HEICO Corporation Increases Semi-Annual Cash Dividend by 11 Percent
June 13 2017 - 7:30AM
Business Wire
25% Cumulative Cash Dividend Increase In
Past 6 Months; Follows 5-for-4 stock split
HEICO Corporation (NYSE: HEI.A) (NYSE: HEI) announced today that
its Board of Directors declared a regular semi-annual cash dividend
of $0.08 per share payable on both classes of common stock. The
cash dividend is payable on July 19, 2017 to shareholders of record
as of July 5, 2017.
Since December 2016, the Company has cumulatively increased its
cash dividend by 25%.
The upcoming cash dividend is HEICO’s 78th consecutive
semi-annual cash dividend since 1979 and represents an 11% increase
over the prior semi-annual per share amount of $0.072 (as adjusted
for the Company’s 5-for-4 stock split distributed in April 2017).
Additionally, HEICO increased its cash dividend by 13% in December
2016.
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive
Officer, along with HEICO’s Co-Presidents, Eric A. Mendelson and
Victor H. Mendelson, stated, “The cash dividend increase represents
our Board of Directors’ commitment to rewarding shareholders, while
also retaining sufficient capital to invest in our internal growth
objectives and acquisition strategies.”
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.
The Company 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 50.6 million shares of HEICO's Class A Common Stock
(HEI.A) outstanding and 33.8 million shares of HEICO's 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 symbol (HEI.A) to HEI/A
or HEIa.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170613005757/en/
HEICO CorporationVictor H. Mendelson,
305-374-1745orCarlos L. Macau, Jr., 954-987-4000
HEICO (NYSE:HEI)
Historical Stock Chart
From Sep 2024 to Oct 2024
HEICO (NYSE:HEI)
Historical Stock Chart
From Oct 2023 to Oct 2024