0000047307-14-000016.txt : 20140814 0000047307-14-000016.hdr.sgml : 20140814 20140814110757 ACCESSION NUMBER: 0000047307-14-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140814 DATE AS OF CHANGE: 20140814 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: 141040449 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 r8kfy14q3.htm FORM 8-K 3RD QUARTER 2014 Hickok 8-K
UNITED STATES
SECURITIES AND EXCHANGE  COMMISSION
WASHINGTON, D.C. 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)      August 13, 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 August 13, 2014,  Hickok Incorporated issued a news release announcing results for its fiscal 2014 third quarter and nine months ended June 30, 2014. The news release is furnished herewith as Exhibit 99.1.

Item 9.01   Financial Statements and Exhibits.
              
              99.1  News Release, dated August 13, 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                    

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

Date:    August 13, 2014

EXHIBIT  INDEX

            Exhibit                Description of Exhibit
           
            99.1                    News Release, dated August 13, 2014















 EX-99 2 pr991.htm EXHIBIT 99.1 NEWS RELEASE 3RD QUARTER 2014 News Release:
Exhibit 99.1

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


August 13, 2014
FOR IMMEDIATE RELEASE


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, 2014.

For the quarter ended June 30, 2014, the Company recorded net income of $386,911 or 24 cents per share, compared with a net loss of $133,777 or 8 cents per share, in the same period a year ago. Sales in the third quarter were $2,130,412, compared with $1,339,931 a year ago. The current year third quarter benefited from the large order received in January 2014.

In the first nine months, the Company reported a net loss of $231,031 or 14 cents per share, compared with net income of $129,458 or 8 cents per share, in the same period a year ago. Sales were $4,297,121, compared to $5,043,172 a year ago. Sales for the nine months of  fiscal 2014 and 2013 benefited from large orders from a Tier 1 Supplier of an OEM. The entire large order in fiscal 2013 was shipped in the first half of year. The remaining balance of approximately $810,000 of the fiscal 2014 large order will be shipped in the fourth quarter of the current year.

Robert L. Bauman, President and CEO, said, "As I projected in our last press release the third quarter was strong and the fourth quarter should also be strong due to the large order for a Tier 1 supplier to an OEM. Our non-OEM sales continued to be weaker than projected in the third quarter but they are beginning to show signs of recovery.” He also added, “We are continuing to pursue other opportunities that should offer real future revenue growth possibilities."

Backlog at June 30, 2014 was $1,287,000, an increase of 97% from the backlog of $652,000 a year earlier. The $697,000 increase was due primarily to increased orders for diagnostic products to automotive OEM's of approximately $860,000 and aftermarket products of approximately $62,000, offset in part by a decrease in orders for indicator product of approximately $161,000 and emissions products of approximately $64,000. The Company anticipates that most of the current backlog will be shipped in the last quarter of fiscal 2014. The current order backlog increased substantially due to the large order for a Tier 1 Supplier and the remaining balance of this order will ship in the fourth quarter of fiscal 2014.

The Company's current assets at June 30, 2014 of  $3,837,570 are 2.3 times current liabilities, there is no long-term debt and working capital is $2,151,941. These compare to June 30, 2013 current assets of $3,126,016 that were 4.3 times current liabilities, no long-term debt and working capital of $2,396,782. At June 30, 2014 shareholder's equity was $2,519,074 or $1.54 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 9 MONTHS
Period ended June 30
2014
 2013
 2014
 2013
Net sales
 $2,130,412
 $1,339,931
 $4,297,121
 $5,043,172
Income (loss) before Income tax
 386,911
 (133,777)
 (231,031)
 129,458
Income (recovery of) taxes
 -0-
 -0-
 -0-
 -0-
Net income (loss)
 386,911
 (133,777)
 (231,031)
 129,458





Basic income (loss) per share .24
 (.08)
 (.14)
 .08
Diluted income (loss) per share
 .23
 (.08)
 (.14)
 .08





Weighted average shares outstanding
 1,638,215
 1,638,215
 1,638,215
 1,601,256