This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Heico Corporation Reports Continued Strong Net Sales, Operating Income And Net Income For The First Quarter Of Fiscal 2014; Full Year Fiscal 2014 Net Income Growth Estimate Raised

Stocks in this article: HEI

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.

Consolidated Results

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.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,569.95 +213.08 1.23%
S&P 500 2,037.24 +24.35 1.21%
NASDAQ 4,706.8440 +62.5320 1.35%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs