Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the
fourth fiscal quarter and fiscal year ended October 31, 2022. Hurco
recorded net income of $1,424,000, or $0.22 per diluted share, for
the fourth quarter of fiscal 2022, compared to net income of
$2,096,000, or $0.31 per diluted share, for the corresponding
period in fiscal 2021. For fiscal year 2022, Hurco reported net
income of $8,226,000, or $1.23 per diluted share, compared to net
income of $6,764,000, or $1.01 per diluted share, for fiscal year
2021.
Sales and service fees for the fourth quarter of
fiscal 2022 were $63,462,000, a decrease of $5,520,000, or 8%,
compared to the corresponding prior year period, and included an
unfavorable currency impact of $5,929,000, or 9%, when translating
foreign sales to U.S. dollars for financial reporting purposes.
Sales and service fees for fiscal year 2022 were $250,814,000, an
increase of $15,619,000, or 7%, compared to fiscal year 2021, and
included an unfavorable currency impact of $13,872,000, or 6%, when
translating foreign sales to U.S. dollars for financial reporting
purposes.
Greg Volovic, President and Chief Executive
Officer, stated, “It was exhilarating to be back together in
September at the International Manufacturing Technology Show
(IMTS), being able to showcase our new products and technological
innovations over the last four years. The energy at IMTS was
evident, and the attendees were highly engaged. Obviously,
unprecedented events and uncertainty during the last two years have
been challenging for our customers, our suppliers, and our entire
industry. We are fortunate that Hurco has a strong balance sheet
and decades of experience navigating industry and economic cycles
that allow us to operate in such times with continuous focus on
technological innovation, product development, and our long-term
accretive growth strategy. The increase in sales of our advanced
technology 5-axis machines in fiscal year 2022 validates our brand
strategy to position Hurco as a higher technology tier machine tool
manufacturer and reinforces the long-term benefit of our
acquisition of LCM Precision Technology, S.r.l. (“LCM”), the
Italian business we acquired in 2013 that designs and manufactures
sophisticated 5-axis components. Without the negative impact of
foreign currencies, we actually would have seen a small growth in
fourth quarter sales and even stronger growth for the full fiscal
year. We look forward to 2023 and are inspired to serve our
customers, shareholders, and employees.”
The following table sets forth net sales and
service fees by geographic region for the fourth quarter and fiscal
year ended October 31, 2022, and 2021 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Fiscal Year Ended |
|
|
October 31, |
|
|
October 31, |
|
2022 |
|
2021 |
|
$ Change |
|
% Change |
|
2022 |
|
2021 |
|
$ Change |
|
% Change |
Americas |
$ |
25,810 |
|
|
$ |
24,180 |
|
|
$ |
1,630 |
|
|
|
7 |
% |
|
$ |
95,964 |
|
|
$ |
86,301 |
|
|
$ |
9,663 |
|
|
|
11 |
% |
Europe |
|
32,118 |
|
|
|
35,924 |
|
|
|
(3,806 |
) |
|
|
(11 |
)% |
|
|
126,050 |
|
|
|
117,522 |
|
|
|
8,528 |
|
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
5,534 |
|
|
|
8,878 |
|
|
|
(3,344 |
) |
|
|
(38 |
)% |
|
|
28,800 |
|
|
|
31,372 |
|
|
|
(2,572 |
) |
|
|
(8 |
)% |
Total |
$ |
63,462 |
|
|
$ |
68,982 |
|
|
$ |
(5,520 |
) |
|
|
(8 |
)% |
|
$ |
250,814 |
|
|
$ |
235,195 |
|
|
$ |
15,619 |
|
|
|
7 |
% |
Sales in the Americas for the fourth quarter and
fiscal year 2022 increased by 7% and 11%, respectively, compared to
the corresponding periods in fiscal 2021, primarily due to
inflationary price increases and an increased volume of shipments
of VM and higher-performance five-axis Hurco machines.
