News Release:
Exhibit 99.1
Contact:
|
Robert L. Bauman
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216/541-8060
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January 13, 2012
FOR IMMEDIATE RELEASE
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HICKOK INCORPORATED REPORTS FOURTH QUARTER
AND FISCAL 2011 OPERATING RESULTS
CLEVELAND, OH, January 13 Hickok Incorporated
(OTC
Bulletin Board: HICKA.QB),
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, 2011.
For the quarter ended September 30, 2011, the Company recorded a net
loss
of $14,923 or $.02 per
share, compared
with a net loss of $527,184 or $.42 per share, in the same period a
year
ago.
Sales in the fourth quarter were $1,366,530, up 63% from $837,880 a
year ago.
For the 2011 fiscal year the Company reported a net loss of $672,535
or $.54 per share, compared with a net loss of $949,496 or $.76 per
share,
in the same prior year period. Sales were $5,068,613, down 13% compared
to
$5,259,012 a year ago. Fiscal
2010 sales benefited from the delivery of Diesel Fuel Injector Testers
to all franchised dealerships of a major truck OEM while Fiscal 2011
had no unusually large orders in the year. During Fiscal 2011 the
Company implemented further cost cutting measures that by the end of
the year brought expenses in-line with the sales realities.
Robert
L. Bauman, President and CEO, said, "We are moving in the right
direction, although not yet a profit our fourth quarter results showed
a dramatic improvement over the past several quarters and years. Our
actions to reduce costs to match annual revenues have paid off and we
are looking forward to a positive bottom line in the near future.” He
also said, “Our markets are still soft but the strategy we have been
executing is gaining momentum and we expect significant improvement in
2012 results. In addition, the Company closed a deal with a current
shareholder and a new investor on December 30, 2011 that we believe
will provide the liquidity the Company needs to more aggressively
pursue a growth strategy. That deal along with other arrangements also
had the benefit of our independent auditors removing the 'going concern
qualification' in our audited financial statements.”
Backlog
at September 30,
2011 was $593,000, an increase of 12%
from
the backlog of $529,000 a year earlier. The increase was due
primarily
to increased orders for
indicators and
gauges of $114,000. In
addition, automotive diagnostic
products orders to OEM's increased by approximately $75,000 offset by a
decrease of $106,000 for non-emission aftermarket
products
and $19,000 for emission products.
At September 30, 2011, the Company had
current assets of
$3,016,871 (5.3
times current
liabilities), and working
capital of $2,447,080. These
compare to September 30, 2010
current assets of
$3,312,428 (6.3 times current liabilities), and
working capital of $2,783,776. At September 30, 2011 shareholder's
equity
was $2,620,809 or $2.10 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 2012, 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 |
2011
|
2010
|
2011
|
2010
|
Net sales
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$1,366,530
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$837,880
|
$5,068,613
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$5,259,012 |
Income (loss) before Income
tax
|
(14,923)
|
(527,184)
|
(672,535)
|
(949,496)
|
Income (recovery of) taxes
|
-0-
|
-0-
|
-0-
|
-0-
|
Net income (loss)
|
(14,923)
|
(527,184)
|
(672,535)
|
(949,496)
|
|
|
|
|
|
Basic income (loss) per share
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(.02)
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(.42)
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(.54)
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(.76)
|
Diluted income (loss) per
share |
(.02)
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(.42)
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(.54)
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(.76)
|
|
|
|
|
|
Weighted average shares
outstanding
|
1,248,095
|
1,248,095
|
1,248,095
|
1,248,095
|