Hurco Companies (HURC) 10-Q 10 Mar 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jan. 31, 2017	Feb. 24, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	HURCO COMPANIES INC
Entity Central Index Key	315,374
Current Fiscal Year End Date	--10-31
Entity Filer Category	Accelerated Filer
Trading Symbol	HURC
Entity Common Stock, Shares Outstanding		6,602,863

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Sales and service fees	$ 48,744	$ 56,503
Cost of sales and service	36,158	38,805
Gross profit	12,586	17,698
Selling, general and administrative expenses	11,167	11,961
Operating income	1,419	5,737
Interest expense	21	24
Interest income	11	15
Investment income (expense)	64	102
Other (income) expense, net	51	226
Income (loss) before taxes	1,422	5,604
Provision for income taxes	543	1,709
Net income (loss)	$ 879	$ 3,895
Income per common share
Basic (in dollars per share)	$ 0.13	$ 0.59
Diluted (in dollars per share)	$ 0.13	$ 0.58
Weighted average common shares outstanding
Basic (in shares)	6,583	6,558
Diluted (in shares)	6,668	6,623
Dividends paid per share	$ 0.09	$ 0.08

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Net income (loss)	$ 879	$ 3,895
Other comprehensive income (loss):
Translation of foreign currency financial statements	(103)	(2,411)
(Gain) / loss on derivative instruments reclassified into operations, net of tax of $115 and $(510), respectively	209	(928)
Gain / (loss) on derivative instruments, net of tax of $181 and $93, respectively	329	169
Total other comprehensive income (loss)	435	(3,170)
Comprehensive income	$ 1,314	$ 725

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Realized loss (gains) on derivative instruments reclassified into operations, tax	$ 115	$ (510)
Unrealized (loss) gains on derivative instruments, tax	$ 181	$ 93

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 31, 2017	Oct. 31, 2016
Current assets:
Cash and cash equivalents	$ 55,140	$ 41,217
Accounts receivable, net	31,848	48,631
Inventories, net	117,762	117,025
Derivative assets	2,021	1,725
Prepaid assets	9,260	8,207
Other	1,957	1,576
Total current assets	217,988	218,381
Property and equipment:
Land	841	841
Building	7,352	7,352
Machinery and equipment	24,215	23,515
Leasehold improvements	3,510	3,487
Property and equipment, gross	35,918	35,195
Less accumulated depreciation and amortization	(23,495)	(22,898)
Total property and equipment	12,423	12,297
Non-current assets:
Software development costs, less accumulated amortization	5,119	4,926
Goodwill	2,279	2,314
Intangible assets, net	1,109	1,150
Deferred income taxes	6,128	6,138
Investments and other assets, net	6,781	6,743
Total non-current assets	21,416	21,271
Total assets	251,827	251,949
Current liabilities:
Accounts payable	40,266	37,200
Accrued expenses and other	12,476	17,231
Accrued warranty expenses	1,533	1,523
Derivative liabilities	489	538
Short-term debt	1,453	1,476
Total current liabilities	56,217	57,968
Non-current liabilities:
Deferred income taxes	4,618	4,294
Accrued tax liability	1,153	963
Deferred credits and other	3,291	3,249
Total non-current liabilities	9,062	8,506
Shareholders' equity:
Preferred stock: no par value per share, 1,000,000 shares authorized; no shares issued	0	0
Common stock: no par value, $.10 stated value per share, 12,500,000 shares authorized, 6,754,922 and 6,720,453 shares issued; and 6,602,863 and 6,573,103 shares outstanding, as of January 31, 2017 and October 31, 2016, respectively	660	657
Additional paid-in capital	59,467	59,119
Retained earnings	137,029	136,742
Accumulated other comprehensive loss	(10,608)	(11,043)
Total shareholders' equity	186,548	185,475
Total liabilities and shareholders' equity	$ 251,827	$ 251,949

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 31, 2017	Oct. 31, 2016
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, stated value per share	$ 0.10	$ 0.10
Common stock, shares authorized	12,500,000	12,500,000
Common stock, shares issued	6,754,922	6,720,453
Common stock, shares outstanding	6,602,863	6,573,103

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Cash flows from operating activities:
Net income	$ 879	$ 3,895
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision for doubtful accounts	19	(52)
Deferred income taxes	(377)	469
Equity in income of affiliates	(223)	(150)
Depreciation and amortization	959	962
Foreign currency (gain) loss	927	436
Unrealized (gain) loss on derivatives	(683)	(60)
Stock-based compensation	348	334
Change in assets and liabilities:
(Increase) decrease in accounts receivable	16,493	2,483
(Increase) decrease in inventories	(474)	(6,256)
(Increase) decrease in prepaid expenses	(659)	(1,017)
Increase (decrease) in accounts payable	2,785	1,457
Increase (decrease) in accrued expenses	(4,694)	(2,887)
Net change in derivative assets and liabilities	194	333
Other	26	(681)
Net cash provided by (used for) operating activities	15,520	(734)
Cash flows from investing activities:
Purchase of property and equipment	(798)	(635)
Proceeds from sale of equipment	0	4
Software development costs	(482)	(477)
Net cash provided by (used for) investing activities	(1,280)	(1,108)
Cash flows from financing activities:
Dividends paid	(592)	(525)
Restricted shares vested	3	1
Net cash provided by (used for) financing activities	(589)	(524)
Effect of exchange rate changes on cash	272	(1,085)
Net increase (decrease) in cash and cash equivalents	13,923	(3,451)
Cash and cash equivalents at beginning of period	41,217	55,237
Cash and cash equivalents at end of period	$ 55,140	$ 51,786

