Business
HURCO ANNOUNCES CASH DIVIDEND & SHARE REPURCHASE PROGRAM
INDIANAPOLIS, March 13, 2020 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq Global Select Market: HURC) today announced that its Board of Directors
About this update from Hurco Companies, Inc.
[{"type":"text","content":"INDIANAPOLIS, March 13, 2020 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq Global Select Market: HURC) today announced that its Board of Directors approved the payment of a cash dividend of $0.13 per share of common stock. The dividend will be paid on April 13, 2020, to shareholders of record as of the close of business on March 30, 2020. Future declarations of dividends are subject to approval of the Board of Directors and may be adjusted as business needs or market conditions change.\n Also today, Hurco announced that its Board of Directors approved a share repurchase program in an aggregate amount of up to $7.0 million. Repurchases under the program may be made in the open market or through privately-negotiated transactions from time to time through March 11, 2022, subject to applicable laws and regulations. The program may be amended, suspended or discontinued at any time and does not commit Hurco to repurchase any shares of its common stock. Michael Doar, Chief Executive Officer, stated, “Hurco’s dividend and share repurchase program announcements today reinforce the company’s balanced approach to capital allocation strategy – a strategy that prioritizes a strong balance sheet and liquidity position, but also recognizes the importance of accretive growth and returning value to shareholders through dividends and stock repurchases, when appropriate. Our ability to return value to shareholders, even during periods of economic uncertainty or softness, is a testament to the company’s fiscally-conservative nature and long-term perspective. Of course, investments in research and development and acquisitions remain integral pillars of our capital allocation strategy. Hurco has closed five strategic acquisitions since 2013 – ranging from vertical integrations with suppliers of high-value, critical components and distributors in strategic machine tool markets, to additional machine tool brands with supplemental customer penetration or product line portfolios, to our most recent acquisition of a business that provides automation and material-handling solutions for the high-mix, low volume production environment. We remain committed to evaluating additional acquisitions and continue to believe that economic downturns represent an opportunity to acquire businesses, at great value.” Hurco Companies, Inc. is an international, industri...