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.
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