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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 Electronic Technologies Group's net sales increased 6% for the first quarter of fiscal 2013 to $78.8 million, up from $74.5 million for the first quarter of fiscal 2012.  The increase in net sales for the first quarter of fiscal 2013 principally reflects additional net sales of $4.2 million contributed by the fiscal 2012 acquisitions.  Further, the net sales increase reflects greater demand for certain space products resulting in a $4.4 million net sales increase from this product line partially offset by a $2.3 million and $1.7 million net sales decline from defense and industrial products, respectively.  Ongoing economic uncertainty coupled with weaker market conditions for defense related products due to the threat of United States defense spending reductions contributed to lower sales of certain Electronic Technologies Group products during the first quarter of fiscal 2013.  Despite the uncertainty about government budget reductions, we anticipate improving demand and moderate organic growth within the Electronic Technologies Group principally during the second half of fiscal 2013.       

The Electronic Technologies Group's operating income was $15.5 million for the first quarter of fiscal 2013 compared to $16.2 million for the first quarter of fiscal 2012.  The decrease in operating income principally reflects a less favorable product mix of certain higher margin products in the first quarter of fiscal 2013, more new product research and development expenses and increased intangible asset amortization expense from our fiscal 2012 acquisitions.

The Electronic Technologies Group's operating margin was 19.7% for the first quarter of fiscal 2013 compared to 21.8% for the first quarter of fiscal 2012.  The decrease in operating margin principally reflects the previously mentioned unfavorable product mix, increase in new product research and development expenses and higher amortization expense.

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

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