0001437749-18-010346.txt : 20180518 0001437749-18-010346.hdr.sgml : 20180518 20180518153319 ACCESSION NUMBER: 0001437749-18-010346 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180515 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180518 DATE AS OF CHANGE: 20180518 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: 18846459 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 hicka20180515_8k.htm FORM 8-K hicka20180515_8k.htm

 

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): May 15, 2018 

 

 

Hickok Incorporated

(Exact Name of Registrant as Specified in Charter) 

 

 

Ohio

 

0-147

 

34-0288470

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

 

 

 

10514 Dupont Avenue 

Cleveland, Ohio

 

44108

(Address of Principal Executive Offices)

 

(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):

 

☐

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))

 

 

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.  ☐

 

1
 

 

Item 2.02   Results of Operations and Financial Condition.
              
On May 15, 2018, Hickok Incorporated issued a news release announcing results for the three months ended March 31, 2018. The news release is furnished herewith as Exhibit 99.1.

Item 9.01   Financial Statements and Exhibits.
              
99.1 News Release, dated May 15, 2018.     

 

(d) Exhibits.

 

 

Exhibit No.

Description of Exhibit
 

99.1

News Release Dated May 15, 2018

 

 

 

 

 

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

Date: May 15, 2018

 

 

 

 

 

/s/ Kelly J. Marek         

 

 

 

 

 

 

Name: Kelly J. Marek        

 

 

 

 

 

 

Vice President Finance and Chief Financial Officer

 

2

 EX-99.1 2 ex_114603.htm EXHIBIT 99.1 ex_114603.htm

Exhibit 99.1

 

Contact:

Brian E. Powers
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216-541-8060




May 15, 2018
FOR IMMEDIATE RELEASE

 

 


HICKOK INCORPORATED REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018

 

CLEVELAND, OH, MAY 15, 2018 Hickok Incorporated (OTC Pink: HICKA), a Cleveland-based holding company serving diverse industrial markets, today reported operating results for the three months ended March 31, 2018.

For the quarter ended March 31, 2018, sales were $11.9 million compared with $3.3 million in the same period last year, an increase of $8.6 million or 255%. For the quarter ended March 31, 2017, the Company recorded operating income of $0.6 million compared with an operating income of $0.3 million in the same period last year, an increase of $0.3 million.

 

Net income for the quarter ended March 31, 2017 was $0.4 million, or $0.11 per fully diluted share, compared with net income of $0.2 million, or $0.07 per fully diluted share last year. The total number of outstanding diluted shares at March 31, 2018 was 3,269,853.

 

The Company previously announced it had changed its fiscal year end from September 30 to December 31, effective October 1, 2017. The change in the Company’s fiscal year has not impacted the Company’s results for the period ended March 31, 2018.

 

 

Information about Forward Looking Statements

 

Certain statements in this news release, including discussions of management's expectations for the period reported, 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

  
   

March 31,

  
                                 
   

2018

            

2017

          

Sales

   $ 11,878,700       100

 %

   $ 3,346,315       100

 %

Cost of Sales

     8,860,259       75

 %

     1,968,801       59

 %

Gross Profit

     3,018,441       25

 %

     1,377,514       41

 %
                                 

Product development costs

     123,029       1

 %

     217,316       6

 %

Selling, general and administrative expenses

     2,252,327       19

 %

     894,302       27

 %

Operating Income

    643,085       5

 %

     265,896       8

 %
                                 

Interest charges

     85,933       1

 %

     48,192       1

 %

Other income (expense), net

     58,816       0

 %

     (3,563

)

     0

 %

Income before Provision for Income Taxes

     498,336       4

 %

     221,267       7

 %

Provision for Income Taxes

     124,584       1

 %

     8,127       1 %

Net Income

   $ 373,752       3

 %

   $ 213,140       6

 %
                                 
                                 

Net Income Per Common Share

                                

Basic

   $ 0.13             $ 0.07          

Diluted

   $ 0.11             $ 0.07          
                                 

Weighted Average Shares Outstanding

                               

Basic

     2,911,057               2,877,493          

Diluted

     3,269,853               2,964,729