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balances, Beginning at Oct. 31, 2015	$ 174,568	$ 655	$ 57,539	$ 125,760	$ (9,386)
Balances, Beginning (Shares) at Oct. 31, 2015		6,551,718
Net income	3,895	$ 0	0	3,895	0
Other comprehensive loss	(3,170)	0	0	0	(3,170)
Stock-based compensation	335	$ 1	334	0	0
Stock-based compensation (shares)		12,299
Dividends paid	(525)	$ 0	0	(525)	0
Balances, Ending at Jan. 31, 2016	175,103	$ 656	57,873	129,130	(12,556)
Balances, Ending (Shares) at Jan. 31, 2016		6,564,017
Balances, Beginning at Oct. 31, 2016	185,475	$ 657	59,119	136,742	(11,043)
Balances, Beginning (Shares) at Oct. 31, 2016		6,573,103
Net income	879	$ 0	0	879	0
Other comprehensive loss	435	0	0	0	435
Stock-based compensation	351	$ 3	348	0	0
Stock-based compensation (shares)		29,760
Dividends paid	(592)	$ 0	0	(592)	0
Balances, Ending at Jan. 31, 2017	$ 186,548	$ 660	$ 59,467	$ 137,029	$ (10,608)
Balances, Ending (Shares) at Jan. 31, 2017		6,602,863

GENERAL

GENERAL	3 Months Ended
	Jan. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	1. GENERAL The unaudited Condensed Consolidated Financial Statements include the accounts of Hurco Companies, Inc. and its consolidated subsidiaries. As used in this report, unless the context indicates otherwise, the terms “we”, “us”, “our” and similar language refer to Hurco Companies, Inc. and its consolidated subsidiaries as a whole. We design, manufacture and sell computerized (i.e., Computer Numeric Control or 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, software options, control upgrades, accessories and replacement parts for our products, as well as customer service and training support. The condensed financial information as of January 31, 2017 and for the three months ended January 31, 2017 and January 31, 2016 is unaudited. However, in our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position, results of operations, changes in shareholders’ equity and cash flows for and at the end of the interim periods. We suggest that you read these condensed consolidated financial statements in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended October 31, 2016.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Jan. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	2. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to certain market risks relating to our ongoing business operations, including foreign currency risk, interest rate risk and credit risk. We manage our exposure to these and other market risks through regular operating and financing activities. Currently, the only risk that we manage through the use of derivative instruments is foreign currency risk in which we enter into derivative instruments in the form of foreign currency forward exchange contracts with a major financial institution. We enter into these forward exchange contracts to reduce the potential effects of foreign exchange rate movements on our net equity investment in one of our foreign subsidiaries, to reduce the impact on gross profit and net earnings from sales and purchases denominated in foreign currencies, and to reduce the impact on our net earnings of foreign currency fluctuations on receivables and payables denominated in foreign currencies that are different than the subsidiaries’ functional currency. We are primarily exposed to foreign currency exchange rate risk with respect to transactions and net assets denominated in Euros, Pounds Sterling, Indian Rupee, South African Rand, Singapore Dollars, Chinese Yuan, Polish Zloty, and New Taiwan Dollars. We record all derivative instruments as assets or liabilities at fair value. Derivatives Designated as Hedging Instruments We enter into foreign currency forward exchange contracts periodically to hedge certain forecasted inter-company sales and purchases denominated in foreign currencies (the Pound Sterling, Euro and New Taiwan Dollar). The purpose of these instruments is to mitigate the risk that the U.S. Dollar net cash inflows and outflows resulting from sales and purchases denominated in foreign currencies will be adversely affected by changes in exchange rates. These forward contracts have been designated as cash flow hedge instruments and are recorded in the Condensed Consolidated Balance Sheets at fair value in Derivative assets and Derivative liabilities. The effective portion of the gains and losses resulting from the changes in the fair value of these hedge contracts are deferred in Accumulated other comprehensive loss and recognized as an adjustment to Cost of sales and service in the period that the corresponding inventory sold that is the subject of the related hedge contract is recognized, thereby providing an offsetting economic impact against the corresponding change in the U.S. Dollar value of the inter-company sale or purchase being hedged. The ineffective portion of gains and losses resulting from the changes in the fair value of these hedge contracts is reported in Other (income) expense, net immediately. We perform quarterly assessments of hedge effectiveness by verifying and documenting the critical terms of the hedge instrument and determining that forecasted transactions have not changed significantly. We also assess on a quarterly basis whether there have been adverse developments regarding the risk of a counterparty default. We had forward contracts outstanding as of January 31, 2017, denominated in Euros, Pounds Sterling and New Taiwan Dollars with set maturity dates ranging from February 2017 through January 2018. 21.6 5.7 21.1 1.8 857,000 We are exposed to foreign currency exchange risk related to our investment in net assets in foreign countries. To manage this risk, we entered into a forward contract with a notional amount of € 3.0 809,000 6,000 Derivatives Not Designated as Hedging Instruments We enter into foreign currency forward exchange contracts to protect against the effects of foreign currency fluctuations on receivables and payables denominated in foreign currencies. These derivative instruments are not designated as hedges under the FASB guidance and, as a result, changes in their fair value are reported currently as Other (income) expense, net in the Condensed Consolidated Statements of Income consistent with the transaction gain or loss on the related receivables and payables denominated in foreign currencies. We had forward contracts outstanding as of January 31, 2017, in Euros, Pounds Sterling, South African Rand, and New Taiwan Dollars with set maturity dates ranging from February 2017 through May 2017. 57.2 Fair Value of Derivative Instruments We recognize the fair value of derivative instruments as assets and liabilities on a gross basis on our Condensed Consolidated Balance Sheets. As of January 31, 2017 and October 31, 2016, all derivative instruments were recorded at fair value on the balance sheets as follows (in thousands): January 31, 2017 October 31, 2016 Balance Sheet Fair Balance Sheet Fair Derivatives Location Value Location Value Designated as Hedging Instruments: Foreign exchange forward contracts Derivative assets $ 1,447 Derivative assets $ 1,721 Foreign exchange forward contracts Derivative liabilities $ 128 Derivative liabilities $ 173 Not Designated as Hedging Instruments: Foreign exchange forward contracts Derivative assets $ 574 Derivative assets $ 4 Foreign exchange forward contracts Derivative liabilities $ 361 Derivative liabilities $ 365 Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Changes in Shareholders’ Equity and Condensed Consolidated Statements of Income Derivative instruments had the following effects on our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Changes in Shareholders’ Equity and Condensed Consolidated Statements of Income, net of tax, during the three months ended January 31, 2017 and 2016 (in thousands): Location of Gain (Loss) Amount of Gain Amount of Gain Reclassified (Loss) Reclassified (Loss) Recognized in from Other from Other Other Comprehensive Comprehensive Comprehensive Derivatives Income (Loss) Income (Loss) Income (Loss) Three Months Ended Three Months Ended January 31, January 31, 2017 2016 2017 2016 Designated as Hedging Instruments: (Effective portion) Foreign exchange forward contracts – Intercompany sales/purchases $ 329 $ 169 Cost of sales and service $ (209) $ 928 Foreign exchange forward contract – Net investment $ 39 $ 36 We recognized a loss of $ 136,000 Location of Gain (Loss) Recognized Amount of Gain (Loss) Derivatives in Operations Recognized in Operations Three Months Ended January 31, 2017 2016 Not Designated as Hedging Instruments: Foreign exchange forward contracts Other (income) expense, net $ (790) $ 139 The following table presents the changes in the components of Accumulated other comprehensive loss, net of tax, for the three months ended January 31, 2017 (in thousands): Foreign Cash Currency Flow Translation Hedges Total Balance, October 31, 2016 $ (12,325) $ 1,282 $ (11,043) Other comprehensive income (loss) before reclassifications (103) 329 226 Reclassifications — 209 209 Balance, January 31, 2017 $ (12,428) $ 1,820 $ (10,608)

