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10-Q Filing

HEICO CORP CIK: 46619 Q1 2014
Filing Information
Form Type 10-Q
Accession Number 0000046619-14-000012
Period End Date 20140131
Filing Date 20140227
Fiscal Year 2014
Fiscal Period Q1
XBRL Instance hei-20140131.xml
Balance Sheet 78 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $15.24M USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $21.45M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $15.50M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $19.09M USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 10.00M shares Point-in-time
Accounts receivable, net ReceivablesNetCurrent $157.02M USD Point-in-time
Accounts receivable, net ReceivablesNetCurrent $150.21M USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 10.00M shares Point-in-time
Inventories, net InventoryNet $224.11M USD Point-in-time
Inventories, net InventoryNet $218.89M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $14.03M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $17.02M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $31.00M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $33.04M USD Point-in-time
Total current assets AssetsCurrent $434.60M USD Point-in-time
Total current assets AssetsCurrent $441.47M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $96.80M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $97.74M USD Point-in-time
Goodwill Goodwill $687.04M USD Point-in-time
Goodwill Goodwill $688.49M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $241.56M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $234.17M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetNoncurrent $1.53M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetNoncurrent $1.79M USD Point-in-time
Other assets OtherAssetsNoncurrent $69.42M USD Point-in-time
Other assets OtherAssetsNoncurrent $61.97M USD Point-in-time
Total assets Assets $1.52B USD Point-in-time
Total assets Assets $1.53B USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $1.15M USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $697.00K USD Point-in-time
Trade accounts payable AccountsPayableCurrent $54.85M USD Point-in-time
Trade accounts payable AccountsPayableCurrent $51.84M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $105.73M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $77.17M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent - USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $14.44M USD Point-in-time
Total current liabilities LiabilitiesCurrent $144.60M USD Point-in-time
Total current liabilities LiabilitiesCurrent $161.29M USD Point-in-time
Long-term debt, net of current maturities LongTermDebtAndCapitalLeaseObligations $376.82M USD Point-in-time
Long-term debt, net of current maturities LongTermDebtAndCapitalLeaseObligations $378.14M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $128.48M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $124.22M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $90.86M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $83.98M USD Point-in-time
Total liabilities Liabilities $750.56M USD Point-in-time
Total liabilities Liabilities $737.82M USD Point-in-time
Commitments and contingencies (Note 11) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 11) CommitmentsAndContingencies - USD Point-in-time
Redeemable noncontrolling interests (Note 2) TemporaryEquityRedemptionValue $59.22M USD Point-in-time
Redeemable noncontrolling interests (Note 2) TemporaryEquityRedemptionValue $58.00M USD Point-in-time
Preferred Stock PreferredStockValue - USD Point-in-time
Preferred Stock PreferredStockValue - USD Point-in-time
Common Stock CommonStockValue $268.00K USD Point-in-time
Common Stock CommonStockValue $268.00K USD Point-in-time
Class A Common Stock OtherCommonStockClass $396.00K USD Point-in-time
Class A Common Stock OtherCommonStockClass $396.00K USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $255.89M USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $259.15M USD Point-in-time
Deferred compensation obligation DeferredCompensationObligation $1.14M USD Point-in-time
Deferred compensation obligation DeferredCompensationObligation $1.14M USD Point-in-time
HEICO stock held by irrevocable trust CommonStockIssuedEmployeeStockTrust $1.14M USD Point-in-time
HEICO stock held by irrevocable trust CommonStockIssuedEmployeeStockTrust $1.14M USD Point-in-time
Accumulated other comprehensive (loss) income AccumulatedOtherComprehensiveIncomeLossNetOfTax $144.00K USD Point-in-time
Accumulated other comprehensive (loss) income AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.32M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $349.65M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $349.74M USD Point-in-time
Total HEICO shareholders' equity StockholdersEquity $607.24M USD Point-in-time
Total HEICO shareholders' equity StockholdersEquity $606.35M USD Point-in-time
Noncontrolling interests MinorityInterest $120.50M USD Point-in-time
Noncontrolling interests MinorityInterest $116.89M USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $723.24M USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $727.74M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.53B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.52B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Net sales SalesRevenueNet $266.83M USD 1 Quarter
