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2024-07-05 16:42 News Release View printer - friendly version Hurco Reports Third Quarter Results for Fiscal 2021 | Hurco Companies , Inc. HURCO REPORTS THIRD QUARTER RESULTS FOR FISCAL 2021 << Back INDIANAPOLIS , Sept. 03 , 2021 ( GLOBE NEWSWIRE ) Hurco Companies , Inc. ( Nasdaq : HURC ) today reported results for the third fiscal quarter ended July 31 , 2021. Hurco recorded net income of $ 1,568,000 , or $ 0.23 per diluted share , for the third quarter of fiscal 2021 , compared to net income of $ 2,162,000 or $ 0.32 per diluted share , for the corresponding period in fiscal 2020. For the nine months of fiscal 2021 , Hurco reported net income of $ 4,668,000 , or $ 0.70 per diluted share , compared to a net loss of $ 2,658,000 , or $ ( 0.39 ) per diluted share , for the corresponding period in fiscal 2020 . Sales and service fees for the third quarter of fiscal 2021 were $ 54,178,000 , an increase of $ 8,796,000 , or 19 % , compared to the corresponding prior year period , and included a favorable currency impact of $ 2,287,000 , or 5 % , when translating foreign sales to U.S. dollars for financial reporting purposes . Sales and service fees for the nine months of fiscal 2021 were $ 166,213,000 , an increase of $ 40,045,000 , or 32 % , compared to the corresponding prior year period , and included a favorable currency impact of $ 6,677,000 , or 5 % , when translating foreign sales to U.S. dollars for financial reporting purposes . During the nine months of fiscal 2021 , 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 , “ Hurco's order levels continue an upward trend . At $ 66.7 million , global orders increased for the fourth consecutive quarter and represented the second consecutive quarter of orders exceeding $ 65.0 million - and more in line with pre - pandemic levels . Hurco's orders outpaced sales in all geographic regions , a trend we typically see during periods of growing global machine tool growth . The increase in orders this quarter compared to the same quarter in 2020 in our European regions , where we typically sell more higher - performance and higher - margin machine tool products , was particularly robust . Even with challenges associated with vendor delays and transportation channel capacity , Hurco sales for the third fiscal quarter and fiscal year to date have also increased 19 % and 32 % over prior year . I am also very proud of our engineering team for accomplishing a major milestone in providing multi - axis , multi - spindle turning center machine control to our core single platform WinMax control software . We will build on this success and remain focused on leveraging the strength of our balance sheet to continue to fund innovations in product development , and advanced software capabilities for the next generation machining centers . " The following table sets forth net sales and service fees by geographic region for the third quarter and nine months ended July 31 , 2021 and 2020 ( dollars in thousands ) : 2021 Americas Europe Asia Pacific 28,403 6,625 Total $ 54,178 $ 45,382 $ Three Months Ended July 31 , $ 2020 Change Change $ 19,150 $ 17,870 $ 1,280 19,538 8,865 7,974 ( 1,349 ) 8,796 Nine Months Ended July 31 , % 2021 $ 2020 Change Change 7 % $ 62,121 $ 52,045 $ 10,076 % 19 % 45 % -17 % 19 % 81,598 54,359 27,239 22,494 19,764 $ 166,213 $ 126,168 $ 40,045 50 % 2,730 14 % 32 % Sales in the Americas for the third quarter and nine months of fiscal 2021 increased by 7 % and 19 % , respectively , compared to the corresponding periods in fiscal 2020. The increases in sales in the Americas for the third quarter and nine months of fiscal 2021 were due to an increased volume of machine shipments , both Hurco and Milltronics , and an increase in sales of ProCobots automation solutions . The improved sales volume of machines primarily reflected increased shipments of Hurco VM and VMX machines as well as Milltronics toolroom machines . European sales for the third quarter and nine months of fiscal 2021 increased by 45 % and 50 % , respectively , compared to the corresponding periods in fiscal 2020 , and included a favorable currency impact of 10 % for each period , 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 , 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 " ) . The improved sales volume of machines was primarily attributable to increased shipments of Hurco Lathes , VM and VMX machines . https : //offer.hurco.com/hurco-companies-inc.-investor-information-nasdaq-hurc ? utm_source = Website & utm_medium = Footer & utm_campaign = inve ... 1/6