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

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 August 7, 2007:  766,379 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

Item 1.  Financial Statements:

Three months ended   June 30,

Nine months ended     June 30,

	2007	2006	2007	2006
Net Sales
Product Sales	$2,679,057	$4,044,005	$6,085,494	$9,918,861
Service Sales	138,178	177,154	464,323	618,923
Total Net Sales	2,817,235	4,221,159	6,549,817	10,537,784
Costs and Expenses
Cost of Product Sold	1,590,039	2,102,696	3,833,884	5,544,783
Cost of Service Sold	118,862	118,164	462,829	448,716
Product Development	468,191	469,835	1,442,671	1,309,733
Marketing and    Administrative Expenses	834,110	1,091,518	2,764,702	3,046,284
Interest Charges	4,387	5,766	6,179	36,189
Other <Income> Expense	<245,375>	<12,295>	<314,472>	<291,227>
Total Costs and Expenses	2,770,214	3,775,684	8,195,793	10,094,478
Income <Loss> before Provision for Income Taxes	47,021	445,475	<1,645,976>	443,306
Income <Recovery of> Taxes	15,700	151,500	<560,000>	150,800
Income <Loss> before cumulative effect of change in accounting principle	31,321	293,975	<1,085,976>	292,506
Cumulative effect of change in accounting for stock based compensation, net of tax of $8,000	-	-	14,863	-
Net Income <Loss>	$31,321	$293,975	$<1,100,839>	$292,506
Earnings per Common Share:
Income <Loss> before cumulative effect of change in accounting principle	$.02	$.24	$<.90>	$.24
Cumulative effect of change in accounting for stock based compensation, net of tax of $8,000	-	-	<.01>	-
Net Income <Loss>	$.02	$.24	$<.91>	$.24
Earnings per Common Share
Assuming Dilution:
Income <Loss> before cumulative effect of change in accounting principle	$.02	$.24	$<.90>	$.24
Cumulative effect of change in accounting for stock based compensation, net of tax of $8,000	-	-	<.01>	-
Net Income <Loss>	$.02	$.24	$<.91>	$.24
Dividends per Common Share	$ -0 -	$ - 0 -	$.10	$ - 0 -

See Notes to Consolidated Financial Statements
 

   
 

	June 30,   2007  (Unaudited)	September 30,    2006   (Note)	June 30,    2006   (Unaudited)
Assets
Current Assets
Cash and Cash Equivalents	$795,545	$61,363	$100,596
Short-term Investments	88,191	848,698	820,492
Trade Accounts Receivable - Net	2,020,481	4,382,383	2,994,316
Inventories	3,711,446	3,763,074	4,256,733
Deferred Income Taxes	578,700	524,400	949,800
Prepaid Expenses	112,688	61,749	105,212
Total Current Assets	7,307,051	9,641,667	9,227,149
Property, Plant and Equipment
Land	229,089	229,089	229,089
Buildings	1,492,161	1,492,161	1,492,161
Machinery and Equipment	2,747,424	2,581,618	2,696,355
	4,468,674	4,302,868	4,417,605
Less: Allowance for Depreciation	3,601,500	3,412,447	3,490,705
Total Property - Net	867,174	890,421	926,900
Other Assets
Deferred Income Taxes	2,133,400	1,573,400	1,250,900
Deposits	1,750	1,750	1,750
Total Other Assets	2,135,150	1,575,150	1,252,650
Total Assets	$10,309,375	$12,107,238	$11,406,699

Note:  Amounts derived from audited financial statements previously filed with the Securities and Exchange Commission.

