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HEICO Corporation Reports Record Net Sales, Operating Income And Net Income For The Six Months Ended April 30, 2013; Full Year Sales And Net Income Growth Estimates Raised

HOLLYWOOD, Fla. and MIAMI, May 22, 2013 (GLOBE NEWSWIRE) -- HEICO CORPORATION (NYSE:HEI.A) (NYSE:HEI) today reported that net income increased 24% to $23.7 million, or 44 cents per diluted share, for the second quarter of fiscal 2013, up from $19.0 million, or 36 cents per diluted share, for the second quarter of fiscal 2012.  For the first six months of fiscal 2013, net income increased 14% to a record $43.7 million, or $.82 per diluted share, up from $38.2 million, or $.72 per diluted share, for the first six months of fiscal 2012.

Operating income increased 19% to $44.7 million in the second quarter of fiscal 2013, up from $37.6 million in the second quarter of fiscal 2012.  For the first six months of fiscal 2013, operating income increased 6% to a record $79.6 million, up from $75.2 million for the first six months of fiscal 2012.

The Company's consolidated operating margin improved to 18.8% in the second quarter of fiscal 2013, up from 17.4% in the second quarter of fiscal 2012.  The Company's consolidated operating margin was 17.5% for both the first six months of fiscal 2013 and 2012.

Net sales increased 10% to $237.7 million in the second quarter of fiscal 2013, up from $216.3 million in the second quarter of fiscal 2012.  For the first six months of fiscal 2013, net sales increased 6% to a record $454.2 million, up from $429.0 million for the first six months of fiscal 2012.

Consolidated Results

Laurans A. Mendelson, HEICO's Chairman and CEO, commented on the Company's second quarter results stating, "Our second quarter fiscal 2013 results exceeded expectations and contributed to record six month net sales, operating income and net income.  These record results were driven by strong second quarter organic growth in both our Flight Support and Electronic Technologies segments.  Additionally, we are extremely excited about our acquisition of Reinhold Industries, which we expect to complete within the next 10 to 30 days.  As previously reported, we anticipate Reinhold Industries to be accretive to HEICO's earnings within the first 12 months.  

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