Cash flow from operating activities for the fiscal year ended October 31, 2012 totaled a record $138.6 million, representing 163% of net income and cash flow from operating activities in the fourth quarter of fiscal 2012 was $60.3 million, up from $125.5 million and $40.5 million for the fiscal year and fourth quarter ended October 31, 2011, respectively.
As a result of our continued strong cash flow, our net debt to shareholders' equity ratio was a low 15.3% as of October 31, 2012, with net debt (total debt less cash and cash equivalents) of $110.4 million principally incurred to fund the five acquisitions completed during fiscal 2012.
Based on our strong cash flows and the strength of our balance sheet, during 2012 we declared or paid a total of $2.32 in cash dividends on both our Class A Common Stock and Common Stock, including a $2.14 per share special and extraordinary cash dividend and a regular semi-annual $.06 per share cash dividend to be paid by December 31, 2012, as well two separate $.06 per share regular semi-annual cash dividends paid in January and July 2012. Additionally, the Company effected a 5-for-4 stock split of its shares in April 2012. The split and four cash dividends demonstrate our continued commitment to delivering value to HEICO shareholders and to superior long-term shareholder returns.
We also extended our revolving credit agreement by one year and now have no significant debt maturities until fiscal 2018. Further, we maintain significant borrowing capacity under our revolving line of credit for acquisition opportunities.As investors have come to know and expect, HEICO prefers to issue conservative December estimates which is based upon more certain knowledge and tries to avoid speculation. If and when business events become clearer as the year progresses, we have typically, in past years, increased our estimates. As an example, our net income estimate for fiscal 2012, issued in December 2011, projected growth of 10%-12%. Final 2012 results were growth of 17%. We hope that we will be able to do the same as fiscal 2013 progresses.
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