 pandemic and the negative financial impact to our results cannot be reasonably estimated, but we believe the impact has been material thus far with regard to revenues, income from operations, and cash flow from operations and could continue to be material in the near future.
Other expense, net for fiscal year 2022 increased by $1.3 million from fiscal year 2021, due mainly to an increase in foreign currency exchange losses.
For example, when the U.S. Dollar weakens in value relative to a foreign currency, sales made, and expenses incurred, in that currency when translated to U.S. Dollars for reporting in our financial statements, are higher than would be the case when the U.S. Dollar is stronger.
This decrease was primarily attributable to the negative impact of currency and decreased customer demand for electro-mechanical components manufactured by LCM and for Hurco machines in the United Kingdom, France, and Italy, partially offset by inflationary price increases implemented during fiscal year 2022 and increased demand for Hurco and Takumi machines in Germany and for Milltronics machines across the region.
Asian Pacific sales for fiscal year 2022 decreased by 8%, compared to fiscal year 2021, and included an unfavorable currency impact of 3%, when translating foreign sales to U.S. Dollars for financial reporting purposes.
While our significant accounting policies...Read more
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Ticker: HURC
CIK: 315374
Form Type: 10-K Annual Report
Accession Number: 0001558370-23-000097
Submitted to the SEC: Fri Jan 06 2023 4:59:16 PM EST
Accepted by the SEC: Fri Jan 06 2023
Period: Monday, October 31, 2022
Industry: Industrial Instruments For Measurement Display And Control