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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

Stocks in this article: HEI

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.

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