Flow International 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
July 26, 2007
(Date of earliest event reported)
FLOW INTERNATIONAL CORPORATION
(Exact name of Registrant as specified in its charter)
23500 - 64th Avenue South, Kent, Washington 98032
(Address of principal executive offices, zip code)
Registrants telephone number, including area code: (253) 850-3500
Flow International Corporation (Flow or the Company) entered into a Second Amendment (the Amendment) to Credit Agreement, effective July 19, 2007, increasing its credit facility from $30 million to $45 million. The Amendment also permits Flow to repurchase up to $45 million of its capital stock. The Amendment also provides for certain modifications to our financial covenant requirements. Except as provided in the Amendment, all other provisions of the Credit Agreement remain in full force and effect. This Summary is qualified in its entirety by the actual text of the Amendment, which is attached as Exhibit 10.1 to this filing.
The disclosure contained in Item 1.01 Entry into a Material Definitive Agreement of this Form 8-K is hereby incorporated by reference into this Item 2.03.
Flow International Corporation announced that its Board of Directors had authorized the purchase of up to $45 million of the Companys securities. Under the program, the Company may repurchase shares from time to time for cash in open market transactions, in privately negotiated transactions or by other means in accordance with applicable federal securities laws. The timing and amount of repurchase transactions will be determined by the Companys management based on their evaluation of market conditions, share price and other factors. There is no assurance that the Company will purchase securities and the program may be suspended or discontinued at any time.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.