SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q
(Mark One)

      Quarterly  report  pursuant  to  section  13 or  15(d)  of the  Securities
      Exchange Act of 1934 for the  quarterly  period ended  January 31, 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
- ---------------------------------------  --------------------------------------
       (State or other jurisdiction of   (I.R.S. Employer Identification Number)
       incorporation or organization)

       One Technology Way
       Indianapolis, Indiana                            46268
- --------------------------------------   --------------------------------------
(Address of principal executive offices)             (Zip code)

Registrant's telephone number, including area code              (317) 293-5309
                                                                --------------

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
                                                                ---     ---

The number of shares of the Registrant's common stock outstanding as of February
28, 2001 was 5,693,758.







                              HURCO COMPANIES, INC.
                     January 2001 Form 10-Q Quarterly Report


                                Table of Contents



                         Part I - Financial Information

                                                                                                     Page
                                                                                                  
Item 1.       Condensed Financial Statements

              Condensed Consolidated Statements of Operations -
                  Three months ended January 31, 2001 and 2000..........................                3

              Condensed Consolidated Balance Sheets -
                  As of January 31, 2001 and October 31, 2000...........................                4

              Condensed Consolidated Statements of Cash Flows -
                  Three months ended January 31, 2001 and 2000..........................                5

              Consolidated Statements of Changes in Shareholders' Equity
                  Three months ended January 31, 2001 and 2000..........................                6

              Notes to Condensed Consolidated Financial Statements......................                7


Item 2.       Management's Discussion and Analysis of Financial
              Condition and Results of Operations.......................................               10



                           Part II - Other Information



Item 1.       Legal Proceedings.........................................................               13

Item 6.       Exhibits and Reports on Form 8-K..........................................               13


Signatures..............................................................................               14







                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements


                              HURCO COMPANIES, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                     (In thousands, except per-share data)



                                                                                        Three Months Ended January 31,
                                                                                          2001                   2000
- -----------------------------------------------------------------------------------------------------------------------------------
                                                                                                (Unaudited)
                                                                                                    
Sales and service fees.....................................................          $   25,933           $  24,524

Cost of sales and service..................................................              19,318               17,803
                                                                                     ----------           ----------
     Gross profit..........................................................               6,615                6,721

Selling, general and administrative expenses...............................               6,086                5,820
                                                                                     ----------           ----------

     Operating income......................................................                 529                  901

License fee income, net....................................................                 334                   71

Interest expense...........................................................                 181                  292

Other income (expense), net................................................                  88                 ( 54)
                                                                                     ----------           -----------

     Income before income taxes............................................                 770                  626

Provision for income taxes.................................................                 203                  167
                                                                                     ----------           ----------

Net Income.................................................................          $      567                 $459
                                                                                     ==========           ==========


Earnings per common share
     Basic.................................................................          $      .10           $      .08
                                                                                      =========           ==========
     Diluted...............................................................          $      .10           $      .08
                                                                                      =========           ==========
Weighted average common shares outstanding
     Basic.................................................................               5,867                5,952
                                                                                     ==========           ==========
     Diluted...............................................................               5,905                6,008
                                                                                     ==========           ==========

The accompanying notes are an integral part of the condensed
consolidated financial statements.



                               HURCO COMPANIES, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)

                                                                                   January 31,       October 31,
                                                                                         2001              2000
                                                                                                 
