Exhibit 99.1
Contact:
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Robert L. Bauman
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216/541-8060
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February 13, 2015
FOR IMMEDIATE RELEASE
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HICKOK INCORPORATED REPORTS FIRST QUARTER
OPERATING RESULTS
CLEVELAND, OH, February 13 Hickok Incorporated
(OTC QB: HICKA.PK), a Cleveland based supplier of products
and services for automotive, emissions testing, locomotive, and
aircraft industries, today reported operating results for its fiscal
2015 first quarter ended December 31, 2014.
For the quarter ended December 31, 2014, the Company recorded a net
loss of $270,656 or 17
cents per share, compared with a net loss of $320,287 or 20 cents per
share, in the same period a year ago. Sales in the first quarter were
$1,162,218, up 11% from
$1,050,242 a year
ago.
Robert L. Bauman, President and
CEO, said, "The Company's first quarter was an improvement over last year but
our first quarter is normally weak. We have significant opportunities in both
OEM and Aftermarkets that we are optimistic will result in improved results the
remainder of the year." In addition, he said, "What is most gratifying is that
the opportunities are for products we developed as part of our strategy
implemented in early 2011."
Backlog at December 31, 2014 was
$469,000 versus backlog of $713,000 a year earlier. The $244,000
decrease was due primarily to decreased orders for automotive
diagnostic products and indicator products. Specifically, orders for
indicator
products decreased by approximately $113,000 and orders for OEM and
aftermarket
products which include
emissions
products decreased by approximately $51,000 and $22,000
respectively. In addition, orders for
parts and service decreased by approximately $58,000. The Company
anticipates that most of the current backlog will be shipped in fiscal
2015.
The Company's current assets at December 31, 2014 of
$2,968,277
are 4.8
times current liabilities and
working
capital is $2,346,023.
These compare to December 31, 2013 current assets of $2,852,708 that
were 3.8 times current liabilities and working
capital of $2,099,627. At December 31, 2014 shareholder's equity
was $2,488,911 or $1.52 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 2015, 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)
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3 MONTHS
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Period ended December 31
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2014
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2013
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Net sales
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$1,162,218
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$1,050,242
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Income (loss) before Income tax
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(270,656)
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(320,287)
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Income (recovery of) taxes
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-
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-
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Net income (loss)
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(270,656)
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(320,287)
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|
|
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Basic income (loss) per share
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(.17)
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(.20)
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Diluted income (loss) per share
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(.17)
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(.20)
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|
|
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Weighted average shares outstanding
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1,638,215
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1,638,215
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