Flow International To Offer Stock
KENT, Wash. (AP) ¿ Flow International Corp. said Tuesday it will sell up to 9 million common shares through Roth Capital Partners LLC.
The sale would be equal to about 24 percent of the company's 37.75 million outstanding shares as of June 12.
Flow said it would used the proceeds to repay debt and for general purposes.
The company, which makes industrial waterjet machines for cutting and cleaning, announced separately that it had successfully amended terms of a $40 million senior credit facility.The company posted a loss of $23.8 million on revenue of $210.1 million in the fiscal year that ended April 30, compared with a gain of $22.4 million on $244.3 million in sales the year before. On Tuesday, Flow shares fell 4 cents to $2.10 in regular trading, then dropped another 6 cents, or 2.9 percent, to $2.04 in extended trading after the announcement. The shares have ranged between $1.05 and $7.03 in the past year.
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