HEICO Declares 5-for-4 Stock Splits Effective April 25, 2012
HEICO Corporation (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 13, 2012. The additional shares will be distributed to shareholders on or about April 24, 2012. 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 13th 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 17 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 5.15 shares of HEI plus 5.13 shares of HEI.A worth on a combined basis approximately $485 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."
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