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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

Net sales of the Flight Support Group increased 4% to a record $149.7 million in the fourth quarter of fiscal 2012, up from $144.4 million in the fourth quarter of fiscal 2011.  The net sales increase is principally attributed to organic growth of approximately 2% and additional net sales of $2.7 million contributed from acquisitions.  The organic growth in the Flight Support Group primarily reflects increased market penetration from both new and existing product offerings for certain of our aerospace products and services resulting in an aggregate increase of $7.2 million in net sales from our aftermarket replacement parts and repair and overhaul services product lines, including organic growth of approximately 6%.  The increases to our net sales were partially offset by a $4.6 million decrease in net sales within our specialty product lines principally due to normalization in demand as compared to the fourth quarter of fiscal 2011.

Net sales of the Flight Support Group increased 6% to a record $570.3 million for the fiscal year ended October 31, 2012, up from $539.6 million for the fiscal year ended October 31, 2011.  The net sales increase for the fiscal year ended October 31, 2012 was primarily driven by organic growth of approximately 4%, as well as additional net sales of $9.1 million contributed from acquisitions.  The organic growth in the Flight Support Group for the fiscal year ended October 31, 2012 principally reflects increased market penetration from both new and existing product offerings for certain of our aerospace products and services resulting in an aggregate increase of $11.3 million in net sales from our aftermarket replacement parts and repair and overhaul services product lines, representing organic growth of approximately 3%.  Additionally, the organic growth in the Flight Support Group reflects an increase of $10.3 million in net sales within our specialty product lines primarily attributed to the sales of industrial products used in heavy-duty and off-road vehicles as a result of increased market penetration.  We are proud to have achieved organic growth in the Flight Support Group over the past two fiscal years that has now averaged approximately 13%.

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