HEICO Corporation Declares 5-for-4 Stock Split
March 20 2017 - 8:30AM
HEICO Corporation (NYSE:HEI-A) (NYSE:HEI) announced today that its
Board of Directors approved a 5-for-4 stock split on both its Class
A Common Stock and Common Stock. This announcement marks
HEICO’s 15th stock split or stock dividend since 1995.
The stock split will be effected in the form of a 25% stock
dividend on each class of the Company’s shares and is payable
on April 18, 2017 to shareholders of record in the same class of
shares held as of April 7, 2017. Cash will be paid in lieu of
fractional shares based on the last sale price of each of the
respective classes of shares on the record date (as adjusted for
the stock split).
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive
Officer, along with HEICO’s Co-Presidents, Eric A. Mendelson and
Victor H. Mendelson, commented, “This stock split reflects our
continuing confidence and enthusiasm in HEICO's long-term growth
and financial outlook. Additionally, this stock split, which
is the 15th overall since 1995, underscores our commitment to being
a shareholder value-focused organization that has implemented the
same, successful strategy since 1990.
Considering the reinvestment of cash dividends, and the impact
of prior stock splits and stock dividends, a $100,000 investment in
HEICO shares in 1990 has become worth approximately $18.7 million
today, representing a compound annual growth rate of 22%.
Additionally, in December 2016, we increased our semi-annual cash
dividend by 13%, which was paid on January 18, 2017 and was HEICO's
77th consecutive semi-annual cash dividend since 1979."
There are currently approximately 40.4 million shares of HEICO's
Class A Common Stock (HEI.A) outstanding and 27.0 million shares of
HEICO's Common Stock (HEI) outstanding. After giving effect
to the stock split, the Company will have approximately 50.5
million shares of Class A Common Stock (HEI.A) outstanding and 33.7
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 the design,
production, servicing and distribution of products and services to
certain niche segments of the aviation, defense, space, medical,
telecommunications and electronics industries through its
Hollywood, Florida-based Flight Support Group and its Miami,
Florida-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 website 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: lower
demand for commercial air travel or airline fleet changes or
airline purchasing decisions, 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;
our ability to introduce new products and services at profitable
pricing levels, which could reduce our sales or sales growth;
product development or manufacturing difficulties, which could
increase our product development costs and delay sales; our ability
to make acquisitions and achieve operating synergies from acquired
businesses; customer credit risk; interest, foreign currency
exchange and income tax rates; economic conditions within and
outside of the aviation, defense, space, medical,
telecommunications and electronics industries, which could
negatively impact our costs and revenues; and defense budget cuts,
which could reduce our defense-related revenue. 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:
Victor H. Mendelson (305) 374-1745
Carlos L. Macau, Jr. (954) 987-4000
HEICO (NYSE:HEI)
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