ASSETS                                                                             (Unaudited)         (Audited)
Current assets:
     Cash and cash equivalents...........................................          $    5,192          $   3,384
     Accounts receivable.................................................              21,583             17,842
     Inventories.........................................................              28,056             26,176
     Other...............................................................               1,794              1,793
                                                                                   ----------          ---------
         Total current assets............................................              56,625             49,195
Property and equipment:
     Land    ............................................................                 761                761
     Building............................................................               7,162              7,162
     Machinery and equipment.............................................              11,033             11,000
     Leasehold improvements..............................................               1,031                992
         Less accumulated depreciation and amortization..................             (11,240)           (11,122)
                                                                                   ----------          ----------
                                                                                        8,747              8,793
                                                                                   ----------          ---------
Software development costs, less amortization............................               3,223              3,326
Investments and other assets.............................................               4,119              3,710
                                                                                   ----------          ---------
                                                                                   $   72,714          $  65,024
                                                                                   ==========          =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
     Accounts payable....................................................          $   15,502          $  13,593
     Accrued expenses....................................................               8,947              7,545
     Current portion of long-term debt..................................                  200              1,986
                                                                                   ----------          ---------
         Total current liabilities.......................................              24,649             23,124
Non-current liabilities:
     Long-term debt......................................................               8,100              1,750
     Deferred credits and other .........................................               1,284              1,259
                                                                                   ----------          ---------
                                                                                        9,384              3,009
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; 5,693,758
         and 5,955,359 shares issued, respectively ......................                 569                596
     Additional paid-in capital..........................................              45,188             46,347
     Retained earnings (deficit).........................................                 254               (313)
     Other comprehensive income..........................................              (7,330)            (7,739)
                                                                                   ----------          ---------
         Total shareholders' equity......................................              38,681             38,891
                                                                                   ----------          ---------
                                                                                      $72,714            $65,024
                                                                                   ==========          =========
The accompanying notes are an integral part of the condensed
consolidated financial statements.



                              HURCO COMPANIES, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Dollars in thousands)

                                                                                      Three Months Ended January 31,
                                                                                           2001                 2000
- ----------------------------------------------------------------------------------------------------------------------
                                                                                               (Unaudited)
                                                                                                    
Cash flows from operating activities:
     Net income..................................................................    $      567           $      459
     Adjustments to reconcile net income to net
     cash provided by (used for) operating activities:
       Depreciation and amortization.............................................           539                  534
       Change in assets and liabilities:
         (Increase) decrease in accounts receivable..............................        (3,056)               1,668
         (Increase) decrease in inventories......................................        (1,441)               2,873
         Increase (decrease) in accounts payable.................................         1,820                 (980)
         Increase (decrease) in accrued expenses.................................         1,060                  375
         Other...................................................................          (511)                  93
                                                                                     -----------          ----------
         Net cash provided by (used for) operating activities....................        (1,022)               5,022
                                                                                     ----------           ----------
Cash flows from investing activities:
     Proceeds from sale of equipment.............................................            --                   28
     Purchases of property and equipment.........................................          (207)                (208)
     Software development costs..................................................          (128)                (176)
     Other.......................................................................           (78)                  --
                                                                                     ----------           ----------
         Net cash provided by (used for) investing activities....................          (413)                (356)
                                                                                     ----------           ----------
Cash flows from financing activities:
     Advances on bank credit facilities..........................................        14,650                6,450
     Repayment on bank credit facilities.........................................        (8,300)              (8,550)
     Repayments of term debt.....................................................        (1,786)              (1,786)
     Repurchase of Common Stock..................................................        (1,221)                  --
     Proceeds from exercise of common stock options..............................            35                   --
                                                                                     ----------           ----------
         Net cash provided by (used for) financing activities....................         3,378              (3,886)
                                                                                     ----------           ---------

Effect of exchange rate changes on cash..........................................          (135)                (105)
                                                                                     -----------          -----------
         Net increase (decrease) in cash.........................................         1,808                  675

Cash and cash equivalents at beginning of period.................................         3,384                3,497
                                                                                     ----------           ----------

Cash and cash equivalents at end of period.......................................    $    5,192           $    4,172
                                                                                      =========           ==========

The accompanying notes are an integral part of the condensed
consolidated financial statements.




                                 HURCO COMPANIES, INC.
             CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                 For the Three Months ended January 31, 2001 and 2000





                                            Common Stock
                                      -------------------------
                                         Shares                 Additional       Retained         Other
                                        Issued &                 Paid-In         Earnings     Comprehensive
                                       Outstanding    Amount     Capital        (Deficit)        Income:         Total
                                                                  (Dollars in thousands)
                                                                                               
Balances, October 31, 1999              5,951,859       $595       $46,340       $(5,348)         $(5,439)       $36,148
- --------------------------                                                                                       -------

Net income.......................              --         --            --            459               --           459
Translation of foreign currency
   financial statements..........              --         --            --             --            (510)          (510)
                                                                                                               ---------
Comprehensive income (loss)......                                                                                 (   51)

Balances, January 31, 2000              5,951,859     $  595     $  46,340      $ (4,889)        $ (5,949)     $  36,097
- --------------------------              =========     ======     =========     ==========        =========     =========


Balances, October, 31 2000              5,955,359       $596       $46,347         $(313)         $(7,739)       $38,891
- --------------------------                                                                                       -------

Net income.......................              --         --            --            567               --           567
Translation of foreign currency
   financial statements..........              --         --            --             --              661           661
Unrealized loss on derivative
instruments......................              --         --            --             --             (252)         (252)
                                                                                                                  ------
Comprehensive income (loss)......              --         --            --             --               --           409
Exercise of Common Stock Options.          16,400          1            34             --               --            35
Repurchase of Common Stock.......        (278,001)       (28)       (1,193)            --               --        (1,221)
                                         ---------      -----       -------          -----            -----       -------

Balances, January 31, 2001              5,693,758       $569      $ 45,188          $ 254         $ (7,330)     $ 38,681
- --------------------------              =========       ======    =========         ======        =========     ========


The   accompanying   notes  are  an  integral  part  of  the
Consolidated Financial Statements.






              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

1.   GENERAL

The unaudited Condensed  Consolidated  Financial Statements include the accounts
of Hurco Companies, Inc. and its consolidated subsidiaries. We are an industrial
automation  company  that designs and produces  interactive  computer  controls,
software and  computerized  machine  systems for the worldwide metal cutting and
metal forming industries.

The condensed financial information as of January 31, 2001 and 2000 is unaudited
but includes all adjustments which we consider necessary for a fair presentation
of our financial  position at those dates and our results of operations and cash
flows for the three  months then ended.  It is  suggested  that these  condensed
financial  statements be read 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, 2000.


2.   LICENSE FEE INCOME, NET

From time to time, our wholly owned  subsidiary,  IMS Technology,  Inc.,  enters
into agreements for the licensing of its interactive  computer numerical control
patents.  License fees received or receivable under a fully paid-up license, for
which  there  are no  future  performance  requirements  or  contingencies,  are
recognized in income,  net of legal fees and  expenses,  at the time the license
agreement is executed. License fees receivable in periodic installments that are
contingent  upon the continuing  validity of a licensed patent are recognized in
income, net of legal fees and expenses, over the life of the licensed patent.


3.   HEDGING

On November 1, 2000,  we adopted  Statement  of  Financial  Accounting  Standard
(SFAS) No. 133, "Accounting for Derivative  Instruments and Hedging Activities."
In  accordance  with the  provisions  of SFAS No. 133, we recorded a  transition
adjustment upon the adoption of the standard to recognize the difference between
the fair value of the derivative  instruments  recorded on the balance sheet and
the previous carrying amount of those derivatives. The effect of this transition
adjustment was  insignificant  and is reflected in the Other Income (Expense) in
the  Consolidated  Statement  of  Operations.  We  also  recorded  a  transition
adjustment of approximately  $129,000 in Other Comprehensive Income to recognize
previously deferred net losses on derivatives designated as cash flow hedges.

We enter into foreign currency forward exchange contracts  periodically to hedge
certain forecast  inter-company sales and forecast inter-company and third-party
purchases denominated in foreign currencies (primarily 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 the 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
Sheet at fair value in Other Current Assets and Accrued  Liabilities.  Gains and
losses  resulting  from changes in the fair value of these hedge  contracts  are
deferred in Other  Comprehensive  Income and  recognized as an adjustment to the
related sale or purchase  transaction in the period that the transaction occurs.
During the fiscal quarter ended January 31, 2001,  $40,000 of net losses on cash
flow hedge contracts were reclassified from Other  Comprehensive  Income to Cost
of Sales.

At January 31, 2001 we had $252,000 of  unrealized  losses  related to cash flow
hedges deferred in Other Comprehensive  Income,  which we expect to recognize in
Cost of Sales within the next twelve months. Cash flow hedge contracts mature at
various dates through October 2001.

We also  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 SFAS 133 and as a result,  changes in fair value are
reported  currently as Other Income (Expense) in the  Consolidated  Statement of
Operations  consistent with the transaction  gain or loss on the related foreign
denominated receivable or payable.


