-----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, N1qicq5xSfC961LR8Oux4wp8KBAqmXZyNaNQVj1aumJFLptomqgS1DYkmXVAX6Zs RvuCsQjx9EEUHsFEWEnwOA== 0000047307-08-000018.txt : 20080814 0000047307-08-000018.hdr.sgml : 20080814 20080814085116 ACCESSION NUMBER: 0000047307-08-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080814 DATE AS OF CHANGE: 20080814 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: 081015481 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 r8kfy08q3.htm HICKOK INC FORM 8-K FY2008 QTR 3 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)      August 13, 2008                                                  


                                                 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 August 13, 2008,  Hickok Incorporated issued a news release announcing results for its fiscal 2008 third quarter and nine months ended June 30, 2008. The news release is furnished herewith as Exhibit 99.1.

Item 9.01   Financial Statements and Exhibits
              
              99.1  News Release, dated August 13, 2008



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:    August 13, 2008

EXHIBIT  INDEX

            Exhibit                Description of Exhibit
           
            99.1                    News Release, dated August 13, 2008















 EX-99.1 CHARTER 2 pr991.htm PRESS RELEASE News Release:
Exhibit 99.1

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


August 13, 2008
FOR IMMEDIATE RELEASE


HICKOK INCORPORATED REPORTS THIRD QUARTER
AND NINE MONTH RESULTS

CLEVELAND, OH, August 13 Hickok Incorporated (OTC Bulletin Board: HICKA.OB), a Cleveland based supplier of products and services for automotive, emissions testing, locomotive, and aircraft industries, today reported results for the third quarter and nine months ended June 30, 2008.

For the quarter ended June 30, 2008, the Company recorded a net loss of $535,657 or 43 cents per share, compared with  net income of $31,321 or 2 cents per share, in the same period a year ago. Sales in the third quarter were $1,704,816, down 39% from $2,817,235 a year ago.

In the first nine months, the Company reported net income of $98,776 or 8 cents per share, compared with a net loss of $1,100,839 or 91 cents per share, in the same period a year ago. Sales were $10,645,696, up 63%, compared to $6,549,817 a year ago.

Robert L. Bauman, President and CEO, said that third quarter results although disappointing were expected and that considering the turmoil in the automotive markets they could have been much worse. He also stated that the turmoil in the automotive OEM market has delayed several projects for large OEM's but he believes the projects should ultimately result in substantial orders. He further stated that the fourth quarter should show some improvement in aftermarket sales with planned new product introductions. He cautioned the Company continues to rely on large orders to provide positive operating results and that the timing of such orders was subject to significant uncertainty especially with the current economic volatility.

Backlog at June 30, 2008 was $960,000 a decrease of 69% from the backlog of $3,138,000 a year earlier. The decrease was due primarily to decreased orders in automotive diagnostic products of $2,222,000, specifically, $1,385,000 for large OEM customers, $925,000 for  emission products, offset in part by an increase of approximately $88,000 for non-emission aftermarket products. In addition, indicator and gauge backlog increased by $44,000. The current level of backlog is more typical for the Company. The Company estimates that approximately 62% of the current backlog will be shipped in the last quarter of  fiscal 2008.

The Company's financial position remains strong, with current assets of $6,848,140 that are 13.2 times current liabilities, and no long-term debt. Working capital at June 30, 2008 totaled $6,330,580 and shareholder's equity was $8,736,709 or $7.00 per share.

Hickok provides products and services primarily for automotive, emissions testing, 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.

Certain statements in this news release, including discussions of management's expectations for fiscal 2008, 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 9 MONTHS
Period ended June 30
2008
 2007
 2008
 2007
Net sales
 $1,704,816
 $2,817,235
 $10,645,696
 $6,549,817
Income (loss) before Income tax
 (857,457)
 47,021
 149,576
 (1,645,976)
Income (recovery of) taxes
 (321,800)
 15,700
 50,800
 (560,000)
Income (loss) before cumulative
effect of change in accounting
principle,  net of tax
 (535,657)
 31,321
 98,776
 (1,085,976)
Cumulative effect of change in
accounting for stock based
compensation, net of tax of $8,000
 -
 -
 -
 14,863
Net income (loss)
 (535,657)
 31,321
 98,776
 (1,100,839)





Basic income (loss) per share before
cumulative effect of accounting change
 (.43)
 .02
 .08
 (.90)
Basic income (loss) per share (.43)
 .02
 .08
 (.91)
Diluted income (loss) per share before
cumulative effect of accounting change
 (.43)
 .02
 .08
 (.90)
Diluted income (loss) per share
 (.43)
 .02
 .08
 (.91)





Weighted average shares outstanding
 1,244,104
 1,212,498
 1,236,545
 1,211,663


































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