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2024-07-05 16:45 News Release View printer - friendly version Hurco Reports Second Quarter Results for Fiscal 2021 | Hurco Companies , Inc. HURCO REPORTS SECOND QUARTER RESULTS FOR FISCAL 2021 << Back INDIANAPOLIS , June 04 , 2021 ( GLOBE NEWSWIRE ) -- Hurco Companies , Inc. ( Nasdaq : HURC ) today reported results for the second fiscal quarter ended April 30 , 2021. Hurco recorded net income of $ 2,437,000 , or $ 0.36 per diluted share , for the second quarter of fiscal 2021 , compared to a net loss of $ 3,927,000 , or $ ( 0.58 ) per diluted share , for the corresponding period in fiscal 2020. For the first six months of fiscal 2021 , Hurco reported a net income of $ 3,100,000 , or $ 0.46 per diluted share , compared to a net loss of $ 4,820,000 , or $ ( 0.71 ) per diluted share , for the corresponding period in fiscal 2020 . Sales and service fees for the second quarter of fiscal 2021 were $ 57,920,000 , an increase of $ 20,794,000 , or 56 % , compared to the corresponding prior year period , and included a favorable currency impact of $ 2,749,000 , or 7 % , when translating foreign sales to U.S. dollars for financial reporting purposes . Sales and service fees for the first six months of fiscal 2021 were $ 112,035,000 , an increase of $ 31,249,000 , or 39 % , compared to the corresponding prior year period , and included a favorable currency impact of $ 4,390,000 , or 5 % , when translating foreign sales to U.S. dollars for financial reporting purposes . During the first six months of fiscal 2021 , our sales increased year - over - year in all regions as countries began to lift the government - mandated COVID - 19 stay - at - home orders or other similar operating restrictions . Greg Volovic , Chief Executive Officer , stated , " As Hurco emerges from one of the more challenging business environments in recent history , I am extremely excited about our current position and opportunity for meaningful strategic growth . During our 2021 second fiscal quarter , Hurco's global orders exceeded $ 65.0 million for the first time since our second fiscal quarter of 2019 , prior to the impact of the COVID - 19 pandemic . Second quarter orders in Europe and Asia were particularly encouraging , increasing by 121 % and 138 % , respectively , over the prior year period . Our operating income for the first two quarters of fiscal 2021 represents an improvement of over $ 10.0 million compared to the prior year period and reflects pricing improvement , efficiencies in our factories , and continued benefits associated with cost management initiatives implemented during fiscal 2020. We remain focused on optimizing shareholder value through a variety of avenues and continue to leverage the benefit of our strong balance sheet to evaluate and pursue acquisition opportunities . Our ability to quickly adapt to significant changes in the business climate and our noteworthy achievements in new product development have positioned us well for a strong recovery in 2021. " The following table sets forth net sales and service fees by geographic region for the second quarter and first six months ended April 30 , 2021 and 2020 ( dollars in thousands ) : Americas Europe 28,949 14,736 14,213 Three Months Ended April 30 , $ % 2021 2020 Change Change $ 19,723 $ 16,696 $ 3,027 18 % 96 % Six Months Ended April 30 , $ % 2021 2020 Change Change $ 42,971 $ 34,175 $ 8,796 53,195 34,821 18,374 26 % 53 % Asia Pacific 9,248 5,694 3,554 62 % 15,869 11,790 4,079 35 % Total $ 57,920 $ 37,126 $ 20,794 56 % $ 112,035 $ 80,786 $ 31,249 39 % Sales in the Americas for the second quarter and first six months of fiscal 2021 increased by 18 % and 26 % , respectively , compared to the corresponding periods in fiscal 2020. The increases in sales in the Americas for the second quarter and first six months of fiscal 2021 were due to increased volume of shipments of Hurco VM and VMX machines in Canada , Mexico , and the U.S. European sales for the second quarter and first six months of fiscal 2021 increased by 96 % and 53 % , respectively , compared to the corresponding periods in fiscal 2020 , and included a favorable currency impact of 15 % and 10 % , respectively , when translating foreign sales to U.S. dollars for financial reporting purposes . The year - over - year increases in European sales were attributable to increased volume of shipments of Hurco and Takumi machines in Germany , the United Kingdom , France and Italy , as well as increased shipment of machine tool components and accessories manufactured by our wholly - owned subsidiary LCM Precision Technology S.r.l. ( " LCM " ) . Asian Pacific sales for the second quarter and first six months of fiscal 2021 increased by 62 % and 35 % , respectively , compared to the corresponding periods in fiscal 2020 , and included a favorable currency impact of 9 % and 7 % , respectively , when translating foreign sales to U.S. dollars for financial reporting purposes . The year - over - year increases in Asian Pacific sales were primarily due to increased sales of Hurco and Takumi machines in China and Taiwan . https : //offer.hurco.com/hurco-companies-inc.-investor-information-nasdaq-hurc ? utm_source = Website & utm_medium = Footer & utm_campaign = inve ... 1/6