0000047307-11-000009.txt : 20110513 0000047307-11-000009.hdr.sgml : 20110513 20110513145349 ACCESSION NUMBER: 0000047307-11-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110513 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110513 DATE AS OF CHANGE: 20110513 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: 11840150 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 r8kfy11q2.htm 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)      May 13, 2011                                                  


                                                 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 May 13, 2011,  Hickok Incorporated issued a news release announcing results for its fiscal 2011 second quarter and six months ended March 31, 2011. The news release is furnished herewith as Exhibit 99.1.

Item 9.01   Financial Statements and Exhibits.
              
              99.1  News Release, dated May 13, 2011



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 13, 2011

EXHIBIT  INDEX

            Exhibit                Description of Exhibit
           
            99.1                    News Release, dated May 13, 2011













 EX-99 2 pr_991q2.htm NEWS RELEASE News Release:fy11qrt2
Exhibit 99.1
Contact: Robert L. Bauman
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216/541-8060
 

May 13, 2011
FOR IMMEDIATE RELEASE

HICKOK INCORPORATED REPORTS SECOND QUARTER
AND FISCAL FIRST HALF RESULTS

CLEVELAND, OH, May 13  Hickok Incorporated (OTC Bulletin Board: HICKA.OB), a Cleveland based supplier of products and services for the automotive, emissions testing, locomotive, and aircraft industries, today reported operating results for the second quarter and six months ended March 31, 2011.

For the quarter ended March 31, 2011, the Company recorded a net loss of $213,681 or $.17 per share, compared with a net loss of $335,542 or $.27 cents per share, in the same period a year ago. Sales in the second quarter were $1,312,896 down 6% from $1,394,060 a year ago. The improvement on lower sales was due primarily to improved product mix and cost cutting measures implemented in February 2011.
 
In the first fiscal half, the Company reported a net loss of $531,663 or $.42 per share, compared with a net loss of $270,833 or $.22 cents per share, in the same period a year ago. Sales were $2,425,539 down 20%, compared to $3,030,777 in last year's first half. The prior year first half results were aided by the shipment of an order during the first quarter for diagnostic testing equipment to an OEM with no similar order during the current fiscal year.

Robert L. Bauman, President and CEO, said, "The product introductions and promotional efforts we executed in the second quarter are taking more time to produce the sales we forecasted and our markets are still severely depressed causing the continued losses. On a positive note, bookings have improved as evidenced by the backlog increases since the start of the fiscal year.”  He also said, “Increased revenue as a result of new product introductions and the additional cost cutting measures implemented in February should help us achieve positive cash flow during the third and fourth quarters.”

Backlog at March 31, 2011 was $723,000, an increase of 39% from the backlog of $519,000 a year earlier. The increase was due to increased orders in automotive diagnostic products of approximately $184,000, specifically $173,000 for diagnostic products to automotive OEMs and an increase in orders to the aftermarket which includes emissions products of approximately $11,000. In addition, indicator products increased by approximately $20,000. The Company anticipates that most of the current backlog will be shipped in the last half of fiscal 2011.

The Company's current assets at March 31, 2011 of  $2,916,634 are 4.5 times current liabilities, there is no long-term debt and working capital is $2,273,599. These compare to March 31, 2010 current assets of $3,912,662 that were 7.5 times current liabilities, no long-term debt and working capital of $3,388,206. At March 31, 2011 shareholders' equity was $2,755,951 or $2.21 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 2011, 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 6 MONTHS
Period ended March 31  2011 2010 2011 2010
Net sales $1,312,896 $1,394,060 $2,425,539 $3,030,777
Income (loss) before Income tax (213,681) (335,542) (531,663) (270,833)
Income (recovery of) taxes - - -
 -
Net income (loss) (213,681) (335,542) (531,663) (270,833)
Basic income (loss) per share (.17)
 (.27) (.42) (.22)
Diluted income (loss) per share (.17) (.27) (.42) (.22)





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