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HEICO Corporation Reports Record Sales, Operating Income And Net Income For The Third Quarter Of Fiscal 2012; Confirms Fiscal 2012 Full Year Net Income Growth Estimate

Stocks in this article: HEI

3rd Quarter and Nine-Month Net Income up 13% on Net Sales Increases of 15% and 18% and Operating Income Increases of 19% and 17%

HOLLYWOOD, Fla. and MIAMI, Aug. 22, 2012 (GLOBE NEWSWIRE) -- HEICO CORPORATION (NYSE:HEI.A) (NYSE:HEI) today reported that net income increased 13% to a record $23,128,000, or 43 cents per diluted share, for the third quarter of fiscal 2012, up from $20,402,000, or 38 cents per diluted share, for the third quarter of fiscal 2011. For the first nine months of fiscal 2012, net income increased 13% to a record $61,356,000, or $1.15 per diluted share, up from $54,306,000, or $1.02 per diluted share, for the first nine months of fiscal 2011.

Operating income increased 19% to a record $42,455,000 in the third quarter of fiscal 2012, up from $35,706,000 in the third quarter of fiscal 2011. For the first nine months of fiscal 2012, operating income increased 17% to a record $117,688,000, up from $100,991,000 in the first nine months of fiscal 2011.

The Company's consolidated operating margin improved to 18.8% in the third quarter of fiscal 2012, up from 18.1% in the third quarter of fiscal 2011. For the first nine months of fiscal 2012, the Company's consolidated operating margin was 18.0% compared to 18.2% for the first nine months of fiscal 2011.

Net sales increased 15% to a record $225,969,000 in the third quarter of fiscal 2012, up from $197,267,000 in the third quarter of fiscal 2011. For the first nine months of fiscal 2012, net sales increased 18% to a record $654,938,000, up from $555,972,000 for the first nine months of fiscal 2011.

Net income per diluted share for the third quarter of fiscal 2012 includes a 2 cent tax benefit from lower income tax expense attributable principally to higher R&D tax credits on fiscal 2011 tax returns filed during the current quarter.  Net income per diluted share for the third quarter of fiscal 2011 includes a 4 cent tax benefit from lower income tax expense attributable principally to lower state income taxes and higher R&D tax credits on tax returns filed during the third quarter of fiscal 2011.

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