EQUITY INCENTIVE PLAN

EQUITY INCENTIVE PLAN	3 Months Ended
	Jan. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY INCENTIVE PLAN	3. EQUITY INCENTIVE PLAN In March 2016, we adopted the Hurco Companies, Inc. 2016 Equity Incentive Plan (the “2016 Equity Plan”), which allows us to grant awards of stock options, stock appreciation rights (“SARs”), restricted stock, stock units and other stock-based awards. The 2016 Equity Plan replaced the 2008 Equity Incentive Plan (the “2008 Plan”) and is the only active plan under which equity awards may be made by us to our employees and non-employee directors. No further awards will be made under our 2008 Plan. The total number of shares of our common stock that may be issued pursuant to awards under the 2016 Equity Plan is 856,048 386,048 The Compensation Committee of the Board of Directors has the authority to determine the officers, directors and key employees who will be granted awards under the 2016 Equity Plan; designate the number of shares subject to each award; determine the terms and conditions upon which awards will be granted; and prescribe the form and terms of award agreements. We have granted restricted shares and performance units under the 2016 Equity Plan, which are currently outstanding, and we have granted stock options, restricted shares and performance shares under the 2008 Plan which are currently outstanding. No stock option may be exercised more than ten years after the date of grant or such shorter period as the Compensation Committee may determine at the date of grant. The market value of a share of our common stock, for purposes of the 2016 Equity Plan, is the closing sale price as reported by the Nasdaq Global Select Market on the date in question or, if not a trading day, on the last preceding trading date. A summary of stock option activity for the three-month period ended January 31, 2017, is as follows: Weighted Average Stock Exercise Options Price Outstanding at October 31, 2016 107,889 $ 20.25 Options granted — — Options exercised — — Options cancelled — — Outstanding at January 31, 2017 107,889 $ 20.25 Summarized information about outstanding stock options as of January 31, 2017, that have already vested and those that are expected to vest, as well as stock options that are currently exercisable, are as follows: Options Already Vested and Options Currently Expected to Vest Exercisable Number of outstanding options 107,889 107,889 Weighted average remaining contractual life (years) 4.12 4.12 Weighted average exercise price per share $ 20.25 $ 20.25 Intrinsic value of outstanding options $ 1,142,700 $ 1,142,700 The intrinsic value of an outstanding stock option is calculated as the difference between the stock price as of January 31, 2017 and the exercise price of the option. On March 10, 2016, the Compensation Committee granted a total of 9,170 30.52 On January 5, 2017, the Compensation Committee determined the degree to which the long-term incentive compensation arrangement approved for the fiscal 2014-2016 performance period was attained, and the resulting payout level relative to the target amount for each of the metrics that were established by the Committee in 2014. As a result, the Committee determined that a total of 30,683 January 5, 2017 33.90 On January 5, 2017, the Compensation Committee also approved a long-term incentive compensation arrangement for our executive officers in the form of restricted shares and performance stock units (“PSUs”) under the 2016 Equity Plan, which will be payable in shares of our common stock if earned and vested. The awards were 25 75 On that date, the Compensation Committee granted a total of 14,747 33.90 On January 5, 2017, the Compensation Committee also granted a total target number of 18,496 40 50 200 43.25 On January 5, 2017, the Compensation Committee also granted a total target number of 20,647 35 50 200 33.90 A reconciliation of the Company’s restricted stock, performance share and PSU activity and related information for the three-month period ended January 31, 2017 is as follows: Weighted Average Number of Grant Date Shares Fair Value Unvested at October 31, 2016 147,350 $ 28.79 Shares granted 56,091 36.69 Shares vested (29,760) 25.89 Shares cancelled (7,678) 29.98 Shares withheld (13,944) 25.89 Unvested at January 31, 2017 152,059 $ 32.47 During the first three months of fiscal 2017 and 2016, we recorded $ 351,000 335,000 3.5

