MIAMI and HOLLYWOOD, Fla., March 29, 2011 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI-A) (NYSE:HEI) today announced that its Board of Directors declared 5-for-4 stock splits on both its Class A Common Stock payable in shares of its Class A Common Stock and on its Common Stock payable in shares of its Common Stock. The stock splits, which will be effected in the form of 25% stock dividends on each of the classes of common stock, are payable to shareholders of record as of April 15, 2011. The additional shares will be distributed to shareholders on or about April 25, 2011. Fractional shares for the stock splits will be paid in cash based on the last sale price of each of the respective classes of common stock on the record date (as adjusted for the stock splits).
Today's action marks HEICO's 12th stock dividend or stock split starting in 1995, when the Board began declaring such dividends or stock splits as it deemed appropriate.
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, remarked, "This stock split reflects our continuing confidence in HEICO's business outlook. Over the past 16 years, HEICO has experienced substantial growth while we declared such stock splits, stock dividends and increased cash dividends. With the prior stock splits and stock dividends, one share of HEI worth $8.38 in 1990 has become 4.12 shares of HEI plus 4.10 shares of HEI.A worth on a combined basis approximately $420 today. Based on the Company's current business outlook, the Board of Directors presently intends to continue the Company's regular semi-annual cash dividend at $.06 per share, which would represent a 25% increase over the prior semi-annual per share amount of $.048, as adjusted for these 5 for 4 stock splits."
HEICO has two classes of common stock traded on the NYSE. 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.
There are currently approximately 20.0 million shares of HEICO's Class A Common Stock (HEI.A) outstanding and 13.4 million shares of HEICO's Common Stock (HEI) outstanding. After giving effect to the stock splits, the Company will have approximately 25.0 million shares of Class A Common Stock (HEI.A) outstanding and 16.7 million shares of Common Stock (HEI) outstanding. 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 stock symbol (HEI.A) to HEI/A or HEIa.
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space and electronics industries through its Hollywood, FL-based HEICO Aerospace Holdings Corp. subsidiary and its Miami, FL-based HEICO Electronic Technologies Corp. subsidiary. HEICO's customers include a majority of the world's airlines and airmotives as well as numerous defense and space contractors and military agencies worldwide in addition to medical, telecommunication and electronic equipment manufacturers. For more information about HEICO, please visit our web site at .
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; HEICO's ability to make acquisitions and achieve operating synergies from acquired businesses, customer credit risk, interest rates and economic conditions within and outside of the aviation, defense, space, medical, telecommunication and electronic 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.
CONTACT: Thomas S. Irwin (954) 987-4000 ext. 7560 Victor H. Mendelson (305) 374-1745 ext. 7590