Exhibit 99.1
Contact:
|
Robert L. Bauman
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216/541-8060
|
August 13, 2015
FOR IMMEDIATE RELEASE
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HICKOK INCORPORATED REPORTS THIRD QUARTER
AND NINE MONTH RESULTS
CLEVELAND, OH, August 13 Hickok Incorporated (Pink Sheets: HICKA), 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, 2015.
For the quarter ended June 30, 2015, the Company recorded net income of
$109,631 or 07 cents per share, compared with net income of $386,911 or
24 cents per share, in the same period a year ago. Sales in the third
quarter were $1,804,614, compared with $2,130,412 a year ago. The
current year third quarter benefited from two moderate size orders
while the prior
year third quarter benefited from a very large single order.
In the first nine months, the Company reported a net loss of $437,688
or 27 cents per share, compared with a net loss of $231,031 or 14 cents
per share, in the same period a year ago. Sales were $4,058,014,
compared to $4,297,121 a year ago.
Robert L. Bauman, President and CEO, said, “Our third
quarter was strong and our fourth quarter is expected to be even stronger
thanks to additional OEM tool orders and the success of new products for the aftermarket.
Our Indicator products have been underperforming primarily because certain
military items have not met forecast.” He also added, “Assuming we meet our
fourth quarter forecast, fiscal 2015 operating results are expected to be
positive.”
Backlog at
June 30, 2015 was $1,391,000 versus a
backlog of $1,349,000 a year earlier. The $42,000
increase
was due primarily to increased orders for diagnostic products
to automotive OEM's of approximately $32,000 and indicator products of
approximately $34,000, offset in part by a decrease in orders for
aftermarket product of approximately $24,000. The
Company anticipates that approximately 86% of the current
backlog will be shipped in the last quarter of fiscal 2015. The current
order backlog continues to be strong due to the large order for a Tier
1 Supplier received in late June 2015.
The Company's current assets at June 30, 2015 of $2,868,975 are
3.1 times current liabilities, there is no long-term debt and working
capital is $1,934,888. These compare to June 30, 2014 current assets of
$3,837,570 that were 2.3 times current liabilities, no long-term debt
and working capital of $2,151,941. At June 30, 2015 shareholder's
equity was $2,321,879 or $1.42
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)
|
3
MONTHS |
9 MONTHS
|
Period ended June 30
|
2015
|
2014
|
2015
|
2014
|
Net sales
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$1,804,614
|
$2,130,412
|
$4,058,014
|
$4,297,121 |
Income (loss) before Income tax
|
109,631
|
386,911
|
(437,688)
|
(231,031) |
Income (recovery of) taxes
|
-0-
|
-0-
|
-0-
|
-0- |
Net income (loss)
|
109,631
|
386,911
|
(437,688)
|
(231,031) |
|
|
|
|
|
Basic income (loss) per share |
.07
|
.24
|
(.27)
|
(.14) |
Diluted income (loss) per share
|
.07
|
.23
|
(.27)
|
(.14) |
|
|
|
|
|
Weighted average shares outstanding
|
1,638,215
|
1,638,215
|
1,638,215
|
1,638,215 |