We expect fiscal 2011 cash flow provided by operating activities to remain strong and to approximate $90 - $100 million. Capital expenditures in fiscal 2011 are anticipated to approximate $10 - $12 million.
Our net debt to shareholders' equity ratio remains low at 1.8% as of January 31, 2011, with net debt (total debt less cash and cash equivalents) of $10.3 million. We have no significant debt maturities until fiscal 2013.
In our Flight Support Group's markets, the commercial airline industry generally expects a continued increase in capacity during 2011. In our Electronic Technologies Group's markets, we generally see stable or increasing demand for our products. Based on the current economic visibility, we expect continued year-over-year sales and earnings growth for the remainder of fiscal 2011.
Based on current market conditions within our aviation and other major markets, we are estimating fiscal 2011 growth of 13% - 15% in net sales and 15% - 17% in net income, up from our prior growth estimates of 10% - 12%. These estimates include the recently announced acquisition of Blue Aerospace, but exclude the impact of additional acquisitions, if any. Consistent with our long-term growth goals, management continues to target net income growth of 20% including additional acquisitions, but it is still too early in the year for us to make such predictions for fiscal 2011."As previously announced, HEICO will hold a conference call on Wednesday, February 23, 2011 at 9:00 a.m. Eastern Standard Time to discuss its first quarter results. Individuals wishing to participate in the conference call should dial: U.S. and Canada (877) 586-4323, International (706) 679-0934, wait for the conference operator and provide the operator with the Conference ID 42584660. A digital replay will be available two hours after the completion of the conference for 14 days. To access, dial: (706) 645-9291, and enter the Encore Conference ID 42584660.