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CLEVELAND, Feb. 16, 2017 -- 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 months ended December 31, 2016. Results for the current quarter include the Industrial Hose division which was acquired by Hickok on July 1, 2016.
For the quarter ended December 31, 2016, sales were $2,356,926, compared with $1,376,872 in the same period last year, an increase of $980,054. For the quarter ended September 30, 2016, the Company recorded a net loss of $313,706 or $0.11 per share, compared with a net loss of $47,189 or $0.03 per share, in the same period last year.
The Company's current assets at December 31, 2016 of approximately $8,055,000 were 3.1 times current liabilities and the total of cash and cash equivalents and accounts receivable were 1.8 times current liabilities. These ratios compare to 3.3 and 1.9 times current liabilities at September 30, 2016. Working capital was approximately $5,400,000 at December 31, 2016 and September 30, 2016.
Brian E. Powers, Chairman and CEO, said, “Our Industrial Hose division had a profitable quarter and performed as expected. In our Test and Measurement division, the first fiscal quarter has historically been soft, and we anticipate an increase in both sales and profitability for the remainder of the fiscal year.” He also added, “We have a strong cash position, with sufficient capital to support our strategic initiatives, capital expenditures, and working capital needs.”
Hickok provides products and services primarily for the automotive, trucking, locomotive, and aircraft industries. Hickok’s Test and Measurement segment 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. The Industrial Hose segment 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 | ||||||||||
| December 31, | ||||||||||
| 2016 | 2015 | |||||||||
| Sales | $ | 2,356,926 | $ | 1,376,872 | ||||||
| Costs and expenses: | ||||||||||
| Costs of sales | 1,773,688 | 740,521 | ||||||||
| Product development | 239,010 | 246,773 | ||||||||
| Marketing and administrative expenses | 651,574 | 438,225 | ||||||||
| Interest charges | 50,769 | 174 | ||||||||
| Other income | (52,409 | ) | (1,632 | ) | ||||||
| Total Costs and Expenses | 2,662,632 | 1,424,061 | ||||||||
| Income (loss) before Provision for Income Taxes | (305,706 | ) | (47,189 | ) | ||||||
| Provision for Income Taxes | 8,000 | - | ||||||||
| Net income (loss) | $ | (313,706 | ) | $ | (47,189 | ) | ||||
| Net income (loss) per common share | ||||||||||
| Basic | $ | (0.11 | ) | $ | (0.03 | ) | ||||
| Diluted | $ | (0.11 | ) | $ | (0.03 | ) | ||||
| Weighted average shares outstanding | ||||||||||
| Basic | 2,853,107 | 1,638,215 | ||||||||
| Diluted | 2,853,107 | 1,638,215 | ||||||||
Contact: Brian E. Powers HICKOK INCORPORATED 10514 Dupont Avenue Cleveland, Ohio 44108 216-541-8060
