Our net debt to shareholders' equity ratio was 37.3% as of January 31, 2013, with net debt (total debt less cash and cash equivalents) of $235.8 million principally incurred to fund certain fiscal 2012 acquisitions and the payment of a one-time special and extraordinary cash dividend totaling $116.6 million in December 2012. We have no significant debt maturities until fiscal 2018.As expected, global economic uncertainty and domestic governmental spending reductions were principal contributing factors to the nominal sales growth and lower operating income reported in the first quarter of fiscal 2013. As we look ahead for the remainder of fiscal 2013, we remain optimistic in the consensus outlook for the commercial airline industry and expect to see growth in airline capacity and maintenance spending in the back half of fiscal 2013. Additionally, we expect improving demand for certain products of our Electronic Technologies Group in the space, aerospace and medical industries.
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
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