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jan. 31, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	4. EARNINGS PER SHARE Per share results have been computed based on the average number of common shares outstanding over the period in question. The computation of basic and diluted net income per share is determined using net income applicable to common shareholders as the numerator and the number of shares outstanding as the denominator as follows (in thousands, except per share amounts): Three Months Ended January 31, 2017 2016 Basic Diluted Basic Diluted Net income $ 879 $ 879 $ 3,895 $ 3,895 Undistributed earnings allocated to participating shares (5) (5) (22) (22) Net income applicable to common shareholders $ 874 $ 874 $ 3,873 $ 3,873 Weighted average shares outstanding 6,583 6,583 6,558 6,558 Stock options and contingently issuable securities — 85 — 65 6,583 6,668 6,558 6,623 Income per share $ 0.13 $ 0.13 $ 0.59 $ 0.58

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	3 Months Ended
	Jan. 31, 2017
Receivables [Abstract]
ACCOUNTS RECEIVABLE	5. ACCOUNTS RECEIVABLE Accounts receivable are net of allowances for doubtful accounts of $ 683,000 664,000

INVENTORIES

INVENTORIES	3 Months Ended
	Jan. 31, 2017
Inventory Disclosure [Abstract]
INVENTORIES	6. INVENTORIES Inventories, priced at the lower of cost (first-in, first-out method) or market, are summarized below (in thousands): January 31, October 31, 2017 2016 Purchased parts and sub-assemblies $ 27,118 $ 25,661 Work-in-process 16,474 17,724 Finished goods 74,170 73,640 $ 117,762 $ 117,025

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Jan. 31, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	7. SEGMENT INFORMATION We operate in a single segment: industrial automation equipment. We design, manufacture and sell computerized 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. 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, software options, control upgrades, accessories and replacement parts for our products, as well as customer service and training support.

GUARANTEES AND PRODUCT WARRANTI

GUARANTEES AND PRODUCT WARRANTIES	3 Months Ended
	Jan. 31, 2017
Standard Product Warranty Disclosure [Abstract]
GUARANTEES AND PRODUCT WARRANTIES	8. GUARANTEES AND PRODUCT WARRANTIES From time to time, our subsidiaries guarantee third party payment obligations in connection with the sale of machines to customers that use financing. We follow FASB guidance for accounting for guarantees (codified in ASC 460). As of January 31, 2017, we had 23 1.1 We provide warranties on our products with respect to defects in material and workmanship. The terms of these warranties are generally one year for machines and certain components and shorter periods for service parts. We recognize a reserve with respect to this obligation at the time of product sale, with subsequent warranty claims recorded against the reserve. Three Months Ended January 31, 2017 2016 Balance, beginning of period $ 1,523 $ 2,186 Provision for warranties during the period 806 688 Charges to the reserve (790) (771) Impact of foreign currency translation (6) (47) Balance, end of period $ 1,533 $ 2,056 The year-over-year decrease in our warranty reserve was primarily due to a reduction in unit sales volume, as well as a reduction in average warranty cost per machine as our product mix of machines under warranty shifted from more complex, higher-performance machines.

