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0000047307-10-000002.txt : 20100212
0000047307-10-000002.hdr.sgml : 20100212
20100212151751
ACCESSION NUMBER: 0000047307-10-000002
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20091231
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20100212
DATE AS OF CHANGE: 20100212
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: 10598450
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
r8ky10q1.htm
HICKOK INC FORM 8-K FY2010 QTR 1
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)
February 12, 2010
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 February
12, 2010, Hickok Incorporated issued a news release announcing results
for its fiscal 2010 first quarter ended December 31, 2009. The news
release is furnished herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
99.1 News
Release, dated February 12, 2010
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
/s/ Robert L. Bauman
Robert L. Bauman
President and CEO
Date: February 12, 2010
EXHIBIT INDEX
Exhibit
Description
of Exhibit
99.1
News Release, dated February 12,
2010
EX-99.1 CHARTER
2
prfy10q1.htm
PRESS RELEASE
News Release:
Exhibit 99.1
Contact:
|
Robert L. Bauman
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216/541-8060
|
February 12, 2010
FOR IMMEDIATE RELEASE
|
HICKOK INCORPORATED REPORTS FIRST QUARTER
OPERATING RESULTS
CLEVELAND, OH, February 12 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 its fiscal 2010 first quarter ended December 31, 2009.
For the quarter ended December 31, 2009, the Company recorded net income of $64,709 or 5 cents per share, compared with a net loss of $1,145,353 or 92 cents per share, in the same period a year ago. Sales in the first quarter were $1,636,717, up 41% from $1,159,063 a year ago. The current year first quarter benefited from the completion of a small injector tester program for an OEM customer.
Robert L. Bauman, President and CEO, said "the first quarter results were aided by the delivery of Diesel Fuel Injector Testers to all franchised dealerships of a major OEM." He went on to say that "the Company will be introducing a version of the Tester to the heavy-duty aftermarket next month." He also cited the continuation of the expense reductions implemented in fiscal 2009 as contributing to the turn around. He said he expects improvement in the third and fourth quarter sales because markets appear to be improving and a sizable project with an OEM, although delayed, is still active and should result in orders but the timing remains uncertain.
Backlog at December 31, 2009 was $831,000, a slight decrease from the backlog of $946,000 a year earlier. The decrease was due primarily to decreased orders for automotive diagnostic products to automotive OEM's and indicator products of $107,000 and $112,000 respectively. Aftermarket products which include emissions products increased approximately $104,000. The Company anticipates that most of the current backlog will be shipped in fiscal 2010.
The Company's financial position remains strong, with current assets of $4,221,662 that are 7.9 times current liabilities, and no long-term debt, and working capital of $3,686,593. These compare to December 31, 2008 current assets of $4,994,853 that were 9.8 times current liabilities, no long-term debt, and working capital of $4,483,062. At December 31, 2009 shareholder's equity was $4,282,874 or $3.43 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 (Unaudited)
|
3 MONTHS |
Period ended December 31
|
2009
|
2008
|
Net sales
|
$1,636,717
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$1,159,063
|
Income (loss) before Income tax
|
64,709
|
(945,353)
|
Income (recovery of) taxes
|
-
|
200,000
|
Net income (loss)
|
64,709
|
(1,145,353)
|
|
|
|
Basic income (loss) per share
|
.05
|
(.92)
|
Diluted income (loss) per share
|
.05
|
(.92)
|
|
|
|
Weighted average shares outstanding
|
1,248,095
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1,248,095
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