Hickok Incorporated Reports Third Quarter Results


CLEVELAND, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Hickok Incorporated (OTC Pink:HICKA), a Cleveland-based holding company serving diverse industrial markets, today reported operating results for the three-month and nine-month periods ended June 30, 2017.

For the quarter ended June 30, 2017, sales were $7.2 million compared with $1.5 million in the same period last year, an increase of $5.7 million or 372%.  For the quarter ended June 30, 2017, the Company recorded net income of $941,523 or $0.31 per diluted share, compared with a net loss of $8,095 or $0.00 per diluted share, in the same period last year.   The total number of outstanding diluted shares is currently 3,044,440.   

For the nine months ended June 30, 2017, sales were $12.9 million compared with $4.0 million in the same period last year, an increase of $8.9 million or 227%.  For the nine months ended June 30, 2017, the Company recorded net income of $840,957 or $0.28 per diluted share, compared with a net loss of $519,728 or ($0.32) per diluted share, in the same period last year.  

On June 1, 2017 Hickok announced that it had acquired certain assets of Air Enterprises Acquisition LLC in Akron, Ohio.  The acquired business, which will continue to operate under the name Air Enterprises, is an industry leader in designing, manufacturing and installing large-scale commercial, institutional, and industrial custom air handling solutions.  The acquisition will add more than $30 million in annual revenue to Hickok and will be immediately accretive to earnings. 

Information about Forward Looking Statements

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 Nine Months Ended
  June 30, June 30,
         
   2017   2016   2017   2016 
Net sales $7,220,626  $1,530,244  $12,923,867  $3,953,740 
         
Costs and expenses:        
Costs of sales  4,191,480   769,430   7,933,969   2,204,495 
Product development  179,840   258,406   636,166   777,889 
Selling, general and administrative expenses  1,808,920   507,326   3,354,796   1,488,461 
Interest charges  66,695   4,843   165,656   8,179 
Legal Matter  -   -   (50,000)  - 
Other (Income) Expense  (5,205)  (1,666)  (11,177)  (5,556)
Total Costs and Expenses  6,241,730   1,538,339   12,029,410   4,473,468 
         
Income (loss) before Provision for Income Taxes  978,896   (8,095)  894,457   (519,728)
Provision for Income Taxes  37,373   -   53,500   - 
Net income (loss) $941,523  $(8,095) $840,957  $(519,728)
         
Net income (loss) per common share        
Basic $0.33  $(0.00) $0.29  $(0.32)
Diluted $0.31  $(0.00) $0.28  $(0.32)
         
Weighted average shares outstanding        
Basic  2,880,719   1,638,215   2,870,349   1,638,215 
Diluted  3,044,440   1,638,215   2,962,430   1,638,215 

 


            

Contact Data