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 9, 2017
Hickok Incorporated
(Exact Name of Registrant as Specified in Charter)
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Ohio |
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0-147 |
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34-0288470 |
(State or Another Jurisdiction of Incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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10514 Dupont Avenue Cleveland, Ohio |
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44108 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(216) 541-8060
(Registrant’s telephone number, including area code)
(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 (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 9, 2017, Hickok Incorporated issued a news release announcing results for the three and nine months ended June 30, 2017. The news release is furnished herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
99.1 News Release, dated August 9, 2017
(d) Exhibits.
Exhibit No. |
Description of Exhibit | |
99.1 |
News Release Dated August 9, 2017 |
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.
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HICKOK INCORPORATED |
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Date: August 11, 2017 |
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/s/ Kelly J. Marek |
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Name: Kelly J. Marek |
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Vice President and Chief Financial Officer |
EXHIBIT INDEX
Exhibit No. |
Description of Exhibit | |
99.1 |
News Release Dated August 9, 2017 |
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Exhibit 99.1
Contact: |
Brian E. Powers |
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HICKOK INCORPORATED REPORTS THIRD QUARTER RESULTS
CLEVELAND, OH, AUGUST 9, 2017 Hickok Incorporated (OTC Pink: HICKA), a Cleveland-based holding company serving diverse industrial markets, today reported operating results for the three-month and nine-month periods ended June 30, 2017.
For the quarter ended June 30, 2017, sales were $7.2 million compared with $1.5 million in the same period last year, an increase of $5.7 million or 372%. For the quarter ended June 30, 2017, the Company recorded net income of $941,523 or $0.31 per diluted share, compared with a net loss of $8,095 or $0.00 per diluted share, in the same period last year. The total number of outstanding diluted shares is currently 3,044,440.
For the nine months ended June 30, 2017, sales were $12.9 million compared with $4.0 million in the same period last year, an increase of $8.9 million or 227%. For the nine months ended June 30, 2017, the Company recorded net income of $840,957 or $0.28 per diluted share, compared with a net loss of $519,728 or ($0.32) per diluted share, in the same period last year.
On June 1, 2017 Hickok announced that it had acquired certain assets of Air Enterprises Acquisition LLC in Akron, Ohio. The acquired business, which will continue to operate under the name Air Enterprises, is an industry leader in designing, manufacturing and installing large-scale commercial, institutional, and industrial custom air handling solutions. The acquisition will add more than $30 million in annual revenue to Hickok and will be immediately accretive to earnings.
Information about Forward Looking Statements
Certain statements in this news release, including discussions of management's expectations for fiscal 2017, 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 integrate acquisitions and manage the larger operations of the combined business, effectively develop and market new products, overall market and industry conditions, the Company's ability to capitalize on market opportunities, the Company's ability to satisfy its interest payments and 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) |
Three Months Ended |
Nine Months Ended |
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June 30, |
June 30, |
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2017 |
2016 |
2017 |
2016 |
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Net sales |
$ | 7,220,626 | $ | 1,530,244 | $ | 12,923,867 | $ | 3,953,740 | ||||||||
Costs and expenses: |
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Costs of sales |
4,191,480 | 769,430 | 7,933,969 | 2,204,495 | ||||||||||||
Product development |
179,840 | 258,406 | 636,166 | 777,889 | ||||||||||||
Selling, general and administrative expenses |
1,808,920 | 507,326 | 3,354,796 | 1,488,461 | ||||||||||||
Interest charges |
66,695 | 4,843 | 165,656 | 8,179 | ||||||||||||
Legal Matter |
- | - | (50,000 | ) | - | |||||||||||
Other (Income) Expense |
(5,205 | ) | (1,666 | ) | (11,177 | ) | (5,556 | ) | ||||||||
Total Costs and Expenses |
6,241,730 | 1,538,339 | 12,029,410 | 4,473,468 | ||||||||||||
Income (loss) before Provision for Income Taxes |
978,896 | (8,095 | ) | 894,457 | (519,728 | ) | ||||||||||
Provision for Income Taxes |
37,373 | - | 53,500 | - | ||||||||||||
Net income (loss) |
$ | 941,523 | $ | (8,095 | ) | $ | 840,957 | $ | (519,728 | ) | ||||||
Net income (loss) per common share |
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Basic |
$ | 0.33 | $ | (0.00 | ) | $ | 0.29 | $ | (0.32 | ) | ||||||
Diluted |
$ | 0.31 | $ | (0.00 | ) | $ | 0.28 | $ | (0.32 | ) | ||||||
Weighted average shares outstanding |
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Basic |
2,880,719 | 1,638,215 | 2,870,349 | 1,638,215 | ||||||||||||
Diluted |
3,044,440 | 1,638,215 | 2,962,430 | 1,638,215 |
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