Hickok Incorporated Reports Third Quarter And Nine Month Results
CLEVELAND, Aug. 13, 2013 /PRNewswire/ -- Hickok Incorporated (OTC QB: 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, 2013.
For the quarter ended June 30, 2013, the Company recorded a net loss of $133,777 or 8 cents per share, compared with a net loss of $170,975 or 12 cents per share, in the same period a year ago. Sales in the third quarter were $1,339,931, compared with $1,271,803 a year ago.
In the first nine months, the Company reported net income of $129,458 or 8 cents per share, compared with a net loss of $578,896 or 43 cents per share, in the same period a year ago. Sales were $5,043,172, up 39%, compared to $3,631,842 a year ago.
Robert L. Bauman, President and CEO, said, "Third quarter revenues were improved over last year's third quarter and the nine month revenues and results were vastly improved over last year. Several newly introduced products have been well received by our customers and our markets seem to be improving."
Backlog at June 30, 2013 was $652,000, an increase of 14% from the backlog of $574,000 a year earlier. The increase was due to increased orders in automotive diagnostic products of $23,000, specifically, $82,000 for emissions products offset in part by a decrease of $59,000 for OEM products. In addition, indicators and gauges increased by approximately $55,000. The Company estimates that approximately 83% of the current backlog will be shipped in the last quarter of fiscal 2013.
The Company's current assets at June 30, 2013 of $3,126,016 are 4.3 times current liabilities, there is no long-term debt and working capital is $2,396,782. These compare to June 30, 2012 current assets of $2,853,421 that were 3.1 times current liabilities, no long-term debt and working capital of $1,923,219. At June 30, 2013 shareholder's equity was $2,714,506 or $1.66 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 2013, 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 |
2013 |
2012 |
2013 |
2012 |
| Net sales |
$1,339,931 |
$1,271,803 |
$5,043,172 |
$3,631,842 |
| Income (loss) before Income tax |
(133,777) |
(170,975) |
129,458 |
(578,896) |
| Income (recovery of) taxes |
-- |
-- |
-- |
-- |
| Net income (loss) |
(133,777) |
(170,975) |
129,458 |
(578,896) |
| Basic income (loss) per share |
(.08) |
(.12) |
.08 |
(.43) |
| Diluted income (loss) per share |
(.08) |
(.12) |
.08 |
(.43) |
| Weighted average shares outstanding |
1,638,215 |
1,394,278 |
1,601,256 |
1,346,261 |
SOURCE Hickok Incorporated
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