HEICO Corporation Shares Begin Post-Split Trading
19 April 2017 - 9:31PM
HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today reported that all
shares of both its Class A Common Stock and its Common Stock will
commence trading today on a “post-split” basis to reflect the
Company’s previously announced 5-for-4 stock split.
Accordingly, the prices of both the Class A Common Stock and the
Common Stock will automatically be adjusted downward by 25% from
the New York Stock Exchange closing price on April 18, 2017 for the
split at the opening of New York Stock Exchange trading this
morning.
The split is effective April 19, 2017 to shareholders of record
on April 7, 2017. Cash will be paid in lieu of fractional
shares.
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. 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. 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
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