This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

HEICO Corporation Reports Record Sales, Operating Income, Net Income And EPS For First Quarter Of Fiscal 2011; Fiscal 2011 Full Year Sales And Net Income Estimates Raised

Stock quotes in this article: HEI

HOLLYWOOD, Fla. and MIAMI, Feb. 22, 2011 (GLOBE NEWSWIRE) -- HEICO CORPORATION (NYSE:HEI-A) (NYSE:HEI) today reported that net income increased 45% to a record $17,074,000, or 50 cents per diluted share, for the first quarter of fiscal 2011, which includes a 2 cents per diluted share benefit from the retroactive extension of the R&D income tax credit, up from $11,793,000, or 35 cents per diluted share, for the first quarter of fiscal 2010.

Operating income increased 32% to a record $32,372,000 in the first quarter of fiscal 2011, up from $24,544,000 in the first quarter of fiscal 2010. Our consolidated operating margin improved to 18.6% in the first quarter of fiscal 2011, up from 18.1% in the first quarter of fiscal 2010.

Net sales increased 29% to a record $174,219,000 in the first quarter of fiscal 2011, up from $135,535,000 in the first quarter of fiscal 2010.

(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 first quarter results stated, "We are very pleased to report record quarterly highs in consolidated net sales, operating income and net income for our first quarter of fiscal 2011 driven principally by record sales within our Flight Support Group and strong sales within our Electronic Technologies Group.

Net sales of our Flight Support Group increased 29% in the first quarter of fiscal 2011 to a record $120.6 million, up from $93.8 million in the first quarter of fiscal 2010. The increase in net sales in the first quarter of fiscal 2011 over the first quarter of fiscal 2010 reflects significant organic growth approximating 24% reflecting increased commercial airline capacity as well as additional revenues of approximately $3 million contributed by a recent acquisition. Net sales of our Flight Support Group have now increased over each of the past four quarters.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs