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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 China, England, France, Germany, India, Italy, Poland, Singapore, South Africa and the United States of America.  Web Site: www.hurco.com

The Hurco Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=14761

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 cyclical nature of the machine tool industry, changes in general economic and business conditions that affect demand for our products, the risks of our international operations, changes in manufacturing markets, innovations by competitors, the ability to protect our intellectual property, fluctuations in foreign currency exchange rates, increases in prices of raw materials, quality and delivery performance by our vendors, changes in operations due to acquisitions, the loss of key personnel, and governmental actions and initiatives including import and export restrictions and tariffs.

Hurco Companies, Inc.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(In thousands, except per-share data)
         
  Three Months Ended  October 31, Twelve Months Ended  October 31,
  2012 2011 2012 2011
   (unaudited)   
Sales and service fees  $ 56,067  $ 48,571  $ 203,117  $ 180,400
         
Cost of sales and service  38,847  32,889  139,936  124,526
Gross profit  17,220  15,682  63,181  55,874
         
Selling, general and administrative expenses  11,870  11,092  41,160  38,493
Operating income  5,350  4,590  22,021  17,381
         
Interest expense  63  82  168  143
         
Interest income  11  25  69  132
         
Investment income (expense)  2  4  7  13
         
Other expense (income), net  (5)  1,043  65  1,764
         
Income before taxes  5,305  3,494  21,864  15,619
         
Provision for income taxes  1,219  840  6,226  4,495
         
Net income  $ 4,086  $ 2,654  $ 15,638  $ 11,124
         
Earnings per common share        
         
Basic  $ 0.63  $ 0.41  $ 2.41  $ 1.72
Diluted  $ 0.63  $ 0.41  $ 2.40  $ 1.71
         
Weighted average common shares outstanding        
Basic  6,447  6,441  6,445  6,441
Diluted  6,469  6,467  6,470  6,472
         
OTHER CONSOLIDATED FINANCIAL DATA Three Months Ended  October 31, Twelve Months Ended  October 31,
Operating Data: 2012 2011 2012 2011
   (unaudited)   
Gross margin 31% 32% 31% 31%
         
SG&A expense as a percentage of sales 21% 23% 20% 21%
         
Operating income as a percentage of sales 10% 9% 11% 10%
         
Pre-tax income as a percentage of sales  9% 7% 11% 9%
         
Effective Tax Rate 23% 24% 28% 29%
         
Depreciation and amortization  931  1,073  4,126  4,300
         
Capital expenditures  1,129  1,097  3,732  2,842
         
Balance Sheet Data: 10/31/2012 10/31/2011    
         
Working capital (excluding cash)  $ 88,239  $ 61,885    
         
Days sales outstanding (unaudited)  38  37    
         
Inventory turns (unaudited)  1.5  1.6    
         
Capitalization        
Total debt  $ 3,206  $ 865    
Shareholders' equity  143,793  126,212    
Total  $ 146,999  $ 127,077    
 
Hurco Companies, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per-share data)
     
  October 31, 2012 October 31, 2011
     
ASSETS    
Current assets:    
Cash and cash equivalents  $ 35,770  $ 44,961
Accounts receivable, net  35,297  27,057
Refundable taxes  1,459  1,442
Inventories, net  91,320  81,127
Deferred income taxes  1,182  2,692
Derivative assets  708  1,197
Other  7,645  5,598
Total current assets  173,381  164,074
     
Property and equipment:    
Land  782  782
Building  7,352  7,116
Machinery and equipment  17,411  16,336
Leasehold improvements  3,467  2,508
   29,012  26,742
Less accumulated depreciation and amortization  (16,933)  (15,198)
   12,079  11,544
     
Non-current assets:    
 Software development costs, less accumulated amortization  3,969  4,928
 Other assets  5,883  5,999
   $ 195,312  $ 186,545
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
Current liabilities:    
Accounts payable  $ 29,788  $ 39,046
Derivative liabilities  569  1,609
Accrued expenses  15,809  15,708
Short-term debt  3,206  865
Total current liabilities  49,372  57,228
     
Non-current liabilities:    
Deferred income taxes  903  1,982
Deferred credits and other obligations  1,244  1,123
Total liabilities  51,519  60,333
     
Commitments and contingencies    
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; 12,500,000 shares authorized; 6,502,928 and 6,471,710 shares issued; and 6,447,210 and 6,440,851 shares outstanding, as of October 31, 2012 and October 31, 2011, respectively  645  644
Additional paid-in capital  53,415  52,614
Retained earnings  90,586  74,948
Accumulated other comprehensive loss  (853)  (1,994)
Total shareholders' equity  143,793  126,212
   $ 195,312  $ 186,545
CONTACT: John G. Oblazney
         Vice President & Chief Financial Officer
         317-293-5309

Hurco Companies, Inc. Logo

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