UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-QSB


X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2007

     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from _____ to _____ .

Commission File No. 0-147


HICKOK INCORPORATED
_________________________________________________________________
(Exact name of small business issuer as specified in its charter)


 

Ohio
34-0288470
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)


10514 Dupont Avenue, Cleveland, Ohio
44108
(Address of principal executive offices)
(Zip Code)


(Issuer's telephone number)
(216) 541-8060

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes X No___

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No_X_

As of May 9, 2007:  756,379 Hickok Incorporated Class A Common Shares and 454,866 Class B Common Shares were outstanding.

Transitional Small Business Disclosure Format (Check one):  Yes___No X


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements:

HICKOK INCORPORATED
CONSOLIDATED INCOME STATEMENTS
(Unaudited)

Three months ended
March 31,
Six months ended
March 31,


2007
2006
2007
2006
Net Sales



 Product Sales
$1,368,202
$3,381,508
$3,406,437
$5,874,856
 Service Sales
172,750
 231,893
326,145
 441,769

    Total Net Sales
1,540,952
 3,613,401
3,732,582
 6,316,625





Costs and Expenses



 Cost of Product Sold
973,984
 2,114,967
2,243,845
 3,442,087
 Cost of Service Sold
179,694
182,399
343,967
330,552
 Product Development
511,092
 456,570
974,480
 839,898
 Marketing and Administrative  Expenses
1,016,460
1,090,767
1,930,592
 1,954,766
 Interest Charges
-
 16,374
 1,792 30,423
 Other Income
<16,162>
<87,204>
<69,097>
<278,932>

  Total Costs and Expenses
2,665,068
3,773,873
5,425,579
 6,318,794

Income <Loss> before Provision for Income Taxes
<1,124,116>
<160,472>
<1,692,997>
<2,169>





Recovery of Income Taxes
<382,700>
<54,500>
<575,700>
<700>

  Income (Loss) before cumulative effect of change in accounting principle
 <741,416>
 <105,972>
 <1,117,297>
 <1,469>
  Cumulative effect of change in accounting for stock based compensation, net of tax of $8,000
 -
 -
 14,863
 -

  Net Income <Loss> $<741,416> $<105,972> $<1,132,160> $<1,469>

Earnings per Common Share:



  Income (Loss) before cumulative effect of change in accounting principle
 $<.61>
 $<.09>
 $<.92>
 $<.00>
  Cumulative effect of change in accounting for stock based compensation
 -
 -
 <.01>
 -

Net Income <Loss> $<.61> $<.09> $<.93> $<.00>

Earnings per Common Share Assuming Dilution:



  Income (Loss) before cumulative effect of change in accounting principle
 $<.61>
 $<.09>
 $<.92>
 $<.00>
  Cumulative effect of change in accounting for stock based compensation
 -
 -
 <.01>
 -

Net Income <Loss> $<.61> $<.09> $<.93> $<.00>

Dividends per Common Share
$.10
$- 0 -
$.10
$- 0 -

See Notes to Consolidated Financial Statements

HICKOK INCORPORATED
CONSOLIDATED BALANCE SHEET

March 31,
2007
(Unaudited)
September 30,
2006
(Note)
March 31,
2006
(Unaudited)
Assets


Current Assets


Cash and Cash Equivalents
$539,350
$61,363
$91,850
Short-term Investments