DEBT AGREEMENTS

DEBT AGREEMENTS	3 Months Ended
	Jan. 31, 2017
Debt Disclosure [Abstract]
DEBT AGREEMENTS	9. DEBT AGREEMENTS On December 6, 2016, we entered into a fourth amendment to our U.S. credit agreement, among other things, to increase the unsecured revolving credit facility from $ 12.5 15.0 4.0 5.0 December 31, 2018 90.0 105.0 120.0 125.0 On February 16, 2017, we amended our credit facility in China to decrease the credit facility from 40.0 20.0 2.9 February 15, 2018 1.5 4.4 4.6 1.0 1.5 All of our credit facilities are unsecured. At January 31, 2017, we were in compliance with all covenants contained in the related credit agreements and, as of that date, we had unutilized credit facilities of $ 22.2

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jan. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES Our effective tax rate for the first three months of fiscal 2017 was 38 31 543,000 1.7 Our unrecognized tax benefits were $ 1.2 1.1 We recognize accrued interest and penalties related to unrecognized tax benefits as components of income tax expense. As of January 31, 2017, the gross amount of interest accrued, reported in Accrued expenses and other, was approximately $ 57,000 We file U.S. federal and state income tax returns, as well as tax returns in several foreign jurisdictions. The statutes of limitations with respect to unrecognized tax benefits will expire between July 2017 and July 2019

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Jan. 31, 2017
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	11. FINANCIAL INSTRUMENTS FASB fair value guidance established a three-tier fair value hierarchy, which categorizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exist, therefore requiring an entity to develop its own assumptions. Assets Liabilities January 31, October 31, January 31, October 31, 2017 2016 2017 2016 Level 1 Deferred Compensation $ 1,434 $ 1,363 $ - $ - Level 2 Derivatives $ 2,021 $ 1,725 $ 489 $ 538 Included in Level 1 assets are mutual fund investments under a nonqualified deferred compensation plan. We estimate the fair value of these investments on a recurring basis using market prices which are readily available. Included in Level 2 fair value measurements are derivative assets and liabilities related to gains and losses on foreign currency forward exchange contracts entered into with a third party. We estimate the fair value of these derivatives on a recurring basis using foreign currency exchange rates obtained from active markets. Derivative instruments are reported in the accompanying consolidated financial statements at fair value. We have derivative financial instruments in the form of foreign currency forward exchange contracts as described in Note 2 of Notes to the Condensed Consolidated Financial Statements in which the U.S. Dollar equivalent notional amounts of these contracts was $ 109.0 125.6 2.0 1.7 0.5 The fair value of our foreign currency forward exchange contracts and the related currency positions are subject to offsetting market risk resulting from foreign currency exchange rate volatility. The counterparty to the forward exchange contracts is a substantial and creditworthy financial institution. We do not consider either the risk of counterparty non-performance or the economic consequences of counterparty non-performance as material risks.

CONTINGENCIES AND LITIGATION

CONTINGENCIES AND LITIGATION	3 Months Ended
	Jan. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND LITIGATION	12. CONTINGENCIES AND LITIGATION We are involved in various claims and lawsuits arising in the normal course of business. Pursuant to applicable accounting rules, we accrue the minimum liability for each known claim when the estimated outcome is a range of possible loss and no one amount within that range is more likely than another. We maintain insurance policies for such matters, and we record insurance recoveries when we determine such recovery to be probable. We do not expect any of these claims, individually or in the aggregate, to have a material adverse effect on our consolidated financial position or results of operations. We believe that the ultimate resolution of claims for any losses will not exceed our insurance policy coverages.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jan. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	13. NEW ACCOUNTING PRONOUNCEMENTS In December 2016, the FASB issued Accounting Standards Update, or ASU, No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, Revenue from Contracts with Customers (Topic 606). In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendment provides a more robust framework to use in determining when a set of transferred assets and activities (“set”) is a business. ASU 2017-01 is effective for our fiscal year 2019, including interim periods within the fiscal year. We do not expect that the adoption of this accounting standard update will have a material effect on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles–Goodwill and Other (Topic 350): Simplifying the Test of Goodwill Impairment

DERIVATIVE INSTRUMENTS AND HE22

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Jan. 31, 2017
Schedule of Fair Value of Derivative Instruments	January 31, 2017 October 31, 2016 Balance Sheet Fair Balance Sheet Fair Derivatives Location Value Location Value Designated as Hedging Instruments: Foreign exchange forward contracts Derivative assets $ 1,447 Derivative assets $ 1,721 Foreign exchange forward contracts Derivative liabilities $ 128 Derivative liabilities $ 173 Not Designated as Hedging Instruments: Foreign exchange forward contracts Derivative assets $ 574 Derivative assets $ 4 Foreign exchange forward contracts Derivative liabilities $ 361 Derivative liabilities $ 365
Period One [Member]
Schedule of Changes in Components of Accumulated Other Comprehensive Loss	Foreign Cash Currency Flow Translation Hedges Total Balance, October 31, 2016 $ (12,325) $ 1,282 $ (11,043) Other comprehensive income (loss) before reclassifications (103) 329 226 Reclassifications — 209 209 Balance, January 31, 2017 $ (12,428) $ 1,820 $ (10,608)
Period One [Member] | Designated as Hedging Instrument [Member]
Schedule of Effect of Derivative Instruments on the Balance Sheets, Statements of Changes in Shareholders' Equity and Statements of Operations	Location of Gain (Loss) Amount of Gain Amount of Gain Reclassified (Loss) Reclassified (Loss) Recognized in from Other from Other Other Comprehensive Comprehensive Comprehensive Derivatives Income (Loss) Income (Loss) Income (Loss) Three Months Ended Three Months Ended January 31, January 31, 2017 2016 2017 2016 Designated as Hedging Instruments: (Effective portion) Foreign exchange forward contracts – Intercompany sales/purchases $ 329 $ 169 Cost of sales and service $ (209) $ 928 Foreign exchange forward contract – Net investment $ 39 $ 36
Period One [Member] | Not Designated as Hedging Instrument [Member]
Schedule of Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized Amount of Gain (Loss) Derivatives in Operations Recognized in Operations Three Months Ended January 31, 2017 2016 Not Designated as Hedging Instruments: Foreign exchange forward contracts Other (income) expense, net $ (790) $ 139

