Hurco Companies Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Hurco Companies Inc. has filed its 2023 10-K report, detailing financial performance and equity information for the fiscal year ending October 31, 2023.</b>

AI Summary

HURCO COMPANIES INC (HURC) filed a Annual Report (10-K) with the SEC on January 5, 2024. Hurco Companies Inc. filed its annual report on Form 10-K for the fiscal year ended October 31, 2023. The filing covers the period from November 1, 2022, to October 31, 2023. The company is incorporated in Indiana and operates in the Industrial Instruments sector. Key financial statement components like Retained Earnings, Additional Paid-In Capital, and Common Stock are detailed for fiscal years 2020-2023. Information regarding employee stock options and incentive plans, including the 'Twenty Zero Eight Plan' and 'Two Thousand Sixteen Equity Incentive Plan', is provided.

Why It Matters

For investors and stakeholders tracking HURCO COMPANIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Hurco Companies' financial health and operational structure for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed breakdown of equity accounts and incentive plans offers insights into the company's capital structure and its strategies for employee compensation and retention.

Risk Assessment

Risk Level: low — HURCO COMPANIES INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative or positive news, indicating a stable, ongoing operational status.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Hurco Companies' financial position and potential challenges.

Key Numbers

• 2023-10-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-01-05 — Filing Date (FILED AS OF DATE)
• 10-K — Form Type (FORM TYPE)
• 3823 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• HURCO COMPANIES INC (company) — FILER
• INDIANAPOLIS (location) — BUSINESS ADDRESS CITY
• IN (location) — BUSINESS ADDRESS STATE
• 3172935309 (phone) — BUSINESS PHONE
• HURCO MANUFACTURING CO INC (company) — FORMER COMPANY

FAQ

Industry Context

Hurco Companies Inc. operates within the industrial instruments sector, focusing on measurement, display, and control technologies.

Regulatory Implications

The filing is a standard 10-K report under the Securities Exchange Act of 1934, requiring public companies to disclose comprehensive financial and operational information annually.

What Investors Should Do

1. Analyze the detailed financial statements for revenue trends, profitability, and balance sheet health.
2. Examine the executive compensation and equity incentive plans for insights into management incentives and shareholder alignment.
3. Review the risk factors section for potential challenges and uncertainties affecting the company's future performance.

Key Dates

• 2023-10-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-01-05: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended October 31, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $227.8 m — r 2023, our sales and service fees were $227.8 million, a decrease of $23.0 million, or
• $23.0 m — fees were $227.8 million, a decrease of $23.0 million, or 9%, compared to fiscal year 2
• $2.4 m — luded an unfavorable currency impact of $2.4 million, or 1%, when translating foreign
• $4.4 m — al year 2023, we reported net income of $4.4 million, or $0.66 per diluted share, comp
• $0.66 — reported net income of $4.4 million, or $0.66 per diluted share, compared to net inco
• $8.2 m — iluted share, compared to net income of $8.2 million, or $1.23 per diluted share, for
• $1.23 — pared to net income of $8.2 million, or $1.23 per diluted share, for fiscal year 2022

Filing Documents

• hurc-20231031x10k.htm (10-K) — 2854KB
• hurc-20231031xex19d1.htm (EX-19.1) — 112KB
• hurc-20231031xex21d1.htm (EX-21.1) — 19KB
• hurc-20231031xex23d1.htm (EX-23.1) — 5KB
• hurc-20231031xex31d1.htm (EX-31.1) — 10KB
• hurc-20231031xex31d2.htm (EX-31.2) — 10KB
• hurc-20231031xex32d1.htm (EX-32.1) — 6KB
• hurc-20231031xex32d2.htm (EX-32.2) — 6KB
• hurc-20231031xex97d1.htm (EX-97.1) — 47KB
• hurc-20231031x10k002.jpg (GRAPHIC) — 93KB
• 0001558370-24-000115.txt (&nbsp;) — 13287KB
• hurc-20231031.xsd (EX-101.SCH) — 56KB
• hurc-20231031_cal.xml (EX-101.CAL) — 76KB
• hurc-20231031_def.xml (EX-101.DEF) — 238KB
• hurc-20231031_lab.xml (EX-101.LAB) — 525KB
• hurc-20231031_pre.xml (EX-101.PRE) — 454KB
• hurc-20231031x10k_htm.xml (XML) — 2982KB

Forward-Looking Statements

Forward-Looking Statements This report contains certain statements that are forward-looking statements within the meaning of federal securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this report, the words "may", "will", "should", "would", "could", "anticipate", "expect", "plan", "seek", "believe", "predict", "estimate", "potential", "project", "target", "forecast", "intend", "strategy", "future", "opportunity", "assume", "guide", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include, among others, the cyclical nature of the machine tool industry; uncertain economic conditions, which may adversely affect overall demand, in the Americas, Europe and Asia Pacific markets; the risks of our international operations; governmental actions, initiatives and regulations, including import and export restrictions, duties and tariffs and changes to tax laws; the effects of changes in currency exchange rates; competition with larger companies that have greater financial resources; our dependence on new product development; the need and/or ability to protect our intellectual property assets; the limited number of our manufacturing and supply chain sources; increases in the prices of raw materials, especially steel and iron products; the effect of the loss of members of senior management and key personnel; our ability to integrate acquisitions; acquisitions that could disrupt our operations and affect operating results; failure to comply with data privacy and security regulations; breaches of our network and system security measures; possible obsolescence of our technology and the need to make technological adva

BUSINESS

Item 1. BUSINESS General Hurco Companies, Inc. is an international, industrial technology company. We design, manufacture, and sell computerized (i.e., Computer Numeric Control ("CNC")) machine tools, consisting primarily of vertical machining centers (mills) and turning centers (lathes), to companies in the metal cutting industry through a worldwide sales, service, and distribution network. Although the majority of our computer control systems and software products are proprietary, they predominantly use industry standard personal computer components. Our computer control systems and software products are primarily sold as integral components of our computerized machine tool products. We also provide machine tool components, automation integration equipment and solutions for job shops, software options, control upgrades, accessories, and replacement parts for our products, as well as customer service, training, and applications support. As used in this report, the words "we", "us", "our", "Hurco" and the "Company" refer to Hurco Companies, Inc., and its consolidated subsidiaries. Since our founding in 1968, we have been a leader in the introduction of interactive computer control systems that automate manufacturing processes and improve productivity in the metal parts manufacturing industry. We pioneered the application of microprocessor technology and conversational programming software for use in machine tools. Our Hurco brand computer control systems can be operated by both skilled and unskilled machine tool operators, and yet are capable of instructing a machine to perform complex tasks. The combination of microprocessor technology and patented interactive, conversational programming software in our proprietary computer control systems enables operators on the production floor to create a program quickly and easily to machine a particular part from a blueprint or computer aided design file, and immediately begin machining that part. Our executive office

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