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Hurco Reports Fourth Quarter And Full-Year Results

Hurco Companies, Inc. is an industrial technology company that designs and produces interactive computer controls, software and computerized machine tools for the worldwide metal cutting and metal forming industry. The end market for the Company's products consists primarily of independent job shops and short-run manufacturing operations within large corporations in industries such as aerospace, defense, medical equipment, energy, transportation and computer equipment. The Company is based in Indianapolis, Indiana, with manufacturing operations in Taiwan and China, and sells its products through direct and indirect sales forces throughout North America, Europe, and Asia. The company has sales, application engineering support and service subsidiaries in Canada, China, England, France, Germany, India, Italy, Poland, Singapore, South Africa, South Korea and the United States of America.  Web Site: www.hurco.com

This news release contains forward looking statements which involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, the ongoing impact of the recent global economic recession, other changes in general economic and business conditions that affect demand for computerized machine systems, computer numerical control systems and software products, changes in manufacturing markets, innovations by competitors, our ability to protect our intellectual property, fluctuations in exchange rates, fluctuations in prices of raw materials, changes in market demands, quality and delivery performance by our vendors, uncertainty concerning our ability to use tax loss carryforwards and governmental actions and initiatives including import and export restrictions and tariffs.
Hurco Companies, Inc.    
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS    
(In thousands, except per-share data)    
         
  Three Months Ended  October 31, Twelve Months Ended  October 31,
 
  2010 2009 2010 2009
     
Sales and service fees  $ 34,715  $ 23,181  $ 105,893  $ 91,016
         
Cost of sales and service  26,235  16,366  84,097  65,188
Gross profit  8,480  6,815  21,796  25,828
         
Selling, general and administrative expenses  9,080  8,127  29,837  30,874
Operating loss  (600)  (1,312)  (8,041)  (5,046)
         
Interest expense  6  2  49  35
         
Interest income  37  5  86  190
         
Investment income  2  (16)  14  16
         
Other (income) expense, net  421  765  869  (1,063)
         
Loss before taxes  (988)  (2,090)  (8,859)  (3,812)
         
Provision (benefit) for income taxes  174  (927)  (3,115)  (1,491)
         
Net loss  $ (1,162)  $ (1,163)  $ (5,744)  $ (2,321)
         
Losses per common share        
         
Basic  $ (0.18)  $ (0.18)  $ (0.89)  $ (0.36)
Diluted  $ (0.18)  $ (0.18)  $ (0.89)  $ (0.36)
         
Weighted average common shares outstanding        
Basic  6,441  6,441  6,441  6,429
Diluted  6,441  6,441  6,441  6,429
         
OTHER CONSOLIDATED FINANCIAL DATA Twelve Months Ended  October 31, Twelve Months Ended  October 31,
 
Operating Data: 2010 2009 2010 2009
     
Gross margin 24.4% 29.4% 20.6% 28.4%
         
SG&A expense as a percentage of sales 26.2% 35.1% 28.2% 33.9%
         
Operating loss as a percentage of sales -1.7% -5.7% -7.6% -5.5%
         
Pre-tax loss as a percentage of sales  -2.8% -9.0% -8.4% -4.2%
         
Effective tax rate -17.6% 44.4% 35.2% 39.1%
         
Depreciation and Amortization  993  844  3,804  3,295
         
Capital expenditures  606  739  1,848  3,699
         
Balance Sheet Data: 10/31/2010 10/31/2009    
       
Working capital (excluding cash)  $ 45,713  $ 68,675    
         
Days sales outstanding  33  39    
         
Inventory turns  1.5  1.0    
         
Capitalization        
Total debt  $ --   $ --     
Shareholders' equity  114,740  120,376    
Total  $ 114,740  $ 120,376    
 
 
Hurco Companies, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per-share data)
     
     
  October 31, October 31,
  2010 2009
     
ASSETS    
Current assets:    
Cash and cash equivalents  $ 48,255  $ 28,782
Accounts receivable, net  20,114  13,988
Refundable taxes  5,093  7,121
Inventories, net  55,866  60,281
Deferred income taxes, net  2,467  2,670
Derivative assets  905  376
Other  3,508  5,046
Total current assets  136,208  118,264
     
Property and equipment:    
Land  782  782
Building  7,116  7,116
Machinery and equipment  15,095  14,995
Leasehold improvements  2,183  2,021
   25,176  24,914
Less accumulated depreciation and amortization  (13,424)  (11,802)
   11,752  13,112
     
Non-current assets:    
 Software development costs, less accumulated amortization  6,042  6,503
 Other assets  6,344  6,864
   $ 160,346  $ 144,743
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
Current liabilities:    
Accounts payable  $ 30,394  $ 8,262
Derivative liabilities  2,123  2,234
Accrued expenses  9,723  10,311
Total current liabilities  42,240  20,807
     
Non-current liabilities:    
Deferred income taxes, net  2,335  2,570
Deferred credits and other   1,031  990
Total liabilities  45,606  24,367
     
Shareholders' equity:    
Preferred stock: no par value per share; 1,000,000 shares    
authorized; no shares issued  --  --
Common stock: no par value; $.10 stated value per share;    
13,250,000 shares authorized; and 6,440,851 shares issued    
 and outstanding  644  644
Additional paid-in capital  52,144  52,003
Retained earnings  63,824  69,568
Accumulated other comprehensive loss  (1,872)  (1,839)
Total shareholders' equity  114,740  120,376
   $ 160,346  $ 144,743
CONTACT: John G. Oblazney
         Vice President & Chief Financial Officer
         317-293-5309

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