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Hurco Companies Inc (HURC) SEC Filing 10-K Annual Report for the fiscal year ending Monday, October 31, 2022

Hurco Companies Inc

CIK: 315374 Ticker: HURC

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.


The following information was filed by Hurco Companies Inc (HURC) on Friday, January 6, 2023 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.

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Inside Hurco Companies Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Shareholders' Equity
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Condensed Consolidated Statements Of Operations
Business Operations
Business Operations (Narrative) (Details)
Contingencies And Litigation
Credit Agreements And Borrowings
Credit Agreements And Borrowings (Narrative) (Details)
Employee Benefits
Employee Benefits (Narrative) (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Additional Information (Details)
Financial Instruments - Fair Value Hierarchy (Details)
Guarantees And Product Warranties
Guarantees And Product Warranties (Tables)
Guarantees And Product Warranties - Additional Information (Details)
Guarantees And Product Warranties - Reconciliation Of The Changes In Warranty Reserve (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Schedule Of Comparison Of Income Tax Expense) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Income Tax Expense) (Details)
Income Taxes (Schedule Of Provision For Income Taxes) (Details)
Income Taxes (Summary Of Open Tax Years) (Details)
Income Taxes (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Inventories - Additional Information (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Maturities Of Undiscounted Cash Flows Of Lease Commitments (Details)
Leases - Supplemental Cash Flow Information (Details)
New Accounting Pronouncements
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited) (Details)
Quarterly Financial Information (Unaudited) (Tables)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Related Party Transactions (Schedule Of Unaudited Financial Information For Hal's Operations And Financial Conditions ) (Details)
Related Party Transactions (Tables)
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves (Details)
Segment Information
Segment Information (Narrative) (Details)
Segment Information (Schedule Of Long-Lived Tangible Assets And Net Assets, Net By Geographic Area) (Details)
Segment Information (Schedule Of Net Sales And Service Fees By Product Category) (Details)
Segment Information (Schedule Of Revenues By Geographic Area) (Details)
Segment Information (Tables)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Reconciliation Of Restricted Stock Activity And Related Information) (Details)
Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details)
Stock-Based Compensation (Summary Of Stock Option Activity And Related Information) (Details)
Stock-Based Compensation (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Reconciliation Of Basic And Diluted Earnings (Loss) Per Share (Details)
Summary Of Significant Accounting Policies - Schedule Of Changes In Components Of Accumulated Other Comprehensive Loss (Details)
Summary Of Significant Accounting Policies - Schedule Of Effect Of Derivative Instruments On Consolidated Balance Sheets, Statements Of Changes In Shareholders' Equity And Statements Of Income (Details)
Summary Of Significant Accounting Policies - Schedule Of Estimated Amortization Expense (Details)
Summary Of Significant Accounting Policies - Schedule Of Estimated Useful Lives (Details)
Summary Of Significant Accounting Policies - Schedule Of Fair Value Of Derivative Instruments (Details)
Summary Of Significant Accounting Policies - Schedule Of Intangible Assets (Details)
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

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