-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UgOkqOy8/+bYslIVwFgnLcA+tjM5FE2Xg0aKWESCn5X4LYnsA6h0VAEB8Pb8mMPo db859yfpozgaLGzm8YC+iA== 0000047307-05-000004.txt : 20050512 0000047307-05-000004.hdr.sgml : 20050512 20050512140605 ACCESSION NUMBER: 0000047307-05-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050512 DATE AS OF CHANGE: 20050512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HICKOK INC CENTRAL INDEX KEY: 0000047307 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 340288470 STATE OF INCORPORATION: OH FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00147 FILM NUMBER: 05823688 BUSINESS ADDRESS: STREET 1: 10514 DUPONT AVE CITY: CLEVELAND STATE: OH ZIP: 44108 BUSINESS PHONE: 2165418060 MAIL ADDRESS: STREET 1: 10514 DUPONT AVE CITY: CLEVELAND STATE: OH ZIP: 44108 FORMER COMPANY: FORMER CONFORMED NAME: HICKOK ELECTRICAL INSTRUMENT CO DATE OF NAME CHANGE: 19920703 8-K 1 r8kfy05q2.htm HICKOK INC 8-K FY2005 QTR2 Hickok 8-K
SECURITIES AND EXCHANGE  COMMISSION
WASHINGTON, DC 20549


FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):      May 12, 2005                                                            


                                                 HICKOK INCORPORATED                                                        
(Exact Name of Registrant as Specified in Charter)


                 Ohio              
(State or Other Jurisdiction
of Incorporation)
                  0-147                
(Commission
File Number)
          34-0288470      
(I.R.S. Employer
Identification Number)


    10514 Dupont Avenue      Cleveland, Ohio                                                                                44108    
    (Address of Principal Executive Offices)                                                                             (Zip Code)


Registrant's telephone number, including area code:         (216) 541-8060                                              


                                                                                                                                                                     
(Former Name or Former Address, if Changed Since Last Report)



Item 2.02   Results of Operation and Financial Condition
              
             On May 12, 2005,  Hickok Incorporated issued a news release announcing results for its fiscal 2005 second quarter and six months ended March 31, 2005. The news release is furnished herewith as Exhibit 99.1.

Item 9.01   Financial Statements and Exhibits
              
              99.1  News Release, dated May 12, 2005



SIGNATURES
            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.


HICKOK INCORPORATED                    

By:  /s/ Robert L. Bauman                        
Robert L. Bauman                            
   President and CEO                          

Date:    May 12, 2005

EXHIBIT  INDEX

            Exhibit                Description of Exhibit
           
            99.1                    News Release, dated May 12, 2005








 EX-99.1 CHARTER 2 newsrelease991.htm PRESS RELEASE TO FORM 8-K News Release:
Exhibit 99.1
Contact: Robert L. Bauman
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216/541-8060
 

May 12, 2005
FOR IMMEDIATE RELEASE
HICKOK INCORPORATED REPORTS SECOND QUARTER
AND FISCAL FIRST HALF RESULTS

CLEVELAND, OH, May 12 Hickok Incorporated (Nasdaq: HICKA.OB), a Cleveland based supplier of products and services for automotive, locomotive,  and aircraft industries, today reported results for the second quarter and six months ended March 31, 2005. 

For the quarter ended March 31, 2005, the Company recorded a net loss of $255,610 or 21 cents per share, compared with net income of $451,378 or 37 cents per share, in the same period a year ago. Sales in the second quarter were $2,842,081, down 52% from $5,871,643 a year ago. Sales a year ago benefited from a large State of Pennsylvania emissions program and no similar program is occurring this year.

In the first fiscal half, the Company reported a net loss of $739,368 or 61 cents per share, compared with  net income of $623,388 or 51 cents per share, in the same period a year ago. Sales were $4,906,972 down 48%, compared to $9,442,052 in last year's first half.

Robert L. Bauman, President and CEO, said that the negative first half operating results were lower than the Company anticipated due primarily to lower first half sales to automotive diagnostic equipment customers. He also noted that second quarter results showed improvement and were close to forecast. In addition, he was cautiously optimistic that the recent introduction of two new automotive diagnostic products will have a positive influence on future revenues. He further stated that the Company continues to invest substantially in an emissions program opportunity and an opportunity to provide an automotive OEM with a proprietary tool that may reduce their warranty expenses substantially. In addition the Company continues to focus on growing its' participation in the automotive diagnostics business. He stated that these focuses would continue to require significant investment by the Company.

Backlog at March 31, 2005 was $1,586,000, a decrease of 46% from the backlog of $2,957,000 a year earlier. The decrease was due primarily to lower orders in automotive diagnostic products of $1,043,000, specifically,  $817,000 for emission products that were largely associated with a State of Pennsylvania emissions program and $226,000 for other aftermarket products. Also contributing to the decrease were reductions of $135,000 for indicators and gauges and $184,000 for training programs. The Company anticipates that most of the current backlog will be shipped in the last half of fiscal 2005.

The Company's financial position remains strong, with current assets of $8,066,197 that are 4.9 times current liabilities, and no long-term debt. Working capital at March 31, 2005 totaled $6,405,859 and shareholder's equity was $9,315,019 or $7.69 per share.

Hickok provides products and services primarily for the automotive, locomotive, and aircraft industries. Offerings include the development, manufacture and marketing of electronic and non-electronic automotive diagnostic products used for repair, emission testing, and nut-running electronic controls used in manufacturing processes. The Company also develops and manufactures indicating instruments for aircraft, locomotive and general industrial applications and provides repair training programs.

Certain statements in this news release, including discussions of management's expectations for fiscal 2005, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ from those anticipated as a result of risks and uncertainties which include, but are not limited to, Hickok's ability to effectively develop and market new products serving customers in the automotive aftermarket, overall market and industry conditions, the Company's ability to capitalize on market opportunities as well as the risks described from time to time in Hickok's reports as filed with the Securities and Exchange Commission.

HICKOK INCORPORATED
Consolidated Income Statement (Unaudited) 


3 MONTHS 6 MONTHS
Period ended March 31  2005 2004 2005 2004
Net sales $2,842,081 $5,871,643 $4,906,972 $9,442,052
Income (loss) before Income tax (387,510) 683,878 (1,120,368) 944,588
Income (recovery of) taxes (131,900) 232,500 (381,000) 321,200
Net income (loss) (255,610) 451,378  (739,368) 623,388
Basic income (loss) per share (.21) .37 (.61) .51
Diluted income (loss) per share (.21) .36 (.61) .50
Weighted average shares outstanding 1,211,246 1,219,750 1,212,169 1,219,750

 
 
 
 
 
 
 











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