Hurco Companies, Inc. (HURC) shares were losing around 16 percent in the pre-market activity on the Nasdaq after the industrial technology company announced Friday that its Board of Directors elected to temporarily suspend its regular quarterly cash dividend, effective immediately.
The decision comes as the company seeks to enhance its financial flexibility and improve its ability to manage market volatility. The firm is focusing on strengthening its balance sheet, and reinvesting in its core business and research and development related to emerging technologies.
In the current fiscal year ending October 31, 2024, the company has already paid two quarterly cash dividends of $0.16 per share, on January 16 as well as on April 12.
The company said its Board intends to continue to evaluate potential future cash dividends after monitoring market conditions and the cash flows, but there can be no assurance that it will resume the payment of cash dividends.
Greg Volovic, Hurco's President and Chief Executive Officer, said, "While it was a difficult decision, we believe that temporarily suspending the quarterly cash dividend on Hurco's common stock will provide near-term benefits to our cash flow management while also allowing us to enhance our balance sheet and more optimally allocate available capital among various strategies."
In pre-market activity on the Nasdaq, Hurco shares were losing around 15.6 percent to trade at $14.50.
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