8-K
filed January 6, 2023, 6:59 PM ET
ticker HURC
CIK 0000315374
earnings
confidence high
sentiment neutral
materiality 0.65
HURCO COMPANIES INC (HURC): debt financing — Hurco reports Q4 EPS $0.22 vs $0.31 prior year; sales down 8%; new $25M buyback
HURCO COMPANIES INC
- Q4 net income $1.4M ($0.22 diluted EPS) vs $2.1M ($0.31); sales $63.5M, down 8% YoY (FX -9%).
- FY2022 net income $8.2M ($1.23 diluted EPS) vs $6.8M ($1.01); sales $250.8M, up 7% (FX -6%).
- Orders in Q4 fell 23% to $58.3M; FY orders down 9% to $240.9M; weak Asia Pacific due to China lockdowns.
- Board approved new $25M share repurchase program through Nov 2024; existing program has $4.1M remaining.
- Credit agreement amended to increase permitted annual repurchases from $10M to $25M; SOFR adjustment cut to 10 bps.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
HURCO COMPANIES INC amended credit facility with Bank of America, N.A. at reduce the secured overnight financing rate adjustment to 10 basis points for al.
- Instrument
- credit facility
- Counterparty
- Bank of America, N.A.
- Rate
- reduce the secured overnight financing rate adjustment to 10 basis points for al
- Event
- amendment
Exact text from the filing
Effective as of January 4, 2023, Hurco Companies, Inc. (the “Company”), Bank of America, N.A. (the “Lender”), and certain wholly-owned subsidiaries of the Company (the “Loan Party Subsidiaries” and, together with the Company, the “Loan Parties”) entered into a Fourth Amendment to Credit Agreement (the “Fourth Amendment”). The Fourth Amendment amends the Credit Agreement, dated as of December 31, 2018, among the Company, the Lender, and the Loan Party Subsidiaries, as amended by that First Amendment dated as of March 13, 2020, that Second Amendment dated as of December 23, 2020 and that Third Amendment dated as of December 17, 2021 (as so amended, the “Credit Agreement”), to (i) increase the amount of permitted stock repurchases in any fiscal year from $10.0 million to $25.0 million and (ii) reduce the secured overnight financing rate adjustment to 10 basis points for all borrowings.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 1.0
HURCO COMPANIES INC reported Fourth fiscal quarter ended October 31, 2022 results: net income $1,424,000, EPS $0.22.
- Period
- Fourth fiscal quarter ended October 31, 2022
- Net income
- $1,424,000
- EPS
- $0.22
- Result
- reported results
Exact text from the filing
Hurco recorded net income of $1,424,000, or $0.22 per diluted share, for the fourth quarter of fiscal 2022, compared to net income of $2,096,000, or $0.31 per diluted share, for the corresponding period in fiscal 2021.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 1.0
HURCO COMPANIES INC reported Fiscal year ended October 31, 2022 results: net income $8,226,000, EPS $1.23.
- Period
- Fiscal year ended October 31, 2022
- Net income
- $8,226,000
- EPS
- $1.23
- Result
- reported results
Exact text from the filing
For fiscal year 2022, Hurco reported net income of $8,226,000, or $1.23 per diluted share, compared to net income of $6,764,000, or $1.01 per diluted share, for fiscal year 2021.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
HURCO COMPANIES INC amended Fourth Amendment to Credit Agreement with Bank of America, N.A. valued at Increased permitted stock repurchases from $10.0 million to $25.0 million and reduced secured overni (effective 2023-01-04).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Bank of America, N.A.
- Value
- Increased permitted stock repurchases from $10.0 million to $25.0 million and reduced secured overni
- Effective
- 2023-01-04
Exact text from the filing
Effective as of January 4, 2023, Hurco Companies, Inc. (the “Company”), Bank of America, N.A. (the “Lender”), and certain wholly-owned subsidiaries of the Company (the “Loan Party Subsidiaries” and, together with the Company, the “Loan Parties”) entered into a Fourth Amendment to Credit Agreement (the “Fourth Amendment”). The Fourth Amendment amends the Credit Agreement, dated as of December 31, 2018, among the Company, the Lender, and the Loan Party Subsidiaries, as amended by that First Amendment dated as of March 13, 2020, that Second Amendment dated as of December 23, 2020 and that Third Amendment dated as of December 17, 2021 (as so amended, the “Credit Agreement”), to (i) increase the amount of permitted stock repurchases in any fiscal year from $10.0 million to $25.0 million and (ii) reduce the secured overnight financing rate adjustment to 10 basis points for all borrowings.
View on SEC.gov
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