EQUITY INCENTIVE PLAN (Tables)

EQUITY INCENTIVE PLAN (Tables)	3 Months Ended
	Jan. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option Activity	Weighted Average Stock Exercise Options Price Outstanding at October 31, 2016 107,889 $ 20.25 Options granted — — Options exercised — — Options cancelled — — Outstanding at January 31, 2017 107,889 $ 20.25
Schedule of Information about Outstanding Stock Options that have Already Vested and those that are Expected to Vest	Options Already Vested and Options Currently Expected to Vest Exercisable Number of outstanding options 107,889 107,889 Weighted average remaining contractual life (years) 4.12 4.12 Weighted average exercise price per share $ 20.25 $ 20.25 Intrinsic value of outstanding options $ 1,142,700 $ 1,142,700
Reconciliation of Restricted Stock Activity and Related Information	Weighted Average Number of Grant Date Shares Fair Value Unvested at October 31, 2016 147,350 $ 28.79 Shares granted 56,091 36.69 Shares vested (29,760) 25.89 Shares cancelled (7,678) 29.98 Shares withheld (13,944) 25.89 Unvested at January 31, 2017 152,059 $ 32.47

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jan. 31, 2017
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended January 31, 2017 2016 Basic Diluted Basic Diluted Net income $ 879 $ 879 $ 3,895 $ 3,895 Undistributed earnings allocated to participating shares (5) (5) (22) (22) Net income applicable to common shareholders $ 874 $ 874 $ 3,873 $ 3,873 Weighted average shares outstanding 6,583 6,583 6,558 6,558 Stock options and contingently issuable securities — 85 — 65 6,583 6,668 6,558 6,623 Income per share $ 0.13 $ 0.13 $ 0.59 $ 0.58

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jan. 31, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories	January 31, October 31, 2017 2016 Purchased parts and sub-assemblies $ 27,118 $ 25,661 Work-in-process 16,474 17,724 Finished goods 74,170 73,640 $ 117,762 $ 117,025

GUARANTEES AND PRODUCT WARRAN26

GUARANTEES AND PRODUCT WARRANTIES (Tables)	3 Months Ended
	Jan. 31, 2017
Standard Product Warranty Disclosure [Abstract]
Reconciliation of Warranty Reserve	A reconciliation of the changes in our warranty reserve is as follows (in thousands): Three Months Ended January 31, 2017 2016 Balance, beginning of period $ 1,523 $ 2,186 Provision for warranties during the period 806 688 Charges to the reserve (790) (771) Impact of foreign currency translation (6) (47) Balance, end of period $ 1,533 $ 2,056

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jan. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Fair Value	In accordance with this guidance, the following table represents the fair value hierarchy for our financial assets and liabilities measured at fair value as of January 31, 2017 and October 31, 2016 (in thousands): Assets Liabilities January 31, October 31, January 31, October 31, 2017 2016 2017 2016 Level 1 Deferred Compensation $ 1,434 $ 1,363 $ - $ - Level 2 Derivatives $ 2,021 $ 1,725 $ 489 $ 538

DERIVATIVE INSTRUMENTS AND HE28

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Jan. 31, 2017	Oct. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative assets	$ 2,021	$ 1,725
Derivative liabilities	489	538
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	1,447	1,721
Derivative liabilities	128	173
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	574	4
Derivative liabilities	$ 361	$ 365

DERIVATIVE INSTRUMENTS AND HE29

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Effect of Derivative Instruments on Consolidated Balance Sheets, Statements of Changes in Shareholders' Equity and Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Designated as Hedging Instrument [Member] | Intercompany sales/purchases [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$ 329	$ 169
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Other Comprehensive Income (Loss)	(209)	928
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)	39	36
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Income And Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Operations	$ (790)	$ 139

DERIVATIVE INSTRUMENTS AND HE30

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Changes in Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Derivative [Line Items]
Beginning Balance	$ (11,043)
Other comprehensive income (loss) before reclassifications	226
Reclassifications	209	$ (928)
Ending Balance	(10,608)
Foreign Currency Translation [Member]
Derivative [Line Items]
Beginning Balance	(12,325)
Other comprehensive income (loss) before reclassifications	(103)
Reclassifications	0
Ending Balance	(12,428)
Cash Flow Hedges [Member]
Derivative [Line Items]
Beginning Balance	1,282
Other comprehensive income (loss) before reclassifications	329
Reclassifications	209
Ending Balance	$ 1,820

