Hurco Companies, Inc.
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(Exact
Name of Registrant as Specified in Its Charter
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Indiana
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(State
or Other Jurisdiction of Incorporation
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0-9143
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35-1150732
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(Commission
File Number)
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(I.R.S.
Employer Identification Number)
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One
Technology Way
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Indianapolis, Indiana
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46268
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(Address
of principal executive offices)
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(Zip
code)
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(317) 293-5309
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(Registrant’s
Telephone Number, Including Area Code
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Not Applicable
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(Former
Name or Former Address, if Changed Since Last
Report)
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99
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Press
Release dated January 12, 2011.
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Dated: January
12, 2011
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HURCO
COMPANIES, INC
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By:
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/s/John G. Oblazney
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John
G. Oblazney,
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Vice
President and
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Chief
Financial Officer
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Net Sales and Service Fees by Geographic Region
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||||||||||||||||||||||||
Three Months Ended
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Twelve Months Ended
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|||||||||||||||||||||||
October 31,
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October 31,
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|||||||||||||||||||||||
%
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%
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|||||||||||||||||||||||
2010
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2009
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Change
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2010
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2009
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Change
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|||||||||||||||||||
North
America
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$ | 8,705 | $ | 4,034 | 116 | % | $ | 27,818 | $ | 25,652 | 8 | % | ||||||||||||
Europe
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22,425 | 17,253 | 30 | % | 65,678 | 60,132 | 9 | % | ||||||||||||||||
Asia
Pacific
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3,585 | 1,894 | 89 | % | 12,397 | 5,232 | 137 | % | ||||||||||||||||
Total
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$ | 34,715 | $ | 23,181 | 50 | % | $ | 105,893 | $ | 91,016 | 16 | % |
Three Months Ended
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Twelve Months Ended
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|||||||||||||||
October 31,
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October 31,
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|||||||||||||||
2010
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2009
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2010
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2009
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|||||||||||||
Sales
and service fees
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$ | 34,715 | $ | 23,181 | $ | 105,893 | $ | 91,016 | ||||||||
Cost
of sales and service
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26,235 | 16,366 | 84,097 | 65,188 | ||||||||||||
Gross
profit
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8,480 | 6,815 | 21,796 | 25,828 | ||||||||||||
Selling,
general and administrative expenses
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9,080 | 8,127 | 29,837 | 30,874 | ||||||||||||
Operating
loss
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(600 | ) | (1,312 | ) | (8,041 | ) | (5,046 | ) | ||||||||
Interest
expense
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6 | 2 | 49 | 35 | ||||||||||||
Interest
income
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37 | 5 | 86 | 190 | ||||||||||||
Investment
income
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2 | (16 | ) | 14 | 16 | |||||||||||
Other
(income) expense, net
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421 | 765 | 869 | (1,063 | ) | |||||||||||
Loss
before taxes
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(988 | ) | (2,090 | ) | (8,859 | ) | (3,812 | ) | ||||||||
Provision
(benefit) for income taxes
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174 | (927 | ) | (3,115 | ) | (1,491 | ) | |||||||||
Net
loss
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$ | (1,162 | ) | $ | (1,163 | ) | $ | (5,744 | ) | $ | (2,321 | ) | ||||
Losses
per common share
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||||||||||||||||
Basic
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$ | (0.18 | ) | $ | (0.18 | ) | $ | (0.89 | ) | $ | (0.36 | ) | ||||
Diluted
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$ | (0.18 | ) | $ | (0.18 | ) | $ | (0.89 | ) | $ | (0.36 | ) | ||||
Weighted
average common shares outstanding
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||||||||||||||||
Basic
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6,441 | 6,441 | 6,441 | 6,429 | ||||||||||||
Diluted
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6,441 | 6,441 | 6,441 | 6,429 |
OTHER CONSOLIDATED FINANCIAL DATA |
Twelve Months Ended
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Twelve Months Ended