Net sales SalesRevenueNet $216.49M USD 1 Quarter
Cost of sales CostOfRevenue $138.90M USD 1 Quarter
Cost of sales CostOfRevenue $174.71M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $42.65M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $41.73M USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $181.55M USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $216.44M USD 1 Quarter
Operating income OperatingIncomeLoss $34.94M USD 1 Quarter
Operating income OperatingIncomeLoss $50.38M USD 1 Quarter
Interest expense InterestExpenseDebt $640.00K USD 1 Quarter
Interest expense InterestExpenseDebt $1.28M USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $158.00K USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $285.00K USD 1 Quarter
Income before income taxes and noncontrolling interests IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $34.58M USD 1 Quarter
Income before income taxes and noncontrolling interests IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $49.26M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $16.70M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $9.60M USD 1 Quarter
Net income from consolidated operations ProfitLoss $24.98M USD 1 Quarter
Net income from consolidated operations ProfitLoss $32.56M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $5.03M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $5.11M USD 1 Quarter
Net income attributable to HEICO NetIncomeLoss $27.45M USD 1 Quarter
Net income attributable to HEICO NetIncomeLoss $19.96M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.30 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.41 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.30 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.41 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 66.39M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 66.19M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 67.35M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 66.80M shares 1 Quarter
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $1.76 USD 1 Quarter
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.41 USD 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net income from consolidated operations ProfitLoss $24.98M USD 1 Quarter
Net income from consolidated operations ProfitLoss $32.56M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $8.14M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $12.05M USD 1 Quarter
Stock option compensation expense StockOptionPlanExpense $1.09M USD 1 Quarter
Stock option compensation expense StockOptionPlanExpense $2.60M USD 1 Quarter
Issuance of common stock to HEICO Savings and Investment Plan ValueOfSharesIssuedtoDefinedContributionPlan $683.00K USD 1 Quarter
Issuance of common stock to HEICO Savings and Investment Plan ValueOfSharesIssuedtoDefinedContributionPlan - USD 1 Quarter
Tax benefit from stock option exercises DeferredTaxExpenseFromStockOptionsExercised $93.00K USD 1 Quarter
Tax benefit from stock option exercises DeferredTaxExpenseFromStockOptionsExercised $5.17M USD 1 Quarter
Excess tax benefit from stock option exercises ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $93.00K USD 1 Quarter
Excess tax benefit from stock option exercises ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $5.11M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $-2.00M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $803.00K USD 1 Quarter
Decrease in value of contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $-7.05M USD 1 Quarter
Decrease in value of contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $-159.00K USD 1 Quarter
Decrease in accounts receivable IncreaseDecreaseInReceivables $-6.59M USD 1 Quarter
Decrease in accounts receivable IncreaseDecreaseInReceivables $-12.14M USD 1 Quarter
Increase in inventories IncreaseDecreaseInInventories $4.96M USD 1 Quarter
Increase in inventories IncreaseDecreaseInInventories $5.54M USD 1 Quarter
Decrease (increase) in prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $2.46M USD 1 Quarter
Decrease (increase) in prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-2.88M USD 1 Quarter
Decrease in trade accounts payable IncreaseDecreaseInAccountsPayable $-8.12M USD 1 Quarter
Decrease in trade accounts payable IncreaseDecreaseInAccountsPayable $-2.95M USD 1 Quarter
Decrease in accrued expenses and other current liabilities IncreaseDecreaseInAccruedLiabilities $-16.61M USD 1 Quarter
Decrease in accrued expenses and other current liabilities IncreaseDecreaseInAccruedLiabilities $-20.81M USD 1 Quarter
Increase (decrease) in income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $14.40M USD 1 Quarter
Increase (decrease) in income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $-2.39M USD 1 Quarter
Other OtherNoncashIncomeExpense $-743.00K USD 1 Quarter
