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CLEVELAND, Ohio, May 14 /PRNewswire-FirstCall/ -- Hickok Incorporated
(OTC Bulletin Board: HICKA), a Cleveland based supplier of products and
services for the automotive, emissions testing, locomotive, and aircraft
industries, today reported operating results for the second quarter and six
months ended March 31, 2008.

    For the quarter ended March 31, 2008, the Company recorded a net loss
of $474,456 or 38 cents per share, compared with a net loss of $741,416 or
61 cents per share, in the same period a year ago. Sales in the second
quarter were $1,699,468, up 10% from $1,540,952 a year ago.

    In the first fiscal half, the Company reported net income of $634,433
or 51 cents per share, compared with a net loss of $1,132,160 or 93 cents
per share, in the same period a year ago. Sales were $8,940,880 up 140%,
compared to $3,732,582 in last year's first half.

    Robert L. Bauman, President and CEO, said that the first half operating
results were in line with the Company's annual forecast and as expected the
second quarter was weak after a very strong first quarter. He also stated
that the automotive markets, both OEM and aftermarket, continue to be soft
for most manufacturers and Hickok in particular although the Company
projects that aftermarket sales will improve by the Company's fourth
quarter. He went on to say that the diesel engine fuel injector tester
product that the Company is developing for a major OEM customer was
proceeding well in addition to several other promising products with
planned introductions later this year. He cautioned that although the
Company has been profitable during the first six months of the year
positive results are still dependent on large orders and that predicting
the timing on such orders was subject to significant uncertainty.

    Backlog at March 31, 2008 was $957,000, a decrease of 72% from the
backlog of $3,424,000 a year earlier. The decrease was due primarily to
decreased orders in automotive diagnostic products of approximately
$2,317,000, specifically, $2,574,000 for diagnostic products to automotive
OEM's offset in part by an increase in aftermarket products which include
emissions products of approximately $257,000. In addition, indicator
products decreased by approximately $150,000. The Company received a single
order for approximately $2,500,000 during the prior year second quarter for
a proprietary tool program to a large OEM with no similar order during the
current year. The current level of backlog is more typical for the Company.
The Company anticipates that most of the current backlog will be shipped in
the last half of fiscal 2008.

    The Company's financial position remains strong, with current assets of
$7,717,113 that are 13.9 times current liabilities, and no long-term debt.
Working capital at March 31, 2008 totaled $7,160,680 and shareholder's
equity was $9,228,124 or $7.44 per share.

    Hickok provides products and services primarily for the automotive,
emissions testing, locomotive, and aircraft industries. Offerings include
the development, manufacture and marketing of electronic and non-electronic
automotive diagnostic products used for repair, emission testing, and
nut-running electronic controls used in manufacturing processes. The
Company also develops and manufactures indicating instruments for aircraft,
locomotive and general industrial applications and provides repair training
programs.

    Certain statements in this news release, including discussions of
management's expectations for fiscal 2008, 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, the
Company's ability to capitalize on market opportunities 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                  6 MONTHS
    Period ended March 31       2008         2007         2008         2007
    Net sales               $1,699,468   $1,540,952   $8,940,880   $3,732,582
    Income (loss) before
     Income tax               (746,856)  (1,124,116)   1,007,033   (1,692,997)
    Income (recovery of)
     taxes                    (272,400)    (382,700)     372,600     (575,700)
    Income (loss) before
     cumulative effect of
     change in accounting
     principle                (474,456)    (741,416)     634,433   (1,117,297)
    Cumulative effect of
     change in accounting
     for stock based
     compensation, net of
     tax of $8,000                   -            -            -       14,863
    Net income (loss)         (474,456)    (741,416)     634,433   (1,132,160)
    Basic income (loss)
     per share before
     cumulative effect of
     accounting change            (.38)        (.61)         .51         (.92)
    Basic income (loss)
     per share                    (.38)        (.61)         .51         (.93)
    Diluted income (loss)
     per share before
     cumulative effect of
     accounting change            (.38)        (.61)         .49         (.92)
    Diluted income (loss)
     per share                    (.38)        (.61)         .49         (.93)

    Weighted average shares
     outstanding             1,239,203    1,211,245    1,232,786    1,211,245