4.   EARNINGS PER SHARE

Basic and diluted  earnings per common  share are based on the weighted  average
number of our shares of common stock  outstanding.  Diluted  earnings per common
share give effect to outstanding stock options using the treasury method. Common
stock equivalents totaled 38,000 shares for the first quarter of fiscal 2001.


5.   ACCOUNTS RECEIVABLE

The  allowance  for  doubtful  accounts  was $731,000 as of January 31, 2001 and
$741,000 as of October 31, 2000.


6.   INVENTORIES

Inventories, priced at the lower of cost (first-in, first-out method) or market,
are summarized below (in thousands):

                                                                January 31, 2001          October 31, 2000
                                                                ----------------          ----------------
                                                                                      
           Purchased parts and sub-assemblies                       $10,908                 $  10,526
           Work-in-process                                            1,643                     1,339
           Finished goods                                            15,505                    14,311
                                                                  ---------                  --------
                                                                 $   28,056                 $  26,176
                                                                  =========                  ========



7.   SEGMENT INFORMATION

We operate in a single segment:  industrial  automation  systems.  We design and
produce  interactive  computer  control  systems and software  and  computerized
machine systems for sale through our distribution network to the worldwide metal
working market.  We also provide software  options,  computer control  upgrades,
accessories and replacement parts for our products,  as well as customer service
and training support.


8.  RESTRUCTURING CHARGE

We have previously  recorded a reserve for anticipated costs associated with the
restructuring  of a  subsidiary  to convert its  operations  from  manufacturing
computer controls to sales and service of computerized machine systems.

At January  31,  2001,  the  restructuring  reserve  balance  was  approximately
$634,000 and consisted of the following:


                                                     Balance                        Charges to        Balance
                  Description                       10/31/00        Provision        Accrual          1/31/01
                  -----------                       --------        ----------       -------          -------
                                                                                        

Excess Building Capacity                          $      286      $          --   $         --      $      286
Equipment Leases                                          54                 --             (6)             48
Severance                                                300                 --                            300
                                                 -----------      -------------   -------------     -----------

                                                  $      640      $          --   $         (6)     $      634
                                                 ===========      =============   =============     ===========


9.       STOCK REPURCHASE

In  December  2000,  we  repurchased  278,001  shares  of our  common  stock for
approximately  $1,200,000  from a related party,  Brynwood  Partners II L.P. The
repurchased shares are reflected as a reduction in common stock.







Item 2.        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
               RESULTS OF OPERATIONS

The  following  discussion  should  be read in  conjunction  with the  Condensed
Consolidated  Financial Statements and Notes thereto appearing elsewhere herein.
Certain   statements  made  in  this  report  may  constitute   "forward-looking
statements".   For  a  description  of  risks  and   uncertainties   related  to
forward-looking  statements,  see our  Annual  Report  on Form 10-K for the year
ended October 31, 2000.

RESULTS OF OPERATIONS

Three Months Ended January 31, 2001 Compared to Three Months Ended
January 31, 2000

Sales and service  fees for the first  quarter of fiscal 2001 were  $25,933,000,
approximately  6% higher  than those  recorded in the 2000  period,  in spite of
continuing  unfavorable  effects of the stronger U.S.  dollar,  particularly  in
relation  to the Euro and  Sterling,  when  translating  sales  made in  foreign
countries.  At comparable exchange rates, net sales for the first fiscal quarter
would have been  $27,185,000,  an increase of 11%, as compared to the prior year
period.  The increase in sales and service fees was the result of an increase in
shipments  of  computerized  machine  systems.  Sales and service  fees in North
America and  Southeast  Asia were  substantially  unchanged  from the prior year
while sales and service  fees in  continental  Europe  increased  11% in current
dollars, despite the weaker Euro. Unit shipments of computerized machine systems
in Europe increased 22% compared to the first quarter of fiscal 2000.

