-----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, Qg11DV55+2fw8t4shBoRqIa0I9cBnEWRtN8Z9xINcNGk2qItaC6FXNuY2Q0/Tj/K IzOXr8MbL3bKkPf5CyPcAw== 0000047307-09-000013.txt : 20091223 0000047307-09-000013.hdr.sgml : 20091223 20091223123624 ACCESSION NUMBER: 0000047307-09-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091217 ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091223 DATE AS OF CHANGE: 20091223 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: 091257283 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 r8kfy09q4.htm HICKOK INC FY 2009 QTR 4 FORM 8-K Form 8k with loan rescind 12172009
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 17, 2009                                           


                                                 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 1.02    Termination of a Material Definitive Agreement

            On December 17, 2009, the Company’s lender, National City Bank, terminated the Promissory Note Modification Agreement, dated February 1, 2009, by and between the Company and National City Bank (the “credit agreement”). 

            The credit agreement provided the Company with a secured revolving credit facility of $1,000,000 with interest generally equal to 3.0% per annum plus the one-month LIBOR rate.  Under the terms of this agreement, the Company was required to maintain a tangible net worth of $8,000,000 and a pre-tax interest coverage ratio of not less than 3.0 to 1.0.  Due to its fiscal 2009 loss, the Company was in violation of these covenants at September 30, 2009 and sought a waiver from its lender.  On December 17, 2009, the Company’s lender advised it that it declined to waive these violations and had elected to terminate the credit agreement, which was scheduled to expire in February 2010.

            The Company had no outstanding borrowings under this credit facility at any time during fiscal 2009 or at the time of its termination. There are no material early termination penalties associated with the termination of the agreement.

            Hickok Incorporated issued a news release announcing this termination. The news release is furnished herewith as Exhibit 99.1.
 
Item 2.02    Results of Operations and Financial Condition

            On December 23, 2009, Hickok Incorporated issued a news release announcing results for the fourth quarter and its fiscal year ended September 30, 2009. The news release is furnished herewith as Exhibit 99.1.

Item 9.01    Financial Statements and Exhibits
     
            99.1 News Release, dated December 23, 2009


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 23, 2009

EXHIBIT  INDEX

            Exhibit                Description of Exhibit
           
            99.1                    News Release, dated December 23, 2009



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

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


December 23, 2009
FOR IMMEDIATE RELEASE


HICKOK INCORPORATED REPORTS FOURTH QUARTER
AND FISCAL 2009 OPERATING RESULTS

CLEVELAND, OH, December 23 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 operating results for the fourth quarter and the fiscal year ended September 30, 2009.

For the quarter ended September 30, 2009, the Company recorded a net loss of $48,786 or $.03 per share, compared with a net loss of $868,475 or $.71 per share, in the same period a year ago. Sales in the fourth quarter were $2,047,624, up 44% from $1,424,630 a year ago. The fourth quarter fiscal 2009 benefited from shipments of products for an emissions program in the State of New Jersey with no similar program in the fourth quarter of fiscal 2008.

For the 2009 fiscal year the Company reported a net loss of $3,674,253 or $2.94 per share, compared with a net loss of $769,699 or $.62 per share, in the same prior year period. Sales were $6,062,776, down 50% compared to $12,070,326 a year ago. Fiscal 2009 sales benefited from a small emissions program in the State of New Jersey whilefiscal 2008 sales benefited from the emissions program in the State of California.

Due to its fiscal 2009 loss, the Company was in violation of certain tangible net worth and interest coverage covenants contained in its credit agreement at September 30, 2009.  On December 17, 2009, the Company’s lender advised it that it declined to waive these violations and had elected to terminate the credit agreement, which was scheduled to expire in February 2010. The Company had no outstanding borrowings under this credit facility at any time during fiscal 2009 or at the time of its termination. The Company is currently evaluating other short-term financing alternatives in order to provide an additional source of liquidity. 

Robert L. Bauman, President and CEO, said “The fourth quarter revenues were higher but still resulted in a loss.”  He also said, “The fiscal year results are indicative of the tough market conditions we have faced all year and that the Company expects the fiscal 2010 first quarter to also be weak. The Company continues working on a large OEM opportunity that is expected to result in orders in 2010 but the timing remains uncertain. We are also introducing new products in the automotive aftermarket business including one that will add heavy duty vehicle servicers to our customer base and hopefully the OEM uncertainties will be resolved soon so that the Company can move forward.”  He went on to say that “The expense reductions implemented in 2009 have dramatically reduced expenses and that cash flow is not expected to be an issue in the foreseeable future.”

Backlog at September 30, 2009 was $1,199,000, an increase of 51% from the backlog of $794,000 a year earlier. The  increase was due primarily to increased orders in automotive diagnostic products of  $529,000, specifically, $556,000 for automotive diagnostic products to OEM's and $42,000 for non-emission aftermarket products offset in part by a decrease of $69,000 for emission products. Indicator and gauges backlog also declined $124,000.

The Company's financial position remains strong, with current assets of $4,106,654 that are 8.1 times current liabilities, and no long-term debt, and working capital of  $3,602,620. These compare to September 30, 2008 current assets of $6,024,686 that were 9.4 times current liabilities, no long-term debt, and working capital of $5,386,039. At September 30, 2009 shareholder's equity was $4,214,180 or $3.38 per share.

Hickok provides products and services primarily for the 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 and emission testing. 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 2010, 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, the Company's ability to obtain cost effective financing 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 2009
 2008
 2009
 2008
Net sales
 $2,047,624
 $1,424,630
 $6,062,776
 $12,070,326
Income (loss) before Income tax
 (48,786)
 (719,268)
 (1,829,053)
 (569,692)
Income (recovery of) taxes
 -0-
 149,207
 1,845,200
 200,007
Net income (loss)
 (48,786)
 (868,475)
 (3,674,253)
 (769,669)





Basic income (loss) per share
 (.03)
 (.71)
 (2.94)
 (.62)
Diluted income (loss) per share (.03)
 (.66)
 (2.94)
 (.62)





Weighted average shares outstanding
 1,248,095
 1,248,095
 1,248,095
 1,239,449
























































-----END PRIVACY-ENHANCED MESSAGE-----