SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Amendment No. 1)
(Mark One)
X Quarterly report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended April 30, 2001 or
Transition report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934 for the transition period from _________ to
_________.
Commission File No. 0-9143
HURCO COMPANIES, INC.
(Exact name of registrant as specified in its charter)
Indiana 35-1150732
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(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
One Technology Way
Indianapolis, Indiana 46268
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (317) 293-5309
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Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months, and (2) has been subject to the filing
requirements for the past 90 days:
Yes X No
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The number of shares of the Registrant's common stock outstanding as of June 4,
2001 was 5,580,658.
This Form 10-Q/A is being filed soley for the purpose of amending Part I, Item 2
in our Quarterly Report Form 10-Q for the period ended April 30, 2001 which was
filed with the Commission on June 13, 2001 to correct a typographical error.
As amended, Item 2 "Liquidity and Capital Resources" now states that the Company
paid $1.7 million for stock repurchased during the first six months
of fiscal 2001.
LIQUIDITY AND CAPITAL RESOURCES
At April 30, 2001, we had cash and cash equivalents of $3.3 million compared to
$3.4 million at October 31, 2000. Cash used for operations totaled $3.3 million
in the first half of fiscal 2001, compared to $5.7 million provided by
operations in the same period of fiscal 2000. This difference is attributable to
the significantly lower net income in the fiscal 2001 periods, capital
investments of approximately $1.0 million in the first half of fiscal 2001
consisting principally of expenditures for software development projects and
purchases of equipment, and the $1.7 million we spent to repurchase 391,101
shares of our common stock during the first six months of fiscal 2001. We funded
these expenditures with borrowings under our bank credit facility. We anticipate
additional borrowings will be needed to fund operations during the second half
of fiscal 2001.
Net working capital, excluding short-term debt, was $32.6 million at April 30,
2001, compared to $28.1 million at October 31, 2000. The increase in working
capital is attributable to an increase in accounts receivable of $3.0 million
and an increase in inventory of $5.8 million, partially offset by a related
increase in accounts payable of $3.0 million, along with an increase in accrued
expenses of $1.0 million. The increase in inventory relates primarily to
increased units of finished product available for sale, because shipments during
the period to customers in the U.S. and Southeast Asia markets were below
planned levels. We have adjusted our production schedules which will begin to
take effect in the fourth fiscal quarter of 2001. We do not expect a significant
reduction in operating working capital until the first half of fiscal 2002.
Total debt at April 30, 2001 was $9.9 million representing 21% of total
capitalization, compared to $3.7 million or 9% of total capitalization at
October 31, 2000.
We were in compliance with all of our loan covenants at April 30, 2001. Our bank
credit facility matures May 31, 2002. We believe that we will be able to obtain
replacement credit facilities under acceptable terms. We believe that available
borrowings under current and replacement credit facilities will be sufficient to
meet our anticipated cash requirements in the foreseeable future.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HURCO COMPANIES, INC.
By: /s/ Roger J. Wolf
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Roger J. Wolf
Senior Vice President and
Chief Financial Officer
By: /s/ Stephen J. Alesia
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Stephen J. Alesia
Corporate Controller and
Principal Accounting Officer
June 18, 2001