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||||||||||||||
October 31,
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October 31,
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|||||||||||||||
2010
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2009
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2010
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2009
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Operating
Data:
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||||||||||||||||
Gross
margin
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24.4 | % | 29.4 | % | 20.6 | % | 28.4 | % | ||||||||
SG&A
expense as a percentage of sales
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26.2 | % | 35.1 | % | 28.2 | % | 33.9 | % | ||||||||
Operating
loss as a percentage of sales
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-1.7 | % | -5.7 | % | -7.6 | % | -5.5 | % | ||||||||
Pre-tax
loss as a percentage of sales
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-2.8 | % | -9.0 | % | -8.4 | % | -4.2 | % | ||||||||
Effective
tax rate
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-17.6 | % | 44.4 | % | 35.2 | % | 39.1 | % | ||||||||
Depreciation
and Amortization
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993 | 844 | 3,804 | 3,295 | ||||||||||||
Capital
expenditures
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606 | 739 | 1,848 | 3,699 | ||||||||||||
Balance
Sheet Data:
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10/31/2010
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10/31/2009
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||||||||||||||
Working
capital (excluding cash)
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$ | 45,713 | $ | 68,675 | ||||||||||||
Days
sales outstanding
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33 | 39 | ||||||||||||||
Inventory
turns
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1.5 | 1.0 | ||||||||||||||
Capitalization
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||||||||||||||||
Total
debt
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$ | - | $ | - | ||||||||||||
Shareholders'
equity
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114,740 | 120,376 | ||||||||||||||
Total
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$ | 114,740 | $ | 120,376 |
October 31,
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October 31,
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|||||||
2010
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2009
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|||||||
ASSETS
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Current
assets:
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Cash
and cash equivalents
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$ | 48,255 | $ | 28,782 | ||||
Accounts
receivable, net
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20,114 | 13,988 | ||||||
Refundable
taxes
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5,093 | 7,121 | ||||||
Inventories,
net
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55,866 | 60,281 | ||||||
Deferred
income taxes, net
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2,467 | 2,670 | ||||||
Derivative
assets
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905 | 376 | ||||||
Other
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3,508 | 5,046 | ||||||
Total
current assets
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136,208 | 118,264 | ||||||
Property
and equipment:
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Land
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782 | 782 | ||||||
Building
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7,116 | 7,116 | ||||||
Machinery
and equipment
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15,095 | 14,995 | ||||||
Leasehold
improvements
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2,183 | 2,021 | ||||||
25,176 | 24,914 | |||||||
Less
accumulated depreciation and amortization
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(13,424 | ) | (11,802 | ) | ||||
11,752 | 13,112 | |||||||
Non-current
assets:
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Software development costs, less accumulated amortization
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6,042 | 6,503 | ||||||
Other assets
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6,344 | 6,864 | ||||||
$ | 160,346 | $ | 144,743 | |||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
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Current
liabilities:
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Accounts
payable
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$ | 30,394 | $ | 8,262 | ||||
Derivative
liabilities
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2,123 | 2,234 | ||||||
Accrued
expenses
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9,723 | 10,311 | ||||||
Total
current liabilities
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42,240 | 20,807 | ||||||
Non-current
liabilities:
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||||||||
Deferred
income taxes, net
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2,335 | 2,570 | ||||||
Deferred
credits and other
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1,031 | 990 | ||||||
Total
liabilities
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45,606 | 24,367 | ||||||
Shareholders'
equity:
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Preferred
stock: no par value per share; 1,000,000 shares authorized; no
shares issued
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- | - | ||||||
Common
stock: no par value; $.10 stated value per share; 13,250,000
shares authorized; and 6,440,851 shares issued and
outstanding
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644 | 644 | ||||||
Additional
paid-in capital
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52,144 | 52,003 | ||||||
Retained
earnings
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63,824 | 69,568 | ||||||
Accumulated
other comprehensive loss
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(1,872 | ) | (1,839 | ) | ||||
Total
shareholders' equity
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114,740 | 120,376 | ||||||
$ | 160,346 | $ | 144,743 |