HEICO Corporation Declares Special and Regular Dividends Totaling $1.20 Per Share; Sets Earnings Release Date
HOLLYWOOD, Fla. and MIAMI, Nov. 27, 2012 (GLOBE NEWSWIRE) -- HEICO Corporation (HEI) (NYSE:HEI) today announced that its Board of Directors declared its regular semi-annual $.06 per share cash dividend, as well as a special and extraordinary $1.14 per share cash dividend on both its Class A Common Stock and its Common Stock. The dividends will be paid in one payment on December 21, 2012 to shareholders of record on December 10, 2012.
The dividends are HEICO's 69th consecutive semi-annual dividend payment since 1979.
The dividends, which will be funded from borrowings under the Company's revolving credit facility, were declared in view of impending tax increases expected to take effect in calendar 2013. Accordingly, the Company is paying in December 2012 the $.06 per share dividend it would ordinarily have paid in January 2013.
In light of tax considerations, the Company stated that its Board of Directors will continue to review its dividend policy and will regularly evaluate whether dividends should be paid in cash or stock, as well as what amounts should be paid.
Laurans A. Mendelson, HEICO's Chairman & Chief Executive Officer, along with the Company's Co-Presidents, Eric A. Mendelson and Victor H. Mendelson, remarked, "This special dividend is made possible by HEICO's continuing strong cash generation, which will allow us to rapidly repay the borrowings made for the dividend payment. The Board believes this special dividend will not reduce our ability to continue our historical acquisition policy, which is of great importance to us given that our acquisition pipeline remains very strong."
The Company also reported that it will release its financial results for its 4th quarter and full year ended October 31, 2012 after the close of NYSE regular trading December 18, 2012. Consistent with its historical practices, the Company will host a conference call to discuss the results at 9:00 am Eastern Standard Time on December 19, 2012. Individuals wishing to participate in the conference call should dial: US and Canada (877) 586-4323, International (706) 679-0934, wait for the conference operator and provide the operator with the Conference ID# 74993322. A digital replay will be available two hours after the completion of the conference for 14 days. To access, dial: (404) 537-3406, and enter the Conference ID # 74993322.
The Company has two classes of common stock traded on the NYSE. As of October 31, 2012, there were approximately 31.5 million shares of Class A Common Stock and 21.3 million shares of Common Stock outstanding. 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. 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 symbol (HEI.A) to HEI/A or HEIa.
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, FL-based Flight Support Group and its Miami, FL-based Electronic Technologies Group. HEICO's customers include a majority of the world's airlines and overhaul shops as well as numerous defense and space contractors and military agencies worldwide in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our web site at http://www.heico.com .
Certain statements in this press release constitute forward-looking statements, which are subject to risks, uncertainties and contingencies. HEICO's actual results may differ materially from those expressed in or implied by those forward-looking statements as a result of factors including, but not limited to: lower demand for commercial air travel or airline fleet changes, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase to our costs to complete contracts; governmental and regulatory demands, export policies and restrictions, reductions in defense, space or homeland security spending by U.S. and/or foreign customers or competition from existing and new competitors, which could reduce our sales; HEICO's ability to introduce new products and product pricing levels, which could reduce our sales or sales growth and HEICO's ability to make acquisitions and achieve operating synergies from acquired businesses, customer credit risk, interest and income tax rates and economic conditions within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues. Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
CONTACT: Thomas S. Irwin (954) 987-4000 ext. 7560 Victor H. Mendelson (305) 374-1745 ext. 7590 Carlos L. Macau (954) 987-4000 ext. 7570
Source: HEICO Corporation 2012 GlobeNewswire, Inc.