Ohio
(State or other jurisdiction of incorporation) |
0-147
(Commission File Number) |
34-0288470 (IRS Employer Identification No.) |
Contact: | Robert L. Bauman HICKOK INCORPORATED 10514 Dupont Avenue Cleveland, Ohio 44108 216/541-8060 |
May 14, 2012 |
Backlog at March 31, 2012 was $649,000, a decrease of 10% from the backlog of $723,000 a year earlier. The decrease was due to decreased orders in automotive diagnostic products of approximately $234,000, specifically $122,000 for diagnostic products to automotive OEMs and orders to the aftermarket which includes emissions products of approximately $112,000. In addition, indicator products increased by approximately $160,000. The Company anticipates that most of the current backlog will be shipped in the last half of fiscal 2012.
The Company's current assets at March 31, 2012 of $3,063,976 are 3.1 times current liabilities, there is no long-term debt and working capital is $2,073,066. These compare to March 31, 2011 current assets of $2,916,634 that were 4.5 times current liabilities, no long-term debt and working capital of $2,273,599. At March 31, 2012 shareholders' equity was $2,455,239 or $1.76 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.
3 MONTHS | 6 MONTHS | |||
Period ended March 31 | 2012 | 2011 | 2012 | 2011 |
Net sales | $1,178,538 | $1,312,896 | $2,360,039 | $2,425,539 |
Income (loss) before Income tax | (224,781) | (213,681) | (407,921) | (531,663) |
Income (recovery of) taxes | - | - | - |
- |
Net income (loss) | (224,781) | (213,681) | (407,921) | (531,663) |
Basic income (loss) per share | (.16) |
(.17) | (.31) | (.42) |
Diluted income (loss) per share | (.16) | (.17) | (.31) | (.42) |
Weighted average shares outstanding | 1,394,278 | 1,248,095 | 1,322,385 | 1,248,095 |