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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

The Flight Support Group's net sales improved slightly to $139.0 million for the first quarter of fiscal 2013 compared to $138.9 million for the first quarter of fiscal 2012.  This increase reflects additional net sales of $3.6 million from fiscal 2012 acquisitions partially offset by an aggregate decrease of $1.9 million within our aftermarket replacement parts and repair and overhaul services product lines and a decrease of $1.6 million within our specialty product lines.  Consistent with previous guidance, domestic economic uncertainty contributed to the demand decline for certain products within our aftermarket replacement parts and repair and overhaul services product lines during the first quarter of fiscal 2013.  Furthermore, the decrease in net sales within our specialty product lines primarily reflects the impacts of production delays at certain customers.  Based on our current economic visibility, we anticipate improving demand and moderate organic growth within the Flight Support Group principally during the second half of fiscal 2013.   

The Flight Support Group's operating income was $24.2 million for the first quarter of fiscal 2013 compared to $25.5 million for the first quarter of fiscal 2012.  The operating margin of the Flight Support Group was 17.4% for the first quarter of fiscal 2013, down from 18.4% for the first quarter of fiscal 2012.  The decrease in both operating income and operating margin for the first quarter of fiscal 2013 principally reflects a combination of a less favorable product mix and the previously mentioned lower sales within our specialty product lines.

We currently estimate growth in full year net sales consistent with the aforementioned consolidated HEICO estimates and full year Flight Support Group operating margins that approximate those in fiscal 2012."

Electronic Technologies Group 

Victor H. Mendelson, HEICO's Co-President and President of HEICO's Electronic Technologies Group, commented on the Electronic Technologies Group's first quarter results stating, "Despite challenging macro-economic conditions, our businesses delivered net sales growth of 6% and invested over $4.3 million in new product development, an increase of 31% in new product development spending over the first quarter of fiscal 2012.

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