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2024-07-05 16:44 News Release View printer - friendly version Hurco Reports First Quarter Results for Fiscal 2021 | Hurco Companies , Inc. HURCO REPORTS FIRST QUARTER RESULTS FOR FISCAL 2021 << Back INDIANAPOLIS , March 05 , 2021 ( GLOBE NEWSWIRE ) -- Hurco Companies , Inc. ( Nasdaq : HURC ) today reported results for the first fiscal quarter ended January 31 , 2021. Hurco recorded net income of $ 663,000 , or $ 0.10 per diluted share , for the first quarter of fiscal 2021 , compared to a net loss of $ 893,000 , or $ ( 0.13 ) per diluted share , for the corresponding period in fiscal 2020 . Sales and service fees for the first quarter of fiscal 2021 were $ 54,115,000 , an increase of $ 10,455,000 , or 24 % , compared to the corresponding prior year period , and included a favorable currency impact of $ 1,641,000 , or 4 % , when translating foreign sales to U.S. dollars for financial reporting purposes . Michael Doar , Chief Executive Officer , stated , " With all geographic regions experiencing some level of recovery during our first quarter of fiscal 2021 , we remain cautiously optimistic . Orders outpaced sales for the second consecutive quarter , which is a trend we often see during an economic recovery . We must continue to be responsive to their need to work harder and smarter in order to recover faster . We believe that technology innovation can certainly support recovery for our customers , and we will continue our product development plans , which will position us to meet demand from both current customers and prospective customers as activity at their businesses increases . Additionally , we will continue to evaluate acquisition opportunities that could better position us to benefit from any economic expansion . " The following table sets forth net sales and service fees by geographic region for the first quarter ended January 31 , 2021 and 2020 ( dollars in thousands ) : Americas Europe Asia Pacific Total Three Months Ended January 31 , 2021 2020 $ Change % Change 23,248 $ 17,479 $ 5,769 33 % 24,246 20,085 4,161 21 % 6,621 6,096 525 9 % $ 54,115 $ 43,660 $ 10,455 24 % During fiscal 2020 , our operating results were adversely affected by the international business disruption due to the outbreak of coronavirus and the ongoing economic slowdown in Europe , uncertainty surrounding the U.K. Brexit activities , and political friction in the U.S. Many of our customers deferred or eliminated investments in capital equipment last year , which we attributed largely to the uncertainty these events created . During the first quarter of fiscal 2021 , our sales increased year - over - year in all regions , particularly in the Americas and Europe , our primary markets for our higher - performance , higher - priced machines . We also saw global machine tool manufacturers price their excess inventories aggressively to compete in the market recovery . Sales in the Americas for the first quarter of fiscal 2021 increased by 33 % , compared to the corresponding period in fiscal 2020 , primarily due to an increased volume of shipments of Hurco machines . The increased machine shipments reflected higher sales volumes of lathes and VM and VMX machines , particularly in the Southeast and Midwest regions of the U.S. European sales for the first quarter of fiscal 2021 increased by 21 % , compared to the corresponding period in fiscal 2020 , and included a favorable currency impact of 7 % , when translating foreign sales to U.S. dollars for financial reporting purposes . The increase in European sales for the first quarter of fiscal 2021 was primarily attributable to an increased volume of shipments of Hurco machines in the United Kingdom and Germany , partially offset by reduced volumes in France and Italy . Asian Pacific sales for the first quarter of fiscal 2021 increased by 9 % , compared to the corresponding period in fiscal 2020 , and included a favorable currency impact of 5 % , when translating foreign sales to U.S. dollars for financial reporting purposes . The year- over - year increase in Asian Pacific sales primarily resulted from an increased volume of shipments of Hurco vertical milling machines in China and Southeast Asia , partially offset by reduced volume of shipments of Hurco machines in India and Takumi machines in China . Orders for the first quarter of fiscal 2021 were $ 57,323,000 , an increase of $ 11,743,000 , or 26 % , compared to the corresponding period in fiscal 2020 , and included a favorable currency impact of $ 2,053,000 , or 5 % , when translating foreign orders to U.S. dollars . The following table sets forth new orders booked by geographic region for the first quarter ended January 31 , 2021 and 2020 ( dollars in thousands ) : https : //offer.hurco.com/hurco-companies-inc.-investor-information-nasdaq-hurc ? utm_source = Website & utm_medium = Footer & utm_campaign = inve ... 1/5