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FOR IMMEDIATE RELEASE
FRIDAY, JANUARY 8, 2021
HURCO REPORTS FOURTH QUARTER AND FULL YEAR RESULTS FOR FISCAL 2020
INDIANAPOLIS, INDIANA – January 8, 2021 -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the fourth fiscal quarter and fiscal year ended October 31, 2020. Hurco recorded a net loss of $3,589,000, or $(0.54) per diluted share, for the fourth quarter of fiscal 2020, compared to net income of $2,098,000, or $0.31 per diluted share, for the corresponding period in fiscal 2019. For fiscal 2020, Hurco reported a net loss of $6,247,000, or $(0.93) per diluted share, compared to net income of $17,495,000, or $2.55 per diluted share, for fiscal 2019. The net loss for the fourth quarter and fiscal 2020 included a one-time, non-cash goodwill impairment charge of $4,903,000. Excluding the impact of this one-time charge, earnings per diluted share would have been $0.70 and $0.69 higher than what was reported for the fourth quarter and fiscal year 2020, respectively.
Sales and service fees for the fourth quarter of fiscal 2020 were $44,459,000, a decrease of $15,530,000, or 26%, compared to the corresponding prior year period, and included a favorable currency impact of $1,262,000, or 2%, when translating foreign sales to U.S. dollars for financial reporting purposes. Sales and service fees for fiscal 2020 were $170,627,000, a decrease of $92,750,000, or 35%, compared to fiscal 2019, and included a favorable currency impact of $617,000, or less than 1%, when translating foreign sales to U.S. dollars for financial reporting purposes.
Michael Doar, Chief Executive Officer, stated, “Hurco has been resilient, essential, and dedicated during a year of chronic uncertainty. It is important to reflect on the successes of this year to truly appreciate that the challenges we faced made us stronger. We navigated a steep, unexpected cycle of continuous change and uncertainty that has forced many companies to evaluate their sustainability and long-term strategic plans. We have stayed the course, made tough decisions, and confidently continued the plans we had in place before the COVID-19 pandemic. Many of our customers are essential businesses, and our products and services are essential to them. Many of our customers faced enormous challenges, but still found ways to quickly adapt and manufacture critical infrastructure and related components to alleviate shortages in supplies. Our products and technologies are designed for the type of manufacturing flexibility that promotes innovation and adaptability. We are dedicated to our customers and we strive always to be accessible to them in their time of need, wherever they are in the world. We are also dedicated to the health and safety of all our employees around the globe and appreciate their commitment to our customers during this difficult year. We remain focused on a return to profitability and value to our shareholders. Even though this year was challenging, we are encouraged by growing demand we saw in certain markets in the second half of the fiscal year, particularly in Europe and Asia, and look ahead to 2021 with optimism that our financial strength, preparedness, and product mix will position us for a strong recovery.”
The following information was filed by Hurco Companies Inc (HURC) on Friday, January 8, 2021 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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