This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
MIAMI and HOLLYWOOD, Fla., Dec. 17, 2013 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that its Board of Directors declared a regular semi-annual cash dividend of $.06 per share, as well as a special and extraordinary cash dividend of $.35 per share payable on both classes of common stock. The cash dividends will be paid in one payment totaling $.41 per share on January 17, 2014 to shareholders of record as of January 3, 2014.
The regular semi-annual cash dividend represents a 7% increase over the prior semi-annual per share amount of $.056 (as adjusted for the Company's 5 for 4 stock split distributed October 2013) and is HEICO's 71
st consecutive semi-annual dividend since 1979. In June 2013, the regular semi-annual cash dividend was increased by 17%.
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, along with HEICO's Co-Presidents, Eric A. Mendelson and Victor H. Mendelson, remarked, "By declaring the special dividend and raising the semi-annual cash dividend, our Board of Directors' goal is to confirm its continuing confidence in HEICO's growth strategies and to continue to reward our shareholders, while retaining sufficient capital to fund our internal growth objectives and acquisition strategies. Since 1990, HEICO has executed on a growth strategy which has consistently delivered superior returns and value to our shareholders. Considering the impact of 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 $945 today representing an increase of approximately 113 times the 1990 value and a compound annual growth rate of 23%."
HEICO has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) receives 1/10 vote per share and the Common Stock (HEI) receives one vote per share. There are currently approximately 39.6 million shares of HEICO's Class A Common Stock (HEI.A) outstanding and 26.8 million shares of HEICO's Common Stock (HEI) outstanding. The stock symbols for HEICO's two classes of common stock on most web sites are HEI.A and HEI. However, some web sites change HEICO's Class A Common Stock stock symbol (HEI.A) to HEI/A or HEIa.
The Company also reported that its Annual Shareholders' Meeting will be held on March 21, 2014. Shareholders of record at the close of business on January 17, 2014 will be entitled to vote at the meeting.