Questions? +1 (202) 540-8337 Login
Trusted News Since 1995
A service for auto industry professionals · Tuesday, June 19, 2018 · 452,205,469 Articles · 3+ Million Readers

Hickok Incorporated Reports Fourth Quarter and Full Year Results

/EIN News/ -- CLEVELAND, Dec. 18, 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 twelve-month periods ended September 30, 2017.    

For the quarter ended September 30, 2017, sales were $10.9 million compared with $2.7 million in the same period last year, an increase of $8.2 million or 305%.  For the quarter ended September 30, 2017, the Company recorded operating income of $1.4 million compared with an operating loss of $0.3 million in the same period last year, an increase of $1.7 million. 

During this period last year, the Company experienced two non-recurring favorable events which positively impacted net income.  The Company was awarded a favorable settlement for claims arising out of the BP Deepwater Horizon Oil spill during this period last year in the amount of $2.3 million ($1.5 million net of income taxes). The Company also recognized a favorable tax recovery during this period last year related to deferred income taxes, resulting in an increase to net income of $3.3 million.   The contribution to net income related to these two items was approximately $4.8 million, or $1.65 per fully diluted share.  Thus, net income for the quarter ended September 30, 2017 was $0.6 million, compared with net income of $5.2 million in the same period last year.  Net income for the quarter ended September 30, 2017 was $0.18 per fully diluted share, compared with net income of $1.77 per fully diluted share last year.  The total number of outstanding diluted shares at September 30, 2017 was 3,161,975.

For the twelve months ended September 30, 2017, sales were $23.8 million compared with $6.6 million in the same period last year, an increase of $17.1 million or 258%.  For the fiscal year ended September 30, 2017, the Company recorded operating income of $2.7 million compared with an operating loss of $0.7 million last year, an increase of $3.4 million. For the twelve months ended September 30, 2017, the Company recorded net income of $1.4 million or $0.46 per diluted share, compared with net income of $4.6 million or $2.36 per fully diluted share last year.  Again, the net income from last year was positively impacted by the same two non-recurring events. 

The Company has changed its fiscal year end from September 30 to December 31, effective October 1, 2017. The financial results of the three-month transition period from the end of the current fiscal year on September 30, 2017 until the commencement of the new fiscal year on January 1, 2018 will be reported on Form 10-K to be filed with the Securities and Exchange Commission. The change in the Company’s fiscal year will not impact the Company’s results for the year ended December 31, 2017, nor will it impact the prior year comparability in future filings.  

Information about Forward Looking Statements

Certain statements in this news release, including discussions of management's expectations for fiscal year 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
    September 30,
                 
      2017       2016
   
Sales   $   10,892,868   100 %   $   2,692,040     100 %
Cost of Sales     7,858,489   72 %     2,130,320     79 %
Gross Profit     3,034,379   28 %     561,720     21 %
                 
Product Development     159,791   1 %     272,268     10 %
Selling, General and Administrative Expense     1,460,126   13 %     623,109     23 %
                           
Operating Income     1,414,462   13 %     (333,657 )   -12 %
                 
Interest Expense     116,992   1 %     49,567     2 %
Legal Matter       -    0 %     (2,270,567 )   -84 %
Other Expense, net     3,167   0 %     34,367     1 %
                           
Income before Income Taxes     1,294,303   12 %     1,852,976     69 %
                           
Income Tax Expense (Benefit)     726,864   7 %     (3,299,600 )   -123 %
                           
Net Income   $   567,439   5 %   $   5,152,576     191 %
                 
Net Income per Common Share                
Basic   $   0.20       $   1.81      
Diluted   $   0.18       $   1.77      
                 
Weighted Average Shares Outstanding                
Basic     2,888,502         2,853,214      
Diluted     3,161,975         2,906,197      
                       


HICKOK INCORPORATED
Consolidated Income Statement (Unaudited)
               
               
  Twelve Months Ended
  September 30,
               
  2017       2016    
Sales $   23,816,735     100 %   $   6,645,780     100 %
Cost of Sales     15,792,458     66 %     4,334,815     65 %
Gross Profit   8,024,277     34 %     2,310,965     35 %
               
Product Development     795,957     3 %     1,050,157     16 %
Selling, General and Administrative Expense     4,546,383     19 %     1,933,986     29 %
                           
Operating Income   2,681,937     11 %     (673,178 )   -10 %
               
Interest Expense     282,648     1 %     57,746     1 %
Legal Matter     (50,000 )   0 %     (2,270,567 )   -34 %
Other Expense, net     260,532     1 %     206,395     3 %
                           
Income before Income Taxes   2,188,757     9 %     1,333,248     20 %
                           
Income Tax Expense (Benefit)   780,364     3 %     (3,299,600 )   -50 %
                           
Net Income $   1,408,393     13 %   $   4,632,848     70 %
               
Net Income per Common Share              
Basic $   0.49         $   2.38      
Diluted $   0.46         $   2.36      
               
Weighted Average Shares Outstanding              
Basic   2,874,926           1,943,625      
Diluted   3,069,077           1,960,120      
                       

Contact:
Brian E. Powers
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216-541-8060

Powered by EIN News