Operating income of the Electronic Technologies Group increased 67% to a record $25.0 million in the fourth quarter of fiscal 2012, up from $14.9 million in the fourth quarter of fiscal 2011 and increased 30% to a record $77.4 million for the fiscal year ended October 31, 2012, up from $59.5 million for the fiscal year ended October 31, 2011. The increase in operating income for the fourth quarter and fiscal year ended October 31, 2012 is principally attributed to increased sales volumes.
The Electronic Technologies Group's operating margin improved to 26.5% for the fourth quarter of fiscal 2012, up from 22.8% for the fourth quarter of fiscal 2011. The improved operating margin is primarily attributed to the previously mentioned increased sales volumes of higher margin products. The Electronic Technologies Group's operating margin was 23.4% for the fiscal year ended October 31, 2012 compared to 26.1% for the fiscal year ended October 31, 2011. The decrease in operating margin principally reflects the dilutive impact of approximately 4% from lower operating margins realized by the 3D Plus and Switchcraft acquisitions. The lower operating margins of these businesses are principally attributed to amortization expense associated with intangible assets and inventory purchase accounting adjustments aggregating approximately $10 million during fiscal 2012.
With respect to fiscal 2013, we also currently estimate growth in full year net sales consistent with the aforementioned consolidated and Flight Support Group estimates, and full year Electronic Technologies Group operating margins that approximate those in fiscal 2012."
(NOTE: HEICO has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) receives 1/10 vote per share and the Common Stock (HEI) receives one vote per share.)There are currently approximately 31.6 million shares of HEICO's Class A Common Stock (HEI.A) outstanding and 21.4 million shares of HEICO's Common Stock (HEI) outstanding. The stock symbols for HEICO's two classes of common stock on most websites are HEI.A and HEI. However, some websites change HEICO's Class A Common Stock trading symbol (HEI.A) to HEI/A or HEIa.
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