0000047307-14-000005.txt : 20140214 0000047307-14-000005.hdr.sgml : 20140214 20140214100629 ACCESSION NUMBER: 0000047307-14-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20131231 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140214 DATE AS OF CHANGE: 20140214 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: 14611806 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 r8ky14q1.htm FORM 8-K 1ST QUARTER 2014 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)      February 14, 2014                                                  


                                                 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 February 14, 2014, Hickok Incorporated issued a news release announcing results for its fiscal 2014 first quarter ended December 31, 2013. The news release is furnished herewith as Exhibit 99.1.


Item 9.01    Financial Statements and Exhibits.
     
            99.1 News Release, dated February 14, 2014


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                    


  /s/ Robert L. Bauman                        
Robert L. Bauman                            
   President and CEO                          

Date:    February 14, 2014

EXHIBIT  INDEX

            Exhibit                Description of Exhibit
           
            99.1                    News Release, dated February 14, 2014




















 EX-99 2 prfy14q1.htm EXHIBIT 99.1 NEWS RELEASE 1ST QUARTER 2014 News Release:

Exhibit 99.1

Contact:

Robert L. Bauman
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216/541-8060




February 14, 2014
FOR IMMEDIATE RELEASE


HICKOK INCORPORATED REPORTS FIRST QUARTER
OPERATING RESULTS

CLEVELAND, OH, February 14 Hickok Incorporated (OTC QB: HICKA.PK), a Cleveland based supplier of products and services for automotive, emissions testing, locomotive, and aircraft industries, today reported operating results for its fiscal 2014 first quarter ended December 31, 2013.

For the quarter ended December 31, 2013, the Company recorded a net loss of $320,287 or 20 cents per share, compared with net income of $143,804 or 9 cents per share, in the same period a year ago. Sales in the first quarter were $1,050,242, down 40% from $1,738,903 a year ago.

Robert L. Bauman, President and CEO, said, “The Company’s first quarter was weak and that was not unexpected. Last year a large order for an OEM masked the weakness of our other productlines.” He went on to say, “The third and fourth quarter of fiscal 2014 will benefit from a large order for an OEM dealer service unit received in January 2014. In addition, we expect substantially better results in our other productlines in the second quarter and beyond because of new product introductions and an improving outlook in the markets we serve."

Backlog at December 31, 2013 was $713,000 versus backlog of $1,372,000 a year earlier. The $659,000 decrease was due primarily to decreased orders for automotive diagnostic products to OEM's and aftermarket products which include emissions products of approximately $624,000 and $41,000 respectively. In addition, orders for indicator products also decreased by approximately $48,000. Orders for parts and service increased by approximately $54,000. The Company anticipates that most of the current backlog will be shipped in fiscal 2014.

The Company's current assets at December 31, 2013 of $2,852,708 are 3.8 times current liabilities and working capital is $2,099,627. These compare to December 31, 2012 current assets of $3,233,152 that were 3.6 times current liabilities and working capital of $2,325,571.  At December 31, 2013 shareholder's equity was $2,428,732 or $1.48 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 2014, 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

Period ended December 31

2013

2012

Net sales

$1,050,242

$1,738,903

Income (loss) before Income tax

(320,287)

143,804

Income (recovery of) taxes

-

-

Net income (loss)

(320,287)

143,804




Basic income (loss) per share

(.20)

.09

Diluted income (loss) per share

(.20)

.09




Weighted average shares outstanding

1,638,215

1,528,541