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Hurco Companies Inc. (HURC-0.11%) has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The filing reports a decrease in sales and service fees to $186.6 million from $227.8 million in the previous fiscal year, reflecting an 18% decline. This decrease is attributed to reduced shipments of Hurco and Takumi machines across various regions.
Gross profit for the year was $37.7 million, down from $56.2 million in the prior year, with the decline primarily due to lower sales volumes and decreased average selling prices.
Operating loss for the fiscal year was $8.3 million compared to an operating income of $6.6 million in the previous year, influenced by the reduced sales volume.
Net loss for the fiscal year was $16.6 million, or $(2.56) per diluted share, compared to net income of $4.4 million, or $0.66 per diluted share, in the prior year. The net loss included an $8.6 million non-cash tax valuation allowance.
The company reported a decrease in inventories to $153.0 million from $158.0 million at the end of the previous fiscal year, reflecting efforts to manage inventory levels amid lower sales.
Hurco Companies Inc. announced a temporary suspension of its regular quarterly cash dividend during the fiscal year to enhance financial flexibility.
The company maintains a $40.0 million revolving credit facility, with no borrowings outstanding as of October 31, 2024. The facility is intended for general corporate purposes.
Hurco Companies Inc. continues to focus on product innovation and market expansion, with a strategic emphasis on enhancing its product portfolio and geographic reach.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hurco Companies Inc. annual 10-K report dated January 10, 2025. To report an error, please email earnings@qz.com.