Programming :: Parse Text For Host List?

To run a parallel chemistry program, I need to build the host list. The cluster already has SGE(grid engine) installed and it generates a host list file with the following contents:

compute-1-1.local 2 all.q@compute-1-1.local UNDEFINED
compute-2-1.local 2 all.q@compute-1-1.local UNDEFINED

The important bits are hostname(ex compute-1-1) and number of cpus to use(ex 2). And for this program, it wants them in this form, a shell variable: HOSTLIST=hostname:cpus=X hostname:cpus=X .... I've tried this script, but it doesn't work

Code:

#!/bin/bash
spacer=":cpus="
let count=0

[code]....