News Release:
Exhibit 99.1
Contact:
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Robert L. Bauman
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216/541-8060
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August 12, 2011
FOR IMMEDIATE RELEASE
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HICKOK INCORPORATED REPORTS THIRD QUARTER
AND NINE MONTH RESULTS
CLEVELAND, OH, August 12 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 third
quarter and
nine months ended June 30, 2011.
For the quarter ended June 30, 2011, the Company recorded a net
loss of $125,949 or 10 cents per share, compared with a net loss of
$151,479 or 12 cents per share, in the same period a year ago. Sales in
the third quarter were $1,276,544, down 8% from $1,390,355 a year ago.
The loss reduction on lower sales was due primarily to additional cost
cutting measures implemented in March 2011.
In the first nine
months, the Company reported a net loss of $657,612 or 52 cents per
share, compared with a net loss of $422,312 or 34 cents per share, in
the same period a year ago. Sales were $3,702,083, down 16%, compared
to $4,421,132 a year ago. The prior year nine month results benefited
from a higher sales volume, primarily a large OEM order delivered in
December 2009.
Robert L. Bauman, President and CEO, said, "The
third quarter operating results are an improvement over last year’s but
our markets are still very depressed. We implemented additional expense
reductions in March 2011 and are just now starting to see the results
of a revised strategic plan we began implementing a year ago. We are
hopeful that the success of several recent product introductions and a
slightly more positive business climate we have recently experienced
will continue.”
Backlog at
June 30, 2011 was $600,000,
an increase of 134% from
the
backlog of $256,000 a year earlier. The increase
was due primarily to increased orders in automotive diagnostic products
of $235,000, specifically,
$157,000 for emissions products, $45,000 for aftermarket products and
$33,000 for OEM products. In addition, indicators and gauges increased
by
approximately $109,000. The
Company estimates that approximately 81%
of the current
backlog will be shipped in the last quarter of fiscal 2011.
The Company's current assets at June
30, 2011 of
$2,958,909 are 3.8 times
current liabilities, there is no long-term debt and working capital is
$2,179,908. These compare to June 30,
2010 current assets of $3,831,080 that were 6.9 times current
liabilities, no long-term debt and working capital of $3,273,882. At
June 30, 2011 shareholder's equity was $2,632,867
or $2.11 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)
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3
MONTHS |
9 MONTHS
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Period ended June 30
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2011
|
2010
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2011
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2010
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Net sales
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$1,276,544
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$1,390,355
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$3,702,083
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$4,421,132
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Income (loss) before Income tax
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(125,949)
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(151,479)
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(657,612)
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(422,312)
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Income (recovery of) taxes
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-0-
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-0-
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-0-
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-0-
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Net income (loss)
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(125,949)
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(151,479)
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(657,612)
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(422,312)
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|
|
|
|
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Basic income (loss) per share |
(.10)
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(.12)
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(.52)
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(.34)
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Diluted income (loss) per share
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(.10)
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(.12)
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(.52)
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(.34)
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|
|
|
|
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Weighted average shares outstanding
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1,248,095
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1,248,095
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1,248,095
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1,248,095
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