CLEVELAND, May 15, 2018 (GLOBE NEWSWIRE) -- Hickok Incorporated (OTC Pink:HICKA), a Cleveland-based holding company serving diverse industrial markets, today reported operating results for the three months ended March 31, 2018.
For the quarter ended March 31, 2018, sales were $11.9 million compared with $3.3 million in the same period last year, an increase of $8.6 million or 255%. For the quarter ended March 31, 2017, the Company recorded operating income of $0.6 million compared with an operating income of $0.3 million in the same period last year, an increase of $0.3 million.
Net income for the quarter ended March 31, 2017 was $0.4 million, or $0.11 per fully diluted share, compared with net income of $0.2 million, or $0.07 per fully diluted share last year. The total number of outstanding diluted shares at March 31, 2018 was 3,269,853.
The Company previously announced it had changed its fiscal year end from September 30 to December 31, effective October 1, 2017. The change in the Company’s fiscal year has not impacted the Company’s results for the period ended March 31, 2018.
Information about Forward Looking Statements
Certain statements in this news release, including discussions of management's expectations for the period reported, 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 | ||||||||||||
| March 31, | ||||||||||||
| 2018 | 2017 | |||||||||||
| Sales | $ | 11,878,700 | 100 | % | $ | 3,346,315 | 100 | % | ||||
| Cost of Sales | 8,860,259 | 75 | % | 1,968,801 | 59 | % | ||||||
| Gross Profit | 3,018,441 | 25 | % | 1,377,514 | 41 | % | ||||||
| Product development costs | 123,029 | 1 | % | 217,316 | 6 | % | ||||||
| Selling, general and administrative expenses | 2,252,327 | 19 | % | 894,302 | 27 | % | ||||||
| Operating Income | 643,085 | 5 | % | 265,896 | 8 | % | ||||||
| Interest charges | 85,933 | 1 | % | 48,192 | 1 | % | ||||||
| Other income (expense), net | 58,816 | 0 | % | (3,563) | 0 | % | ||||||
| Income before Provision for Income Taxes | 498,336 | 4 | % | 221,267 | 7 | % | ||||||
| Provision for Income Taxes | 124,584 | 1 | % | 8,127 | (1) | % | ||||||
| Net Income | $ | 373,752 | 3 | % | $ | 213,140 | 6 | % | ||||
| Net Income Per Common Share | ||||||||||||
| Basic | $ | 0.13 | $ | 0.07 | ||||||||
| Diluted | $ | 0.11 | $ | 0.07 | ||||||||
| Weighted Average Shares Outstanding | ||||||||||||
| Basic | 2,911,057 | 2,877,493 | ||||||||||
| Diluted | 3,269,853 | 2,964,729 | ||||||||||
Contact:
Brian E. Powers
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216-541-8060
