Hurco Companies Inc. Files Q2 2024 10-Q Financials

TL;DR

Hurco's Q2 10-Q is in, showing balance sheet details. Check financials for the latest.

AI Summary

Hurco Companies Inc. filed its 10-Q for the period ending April 30, 2024. The filing details financial information for the second quarter and the first six months of fiscal year 2024, including balance sheet items like common stock and retained earnings. Specific dollar amounts for these accounts as of April 30, 2024, and January 31, 2024, are provided.

Why It Matters

This filing provides investors with a detailed look at Hurco Companies' financial health and performance during the second quarter of fiscal year 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-04-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-01-31 — Previous Balance Sheet Date (Provides a point of comparison for financial changes from the prior quarter.)

Key Players & Entities

• HURCO COMPANIES INC (company) — Filer of the 10-Q
• 20240430 (date) — End of the reporting period
• 20240607 (date) — Filing date

FAQ

Filing Documents

• hurc-20240430x10q.htm (10-Q) — 1787KB
• hurc-20240430xex3d1.htm (EX-3.1) — 49KB
• hurc-20240430xex3d2.htm (EX-3.2) — 337KB
• hurc-20240430xex31d1.htm (EX-31.1) — 11KB
• hurc-20240430xex31d2.htm (EX-31.2) — 11KB
• hurc-20240430xex32d1.htm (EX-32.1) — 6KB
• hurc-20240430xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-009007.txt ( ) — 7198KB
• hurc-20240430.xsd (EX-101.SCH) — 37KB
• hurc-20240430_cal.xml (EX-101.CAL) — 58KB
• hurc-20240430_def.xml (EX-101.DEF) — 130KB
• hurc-20240430_lab.xml (EX-101.LAB) — 332KB
• hurc-20240430_pre.xml (EX-101.PRE) — 268KB
• hurc-20240430x10q_htm.xml (XML) — 1180KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations Three and Six Months Ended April 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) Three and Six Months Ended April 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of April 30, 2024 and October 31, 2023 5 Condensed Consolidated Statements of Cash Flows Three and Six Months Ended April 30, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Shareholders' Equity Three and Six Months Ended April 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 29

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 5. Other Information 30 Item 6. Exhibits 31

Signatures

Signatures 32 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

. FINANCIAL STATEMENTS

Item 1 . FINANCIAL STATEMENTS HURCO COMPANIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Ended Six Months Ended April 30, April 30, 2024 2023 2024 2023 (unaudited) (unaudited) Sales and service fees $ 45,172 $ 53,819 $ 90,231 $ 108,501 Cost of sales and service 37,153 41,236 72,517 83,200 Gross profit 8,019 12,583 17,714 25,301 Selling, general and administrative expenses 11,461 11,592 22,976 23,076 Operating (loss) income ( 3,442 ) 991 ( 5,262 ) 2,225 Interest expense 136 55 267 71 Interest income 164 85 320 137 Investment income, net 8 7 67 36 Other (expense) income, net ( 476 ) ( 360 ) ( 989 ) 281 (Loss) income before income taxes ( 3,882 ) 668 ( 6,131 ) 2,608 Provision (benefit) for income taxes 40 291 ( 561 ) 901 Net (loss) income $ ( 3,922 ) $ 377 $ ( 5,570 ) $ 1,707 (Loss) income per common share Basic $ ( 0.61 ) $ 0.06 $ ( 0.86 ) $ 0.26 Diluted $ ( 0.61 ) $ 0.06 $ ( 0.86 ) $ 0.26 Weighted average common shares outstanding Basic 6,518 6,486 6,500 6,536 Diluted 6,518 6,516 6,500 6,570 Dividends paid per share $ 0.16 $ 0.16 $ 0.32 $ 0.31 The accompanying notes are an integral part of the condensed consolidated financial statements. 3 Table of Contents HURCO COMPANIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands) Three Months Ended Six Months Ended April 30, April 30, 2024 2023 2024 2023 (unaudited) (unaudited) Net (loss) income $ ( 3,922 ) $ 377 $ ( 5,570 ) $ 1,707 Other comprehensive (loss) income: Translation (loss) gain of foreign currency financial statements ( 3,984 ) ( 470 ) 516 9,661 (Gain) / loss on derivative instruments reclassified into operations, net of tax (expense) / benefit of $ 121 , $( 15 ), $ 185 , and $( 40 ),

View Full Filing

View this 10-Q filing on SEC EDGAR