Indianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting a full-year net loss of $6.2 million, compared to net income of $17.5 million the previous year.
The industrial technology company says sales and service fees for fiscal 2020 were down about 35% from FY 2019.
“We navigated a steep, unexpected cycle of continuous change and uncertainty that has forced many companies to evaluate their sustainability and long-term strategic plans,” said Michael Doar, Hurco’s chief executive officer. “Many of our customers are essential businesses, and our products and services are essential to them. Many of our customers faced enormous challenges, but still found ways to quickly adapt and manufacture critical infrastructure and related components to alleviate shortages in supplies.”
Hurco designs and produces CNC machining tools for metal cutting and forming industries.
The company is also reporting a fourth-quarter loss of $3.5 million compared to net income of just over $2 million during the same period a year ago.
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