HEICO Corporation Increases Special Dividend
- Special Cash Dividend increased from $1.14 to $2.14
- Regular Semi-Annual Cash Dividend Remains $.06
- Dividends Total $2.20 Per Share with Payment in December 2012
HOLLYWOOD, Fla. and MIAMI, Dec. 6, 2012 (GLOBE NEWSWIRE) -- HEICO Corporation (HEI) (NYSE:HEI) today announced that its Board of Directors increased the previously announced special and extraordinary $1.14 per share cash dividend on both its Class A Common Stock and its Common Stock by $1.00 per share so that the total special dividend will now be $2.14 per share on both classes of common stock. The increased special and extraordinary $2.14 per share cash dividend will be paid together with the previously announced regular semi-annual $.06 per share cash dividend. The dividends will be paid in one payment, totaling $2.20 per share, on or before December 31, 2012 to shareholders of record on December 17, 2012.
On November 27, 2012, the Company announced its regular semi-annual cash dividend and a special and extraordinary cash dividend. The special and extraordinary dividend was declared in view of impending tax increases expected to take effect in calendar 2013. Payment of the regular semi-annual $.06 per share cash was accelerated into December from the typical January payment schedule.
Since the announcement, the Company's shareholders have expressed such strong enthusiasm for the special and extraordinary cash dividend, and for the accelerated payment of the regular semi-annual dividend, that the Board of Directors decided to increase the special and extraordinary cash dividend. The dividends will be funded from borrowings under the Company's revolving credit facility.
Laurans A. Mendelson, HEICO's Chairman & Chief Executive Officer, along with the Company's Co-Presidents, Eric A. Mendelson and Victor H. Mendelson, remarked, "HEICO's financial strength allows us to increase the special dividend, while retaining the flexibility to manage the business and to continue our acquisition strategy. We remain excited about our future growth prospects, which gives us the confidence to pay this special dividend."
The regular dividend is HEICO's 69th consecutive semi-annual dividend payment since 1979.
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.