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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Oct. 31, 2023
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS ​ As of October 31, 2023, we owned approximately 35% of the outstanding shares of a Taiwanese–based contract manufacturer, Hurco Automation, Ltd. (“HAL”). HAL’s scope of activities includes the design, manufacture, sales, and distribution of industrial automation products, software systems, and related components, including control systems and components produced under contract for sale exclusively to us. We are accounting for this investment using the equity method. The investment of $5.1 million and $5.0 million at October 31, 2023 and 2022, respectively, is included in Investments and other assets, net on the Consolidated Balance Sheets. Purchases of controls from HAL amounted to $10.2 million, $10.5 million, and $8.7 million in fiscal years 2023, 2022, and 2021, respectively. Sales of control component parts to HAL were $92,000, $321,000, and $262,000 for the fiscal years ended October 31, 2023, 2022, and 2021, respectively. Trade payables to HAL were $1.1 million and $1.9 million at October 31, 2023 and 2022, respectively. Trade receivables from HAL were $36,000 and $34,000 at October 31, 2023 and 2022, respectively. ​ Summary unaudited financial information for HAL’s operations and financial condition is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Net Sales | ​ | $ | 13,025 |  | $ | 14,171 | ​ | $ | 12,361
Gross Profit | ​ |  | 2,224 | ​ |  | 2,397 | ​ |  | 2,011
Operating Income | ​ |  | 1,025 | ​ |  | 1,053 | ​ |  | 216
Net Income | ​ |  | 2,007 | ​ |  | 2,528 | ​ |  | 802
​ | ​ |  |  | ​ |  |  | ​ |  |
Current Assets | ​ | $ | 13,669 |  | $ | 15,018 | ​ | $ | 14,695
Non–current Assets | ​ |  | 7,115 | ​ |  | 6,430 | ​ |  | 6,850
Current Liabilities | ​ |  | 3,385 | ​ |  | 4,998 | ​ |  | 5,339
Non-current Liabilities | ​ |  | 2,027 | ​ |  | 1,619 | ​ |  | 1,850
​

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