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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 10-Q



(Mark One)
 
x Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended July 31, 2004 or
Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _________ to _________.


Commission File No. 0-9143


HURCO COMPANIES, INC.
(Exact name of registrant as specified in its charter)

Indiana
  
35-1150732
(State or other jurisdiction of
  
(I.R.S. Employer Identification Number)
incorporation or organization)
    
     
One Technology Way
    
Indianapolis, Indiana
  
46268
(Address of principal executive offices)
  
(Zip code)


Registrant’s telephone number, including area code    (317) 293-5309





Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to the filing requirements for the past 90 days:
Yes X No __


Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes __ No X


The number of shares of the Registrant's common stock outstanding as of September 1, 2004 was 5,975,694.



 
     
 



HURCO COMPANIES, INC.
July 2004 Form 10-Q Quarterly Report


Table of Contents



Part I - Financial Information


Item 1.
Condensed Financial Statements
  
     
 
Three months and nine months ended July 31, 2004 and 2003
3
     
 
As of July 31, 2004 and October 31, 2003
4
     
 
Three months and nine months ended July 31, 2004 and 2003
5
     
 
Nine months ended July 31, 2004 and 2003
6
     
 
7
     
Item 2.
Condition and Results of Operations
10
     
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
16
     
Item 4.
Controls and Procedures
18
     

Part II - Other Information


Item 1.
Legal Proceedings
19
     
Item 5.
Other Information
19
     
Item 6.
20
     
Signatures
 
21





 
    2
 

PART I - FINANCIAL INFORMATION


Item 1.    CONDENSED FINANCIAL STATEMENTS


HURCO COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)

   
Three Months Ended
  
Nine Months Ended
  
   
July 31
  
July 31
  
   
2004
  
2003
  
2004
  
2003
  
   
(unaudited)
  
(unaudited)
  
                   
Sales and service fees
  
$
23,748
  
$
18,354
  
$
70,721
  
$
51,760
  
                           
Cost of sales and service
    
16,435
    
13,280
    
49,464
    
37,564
  
                           
Gross profit
    
7,313
    
5,074
    
21,257
    
14,196
  
                           
Selling, general and administrative expenses
    
5,241
    
4,332
    
15,295
    
13,323
  
                           
Operating income
   
2,072
    
742
    
5,962
    
873
  
                           
Interest expense
    
113
    
167
    
374
    
476
  
                           
Variable options expense
    
--
    
--
    
322
    
--
  
                           
Other income (expense), net
    
28
    
(43
)
  
(119
)
  
5
  
                           
Income before taxes
    
1,987
    
532
   
5,147
    
402
  
                           
Provision for income taxes
    
405
    
201
    
1,159
    
514
  
                           
Net income (loss)
  
$
1,582
  
$
331
  
$
3,988
  
$
(112
)
                           
Earnings (loss) per common share
                          
                           
Basic
  
$
0.27
  
$
0.06
  
$
0.70
  
$
(0.02
)
Diluted
  
$
0.25
  
$
0.06
  
$
0.67
  
$
(0.02
)
                           
Weighted average common shares outstanding
                          
                           
Basic
    
5,882
    
5,583
    
5,722
    
5,583
  
Diluted
    
6,204
    
5,630
    
5,964
    
5,583
  








The accompanying notes are an integral part of the condensed consolidated financial statements.

 
    3
 

HURCO COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in thousands)

   
July 31
  
October 31
  
   
2004
  
2003
  
   
(unaudited)
  
(audited)
  
ASSETS
          
Current assets:
              
Cash and cash equivalents
  
$
6,564
  
$
5,289
  
Cash - restricted
    
--
    
622
  
Accounts receivable
    
14,351
    
12,823
  
Inventories
    
27,393
    
22,247
  
Other
    
2,171
    
1,409
  
Total current assets
    
50,479
    
42,390
  
               
Property and equipment:
              
Land
    
761
    
761
  
Building
    
7,242
    
7,239
  
Machinery and equipment
    
10,908
    
10,568
  
Leasehold improvements
    
648
    
544
  
     
19,559
    
19,112
  
Less accumulated depreciation and amortization
    
(11,131
)
  
(10,730
)
     
8,428
   
8,382
  
               
Software development costs, less amortization
    
2,686
    
1,922
  
Investments and other assets
    
5,599
    
5,264