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HEICO Corporation Reports Record Sales, Operating Income And Net Income For Fiscal 2010 Fourth Quarter And Full Year Results; Targets Continued Growth In Fiscal 2011

HOLLYWOOD, Fla. and MIAMI, Dec. 15, 2010 (GLOBE NEWSWIRE) -- HEICO CORPORATION (NYSE:HEI.A) (NYSE:HEI) today reported that net income increased 34% to a record $15,642,000, or 46 cents per diluted share, for the fourth quarter of fiscal 2010, up from $11,636,000, or 35 cents per diluted share, for the fourth quarter of fiscal 2009. For the fiscal year ended October 31, 2010, net income increased 23% to a record $54,938,000, or $1.62 per diluted share, up from $44,626,000, or $1.32 per diluted share, for the fiscal year ended October 31, 2009.

Operating income increased 23% to a record $29,679,000 in the fourth quarter of fiscal 2010, up from $24,061,000 in the fourth quarter of fiscal 2009. For the fiscal year ended October 31, 2010, operating income increased 24% to a record $109,173,000, up from $88,255,000 for the fiscal year ended October 31, 2009. Our consolidated operating margin improved to 17.5% and 17.7% for the fourth quarter and fiscal year ended October 31, 2010, respectively, up from 16.8% and 16.4% in the fourth quarter and fiscal year ended October 31, 2009.

Net sales increased 18% to a record $169,370,000 in the fourth quarter of fiscal 2010, up from $143,607,000 in the fourth quarter of fiscal 2009. For the fiscal year ended October 31, 2010, net sales increased 15% to a record $617,020,000, up from $538,296,000 for the fiscal year ended October 31, 2009.

(NOTE: HEICO has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) receives 1/10 vote per share and the Common Stock (HEI) receives one vote per share.)

Laurans A. Mendelson, HEICO's Chairman and CEO, commenting on the Company's fourth quarter results stated, "Our fourth quarter operating results exceeded our expectations with record consolidated net sales, operating income and net income for both our fourth quarter and full fiscal 2010. The record results are driven by record growth within our Electronic Technologies Group and improved results within our Flight Support Group. 

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