Hickok Reports First Quarter Operating Results

    CLEVELAND, Feb. 13 -- Hickok Incorporated
a Cleveland based supplier of products and services for the
transportation industry, today reported financial results for its fiscal 2003
first quarter ended December 31, 2002.
    Sales for the quarter totaled $2,447,948, down 5% from $2,584,817 a year
ago. The net loss before the cumulative effect of an accounting change for the
quarter totaled $357,488 or 29 cents per share, compared with a net loss of
$208,540 or 17 cents per share in the same period a year ago.  Including the
cumulative effect of an accounting change of $1,038,542 after tax, the net
loss for the quarter was $1,396,030 or $1.14 per share.  The accounting change
was due to adopting SFAS No. 142. This caused the Company to write-off its
entire balance of goodwill during the first quarter of fiscal 2003.
    Robert L. Bauman, President and Chief Executive Officer said that the
first quarter loss was greater than expected. Revenues were negatively
impacted by the introduction of an improved version of one of the Company's
key products that caused a slow down in sales of the product while
distributors liquidated inventories of the older product. In addition the
aircraft customers for the Company's Indicator products remained in a severe
slump that was expected to be improving but has not.  Mr. Bauman stated the
resulting unfavorable product mix and the $1,038,542 net of tax loss caused by
an accounting change was responsible for a loss that is not indicative of the
Company's long term outlook.
    Mr. Bauman further stated that the growing revenue from the Automotive
Aftermarket is increasing the seasonality of the business. He said he expects
the second and third quarters to be significantly stronger than the first and
fourth quarters. Mr. Bauman also predicted that the introduction of new
products, further penetration of the Aftermarket, coupled with several
opportunities that are expected to result in additional revenue will lead to
improved operating results for the remainder of the fiscal year.
    Backlog at December 31, 2002 was $1,229,000, a decrease of 29% from the
backlog of $1,741,000 a year earlier. The decrease was due primarily to lower
orders for indicators and gauges of $408,000 and fastening control products of
$113,000.  The Company anticipates that most of the current backlog will be
shipped in fiscal 2003.
    The Company's financial position remains strong, with current assets of
$7,994,941 that are 10.8 times current liabilities, and no long-term debt.
Working capital at December 31, 2002 totaled $7,257,817 and shareholders'
equity was $9,834,742 or $8.06 per share.
    Hickok provides products and services primarily for the transportation
industries.  Offerings include the development, manufacture and marketing of
electronic and non-electronic automotive diagnostic, repair, and nut-running
control equipment used in manufacturing processes. The Company also develops
and manufactures indicating instruments for aircraft, locomotive and general
industrial applications and provides repair training development for a large
OEM.
    Certain statements in this news release, including discussions of
management's expectations for fiscal 2003, 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 develop and market new products serving customers in
the automotive aftermarket, 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)

                                                        THREE MONTHS
    Period ended December 31                         2002           2001

    Net sales                                    $2,447,948     $2,584,817
    Loss before provision for Income taxes         (542,488)      (315,540)
    Recovery of Income taxes                       (185,000)      (107,000)
    Net loss before cumulative effect of change
     in accounting principle, net of tax           (357,488)      (208,540)
    Cumulative effect of change in accounting for
     Goodwill, net of tax of $536,000            (1,038,542)             -
    Net loss                                     (1,396,030)      (208,540)

    Basic loss per share before cumulative
     effect of accounting change                       (.29)          (.17)
    Basic loss per share                              (1.14)          (.17)
    Diluted loss per share before cumulative
     effect of accounting change                       (.29)          (.17)
    Diluted loss per share                            (1.14)          (.17)

    Weighted average shares outstanding           1,219,750      1,219,750