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FOR IMMEDIATE RELEASE
FRIDAY, JANUARY 3, 2020
HURCO REPORTS FOURTH QUARTER AND FULL YEAR RESULTS FOR FISCAL 2019
INDIANAPOLIS, INDIANA – January 3, 2020 -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the fourth fiscal quarter and fiscal year ended October 31, 2019. Hurco recorded net income of $2,098,000, or $0.31 per diluted share, for the fourth quarter of fiscal 2019, compared to net income of $8,302,000, or $1.22 per diluted share, for the corresponding period in fiscal 2018. For fiscal 2019, Hurco reported net income of $17,495,000, or $2.55 per diluted share, compared to $21,490,000, or $3.15 per diluted share, for fiscal 2018.
Sales and service fees for the fourth quarter of fiscal 2019 were $59,989,000, a decrease of $23,062,000, or 28%, compared to the corresponding prior year period and included an unfavorable currency impact of $1,533,000, or 2%, when translating foreign sales to U.S. dollars for financial reporting purposes. Sales and service fees for fiscal 2019 were $263,377,000, a decrease of $37,294,000, or 12%, compared to fiscal 2018, and included an unfavorable currency impact of $8,492,000, or 3%, when translating foreign sales to U.S. dollars for financial reporting purposes.
Michael Doar, Chief Executive Officer, stated, “Sales in North America were the highest ever recorded for the region, which minimized the impact of the slower cycle we’ve seen in Europe and Asia. While Europe is typically our largest market and Asia is a targeted growth market, we’ve had a measured response to the slowing demand due to decades of experience in this highly-cyclical industry. Our experience, pragmatic fiscal discipline, and an agile corporate structure enable us to use this cycle to invest, acquire, and develop systems and technologies that will promote targeted growth in the future. A key acquisition of an automation company we made during the fourth quarter will help our customers increase productivity and profitability by providing technology that solves the problems that limit their success. Practical automation technology has been elusive for high-mix manufacturing and has lacked the flexibility required by our customers who typically manufacture hundreds of different parts in smaller quantities. Automated machine-tending solutions developed by our new automation group, coupled with collaborative robots and our core control technology, will help these high-mix manufacturing businesses navigate the skills gap, increase manufacturing productivity, and increase their profit margin. We are aware of the down cycle that several markets around the world are experiencing, but we have decided to use this time as an opportunity to promote sustainable growth for Hurco.”
The following table sets forth net sales and service fees by geographic region for the fourth quarter and fiscal year ended October 31, 2019 and 2018 (dollars in thousands):
|Three Months Ended||Fiscal Year Ended|
|October 31,||October 31,|
The following information was filed by Hurco Companies Inc (HURC) on Friday, January 3, 2020 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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