European sales for the fourth quarter 2022
decreased by 11%, compared to the corresponding period in fiscal
2021, and included an unfavorable currency impact of 15%, when
translating foreign sales to U.S. dollars for financial reporting
purposes. This decrease was due mainly to the negative impact of
currency, partially offset by inflationary price increases and
increased volume of shipments of higher-performance five-axis Hurco
machines in the United Kingdom and Italy. European sales for fiscal
year 2022 increased by 7%, compared to fiscal 2021, and included an
unfavorable currency impact of 11%, when translating foreign sales
to U.S. dollars for financial reporting purposes. This increase was
primarily driven by inflationary price increases, an increased
volume of shipments of higher-performance Hurco, Takumi, and
Milltronics machines across the European region, as well as
increased sales of electro-mechanical components and accessories
manufactured by LCM.
Asian Pacific sales for the fourth quarter of
fiscal 2022 decreased by 38%, compared to the corresponding period
in fiscal 2021, and included an unfavorable currency impact of 7%,
when translating foreign sales to U.S. dollars for financial
reporting purposes. Asian Pacific sales for fiscal year 2022
decreased by 8%, compared to fiscal 2021, and included an
unfavorable currency impact of 3%, when translating foreign sales
to U.S. dollars for financial reporting purposes. The
year-over-year decreases in Asian Pacific sales for the fourth
quarter and fiscal year primarily resulted from a reduced volume of
shipments of Hurco and Takumi machines in China and Southeast Asia,
partially offset by an increased volume of shipments of Hurco
machines in India. The reduced volume of shipments of Hurco and
Takumi machines in China was primarily due to recent COVID-19
lockdowns and similar restrictions in major Chinese markets
pursuant to China’s zero-tolerance COVID-19 policy.
Orders for the fourth quarter of fiscal 2022
were $58,336,000, a decrease of $17,330,000, or 23%, compared to
the corresponding period in fiscal 2021, and included an
unfavorable currency impact of $7,115,000, or 9%, when translating
foreign orders to U.S. dollars. Orders for fiscal year 2022 were
$240,931,000, a decrease of $24,490,000, or 9%, compared to fiscal
2021, and included an unfavorable currency impact of $14,294,000,
or 5%, when translating foreign orders to U.S. dollars.
The following table sets forth new orders booked
by geographic region for the fourth quarter and fiscal year ended
October 31, 2022, and 2021 (dollars in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Fiscal Year Ended |
|
|
October 31, |
|
|
October 31, |
|
2022 |
|
2021 |
|
$ Change |
|
% Change |
|
2022 |
|
2021 |
|
$ Change |
|
% Change |
Americas |
$ |
24,079 |
|
|
$ |
28,779 |
|
|
$ |
(4,700 |
) |
|
|
(16 |
)% |
|
$ |
92,268 |
|
|
$ |
95,767 |
|
|
$ |
(3,499 |
) |
|
|
(4 |
)% |
Europe |
|
27,592 |
|
|
|
39,608 |
|
|
|
(12,016 |
) |
|
|
(30 |
)% |
|
|
122,556 |
|
|
|
133,802 |
|
|
|
(11,246 |
) |
|
|
(8 |
)% |
Asia Pacific |
|
6,665 |
|
|
|
7,279 |
|
|
|
(614 |
) |
|
|
(8 |
)% |
|
|
26,107 |
|
|
|
35,852 |
|
|
|
(9,745 |
) |
|
|
(27 |
)% |
Total |
$ |
58,336 |
|
|
$ |
75,666 |
|
|
$ |
(17,330 |
) |
|
|
(23 |
)% |
|
$ |
240,931 |
|
|
$ |
265,421 |
|
|
$ |
(24,490 |
) |
|
|
(9 |
)% |
Orders in the Americas for the fourth quarter
and fiscal year 2022 decreased by 16% and 4%, respectively,
compared to the corresponding periods in fiscal 2021, primarily due
to decreased customer demand for Hurco and Milltronics machines,
partially offset by inflationary price increases implemented during
fiscal year 2022. Despite the year-over-year decrease in total
machine order volume, machine orders for Hurco lathes and
higher-performance five-axis machines increased during the fiscal
year.
