SYS-CON MEDIA Authors: Ava Smith, Scott Bampton, Elizabeth White, Glenn Rossman, Pat Romanski

News Feed Item

Hickok Incorporated Reports Third Quarter And Nine Month Results

CLEVELAND, Aug. 14, 2014 /PRNewswire/ -- 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

 

SOURCE Hickok Incorporated

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Holland Barry, VP of Technology at Catbird, will discuss the impact of this new paradigm and what organizations can do to...
Can we look to the paradigm of cloud computing from a completely different perspective? In his General Session at 15th Cloud Expo, Gundars Kulups, Sales Director at DEAC, will discuss what we can learn from our dining habits when choosing a cloud solution. Gundars Kulups is Sales Director at DEAC, full service data center operator. An IT expert, he specializes in European countries and has worke...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and ...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to mee...
As cloud gives an opportunity to businesses to buy services externally - how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, will provide answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He will also te...
SYS-CON Events announced today that TMCnet has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Technology Marketing Corporation (TMC) is the world's leading business to business and integrated marketing media company, servicing niche markets within the communications and t...
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, E...
We live in a time when seconds – even milliseconds – can have a dramatic economic impact on your company’s future. With technology being the primary conduit for consumer interaction, the user experience is at center stage. User experience will be a deciding factor in separating the future winners from the losers. By building more speed and agility into the application delivery process, DevOps prom...
SYS-CON Events announced today that AgilePoint, the leading provider of Microsoft-centric Business Process Management software, will exhibit at SYS-CON's 2nd International @ThingsExpo which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. AgilePoint is the leading provider of Microsoft-based Business Process Management (BPM) software products, has 1,...
SYS-CON Events announced today that Parasoft will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. For 27 years, Parasoft has researched and developed software solutions that help organizations deliver defect-free software efficiently. By integrating Development Testing, API/cloud/SOA/composi...