DERIVATIVE INSTRUMENTS AND HE31

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) € in Millions	3 Months Ended
	Jan. 31, 2017USD ($)	Jan. 31, 2017EUR (€)	Oct. 31, 2016USD ($)
Derivative financial instruments:
Notional principal of foreign exchange contracts	$ 109,000,000		$ 125,600,000
(Losses) gains, net of tax, related to cash flow hedges deferred in Accumulated Other Comprehensive Loss	1,800,000
Unrealized gain (loss), net of tax, to be reclassified in next 12 months	857,000
Gain (loss) on hedge ineffectiveness	(136,000)
Not Designated as Hedging Instrument [Member]
Derivative financial instruments:
Notional principal of foreign exchange contracts	57,200,000
Forward Contracts [Member] | Designated as Hedging Instrument [Member]
Derivative financial instruments:
Realized gain on net investment hedge	809,000
Notional amount of derivatives designated as net investment hedge | €		€ 3
Unrealized gain (loss), net of tax, recorded as cumulative translation adjustments in Accumulated Other Comprehensive Loss	$ (6,000)
Derivative maturity date	February 2017 through January 2018.	February 2017 through January 2018.
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivative financial instruments:
Derivative maturity date	February 2017 through May 2017.	February 2017 through May 2017.
Euros [Member] | Designated as Hedging Instrument [Member]
Derivative financial instruments:
Notional principal of foreign exchange contracts	$ 21,600,000
Pounds Sterling [Member] | Designated as Hedging Instrument [Member]
Derivative financial instruments:
Notional principal of foreign exchange contracts	5,700,000
New Taiwan Dollars [Member] | Designated as Hedging Instrument [Member]
Derivative financial instruments:
Notional principal of foreign exchange contracts	$ 21,100,000

EQUITY INCENTIVE PLAN (Summary

EQUITY INCENTIVE PLAN (Summary of Stock Option Activity and Related Information) (Details)	3 Months Ended
	Jan. 31, 2017$ / sharesshares
Stock Options
Outstanding | shares	107,889
Options granted | shares	0
Options exercised | shares	0
Options cancelled | shares	0
Outstanding | shares	107,889
Weighted Average Exercise Price
Outstanding | $ / shares	$ 20.25
Options granted | $ / shares	0
Options exercised | $ / shares	0
Options cancelled | $ / shares	0
Outstanding | $ / shares	$ 20.25

EQUITY INCENTIVE PLAN (Schedule

EQUITY INCENTIVE PLAN (Schedule of Information about Outstanding Stock Options Vested and Expected to Vest) (Details)	3 Months Ended
	Jan. 31, 2017USD ($)$ / sharesshares
Options Already Vested and Expected to Vest
Number of outstanding options | shares	107,889
Weighted average remaining contractual life (years)	4 years 1 month 13 days
Weighted average exercise price per share | $ / shares	$ 20.25
Intrinsic value of outstanding options | $	$ 1,142,700
Options Currently Exercisable
Number of outstanding options | shares	107,889
Weighted average remaining contractual life (years)	4 years 1 month 13 days
Weighted average exercise price per share | $ / shares	$ 20.25
Intrinsic value of outstanding options | $	$ 1,142,700

EQUITY INCENTIVE PLAN (Reconcil

EQUITY INCENTIVE PLAN (Reconciliation of Restricted Stock Activity and Related Information) (Details)	3 Months Ended
	Jan. 31, 2017$ / sharesshares
Number of Shares
Unvested at October 31, 2016 | shares	147,350
Shares granted | shares	56,091
Shares vested | shares	(29,760)
Shares cancelled | shares	(7,678)
Shares withheld | shares	(13,944)
Unvested at January 31, 2017 | shares	152,059
Weighted Average Grant Date Fair Value
Unvested at October 31, 2016 | $ / shares	$ 28.79
Shares granted | $ / shares	36.69
Shares vested | $ / shares	25.89
Shares cancelled | $ / shares	29.98
Shares withheld | $ / shares	25.89
Unvested at January 31, 2017 | $ / shares	$ 32.47

EQUITY INCENTIVE PLAN (Narrativ

EQUITY INCENTIVE PLAN (Narrative) (Details) - USD ($)	Jan. 05, 2017	Mar. 10, 2016	Jan. 31, 2017	Jan. 31, 2016	Oct. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 351,000	$ 335,000
Unrecognized Stock-based compensation expense			$ 3,500,000
Restricted stock granted			56,091
Grant date fair value of restricted stock			$ 32.47		$ 28.79
Weighted Average Grant Date Fair Value			$ 25.89
2016 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of options granted		10 years
Total number of shares of common stock that may be issued as awards under 2016 Plan		856,048
2008 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Available for Grant under the 2008 Plan		386,048
Long-term Incentive Compensation [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	30,683
Vesting Date	Jan. 5, 2017
Weighted Average Grant Date Fair Value	$ 33.90
Time Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	14,747
Grant date fair value of restricted stock	$ 33.90
Vesting period		1 year
Percentage of incentive compensation arrangement	25.00%
Time Based [Member] | 2016 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted		9,170
Grant date fair value of restricted stock		$ 30.52
Performance Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Percentage of incentive compensation arrangement	75.00%
Performance Based [Member] | PSU TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	18,496
Grant date fair value of restricted stock	$ 43.25
Percentage of incentive compensation arrangement	40.00%
Performance Based [Member] | PSU TSR [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of incentive compensation arrangement	200.00%
Performance Based [Member] | PSU TSR [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of incentive compensation arrangement	50.00%
Performance Based [Member] | PSU ROIC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	20,647
Grant date fair value of restricted stock	$ 33.90
Percentage of incentive compensation arrangement	35.00%
Performance Based [Member] | PSU ROIC [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of incentive compensation arrangement	200.00%
Performance Based [Member] | PSU ROIC [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of incentive compensation arrangement	50.00%