European orders for the fourth quarter of fiscal
2022 decreased by 30%, compared to the corresponding prior year
period, and included an unfavorable currency impact of 16%, when
translating foreign orders to U.S. dollars. This decrease was
driven primarily by decreased customer demand for Hurco and Takumi
machines across the European region, partially offset by
inflationary price increases implemented during fiscal year 2022,
as well as increased customer demand for Milltronics machines
across the region. European orders for fiscal year 2022 decreased
by 8%, compared to fiscal 2021, and included an unfavorable
currency impact of 10%, when translating foreign orders to U.S.
dollars. This decrease was primarily attributable to the negative
impact of currency and decreased customer demand for
electro-mechanical components manufactured by LCM and Hurco
machines in the United Kingdom, France, and Italy, partially offset
by inflationary price increases implemented during fiscal year 2022
and increased demand for Hurco and Takumi machines in Germany and
Milltronics machines across the region.
Asian Pacific orders for the fourth quarter and
fiscal year 2022 decreased by 8% and 27%, respectively, compared to
the corresponding prior year periods, and included an unfavorable
currency impact of 12% and 4%, respectively, when translating
foreign orders to U.S. dollars. The decreases in Asian Pacific
orders year- over-year were driven primarily by decreased customer
demand for Hurco and Takumi machines in China and Southeast Asia
due to recent COVID-19 lockdowns and similar restrictions,
partially offset by increased demand for Hurco machines in
India.
Gross profit for the fourth quarter of fiscal
2022 was $17,570,000, or 28% of sales, compared to $16,934,000, or
25% of sales, for the corresponding prior year period. Gross profit
for fiscal year 2022 was $64,478,000, or 26% of sales, compared to
$56,249,000, or 24% of sales, for fiscal 2021. During fiscal year
2021, we recorded approximately $1,243,000, or 1% of sales, for the
employee retention credit extended to companies under the Economic
Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and
the American Rescue Plan Act of 2021 (the “employee retention
credit”). While the employee retention credit did not recur in
fiscal 2022, gross profit as a percentage of sales in the 2022
periods benefited from increased sales of higher-performance
machines, improved leverage of fixed overhead costs, and
inflationary price increases implemented during fiscal year
2022.
Selling, general, and administrative expenses
for the fourth quarter of fiscal 2022 were $14,872,000, or 23% of
sales, compared to $13,829,000, or 20% of sales, in the
corresponding fiscal 2021 period, and included a favorable currency
impact of $917,000, when translating foreign expenses to U.S.
dollars for financial reporting purposes. Selling, general, and
administrative expenses fiscal year 2022 were $51,731,000, or 21%
of sales, compared to $46,001,000, or 20% of sales, in fiscal 2021,
and included a favorable currency impact of $2,190,000, when
translating foreign expenses to U.S. dollars for financial
reporting purposes. The year- over-year increases in selling,
general, and administrative expenses in the fourth quarter and
fiscal year 2022 were driven primarily by increases in marketing
and tradeshow expenses (IMTS in September 2022), sales commissions,
and employee benefit and compensation costs, as well as increased
one-time costs for administrative services. Selling, general, and
administrative expenses for fiscal 2021 also included an employee
retention credit of $1,672,000, or 1% of sales.
The effective tax rates for the fourth quarter
and fiscal year 2022 were 31% for each period, compared to 26% and
33%, respectively, for the corresponding prior year periods. The
year-over-year changes in the effective tax rates were primarily
due to changes in geographic mix of income and loss that includes
jurisdictions with differing tax rates, various discrete tax items,
and changes in income tax laws to address the unfavorable impact of
the COVID-19 pandemic.
Cash and cash equivalents totaled $63,922,000 at
October 31, 2022, compared to $84,063,000 at October 31, 2021.