See Notes to Consolidated Financial Statements

 
 
 
 
 
 

			June 30,   2007  (Unaudited)	September 30, ____2006___ (Note)	June 30,      2006  (Unaudited)
Liabilities and Stockholders' Equity
Current Liabilities
Short-term Financing			$1,098,000	$1,348,000	$1,075,000
Trade Accounts Payable			368,702	364,702	766,335
Accrued Payroll & Related Expenses			586,241	666,053	358,838
Accrued Expenses			112,946	270,959	348,491
Accrued Taxes Other Than Income			39,047	68,794	27,824
Accrued Income Taxes			106,593	133,093	103,934
Total Current Liabilities			2,311,529	2,851,601	2,680,422
Stockholders' Equity
Class A, $1.00 par value; authorized			762,379	756,379	756,379
	3,750,000 shares; 762,379 shares outstanding (756,379 shares outstanding at September 30, 2006 and June 30, 2006) excluding 15,795 shares in treasury (15,795, September 30, 2006 and 15,795, June 30, 2006)
Class B, $1.00 par value; authorized			454,866	454,866	454,866
		1,000,000 shares; 454,866 shares outstanding excluding 20,667 shares in treasury
Accumulated Comprehensive Income (net
		of tax)	14,939	104,869	86,616
Contributed Capital			979,368	931,266	931,266
Retained Earnings			5,786,294	7,008,257	6,497,150
Total Stockholders' Equity			7,997,846	9,255,637	8,726,277
Total Liabilities and  Stockholders' Equity			$10,309,375	$12,107,238	$11,406,699

 

	2007	2006
Cash Flows from Operating Activities:
Cash received from customers	$8,911,719	$8,574,485
Cash paid to suppliers and employees	<8,537,721>	<10,171,430>
Interest paid	<9,329>	<32,869>
Interest received	23,963	2,609
Income taxes <paid> refunded	<39,093>	-
Net Cash Provided By <Used In> Operating Activities	349,539	<1,627,205>
Cash Flows from Investing Activities:
Capital expenditures	<165,806>	<93,088>
Sale of short-term investments	900,273	1,400,000
Net Cash Provided By Investing Activities	734,467	1,306,912
Cash Flows from Financing Activities:
Increase <decrease> in short-term financing	<250,000>	275,000
Sale of Class A shares under option	21,300	-
Dividends paid	<121,124>	-
Net Cash Provided By <Used In> Financing Activities	<349,824>	275,000
Net increase <decrease> in cash and cash equivalents	734,182	<45,293>
Cash and cash equivalents at beginning of year	61,363	145,889
Cash and cash equivalents at end of third quarter	$795,545	$100,596
See Notes to Consolidated Financial Statements.
	2007	2006
Reconciliation of Net Income <Loss> to Net Cash Provided by Operating Activities:
Net Income <Loss>	$<1,100,839>	$292,506
Adjustments to reconcile Net Income <Loss>  to net cash provided by operating activities:
Depreciation	189,053	200,978
Dividends reinvested	<42,892>	<69,030>
Gain on disposal of investments	<233,104>	<202,014>
Share-based compensation expense	32,802	-
Deferred income taxes	<568,000>	150,800
Changes in assets and liabilities:
Decrease <Increase> in trade accounts receivable	2,361,902	<1,963,299>
Decrease <Increase> in inventories	51,628	<572,104>
Decrease <Increase> in prepaid expenses	<50,939>	<63,068>
Increase <Decrease> in accounts payable	4,000	461,178
Increase <Decrease> in accrued payroll and          related expenses	<79,812>	98,746
Increase <Decrease> in accrued expenses and         accrued taxes other than income	<187,760>	38,102
Increase <Decrease> in accrued income taxes	<26,500>	-
Total Adjustments	1,450,378	<1,919,711>
Net Cash Provided By <Used In> Operating Activities	$349,539	$<1,627,205>

1. Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended June 30, 2007 are not necessarily indicative of the results that may be expected for the year ended September 30, 2007.  For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-KSB for the year ended September 30, 2006.