EARNINGS PER SHARE (Reconciliat

EARNINGS PER SHARE (Reconciliation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 879	$ 3,895
Undistributed earnings allocated to participating shares	(5)	(22)
Net income applicable to common shareholders	$ 874	$ 3,873
Weighted Average Number of Shares Outstanding, Basic	6,583	6,558
Stock options and contingently issuable securities	85	65
Weighted Average Number of Shares Outstanding, Diluted	6,668	6,623
Income per share, Basic	$ 0.13	$ 0.59
Income per share, Diluted	$ 0.13	$ 0.58

ACCOUNTS RECEIVABLE (Narrative)

ACCOUNTS RECEIVABLE (Narrative) (Details) - USD ($)	Jan. 31, 2017	Oct. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for Doubtful Accounts Receivable	$ 683,000	$ 664,000

INVENTORIES (Schedule Of Invent

INVENTORIES (Schedule Of Inventory Current) (Details) - USD ($) $ in Thousands	Jan. 31, 2017	Oct. 31, 2016
Inventory [Line Items]
Purchased parts and sub-assemblies	$ 27,118	$ 25,661
Work-in-process	16,474	17,724
Finished goods	74,170	73,640
Inventories	$ 117,762	$ 117,025

GUARANTEES AND PRODUCT WARRAN39

GUARANTEES AND PRODUCT WARRANTIES (Reconciliation of the changes in our warranty reserve) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Product Warranty Liability [Line Items]
Balance, beginning of period	$ 1,523	$ 2,186
Provision for warranties during the period	806	688
Charges to the reserve	(790)	(771)
Impact of foreign currency translation	(6)	(47)
Balance, end of period	$ 1,533	$ 2,056

GUARANTEES AND PRODUCT WARRAN40

GUARANTEES AND PRODUCT WARRANTIES (Narrative) (Details) $ in Millions	3 Months Ended
	Jan. 31, 2017USD ($)
Product Warranty Liability [Line Items]
Number Of Guarantees	23
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 1.1
Term of Product Warranty	1 year

DEBT AGREEMENTS (Narrative) (De

DEBT AGREEMENTS (Narrative) (Details) € in Millions, ¥ in Millions, £ in Millions, $ in Millions	Dec. 06, 2016USD ($)	Feb. 16, 2017USD ($)	Jan. 31, 2017USD ($)	Feb. 16, 2017CNY (¥)	Feb. 15, 2017CNY (¥)	Jan. 31, 2017EUR (€)	Jan. 31, 2017GBP (£)	Dec. 05, 2016USD ($)	Oct. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Borrowings available under credit facility			$ 22.2
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 15							$ 12.5
Maximum dividends allowable	5							4
Minimum working capital requirement	105							90
Minimum tangible net worth requirement	$ 125							$ 120
Line of Credit, interest rate description			Borrowings under our U.S. credit agreement bear interest either at a LIBOR-based rate or a floating rate, in each case with an interest rate floor of 0.00%. The floating rate equals the greatest of (a) a one month LIBOR-based rate plus 1.00% per annum, (b) the federal funds effective rate plus 0.50% per annum, (c) the prevailing prime rate and (d) 0.00%. The rate we must pay for that portion of the U.S. credit agreement which is not utilized is 0.05% per annum.
Line of credit, maturity date	Dec. 31, 2018
Revolving Credit Facility [Member] | United Kingdom [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity | £							£ 1
Revolving Credit Facility [Member] | Germany [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity | €						€ 1.5
Revolving Credit Facility [Member] | China [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		$ 2.9		¥ 20	¥ 40
Line of credit, maturity date		Feb. 15, 2018
Interest rate			4.40%			4.40%	4.40%		4.60%
Long-term Line of Credit			$ 1.5						$ 1.5

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($)	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Oct. 31, 2016
Income Tax Contingency [Line Items]
Unrecognized tax benefits, interest accrued	$ 57,000
Effective Income Tax Rate Reconciliation, Percent, Total	38.00%	31.00%
Unrecognized Tax Benefits Expiration Term	expire between July 2017 and July 2019
Income Tax Expense (Benefit)	$ 543,000	$ 1,709,000
Unrecognized Tax Benefits, Ending Balance	$ 1,200,000		$ 1,100,000

FINANCIAL INSTRUMENTS (Fair val

FINANCIAL INSTRUMENTS (Fair value hierarchy) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jan. 31, 2017	Oct. 31, 2016
Level 1 [Member]
Assets
Deferred Compensation	$ 1,434	$ 1,363
Liabilities
Deferred Compensation	0	0
Level 2 [Member]
Assets
Derivatives	2,021	1,725
Liabilities
Derivatives	$ 489	$ 538

FINANCIAL INSTRUMENTS (Narrativ

FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Thousands	Jan. 31, 2017	Oct. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of contracts	$ 109,000	$ 125,600
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Derivatives	2,021	1,725
Liabilities
Derivatives	$ 489	$ 538