New order  bookings  for the first  quarter  of  fiscal  2001 were  $28,110,000,
compared to $23,187,000 for the  corresponding  2000 period, an increase of 21%.
Orders for computerized  machine systems  increased  $5,731,000 or 33%, on a 22%
increase in unit orders,  despite the weaker foreign  currency  effect.  Machine
system  orders in the U.S.  were 17% lower than the prior year  period in units,
primarily on lower priced entry-level  products due to weaker market conditions,
but increased 8% in dollars due to a larger  percentage of higher value machines
in the total  sales mix.  Machine  systems  orders  outside  the  United  States
increased  48% in current  dollars on a 56% increase in units,  fueled by record
level orders in Germany. Orders for computerized machine systems constituted 82%
of total new order bookings in the first quarter of fiscal 2001, compared to 75%
in the 2000 period.  Backlog was  $13,800,000  at January 31, 2001,  compared to
$10,200,000 at the end of fiscal 2000 and $6,800,000 one year ago.

Gross  profit  margin for the most  recent  fiscal  quarter  was  25.5%,  or 1.9
percentage  points  lower  than the prior  year  period,  due  primarily  to the
unfavorable  effects  of the  stronger  U.S.  dollar on sales  made in  European
countries,  whereas a  substantial  portion  of Cost of Sales is sourced in U.S.
dollars or  currencies,  primarily the New Taiwan  Dollar,  that are  relatively
stronger against the U.S. dollar than those in Europe. The unfavorable  currency
effect on gross profit, combined with a 5% increase in operating expenses,
resulted in a $372,000 decline in operating income.


License  fee income  increased  $263,000  as a result of fully paid up license
agreements  entered  into during the first  quarter of fiscal 2001.
Approximately  $71,000 of license fee income in the first quarter of fiscal
2001 and 2000 relates to license  agreements  previously entered into that are
recognized in income over the remaining life of the patent,  which  expires at
the end of fiscal  2001.  The  increase  in license  fees  along  with  reduced
interest expense,  as a result of lower  borrowings,  contributed  to an
increase  in net income  after tax of  $108,000,  or 24%.  The provision for
income taxes is primarily the result of earnings of a foreign subsidiary.


Foreign Currency Risk Management

We manage our foreign  currency  exposure  through  the use of foreign  currency
forward exchange  contracts.  We do not speculate in the financial  markets and,
therefore,  do not enter into these  contracts  for  trading  purposes.  We also
moderate our currency  risk related to  significant  purchase  commitments  with
certain foreign vendors through price  adjustment  agreements that provide for a
sharing  of, or  otherwise  limit,  the  potential  adverse  effect of  currency
fluctuations on the costs of purchased products.  See Item 3 below and Note 3 to
the Condensed Consolidated Financial Statements.


LIQUIDITY AND CAPITAL RESOURCES

At January 31, 2001, we had cash and cash equivalents of $5,192,000  compared to
$3,384,000 at October 31, 2000. Cash used for operations  totaled  $1,022,000 in
the first quarter of fiscal 2001,  compared to $5,022,000 provided by operations
in the same period of fiscal 2000.

Net working capital was $31,976,000 at January 31, 2001, compared to $26,071,000
at October 31, 2000. The increase is  attributable to increases in inventory and
receivables that were partially offset by increases in payables and accruals.

Capital  investments  for the  first  fiscal  quarter  ended  January  31,  2001
consisted  principally of  expenditures  for software  development  projects and
purchases of equipment.  Cash used for investing  activities  during the quarter
were funded by cash flow from operations and bank credit facilities.

We paid the final  installment  of  $1,786,000 on our term debt during the first
fiscal quarter.  We also  repurchased  278,001 shares of our common stock during
the quarter for $1,221,000.  These shares are reflected as a reduction of common
stock outstanding in calculating basic and diluted earnings per common share.

We were in  compliance  with all loan  covenants at January 31, 2001. We believe
that anticipated cash flow from operations and available borrowings under credit
facilities will be sufficient to meet our anticipated  cash  requirements in the
foreseeable future.




Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

Interest on our bank  borrowings is affected by changes in  prevailing  U.S. and
European interest rates and/or Libor. The interest rates on the Libor portion of
our bank credit facilities are based upon a ratio of total  indebtedness to cash
flow for the  preceding  twelve  month  period and are  payable at Libor plus an
amount  ranging  from 1% to 2% based upon a prescribed  formula.  At January 31,
2001,  outstanding  borrowings under our bank credit  facilities were $7,300,000
and our  total  indebtedness  was  $8,300,000.  The  interest  rate on the Libor
portion of our bank debt was Libor plus 1.125%.