2. Short-term Investments and Comprehensive Income

Investments are comprised of marketable securities in the form of mutual funds. Marketable securities are classified as available-for-sale and are recorded at their fair market value. Unrealized gains or losses resulting from changes in fair value are recorded as a component of comprehensive income (loss). Short-term investments are as follows:

The following table sets forth the computation of comprehensive income:

3. Inventories

Inventories are valued at the lower of cost or market and consist of the following:
 
   

	June 30,    2007	Sept. 30,    2006	June 30,    2006
Components	$2,074,084	$2,392,394	$2,538,508
Work-in-Process	1,100,149	648,607	1,033,780
Finished Product	537,213	722,073	684,445
	$3,711,446	$3,763,074	$4,256,733

The above amounts are net of reserve for obsolete inventory in the amount of $738,736, $675,000 and $703,715 for the periods ended June 30, 2007, September 30, 2006 and June 30, 2006 respectively.

4. Short-term Financing

The Company has a credit agreement with its financial lender that provides for a secured revolving credit facility of $2,500,000 with interest generally equal to two and one half percent per annum plus one month LIBOR. The agreement is set to expire in February 2008. The agreement is secured by the Company's accounts receivable, inventory, equipment and general intangibles. The credit agreementcontains affirmative covenant requirements, tested on an annual basis, that require the Company to maintain a tangible net worth of $8,000,000 and a pre-tax interest coverage ratio of not less than 3.0 to 1.0. In addition, a borrowing base addendum generally allows for borrowing based on an amount equal to eighty five percent of eligible receivables, plus an amount equal to the lesser of either forty percent of eligible inventory or $1,000,000. The revolving credit facility is subject to a review by the Company's lender in 2008. The Company had $1,098,000 of outstanding borrowings under its credit facility at June 30, 2007.

5. Capital Stock, Treasury Stock, Contributed Capital and Stock Options

Under the Company's Key Employees Stock Option Plans (collectively the "Employee Plans"), incentive stock options, in general, are exercisable for up to ten years, at an exercise price of not less than the market price on the date the option is granted. Non-qualified stock options may be granted at such exercise price and such other terms and conditions as the Compensation Committee of the Board of Directors may determine.  No options may be granted at a price less than $2.925. Options for 97,550 Class A shares were outstanding at June 30, 2007 (117,450 shares at September 30, 2006 and 117,450 shares at June 30, 2006) at prices ranging from $3.125 to $17.25 per share. Options for 13,900 shares were canceled during the three month period ended December 31, 2006, at a price of $10.75 per share. Options for 6,000 shares were exercised during the three month period ended June 30, 2007, at a price of $3.55 per share. No other options were granted, exercised or canceled during the three or nine month periods presented under the Employee Plans. All options granted under the Employee Plans are exercisable at June 30, 2007.

The Company's Outside Directors Stock Option Plans (collectively the "Directors Plans"), provide for the automatic grant of options to purchase up to 51,000 shares of Class A Common Stock to members of the Board of Directors who are not employees of the Company, at the fair market value on the date of grant. Options for 51,000 Class A shares were outstanding at June 30, 2007 (48,000 shares at September 30, 2006 and 48,000 shares at June 30, 2006) at prices ranging from $3.55 to $12.25 per share. Options for 6,000 shares were granted under the Directors Plans during each of the three month periods ended March 31, 2007 and March 31, 2006, at a price of $10.50 and $5.25 per share respectively. Options for 3,000 shares expired during the three month periods ended March 31, 2007 and March 31, 2006, at $8.50 and $18.00 per share respectively. All outstanding options under the Directors Plans become fully exercisable on February 22, 2010.

The following is a summary of the range of exercise prices for stock options outstanding and exercisable under the Employee Plans and the Directors Plans at June 30, 2007:

   

Employee Plans	Outstanding Stock Options Exercisable	Weighted Average Share Price	Weighted Average Remaining Life
Range of exercise prices:
$3.13 - 5.00	73,750	$3.80	3.4
$7.13 - 10.50	23,800	$8.69	1.0
	97,550	$4.99

   

Directors Plans	Outstanding Stock Options	Weighted Average Share Price	Weighted Average Remaining Life	Number of Stock Options  Exercisable	Weighted Average Share Price
Range of exercise prices:
$3.55 - 5