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HOLLYWOOD, Fla. and MIAMI, Feb. 25, 2014 (GLOBE NEWSWIRE) -- HEICO CORPORATION (NYSE:HEI.A) (NYSE:HEI) today reported that net income increased 38% to $27.5 million, or 41 cents per diluted share, in the first quarter of fiscal 2014, up from $20.0 million, or 30 cents per diluted share, in the first quarter of fiscal 2013.
Operating income increased 44% to $50.4 million in the first quarter of fiscal 2014, up from $34.9 million in the first quarter of fiscal 2013. The Company's consolidated operating margin increased to 18.9% in the first quarter of fiscal 2014, up from 16.1% in the first quarter of fiscal 2013.
Net sales increased 23% to $266.8 million in the first quarter of fiscal 2014, up from $216.5 million in the first quarter of fiscal 2013.
Net income per diluted share in the first quarter of fiscal 2014 includes a net 4 cent benefit from a reduction in the value of a liability for contingent consideration related to a prior year acquisition, offset by lower than expected operating income at the acquired business.
Laurans A. Mendelson, HEICO's Chairman and CEO, commented on the Company's first quarter results stating, "We are pleased to report continued year-over-year increases in net sales and operating income within both our Flight Support Group and Electronic Technologies Group. These results principally reflect strong organic growth of 19% within our Flight Support Group and the benefit of well managed profitable businesses within our Electronic Technologies Group.
Cash flow provided by operating activities increased to $33.5 million in the first quarter of fiscal 2014, representing 122% of net income, as compared to $13.3 million in the first quarter of fiscal 2013.
Our net debt to shareholders' equity ratio was 50.0% as of January 31, 2014, with net debt (total debt less cash and cash equivalents) of $364.0 million principally incurred to fund our fiscal 2013 acquisitions and the payment of special cash dividends in fiscal 2014 and 2013. We have no significant debt maturities until fiscal 2019 and plan to utilize our financial flexibility to aggressively pursue high quality acquisition opportunities.