Working capital was $194,733,000 at October 31, 2022, compared to
$208,700,000 at October 31, 2021. The decrease in working capital
was primarily driven by decreases in cash and cash equivalents,
prepaid assets and accounts receivable, partially offset by
decreases in accounts payable and customer deposits and an increase
in inventories.
Also today, Hurco announced that its Board of
Directors approved a share repurchase program in an aggregate
amount of up to $25,000,000. Repurchases under the program may be
made in the open market or through privately negotiated
transactions from time to time through November 10, 2024, subject
to applicable laws and regulations. The program may be amended,
suspended, or discontinued at any time and does not commit Hurco to
repurchase any shares of its common stock. Hurco’s existing share
repurchase program also remains in effect, under which $4.1 million
remained available as of January 6, 2023.
Greg Volovic stated, “It is critical that we
continue to have a balanced capital allocation strategy that
prioritizes a strong balance sheet and optimal liquidity while
recognizing the importance of accretive growth and shareholder
value We have implemented a two-year stock repurchase plan that we
believe will enhance shareholder value and continue to allow us to
invest in capital expenditures, make new investments in emerging
technologies and research and development, and pay dividends. While
we evaluated potential strategic acquisitions during fiscal year
2022, the volatile macroeconomic environment was not conducive to
transacting. We remain committed to evaluating future acquisitions
and believe that economic downturns will present opportunities to
acquire businesses accretive to ours. The ability to return value
to shareholders, even during periods of economic uncertainty, is a
testament to the company’s fiscally responsible culture and
long-term growth perspective.”
Hurco Companies, Inc. is an international,
industrial technology company that sells its three brands of
computer numeric control (“CNC”) machine tools to the worldwide
metal cutting and metal forming industry. Two of the Company’s
brands of machine tools, Hurco and Milltronics, are equipped with
interactive controls that include software that is proprietary to
each respective brand. The Company designs these controls and
develops the software. The third brand of CNC machine tools,
Takumi, is equipped with industrial controls that are produced by
third parties, which allows the customer to decide the type of
control added to the Takumi CNC machine tool. The Company also
produces high-value machine tool components and accessories and
provides automation solutions that can be integrated with any
machine tool. The end markets for the Company's products are
independent job shops, short-run manufacturing operations within
large corporations, and manufacturers with production-oriented
operations. The Company’s customers manufacture precision parts,
tools, dies, and/or molds for industries such as aerospace,
defense, medical equipment, energy, transportation, and computer
equipment. The Company is based in Indianapolis, Indiana, with
manufacturing operations in Taiwan, Italy, the U.S., and China, and
sells its products through direct and indirect sales forces
throughout the Americas, Europe, and Asia. The Company has sales,
application engineering support and service subsidiaries in China,
the Czech Republic, England, France, Germany, India, Italy, the
Netherlands, Poland, Singapore, the U.S., and Taiwan. Web Site:
www.hurco.com
Certain statements in this news release are
forward-looking statements that 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 impact of the COVID-19 pandemic and other public health
epidemics and pandemics on the global economy, our business and
operations, our employees and the business, operations and
economies of our customers and suppliers; 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 advances; impairment of our assets; negative or
unforeseen tax consequences; uncertainty concerning our ability to
use tax loss carryforwards; changes in the SOFR rate; and other
risks and uncertainties discussed more fully under the caption
“Risk Factors” in our filings with the Securities and Exchange
Commission. We expressly disclaim any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact: |
Sonja K.
