HEICO Corporation Reports Record Sales, Operating Income And Net Income For The Fourth Quarter And Full Year Of Fiscal 2013; Targets Continued Growth In Fiscal 2014

HOLLYWOOD, Fla. and MIAMI, Dec. 17, 2013 (GLOBE NEWSWIRE) -- HEICO CORPORATION (NYSE:HEI.A) (NYSE:HEI) today reported that net income increased 25% to a record $29.8 million, or 44 cents per diluted share, for the fourth quarter of fiscal 2013, up from $23.8 million, or 36 cents per diluted share, for the fourth quarter of fiscal 2012.  For the fiscal year ended October 31, 2013, net income increased 20% to a record $102.4 million, or $1.53 per diluted share, up from $85.1 million, or $1.28 per diluted share, for the fiscal year ended October 31, 2012.

All per share information has been adjusted retrospectively to reflect a 5-for-4 stock split distributed by the Company in October 2013.

Operating income increased 22% to a record $55.6 million for the fourth quarter of fiscal 2013, up from $45.6 million for the fourth quarter of fiscal 2012.  For the fiscal year ended October 31, 2013, operating income increased 12% to a record $183.6 million, up from $163.3 million for the fiscal year ended October 31, 2012.  Our consolidated operating margin improved to 19.3% for the fourth quarter of fiscal 2013, up from 18.8% for the fourth quarter of fiscal 2012 and equaled 18.2% for both fiscal years ended October 31, 2013 and 2012.

Net sales increased 19% to a record $287.4 million for the fourth quarter of fiscal 2013, up from $242.4 million for the fourth quarter of fiscal 2012.  For the fiscal year ended October 31, 2013, net sales increased 12% to a record $1,008.8 million, up from $897.3 million for the fiscal year ended October 31, 2012.

Consolidated Results

Laurans A. Mendelson, HEICO's Chairman and CEO, commenting on the Company's fourth quarter and full fiscal year results, stated, "Our fourth quarter operating results exceeded our expectations with record consolidated net sales, operating income and net income.  The record quarterly results are primarily driven by record net sales and operating income within both our Flight Support Group and Electronic Technologies Group.  Additionally, I congratulate the entire HEICO team for exceeding $1 billion in total consolidated net sales in fiscal 2013.  Achieving this goal is a testament to the focus and dedication of every individual in our Company.

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