Hurco reports results for the third quarter of fiscal 2024

INDIANAPOLIS, Sept. 6, 2024 (GLOBE NEWSWIRE) — Hurco Companies, Inc. (Nasdaq: HURC) today reported results for its third fiscal quarter ended July 31, 2024. Hurco reported a net loss of $9,596,000, or $(1.47) per diluted share, for the third quarter of fiscal 2024, which includes a non-cash tax valuation allowance of $8,158,000 recorded in the provision for income taxes. This net loss of $9,596,000 for the third quarter of fiscal 2024 compares to net income of $260,000, or $0.04 per diluted share, for the corresponding period of fiscal 2023. For the nine months of fiscal 2024, Hurco reported a net loss of $15,166,000, or $(2.33) per diluted share, compared to net income of $1,967,000, or $0.30 per diluted share, for the corresponding period of fiscal 2023. The net loss for the nine months of fiscal 2024 also included the non-cash tax valuation provision of $8,158,000 recorded in the provision for income taxes.

Sales and service fees for the third quarter of fiscal 2024 were $42,651,000, a decrease of $10,550,000, or 20%, compared to the corresponding period last year, and included an unfavorable foreign currency impact of $42,000, or less than 1%, when foreign sales are translated to U.S. dollars for financial reporting purposes. Sales and service fees for the nine months of fiscal 2024 were $132,882,000, a decrease of $28,820,000, or 18%, compared to the corresponding period last year, and included a favorable foreign currency impact of $796,000, or less than 1%, when foreign sales are translated to U.S. dollars for financial reporting purposes.