McClelland |
|
Executive Vice President, Treasurer, & Chief Financial
Officer |
|
317-293-5309 |
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|
Hurco Companies, Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
Three Months EndedOctober
31, |
|
Fiscal Year EndedOctober 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(unaudited) |
|
|
Sales and service fees |
$ |
63,462 |
|
|
$ |
68,982 |
|
|
$ |
250,814 |
|
|
$ |
235,195 |
|
Cost of sales and service |
|
45,892 |
|
|
|
52,048 |
|
|
|
186,336 |
|
|
|
178,946 |
|
Gross profit |
|
17,570 |
|
|
|
16,934 |
|
|
|
64,478 |
|
|
|
56,249 |
|
Selling, general and
administrative expenses |
|
14,872 |
|
|
|
13,829 |
|
|
|
51,731 |
|
|
|
46,001 |
|
Operating income |
|
2,698 |
|
|
|
3,105 |
|
|
|
12,747 |
|
|
|
10,248 |
|
Interest expense |
|
5 |
|
|
|
1 |
|
|
|
27 |
|
|
|
24 |
|
Interest income |
|
10 |
|
|
|
1 |
|
|
|
79 |
|
|
|
34 |
|
Investment income |
|
4 |
|
|
|
19 |
|
|
|
174 |
|
|
|
173 |
|
Other expense, net |
|
655 |
|
|
|
273 |
|
|
|
1,095 |
|
|
|
310 |
|
Income before taxes |
|
2,052 |
|
|
|
2,851 |
|
|
|
11,878 |
|
|
|
10,121 |
|
Provision for income
taxes |
|
628 |
|
|
|
755 |
|
|
|
3,652 |
|
|
|
3,357 |
|
Net income |
$ |
1,424 |
|
|
$ |
2,096 |
|
|
$ |
8,226 |
|
|
$ |
6,764 |
|
|
|
|
|
|
|
|
|
Income per common
share |
|
|
|
|
|
|
|
Basic |
$ |
0.22 |
|
|
$ |
0.31 |
|
|
$ |
1.24 |
|
|
$ |
1.01 |
|
Diluted |
$ |
0.22 |
|
|
$ |
0.31 |
|
|
$ |
1.23 |
|
|
$ |
1.01 |
|
Weighted average
common shares outstanding |
|
|
|
|
|
|
|
Basic |
|
6,567 |
|
|
|
6,607 |
|
|
|
6,580 |
|
|
|
6,595 |
|
Diluted |
|
6,616 |
|
|
|
6,633 |
|
|
|
6,632 |
|
|
|
6,608 |
|
|
|
|
|
|
|
|
|
Dividends per
share |
$ |
0.15 |
|
|
$ |
0.14 |
|
|
$ |
0.59 |
|
|
$ |
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER CONSOLIDATED
FINANCIAL DATA |
|
|
|
|
|
|
|
|
Three Months EndedOctober
31, |
|
Fiscal Year EndedOctober 31, |
Operating
Data: |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(unaudited) |
|
|
Gross margin |
|
28 |
% |
|
|
25 |
% |
|
|
26 |
% |
|
|
24 |
% |
SG&A expense as a
percentage of sales |
|
23 |
% |
|
|
20 |
% |
|
|
21 |
% |
|
|
20 |
% |
Operating income as a
percentage of sales |
|
4 |
% |
|
|
5 |
% |
|
|
5 |
% |
|
|
4 |
% |
Pre-tax income as a percentage
of sales |
|
3 |
% |
|
|
4 |
% |
|
|
5 |
% |
|
|
4 |
% |
Effective tax rate |
|
31 |
% |
|
|
26 |
% |
|
|
31 |
% |
|
|
33 |
% |
Depreciation and
amortization |
$ |
962 |
|
|
$ |
1,043 |
|
|
$ |
3,918 |
|
|
$ |
4,193 |
|
Capital expenditures |
$ |
565 |
|
|
$ |
535 |
|
|
$ |
2,193 |
|
|
$ |
2,369 |
|
|
|
|
|
|
|
|
|
Balance Sheet
Data: |
10/31/2022 |
|
10/31/2021 |
|
|
|
|
Working capital |
$ |
194,733 |
|
|
$ |
208,700 |
|
|
|
|
|
Days sales outstanding
(unaudited) |
|
38 |
|
|
|
42 |
|
|
|
|
|
Inventory turns
(unaudited) |
|
1.2 |
|
|
|
1.2 |
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
Total debt |
|
-- |
|
