MIAMI and HOLLYWOOD, Fla., Sept. 24, 2013 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) and (NYSE:HEI) today announced that its Board of Directors declared 5-for-4 stock splits on both its Class A Common Stock payable in shares of its Class A Common Stock and on its Common Stock payable in shares of its Common Stock. The stock splits, which will be effected in the form of 25% stock dividends on each of the classes of common stock, are payable to shareholders of record as of October 11, 2013. The additional shares will be distributed to shareholders on or about October 22, 2013. Fractional shares for the stock splits will be paid in cash based on the last sale price of each of the respective classes of common stock on the record date (as adjusted for the stock splits).
Today's action marks HEICO's 14 th stock dividend or stock split starting in 1995, when the Board began declaring such dividends or stock splits as it deemed appropriate.
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, along with HEICO's Co-Presidents, Eric A. Mendelson and Victor H. Mendelson, remarked, "This stock split reflects our continuing confidence in HEICO's long-term growth and financial outlook. Since 1990, HEICO has executed on a growth strategy which has consistently delivered superior returns and value to our shareholders. Considering the impact of prior increases in cash dividends, prior stock splits and stock dividends, one share of HEI worth $8.38 in 1990 has become worth on a combined basis approximately $900 today, representing an increase of 107 times the 1990 value and a compound annual growth rate of 23%. Based on the Company's current business outlook, the Board of Directors presently intends to increase the Company's regular semi-annual cash dividend to $.06 per share, which would represent a 7% increase over the prior semi-annual per share amount of $.056, as adjusted for these 5 for 4 stock splits. In June 2013, the cash dividend was increased by 17%."