-----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, K5OpwOVCMPqY8u5jXyQXkTKt7uPQgK4WfB5U+2ykWLmSCSTA2YiKkuRECRbBRRSu H2ET3qm8dLS/q5kdNmIemQ== 0000047307-05-000009.txt : 20051209 0000047307-05-000009.hdr.sgml : 20051209 20051209141246 ACCESSION NUMBER: 0000047307-05-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051209 DATE AS OF CHANGE: 20051209 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: 051255122 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 r8kfy05q4.htm HICKOK INC FY2005 QTR 4 FORM 8-K Hickok 8-K
UNITED STATES
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)      December 9, 2005                                                            


                                                 HICKOK INCORPORATED                                                        
(Exact name of registrant as specified in its charter)


                 Ohio              
(State or other jurisdiction
of incorporation)
                  0-147                
 (Commission
 File Number)
          34-0288470      
(IRS Employer
Identification No.)


    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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02    Results of Operations and Financial Condition

            On December 9, 2005, Hickok Incorporated issued a news release announcing results for the fourth quarter and its fiscal year ended September 30, 2005. The news release is furnished herewith as Exhibit 99.1.

Item 9.01    Financial Statements and Exhibits
     
            99.1 News Release, dated December 9, 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:    December 9, 2005

EXHIBIT  INDEX

            Exhibit                Description of Exhibit
           
            99.1                    News Release, dated December 9, 2005














 EX-99.1 CHARTER 2 pr991fy05q4.htm EXHIBIT 99.1 News Release:
Exhibit 99.1

Contact:
 Robert L. Bauman
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216/541-8060


December 9, 2005
FOR IMMEDIATE RELEASE


HICKOK INCORPORATED REPORTS FOURTH QUARTER
AND FISCAL 2005 OPERATING RESULTS

CLEVELAND, OH, December 9 Hickok Incorporated (Nasdaq: HICKA.OB), a Cleveland based supplier of products and services for automotive, locomotive, and aircraft industries, today reported results for the fourth quarter and the fiscal year ended September 30, 2005.

For the quarter ended September 30, 2005, the Company recorded a net loss of $491,867 or $.41 per share, compared with a net loss of $51,495 or 4 cents per share, in the same period a year ago. Sales in the fourth quarter were $2,002,600 down 20% from $2,490,458 a year ago.

For the 2005 fiscal year the Company reported a net loss of $1,573,772 or $1.30 per share,  compared with net income of $659,770 or $.54 per share, in the same prior year period. Sales were $9,670,694, down 39% compared to $15,721,038 a year ago. Sales a year ago benefited from a major state emissions program and no similar program occurred this year. 

Robert L. Bauman, President and CEO, said that the negative operating results for the year were a result of lower sales of automotive diagnostic equipment and a decision by management to continue to devote substantial resources to a large OEM program the Company had been pursuing.  He stated, comparing 2005 to 2004 the Company benefited from a State of Pennsylvania emissions program that resulted in substantial revenues in 2004 and there was no similar program for fiscal 2005. Sales of regular automotive diagnostic products were about the same level in 2005 and 2004. He further stated, the Company recently received a letter of intent on the opportunity with a major vehicle OEM that the Company has previously referred to in numerous reports. A second large emissions opportunity that has been cited previously continues to be unpredictable but the Company is optimistic that the program will eventually move forward. He cautioned that these programs can be one-time events, timing is unpredictable and subject to delays. In addition, he said, the Company will continue with new product introductions in its core automotive aftermarket business. These introductions along with the OEM related project should produce positive operating results in fiscal 2006.
Backlog at September 30, 2005 was $3,047,000, an increase of 90% from the backlog of $1,606,000 a year earlier. The  increase was due primarily to increased orders of  $1,917,000 for automotive diagnostic products to OEM's and $105,000 for the aftermarket.  The increase was offset in part by a decrease in indicators and gauges that depend heavily on the business aircraft market for orders of  $307,000, emission products of $149,000 and fastening systems of $65,000. The Company anticipates that most of the current backlog will be shipped in fiscal 2006.

The Company's financial position remains strong, with current assets of $7,934,449 that are 4.4 times current liabilities, and no long-term debt, and working capital of  $6,127,053. These compare to September 30, 2004 current assets of $9,262,588 that were 5.8 times current liabilities, no long-term debt, and working capital of $7,653,528. At September 30, 2005 shareholder's equity was $8,565,293 or $7.07 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 2006, 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


 3 MONTHS 12 MONTHS
Period ended September 30
2005
 2004
 2005
 2004
Net sales
 $2,002,600
 $2,490,458
 $9,670,694
 $15,721,038
Income (loss) before Income tax
 (846,167)
 (235,395)
 (2,486,072)
 842,870
Income (recovery of) taxes
 (354,300)
 (183,900)
 (912,300)
 183,100
Net income (loss)
 (491,867)
 (51,495)
 (1,573,772)
 659,770





Basic income (loss) per share
 (.41)
 (.04)
 (1.30)
 .54
Diluted income (loss) per share
 (.41)
 (.04)
 (1.30)
 .53





Weighted average shares outstanding
 1,211,245
 1,217,074
 1,211,629
 1,218,913











































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