Item 1.01 Entry into a Material Definitive Agreement.
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.
The foregoing summary of the Fourth Amendment is qualified in its entirety by
reference to the complete terms and provisions of the Fourth Amendment, which is
filed herewith as Exhibit 10.1 and is incorporated herein by reference.
Item 2.02 Results of Operations and Financial Condition.
On January 6, 2023, the Company reported its results of operations for the
fourth fiscal quarter and full fiscal year ended October 31, 2022. The Company's
earnings release for those periods is attached as Exhibit 99.1 and the
information set forth therein is incorporated herein by reference and
constitutes a part of this report. The attached Exhibit 99.1 is furnished
pursuant to Item 2.02 of Form 8-K.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The disclosure required by this Item is included in Item 1.01 and is
incorporated herein by reference.
Item 8.01 Other Events.
On January 6, 2023, the Company announced that its Board of Directors approved
an additional share repurchase program in an aggregate amount of up to $25.0
million. Repurchases under the program may be made in the open market or through
privately-negotiated transactions from time to time through November 10, 2024,
subject to applicable laws, regulations and contractual provisions. The program
may be amended, suspended, or discontinued at any time and does not commit the
Company to repurchase any shares of its common stock. This new share repurchase
program is in addition to the Company's existing share repurchase program, which
remains in effect and under which $4.1 million remained available as of January
6, 2023.
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