Foreign Currency Exchange Risk

In fiscal  2001,  approximately  59% of our sales and  service  fees,  including
export sales, were derived from foreign markets. All of our computerized machine
systems and computer numerical control systems,  as well as certain  proprietary
service  parts,  are sourced by our  U.S.-based  engineering  and  manufacturing
division  and  re-invoiced  to  our  foreign  sales  and  service  subsidiaries,
primarily in their functional currencies.

A significant portion of our products is sourced from foreign suppliers or built
to our  specifications  by either our  wholly-owned  subsidiary  in  Taiwan,  or
contract  manufacturers  overseas.  These purchases are predominantly in foreign
currencies  and in many  cases our  arrangements  with these  suppliers  include
foreign  currency risk sharing  agreements,  which reduce (but do not eliminate)
the effects of currency  fluctuations on product costs. The predominant  portion
of our exchange rate risk associated with product  purchases  relates to the New
Taiwan Dollar.

We enter into forward foreign exchange  contracts from time to time to hedge the
cash  flow  risk  related  to  forecast   inter-company   sales,   and  forecast
inter-company  and third-party  purchases  denominated in, or pegged to, foreign
currencies.  We also enter into foreign currency  forward exchange  contracts to
provide a natural hedge against the effects of foreign currency  fluctuations on
receivables and payables denominated in foreign currencies.  We do not speculate
in the financial markets and,  therefore,  do not enter into these contracts for
trading purposes.


Forward  contracts for the sale or purchase of foreign  currencies as of January
31, 2001 which are  designated  as cash flow  hedges  under SFAS No. 133 were as
follows:



                                                                     Contract Amount at Forward
                                                                             Rates in
                                                      Weighted             U.S. Dollars
                                Notional Amount         Avg.         --------------------------
                                  in Foreign          Forward                         January 31,
   Forward Contracts               Currency             Rate       Contract Date         2001          Maturity Dates
   -----------------            ---------------      ---------     -------------     ------------      ---------------
                                                                                        

   Sale Contracts:
   Sterling                           350,000           1.4736         $ 515,765       $ 511,600       Feb - April 2001

   Euro                             3,900,000            .9164       $ 3,573,810      $3,644,650       Feb - April 2001

   Purchase Contracts:

   New Taiwan Dollar              378,000,000          32.05         $11,795,492     $11,695,726       Feb - Oct. 2001




Forward  contracts  for the sale of foreign  currencies  as of January  31, 2001
which were  designated as natural hedges of foreign  currencies  receivables and
payables were as follows:


                                                                     Contract Amount at Forward
                                                                             Rates in
                                                      Weighted             U.S. Dollars
                                Notional Amount         Avg.         --------------------------
                                  in Foreign          Forward                         January 31,
   Forward Contracts               Currency             Rate       Contract Date         2001          Maturity Dates
   -----------------            ---------------      ---------     -------------     ------------      ---------------
                                                                                        
       Sale Contracts:
       Sterling                        135,406            1.4672          $ 198,664      $ 197,938       March 2001

       Euro                          5,377,978              .9277         $4,989,003     $5,024,435    Feb - March 2001

       Singapore  Dollar             4,406,260             1.7310         $2,545,000     $2,535,594    Feb - March 2001






                           PART II - OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS

We are involved in various claims and lawsuits arising in the ordinary course of
business,  none of which,  in the opinion of  management,  is expected to have a
material  adverse effect on our  consolidated  financial  position or results of
operations.


Item 6.  EXHIBITS AND REPORTS ON FORM 8-K
- ------   --------------------------------

(a)      Exhibits:

11            Statement re: Computation of Per Share Earnings


(b)      Reports on Form 8-K:       None






                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  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
                                                   ------------------
                                                   Roger J. Wolf
                                                   Senior Vice President and
                                                   Chief Financial Officer



                                               By: /s/ Stephen J. Alesia
                                                   --------------------------
                                                   Stephen J. Alesia
                                                   Corporate Controller and
                                                   Principal Accounting Officer





March 16, 2001