HEICO Corporation Increases the Semi-Annual Cash Dividend by 14% and Sets the Annual Meeting and Record Date
December 16 2019 - 04:13PM
Business Wire
HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) announced today that
its Board of Directors approved a 14% increase in the semi-annual
cash dividend to $0.08 per share from $0.07 per share, payable on
both classes of common stock.
The dividend is payable on January 23, 2020 to shareholders of
record as of January 9, 2020.
This announcement marks HEICO’s 83rd consecutive semi-annual
cash dividend since 1979.
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 increased cash dividend
reflects our Board of Directors’ unwavering belief in, and support
of, HEICO's long-term growth objectives and financial outlook. We
are honored to lead the talented group of professionals at HEICO
and we look forward to the future.”
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 become worth approximately $50.3 million as of
the close of trading on December 13, 2019, representing a compound
annual growth rate of 24%.
HEICO also announced that its Annual Shareholders’ Meeting would
be held on Friday, March 20, 2020. Shareholders of record at the
close of business on January 24, 2020 will be entitled to vote at
the meeting.
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) has 1/10 vote per share and the Common
Stock (HEI) has one vote per share. There are currently
approximately 80.4 million shares of HEICO's Class A Common Stock
(HEI.A) outstanding and 54.1 million shares of HEICO's Common Stock
(HEI) outstanding. The stock symbols for HEICO's two classes of
common stock on most websites are HEI.A and HEI. However, some
websites change HEICO's Class A Common Stock trading 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 spending or
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.
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Victor H. Mendelson, (305) 374-1745 ext. 7590 Carlos L. Macau,
Jr., (954) 987-4000 ext. 7570
HEICO (NYSE:HEI)
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