$HURC
HURCO COMPANIES INC

2019 Q1 Form 10-Q Financial Statement

#000114420419013007 Filed on March 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $74.21M $68.44M
YoY Change 8.43% 40.42%
Cost Of Revenue $52.07M $48.32M
YoY Change 7.76% 33.64%
Gross Profit $22.14M $20.12M
YoY Change 10.04% 59.87%
Gross Profit Margin 29.84% 29.4%
Selling, General & Admin $13.91M $12.97M
YoY Change 7.31% 16.11%
% of Gross Profit 62.84% 64.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $940.0K $890.0K
YoY Change 5.62% -7.29%
% of Gross Profit 4.25% 4.42%
Operating Expenses $13.91M $12.97M
YoY Change 7.31% 16.11%
Operating Profit $8.228M $7.155M
YoY Change 15.0% 404.23%
Interest Expense $12.00K $20.00K
YoY Change -40.0% -4.76%
% of Operating Profit 0.15% 0.28%
Other Income/Expense, Net $567.0K $168.0K
YoY Change 237.5% -429.41%
Pretax Income $9.107M $7.437M
YoY Change 22.46% 423.0%
Income Tax $2.453M $4.500M
% Of Pretax Income 26.94% 60.51%
Net Earnings $6.654M $2.937M
YoY Change 126.56% 234.13%
Net Earnings / Revenue 8.97% 4.29%
Basic Earnings Per Share $0.98 $0.44
Diluted Earnings Per Share $0.97 $0.43
COMMON SHARES
Basic Shares Outstanding 6.735M 6.659M
Diluted Shares Outstanding 6.807M 6.745M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.80M $80.20M
YoY Change -12.97% 45.55%
Cash & Equivalents $69.76M $80.24M
Short-Term Investments
Other Short-Term Assets $2.183M $2.726M
YoY Change -19.92% 39.29%
Inventory $146.7M $131.5M
Prepaid Expenses $8.418M $8.105M
Receivables $53.05M $41.61M
Other Receivables $0.00 $0.00
Total Short-Term Assets $281.2M $265.6M
YoY Change 5.89% 21.83%
LONG-TERM ASSETS
Property, Plant & Equipment $13.19M $12.72M
YoY Change 3.7% 2.39%
Goodwill $2.403M $2.586M
YoY Change -7.08% 13.47%
Intangibles $916.0K $1.092M
YoY Change -16.12% -1.53%
Long-Term Investments $8.400M $7.700M
YoY Change 9.09% 13.24%
Other Assets $8.388M $7.658M
YoY Change 9.53% 12.93%
Total Long-Term Assets $34.87M $35.22M
YoY Change -1.01% 4.09%
TOTAL ASSETS
Total Short-Term Assets $281.2M $265.6M
Total Long-Term Assets $34.87M $35.22M
Total Assets $316.1M $300.8M
YoY Change 5.08% 19.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.24M $57.60M
YoY Change -4.1% 43.06%
Accrued Expenses $4.909M $17.01M
YoY Change -71.14% 36.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.590M
YoY Change -100.0% 9.43%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $80.12M $82.40M
YoY Change -2.77% 46.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.900M $6.400M
YoY Change -7.81% 45.45%
Total Long-Term Liabilities $5.939M $8.297M
YoY Change -28.42% -8.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.12M $82.40M
Total Long-Term Liabilities $5.939M $8.297M
Total Liabilities $86.06M $90.70M
YoY Change -5.12% 38.94%
SHAREHOLDERS EQUITY
Retained Earnings $173.8M $151.5M
YoY Change 14.67% 10.59%
Common Stock $676.0K $669.0K
YoY Change 1.05% 1.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $230.0M $210.1M
YoY Change
Total Liabilities & Shareholders Equity $316.1M $300.8M
YoY Change 5.08% 19.44%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $6.654M $2.937M
YoY Change 126.56% 234.13%
Depreciation, Depletion And Amortization $940.0K $890.0K
YoY Change 5.62% -7.29%
Cash From Operating Activities -$3.969M $14.46M
YoY Change -127.44% -9.59%
INVESTING ACTIVITIES
Capital Expenditures $782.0K $855.0K
YoY Change -8.54% 7.14%
Acquisitions
YoY Change
Other Investing Activities $20.00K $60.00K
YoY Change -66.67%
Cash From Investing Activities -$1.221M -$1.422M
YoY Change -14.14% 11.09%
FINANCING ACTIVITIES
Cash Dividend Paid $747.0K $668.0K
YoY Change 11.83% 12.84%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.700M -678.0K
YoY Change 298.23% -36.34%
NET CHANGE
Cash From Operating Activities -3.969M 14.46M
Cash From Investing Activities -1.221M -1.422M
Cash From Financing Activities -2.700M -678.0K
Net Change In Cash -7.890M 12.36M
YoY Change -163.82% -9.44%
FREE CASH FLOW
Cash From Operating Activities -$3.969M $14.46M
Capital Expenditures $782.0K $855.0K
Free Cash Flow -$4.751M $13.61M
YoY Change -134.92% -10.47%

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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWithheldWeightedAverageGrantDateFairValue
29.67
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
197772
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
39.86
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
709000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
549000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
6654000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
2937000
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
53000
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
21000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6601000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2916000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6735000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6659000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
72000
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
86000
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.98
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.44
CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
980000
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1000000
CY2019Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
41895000
CY2018Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
38303000
CY2019Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
18693000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
22786000
CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
86127000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
76520000
CY2019Q1 us-gaap Inventory Net
InventoryNet
146715000
CY2018Q4 us-gaap Inventory Net
InventoryNet
137609000
CY2019Q1 hurc Number Of Guarantees
NumberOfGuarantees
25
CY2019Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
687000
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2499000
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1772000
CY2019Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
962000
CY2018Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
980000
CY2019Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
868000
CY2018Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
771000
CY2019Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
27000
CY2018Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
62000
CY2019Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2620000
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2043000
CY2019Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
28000
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
223000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
205000
CY2019Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
143100000
CY2018Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
145200000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-270000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1142000
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
3000
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
-74000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-79000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-382000
CY2019Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
8515000
CY2018Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
14032000
CY2019Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
7587000
CY2018Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
5180000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
39953000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
38861000
CY2019Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2018Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q1 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2018Q4 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2019Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
12500000
CY2019Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6955895
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6891508
CY2019Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
6758123
CY2018Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
6723160
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
12500000
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.27
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.61
CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-9863000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
210000
CY2019Q1 us-gaap Increase Decrease In Derivative Assets And Liabilities
IncreaseDecreaseInDerivativeAssetsAndLiabilities
-451000
CY2018Q1 us-gaap Increase Decrease In Derivative Assets And Liabilities
IncreaseDecreaseInDerivativeAssetsAndLiabilities
-40000
CY2019Q1 hurc Term Of Product Warranty
TermOfProductWarranty
P1Y
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6807000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6745000
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
747000
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
668000
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
499000
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
502000
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
492000
CY2019Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
1454000
CY2018Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
0
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2700000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-678000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
9107000
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
7437000
CY2019Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2019Q1 hurc Unrecognized Tax Benefits Expiration Term
UnrecognizedTaxBenefitsExpirationTerm
expire between July 2019 and July 2022
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5600000

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