Hickok Incorporated Reports Third Quarter and Nine Month Results

    CLEVELAND, Aug. 13 Hickok Incorporated , a
Cleveland based supplier of products and services for the transportation
industry, today reported operating results for the third quarter and nine
months ended June 30, 2001.
    For the quarter ended June 30, 2001, the Company recorded a net loss of
$137,645 or 11 cents per share, compared with a net loss of $444,857, or 37
cents per share, in the same period a year ago.  Sales in the third quarter
were $3,727,618 versus $4,193,247 a year ago.
    For the nine months, the Company reported a net loss of $835,335 or
69 cents per share, compared with a net loss of $392,913, or 33 cents per
share, in the same prior year period.  Sales were $11,648,313, compared to
$13,969,649 a year ago.
    Robert L. Bauman, President and CEO, said that the loss in the third
quarter was primarily due to lower than forecasted sales he believed to be a
result of the weakening economy.  He also stated that monthly losses were
eliminated in June due to better sales and the realization of certain
Operating Expense reductions that began to have an impact in late May. The
expense reductions are anticipated to produce somewhat improved results for
the fourth quarter of the fiscal year barring further decline in general
economic conditions.
    Backlog at June 30, 2001 was $2,131,000, a decrease of 55% from the
backlog of $4,745,000 a year earlier. The prior year backlog included a large
automotive diagnostic product order to a Tier 1 supplier to a large automotive
company that has been completed.  There were no similar orders for the current
fiscal year. The Company anticipates that most of the current backlog will be
shipped in the last quarter of fiscal 2001.
    The Company's financial position remains strong, with current assets of
$8,354,281 that are 6.5 times current liabilities, and minimal long term debt.
Working capital at June 30, 2001 totaled $7,071,694 and shareholder's equity
was $10,813,137 or $8.87 per share.
    Hickok provides products and services primarily for the transportation
industries.  Offerings include the development, manufacture and marketing of
electronic and analog automotive diagnostic and repair equipment as well as
repair training development for a large OEM. 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 2001, 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 make the transition from primarily serving OEM
customers to serving smaller customers in the automotive aftermarket and
overall market and industry conditions, 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    2001          2000         2001          2000

    Net sales           $3,727,618    $4,193,247  $11,648,313   $13,969,649
    Income (loss)
      before taxes        (212,645)     (684,257)  (1,285,335)     (604,413)
    Income (recovery of)
      taxes                (75,000)     (239,400)    (450,000)     (211,500)
    Net income (loss)     (137,645)     (444,857)    (835,335)     (392,913)
    Net income (loss)
      per share
      Basic                   (.11)         (.37)        (.69)         (.33)
      Diluted                 (.11)         (.37)        (.69)         (.33)
    Weighted average shares
    Outstanding          1,218,233     1,200,564    1,217,911     1,201,235

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