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 13, 2012
FOR IMMEDIATE RELEASE
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HICKOK INCORPORATED REPORTS THIRD QUARTER
AND NINE MONTH RESULTS
CLEVELAND, OH, August 13 Hickok Incorporated
(OTC QB: HICKA.PK),
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, 2012.
For the quarter ended June 30, 2012, the Company recorded a net
loss of $170,975 or 12 cents per share, compared with a net loss of
$125,949 or 10 cents per share, in the same period a year ago. Sales in
the third quarter were $1,271,803, compared with $1,276,544 a year ago.
In the first nine
months, the Company reported a net loss of $578,896 or 43 cents per
share, compared with a net loss of $657,612 or 52 cents per share, in
the same period a year ago. Sales were $3,631,842, down 2%, compared
to $3,702,083 a year ago.
Robert L. Bauman, President and CEO, said, "The third quarter
operating results were disappointing primarily due to an unexpected
change in relationship with a significant customer that has delayed
some orders. However, compared to last year our revenue stream has
stabilized and improved in several key markets. We are hopeful that the
significant OEM project we have been working on will provide positive
operating results later in the calendar year." He went on to say, "We
anticipate the business climate in the markets we serve will continue
to show signs of improvement.”
Backlog at
June 30, 2012 was $574,000,
a decrease of 4% from
the
backlog of $600,000 a year earlier. The decrease
was due to decreased orders in automotive diagnostic products
of $69,000, specifically,
$158,000 for emissions products and $49,000 for aftermarket products
offset in part by an increase $138,000 for OEM products. In addition,
indicators and
gauges increased
by
approximately $43,000. The
Company estimates that approximately 84%
of the current
backlog will be shipped in the last quarter of fiscal 2012.
The Company's current assets at June
30, 2012 of
$2,853,421 are 3.1 times
current liabilities, there is no long-term debt and working capital is
$1,923,219. These compare to June 30,
2011 current assets of $2,958,909 that were 3.8 times current
liabilities, no long-term debt and working capital of $2,179,908. At
June 30, 2012 shareholder's equity was $2,286,663
or $1.64 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 (Unaudited)
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3
MONTHS |
9 MONTHS
|
Period ended June 30
|
2012
|
2011
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2012
|
2011
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Net sales
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$1,271,803
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$1,276,544
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$3,631,842
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$3,702,083
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Income (loss) before Income tax
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(170,975)
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(125,949)
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(578,896)
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(657,612)
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Income (recovery of) taxes
|
-0-
|
-0-
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-0-
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-0-
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Net income (loss)
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(170,975)
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(125,949)
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(578,896)
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(657,612)
|
|
|
|
|
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Basic income (loss) per share |
(.12)
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(.10)
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(.43)
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(.52)
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Diluted income (loss) per share
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(.12)
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(.10)
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(.43)
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(.52)
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|
|
|
|
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Weighted average shares outstanding
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1,394,278
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1,248,095
|
1,346,261
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1,248,095
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