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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

X Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended December 31, 2002 or

     Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____ to _____ .

Commission File No. 0-147


HICKOK INCORPORATED
_________________________________________________________________
(Exact name of Registrant 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)


Registrant's telephone number including area code

(216) 541-8060

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to the filing requirements for the past 90 days.

Yes X No___

Indicate by check mark whether the Registrant is an accelerated filer ( as defined in Exchange Act Rule 12b-2).

Yes___No X

As of February 13, 2003:  764,884 Hickok Incorporated Class A Common Shares and 454,866 Class B Common Shares were outstanding.

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS:

HICKOK INCORPORATED
CONSOLIDATED INCOME STATEMENTS
(Unaudited)

Three months ended
December 31,

2002
 		2001

Net Sales

   Product Sales

 $2,092,344
 		$2,095,072

   Service Sales

 355,604
 		489,745

      Total Net Sales

 2,447,948
 		2,584,817



   Cost of Product Sold

 1,321,800
 		1,227,147

   Cost of Service Sold

 214,507
 		300,519

   Product Development

 474,529
 		462,864

   Operating Expenses

 993,978
 		917,640

   Interest Charges

 963
 		2,228

   Other Income

 <15,341>
 		<10,041>

      Total Costs and Expenses
 		2,990,436
 		2,900,357

   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>

Earnings per Common Share:

   Net Loss before cumulative effect of change in accounting principle       
 		$<.29>
 		$<.17>
   Cumulative effect of change in accounting for goodwill
 		<.85>
 		-

Net Loss

 $<1.14>
 		$<.17>

Earnings per Common Share Assuming Dilution: 

  Net Loss before cumulative effect of change in accounting principle      
 		$<.29>
 		$<.17>
 Cumulative effect of change in accounting for goodwill
 		<.85>
 		-

Net Loss

 $<1.14>
 		$<.17>

  
 

Dividends per Common Share

 $-0-
 		$-0-

See Notes to Consolidated Financial Statements




HICKOK INCORPORATED
 CONSOLIDATED BALANCE SHEETS

December 31,
2002
(Unaudited)

September 30,
2002
(Note)

December 31,
2001
(Unaudited)

Assets


Current Assets


Cash and Cash Equivalents

 $1,822,328 $2,261,774 $1,715,530
Short-term Investments
 		1,023,185
 		-
 		-

Trade Accounts Receivable-Net

 1,480,839 2,420,614
1,935,738

Inventories

 3,361,186 3,589,543
3,871,949

Deferred Income Taxes

 231,000 231,000 167,300

Prepaid Expenses

 76,403 36,691 81,313

Refundable Income Taxes

 - 253,000
 		-

Total Current Assets

 7,994,941 8,792,622 7,771,830








Property, Plant and Equipment


Land

 229,089 229,089 229,089

Buildings

 1,486,969 1,486,969 1,487,337

Machinery and Equipment

 2,650,823
 		2,634,766
 		3,050,676


4,366,881 4,350,824 4,767,102




Less: Allowance for Depreciation 2,984,930 2,888,756
3,212,006

Total Property - Net

 1,381,951 1,462,068 1,555,096








Other Assets


Goodwill - - Net of Amortization

 -
1,574,542 1,658,952

Deferred Income Taxes

 1,192,924 472,100 831,000

Deposits

 2,050 2,050 2,050

Total Other Assets

 1,194,974
 		2,048,692 2,492,002

Total Assets

 $10,571,866 $12,303,382 $11,818,928





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

See Notes to Consolidated Financial Statement 


December 31,
2002
(Unaudited)

September 30,
2002
(Note)

December 31,
2001
(Unaudited)

Liabilities and Stockholders' Equity


Current Liabilities


Short-term Financing

 $-
 		$- $-

Current Portion of Long-term Debt

 1,463
 		11,334 39,794

Trade Accounts Payable

 196,662
 		374,024 325,950

Accrued Payroll & Related Expenses

 196,412
 		350,039 316,836

Accrued Expenses

 96,953
 		91,416 118,542

Accrued Income Taxes

 158,467
 		175,667 76,717

Accrued Taxes Other Than Income

 87,167
 		70,130 163,263

Total Current Liabilities

 737,124
 		1,072,610 1,041,102








Long-term Debt

 - -
-








Stockholders' Equity


Class A, $1.00 par value;
   authorized 3,750,000 shares;
   764,884 shares outstanding
   excluding 9,586 shares in treasury

 764,884 764,884 764,884








Class B, $1.00 par value;
   authorized 1,000,000 shares;
   454,866 shares outstanding
   excluding 20,667 shares in
   treasury

 454,866 454,866 454,866

Contributed Capital

 998,053 998,053 993,053

Retained Earnings

 7,616,939
 		9,012,969
 		8,560,023

Total Stockholders' Equity

 9,834,742
 		11,230,772 10,777,826

Total Liabilities and
Stockholders' Equity

 $10,571,866 $12,303,382 $11,818,928

HICKOK INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED DECEMBER 31,
(Unaudited)


2002 2001



Cash Flows from Operating Activities:

   Cash received from customers

 $3,387,723 $3,840,009

   Cash paid to suppliers and employees

 <3,019,892> <2,703,997>

   Interest paid

 <963> <2,228>

   Interest received

 6,823
 		5,837

   Income taxes <paid> refunded

 235,976
 		29,038

      Net Cash Provided by Operating Activities

 609,667
 		1,168,659



Cash Flows from Investing Activities:

   Capital expenditures

 <16,057> <20,678>
   Purchase of short-term investments
 		<1,023,185>
 		-

      Net Cash Used in Investing Activities

 <1,039,242> <20,678>



Cash Flows from Financing Activities:

   Decrease in Long-term liabilities

 <9,871> <9,115>

      Net Cash Provided By <Used In> Financing
         Activities

 <9,871> <9,115>

Net increase <decrease> in cash and cash equivalents

 <439,446> 1,138,866



Cash and cash equivalents at beginning of year

 2,261,774
576,664

Cash and cash equivalents at end of first quarter

 $1,822,328 $1,715,530


See Notes to Consolidated Financial Statements


2002 2001



Reconciliation of Net Loss to Net Cash Provided by
   <Used In> Operating Activities:




   Net Loss

 $<1,396,030> $<208,540>

   Adjustments to reconcile net loss to net cash
      provided by operating activities:

         Depreciation and amortization

 96,174
 		126,123
         Cumulative effect of change in accounting for
            goodwill
 		1,574,542
 		-
         Deferred income taxes
 		<720,824>
 		-

         Changes in assets and liabilities:

            Decrease <Increase> in accounts receivable

 939,775 1,255,192

            Decrease <Increase> in inventories

 228,357 122,398

            Decrease <Increase> in prepaid expenses

 <39,712> <30,082>

            Decrease <Increase> in refundable income
               taxes

 253,000
 		44,538

            Increase <Decrease> in trade accounts
               payable

 <177,362>
 		11,787

            Increase <Decrease> in accrued payroll
               and related expenses

 <153,627> <46,997>

            Increase <Decrease> in accrued expenses and
               accrued taxes other than income

 22,574
16,740