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HEICO Corporation Reports Record Sales, Operating Income And Net Income For The Fourth Quarter And Full Year Of Fiscal 2012; Targets Continued Growth In Fiscal 2013

Stocks in this article: HEI

HOLLYWOOD, Fla. and MIAMI, Dec. 18, 2012 (GLOBE NEWSWIRE) -- HEICO CORPORATION (NYSE:HEI.A) (NYSE:HEI) today reported that net income increased 29% to a record $23.8 million, or 45 cents per diluted share, for the fourth quarter of fiscal 2012, up from $18.5 million, or 35 cents per diluted share, for the fourth quarter of fiscal 2011. For the fiscal year ended October 31, 2012, net income increased 17% to a record $85.1 million, or $1.60 per diluted share, up from $72.8 million, or $1.37 per diluted share, for the fiscal year ended October 31, 2011.

Operating income increased 22% to a record $45.6 million in the fourth quarter of fiscal 2012, up from $37.4 million in the fourth quarter of fiscal 2011. For the fiscal year ended October 31, 2012, operating income increased 18% to a record $163.3 million, up from $138.4 million for the fiscal year ended October 31, 2011.  Consolidated operating margins improved to 18.8% and 18.2% for the fourth quarter and fiscal year ended October 31, 2012, respectively, up from 17.9% and 18.1% for the fourth quarter and fiscal year ended October 31, 2011, respectively.     

Net sales increased 16% to a record $242.4 million in the fourth quarter of fiscal 2012, up from $208.9 million in the fourth quarter of fiscal 2011.  For the fiscal year ended October 31, 2012, net sales increased 17% to a record $897.3 million, up from $765.0 million for the fiscal year ended October 31, 2011.

Consolidated Results

Laurans A. Mendelson, HEICO's Chairman and CEO, commenting on the Company's fourth quarter results stated, "Our fourth quarter and full year operating results exceeded our expectations with record consolidated net sales, operating income, net income and cash flows from operating activities.  The record quarterly results are primarily driven by record net sales and operating income within our Electronic Technologies Group and record net sales and continued strong operating income within our Flight Support Group.  Additionally, our fourth quarter results mark the eleventh consecutive quarter of consolidated net sales growth.

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