MIAMI & HOLLYWOOD, Fla.--(BUSINESS WIRE)--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 20% from the New York Stock Exchange closing price on January 17, 2018 for the split at the opening of New York Stock Exchange trading this morning.
A previous version of this press release incorrectly stated that the price would be adjusted by 25%. The correct adjustment is 20%.
The split is effective January 18, 2018 to shareholders of record on January 3, 2018. