As we look ahead to fiscal 2013, the general overall uncertainty surrounding the domestic "fiscal cliff" and the euro zone recession may moderate growth in our principal markets. We remain optimistic in our ability to execute a disciplined and flexible growth strategy while navigating these challenging macro environment circumstances. While some commercial aviation industry participants have indicated the potential for an acceleration of growth in airline capacity and maintenance spending in 2013, to date we have not seen signs of a significant recovery in customer demand. Accordingly, we are currently estimating growth in fiscal 2013 full year net sales and net income of approximately 5% to 7% over fiscal 2012 levels, with consolidated operating margins approximating 18%. Seventy to eighty percent of this growth is expected to be organic. These estimates include acquisitions completed to date, but exclude the impact of additional 2013 acquisitions, if any. If our commercial aviation markets experience an accelerated recovery or if an effective resolution to the domestic "fiscal cliff" allows our customers to pursue more aggressive strategies, we would expect to improve on these sales and earnings growth targets.
Consistent with our long-term growth goals, management continues to target net income growth averaging 20% over the next one to three years including the effects of additional acquisitions.
Fiscal 2013 cash flow provided by operating activities is expected to remain strong and approximate $140 million. Capital expenditures in fiscal 2013 are anticipated to approximate $18 - $20 million, and depreciation and amortization expense in fiscal 2013 is anticipated to approximate $35 million."
Flight Support GroupEric A. Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group, commented on the Flight Support Group's fourth quarter and fiscal year results stating, "We are pleased to report another strong quarter for the Flight Support Group, with record net sales and continued strong operating income and operating margins.
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