Other OtherNoncashIncomeExpense $-131.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $13.28M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $33.55M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $4.47M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $3.99M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $1.24M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $569.00K USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $3.00K USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $34.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-4.59M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-5.71M USD 1 Quarter
Borrowings on revolving credit facility ProceedsFromLongTermLinesOfCredit $145.00M USD 1 Quarter
Borrowings on revolving credit facility ProceedsFromLongTermLinesOfCredit $23.00M USD 1 Quarter
Payments on revolving credit facility RepaymentsOfLongTermLinesOfCredit $22.00M USD 1 Quarter
Payments on revolving credit facility RepaymentsOfLongTermLinesOfCredit $21.00M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $27.23M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $116.64M USD 1 Quarter
Distributions to noncontrolling interests PaymentsOfDividendsMinorityInterest $2.31M USD 1 Quarter
Distributions to noncontrolling interests PaymentsOfDividendsMinorityInterest $1.61M USD 1 Quarter
Acquisitions of noncontrolling interests PaymentsForRepurchaseOfRedeemableNoncontrollingInterest $16.61M USD 1 Quarter
Acquisitions of noncontrolling interests PaymentsForRepurchaseOfRedeemableNoncontrollingInterest $1.24M USD 1 Quarter
Revolving credit facility issuance costs PaymentsOfDebtIssuanceCosts $570.00K USD 1 Quarter
Revolving credit facility issuance costs PaymentsOfDebtIssuanceCosts $767.00K USD 1 Quarter
Redemptions of common stock related to stock option exercises CommonStockIssuedRepurchasedAndRetiredRelatedToStockOptionExercises $273.00K USD 1 Quarter
Redemptions of common stock related to stock option exercises CommonStockIssuedRepurchasedAndRetiredRelatedToStockOptionExercises $2.36M USD 1 Quarter
Proceeds from stock option exercises ProceedsFromStockOptionsExercised $286.00K USD 1 Quarter
Proceeds from stock option exercises ProceedsFromStockOptionsExercised $158.00K USD 1 Quarter
Excess tax benefit from stock option exercises ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $93.00K USD 1 Quarter
Excess tax benefit from stock option exercises ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $5.11M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-181.00K USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-152.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-10.26M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-29.05M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $326.00K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $-170.00K USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-260.00K USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-2.36M USD 1 Quarter
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $15.24M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $21.45M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $15.50M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $19.09M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $15.24M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $21.45M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $15.50M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $19.09M USD Point-in-time
Stockholders Equity 10 line items
Line Item Tag Value Unit Period
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $1.76 USD 1 Quarter
Cash dividends per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.41 USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $723.24M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $727.74M USD Point-in-time
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $28.22M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $30.10M USD 1 Quarter
Redemptions of common stock related to share-based compensation CommonStockIssuedRepurchasedAndRetiredRelatedToStockOptionExercises $273.00K USD 1 Quarter
Redemptions of common stock related to share-based compensation CommonStockIssuedRepurchasedAndRetiredRelatedToStockOptionExercises $2.36M USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $723.24M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $727.74M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income from consolidated operations ProfitLoss $24.98M USD 1 Quarter
Net income from consolidated operations ProfitLoss $32.56M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $3.23M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-2.46M USD 1 Quarter
Total other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $3.23M USD 1 Quarter
Total other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $-2.46M USD 1 Quarter
Comprehensive income from consolidated operations ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $28.22M USD 1 Quarter
Comprehensive income from consolidated operations ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $30.10M USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $5.03M USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $5.11M USD 1 Quarter
Comprehensive income attributable to HEICO ComprehensiveIncomeNetOfTax $24.99M USD 1 Quarter
Comprehensive income attributable to HEICO ComprehensiveIncomeNetOfTax $23.19M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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