Hickok Incorporated Reports Second Quarter Results

CLEVELAND, May 17, 2017 (GLOBE NEWSWIRE) — Hickok Incorporated (OTC Pink:HICKA), a Cleveland-based supplier of products and services for the automotive, trucking, locomotive, and aircraft industries, today reported operating results for the three-month and six-month periods ended March 31, 2017.

For the quarter ended March 31, 2017, sales were $3.3 million compared with $1.0 million in the same period last year, an increase of $2.3 million or 220%.  For the quarter ended March 31, 2017, the Company recorded net income of $213,140 or $0.07 per share, compared with a net loss of $464,444 or ($0.28) per share, in the same period last year.  

For the six-months ended March 31, 2017, sales were $5.7 million compared with $2.4 million in the same period last year, an increase of $3.3 million or 135%.  For the six months ended March 31, 2017, the Company recorded a net loss of $100,566 or ($0.04) per share, compared with a net loss of $511,633 or ($0.31) per share, in the same period last year.

Brian Powers, Chairman and CEO, said, “The company had a profitable second quarter and performed as expected.  We expect the third fiscal quarter to again be profitable and we are on track to reach our revenue and earnings goals for the year.” 

For over 100 years, Hickok has provided high-quality products and services for the automotive, trucking, locomotive, and aircraft industries.  Hickok designs and manufactures diagnostic tools and equipment sold to the automotive industry, as well as indicators and gauges sold primarily to companies in the aircraft and locomotive industries.  In addition, the company sells flexible metal and silicone hose products primarily to the trucking industry and other industrial end-users.

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   Six Months Ended
    March 31,   March 31,
                 
      2017       2016       2017       2016  
Net sales   $  3,346,315     $  1,046,624     $ 5,703,241     $  2,423,496  
                 
Costs and expenses:                
Costs of sales     1,968,801       694,544       3,742,489       1,435,065  
Product development     217,316       272,710       456,326       519,483  
Marketing and administrative expenses     894,302       542,910       1,545,876       981,135  
Interest charges, net of other income     48,192       3,162       98,961       3,336  
Legal Matter     0       0       (50,000 )     0  
Other (Income) Expense     (3,563 )     (2,258 )     (5,972 )     (3,890 )
Total Costs and Expenses     3,125,048       1,511,068       5,787,680       2,935,129  
                 
Income (loss) before Provision for Income Taxes     221,267       (464,444 )     (84,439 )     (511,633 )
Provision for (Recovery of) Income Taxes     8,127       0       16,127       0  
Net income (loss)   $  213,140     $  (464,444 )   $  (100,566 )   $  (511,633 )
                 
Net income (loss) per common share                
Basic   $  0.07     $  (0.28 )   $  (0.04 )   $  (0.31 )
Diluted   $  0.07     $  (0.28 )   $  (0.04 )   $  (0.31 )
                 
Weighted average shares outstanding                
Basic     2,877,493       1,638,215       2,865,165       1,638,215  
Diluted     2,964,729       1,638,215       2,865,165       1,638,215  
CONTACT: Brian E. Powers
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216-541-8060