|
|
-- |
|
|
|
|
|
Shareholders' equity |
|
222,644 |
|
|
|
238,419 |
|
|
|
|
|
Total Capitalization |
$ |
222,644 |
|
|
$ |
238,419 |
|
|
|
|
|
|
|
|
|
Hurco Companies, Inc. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands, except share and per share
data) |
|
October 31, |
|
October 31, |
|
|
2022 |
|
|
|
2021 |
|
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
63,922 |
|
|
$ |
84,063 |
|
Accounts receivable, net |
|
38,444 |
|
|
|
42,620 |
|
Inventories, net |
|
156,207 |
|
|
|
148,216 |
|
Derivative assets |
|
2,515 |
|
|
|
905 |
|
Prepaid and other assets |
|
6,981 |
|
|
|
14,066 |
|
Total current assets |
|
268,069 |
|
|
|
289,870 |
|
Property and
equipment: |
|
|
|
Land |
|
868 |
|
|
|
868 |
|
Building |
|
7,352 |
|
|
|
7,352 |
|
Machinery and equipment |
|
26,532 |
|
|
|
29,533 |
|
Leasehold improvements |
|
4,351 |
|
|
|
5,172 |
|
|
|
39,103 |
|
|
|
42,925 |
|
Less accumulated depreciation and amortization |
|
(30,620 |
) |
|
|
(32,318 |
) |
Total property and equipment, net |
|
8,483 |
|
|
|
10,607 |
|
Non-current
assets: |
|
|
|
Software development costs, less accumulated amortization |
|
7,302 |
|
|
|
7,553 |
|
Intangible assets, net |
|
1,246 |
|
|
|
1,565 |
|
Operating lease - right of use assets, net |
|
8,460 |
|
|
|
10,624 |
|
Deferred income taxes |
|
3,442 |
|
|
|
3,154 |
|
Investments and other assets, net |
|
9,235 |
|
|
|
9,562 |
|
Total non-current assets |
|
29,685 |
|
|
|
32,458 |
|
Total assets |
$ |
306,237 |
|
|
$ |
332,935 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
40,707 |
|
|
$ |
48,881 |
|
Customer deposits |
|
4,839 |
|
|
|
8,593 |
|
Derivative liabilities |
|
3,632 |
|
|
|
467 |
|
Operating lease liabilities |
|
3,973 |
|
|
|
4,221 |
|
Accrued payroll and employee benefits |
|
10,751 |
|
|
|
10,389 |
|
Accrued income taxes |
|
2,611 |
|
|
|
1,192 |
|
Accrued expenses |
|
5,397 |
|
|
|
5,911 |
|
Accrued warranty expenses |
|
1,426 |
|
|
|
1,516 |
|
Total current liabilities |
|
73,336 |
|
|
|
81,170 |
|
Non-current
liabilities: |
|
|
|
Deferred income taxes |
|
67 |
|
|
|
68 |
|
Accrued tax liability |
|
1,281 |
|
|
|
1,749 |
|
Operating lease liabilities |
|
4,814 |
|
|
|
6,794 |
|
Deferred credits and other |
|
4,095 |
|
|
|
4,735 |
|
Total non-current liabilities |
|
10,257 |
|
|
|
13,346 |
|
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; 6,645,352 and 6,691,052 shares issued and
6,566,994 and 6,617,717 shares outstanding, as of October 31, 2022
and October 31, 2021, respectively |
|
657 |
|
|
|
662 |
|
Additional paid-in capital |
|
63,635 |
|
|
|
63,924 |
|
Retained earnings |
|
179,877 |
|
|
|
175,574 |
|
Accumulated other comprehensive loss |
|
(21,525 |
) |
|
|
(1,741 |
) |
Total shareholders' equity |
|
222,644 |
|
|
|
238,419 |
|
Total liabilities and shareholders' equity |
$ |
306,237 |
|
|
$ |
332,935 |
|
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