This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

HEICO Corporation Reports Record Net Sales And Net Income For The First Quarter Of Fiscal 2013; Full Year Sales And Net Income Growth Estimates Raised

HOLLYWOOD, Fla. and MIAMI, Feb. 20, 2013 (GLOBE NEWSWIRE) -- HEICO CORPORATION (NYSE:HEI.A) (NYSE:HEI) today reported that net income increased 4% to $20.0 million, or 37 cents per diluted share, for the first quarter of fiscal 2013, up from $19.2 million, or 36 cents per diluted share, for the first quarter of fiscal 2012.  First quarter fiscal 2013 net income includes a 2 cents per diluted share benefit from the retroactive extension of the R&D income tax credit.

Operating income was $34.9 million in the first quarter of fiscal 2013 compared to $37.6 million in the first quarter of fiscal 2012.  Our consolidated operating margin was 16.1% in the first quarter of fiscal 2013 compared to 17.7% in the first quarter of fiscal 2012.

Net sales increased 2% to $216.5 million in the first quarter of fiscal 2013, up from $212.7 million in the first quarter of fiscal 2012.

Consolidated Results

Laurans A. Mendelson, HEICO's Chairman and CEO, commented on the Company's first quarter consolidated results stating, "Despite a challenging global business environment, our segments performed in line with budgeted expectations and are positioned to take advantage of the anticipated growth in the markets we serve during the second half of fiscal 2013.  Consistent with our management's philosophy of investing in future growth, we increased spending on new product development during the first quarter of fiscal 2013 by approximately 13% over the first quarter of fiscal 2012.

Cash flow provided by operating activities increased $15.5 million to $13.3 million for the first quarter of fiscal 2013 as compared to a negative $2.3 million position in the first quarter of fiscal 2012.  We continue to expect strong cash flow provided by operating activities totaling approximately $140 million for fiscal 2013. Capital expenditures were $4.5 million in the first quarter of fiscal 2013 compared to $3.8 million in the first quarter of fiscal 2012.  Additionally, we continue to plan for approximately $18 - $20 million in capital expenditures during fiscal 2013.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs