Hurco Announces Quarterly Cash Dividend

Rhea-AI Summary

Hurco Companies, Inc. (Nasdaq: HURC) announced a cash dividend of $0.15 per share on common stock, payable on April 11, 2022, to shareholders recorded as of March 28, 2022. The future declarations of dividends will depend on Board approval and may change based on market conditions. Hurco, a leader in the CNC machine tool industry, operates globally and serves various sectors including aerospace and medical equipment. The company emphasizes innovation in its proprietary software and interactive controls for its machine tools.

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• Cash dividend of $0.15 per share announced, enhancing shareholder returns.

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• Dividend payments are subject to Board approval and may be adjusted based on market conditions.

INDIANAPOLIS, March 11, 2022 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) announced today that its Board of Directors approved a cash dividend of $0.15 per share on its issued and outstanding common stock, payable on April 11, 2022, to shareholders of record as of close of business on March 28, 2022.

Future declarations of Hurco dividends are subject to approval by its Board of Directors and may be adjusted as business requirements or market conditions change.

Hurco Companies, Inc. is an international, industrial technology company that sells its three brands of computer numeric control (“CNC”) machine tools to the worldwide metal cutting and metal forming industry. Two of the Company’s brands of machine tools, Hurco and Milltronics, are equipped with interactive controls that include software that is proprietary to each respective brand. The Company designs these controls and develops the software. The third brand of CNC machine tools, Takumi, is equipped with industrial controls that are produced by third parties, which allows the customer to decide the type of control added to the Takumi CNC machine tool. The Company also produces high-value machine tool components and accessories and provides automation solutions that can be integrated with any machine tool. The end markets for the Company's products are independent job shops, short-run manufacturing operations within large corporations, and manufacturers with production-oriented operations. The Company’s customers manufacture precision parts, tools, dies, and/or molds for industries such as aerospace, defense, medical equipment, energy, transportation, and computer equipment. The Company is based in Indianapolis, Indiana, with manufacturing operations in Taiwan, Italy, the U.S., and China, and sells its products through direct and indirect sales forces throughout the Americas, Europe, and Asia. The Company has sales, application engineering support, and service subsidiaries in China, England, France, Germany, India, Italy, the Netherlands, Poland, Singapore, the U.S., and Taiwan. Web Site: www.hurco.com

Certain statements in this news release are forward-looking statements that involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, among others, the impact of the COVID-19 pandemic and other public health epidemics and pandemics on the global economy, our business and operations, our employees and the business, operations and economies of our customers and suppliers; the cyclical nature of the machine tool industry; uncertain economic conditions, which may adversely affect overall demand, in the Americas, Europe and Asia Pacific markets; the risks of our international operations; governmental actions, initiatives and regulations, including import and export restrictions, duties and tariffs and changes to tax laws; the effects of changes in currency exchange rates; competition with larger companies that have greater financial resources; the United Kingdom’s withdrawal from the European Union (Brexit); our dependence on new product development; the need and/or ability to protect our intellectual property assets; the limited number of our manufacturing and supply chain sources; increases in the prices of raw materials, especially steel and iron products; the effect of the loss of members of senior management and key personnel; our ability to integrate acquisitions; acquisitions that could disrupt our operations and affect operating results; failure to comply with data privacy and security regulations; breaches of our network and system security measures; possible obsolescence of our technology and the need to make technological advances; impairment of our assets; negative or unforeseen tax consequences; uncertainty concerning our ability to use tax loss carryforwards; changes in the SOFR rate; and other risks and uncertainties discussed more fully under the caption “Risk Factors” in our filings with the Securities and Exchange Commission. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:        
Sonja K. McClelland
Executive Vice President, Treasurer, & Chief Financial Officer
317-293-5309 

FAQ

What is the dividend amount announced by Hurco Companies, Inc.?

Hurco announced a cash dividend of $0.15 per share.

When is the dividend payment date for Hurco?

The dividend is payable on April 11, 2022.

What is the record date for Hurco's dividend?

The record date for the dividend is March 28, 2022.

Are future dividends from Hurco guaranteed?

Future dividends are subject to Board approval and may change based on business requirements.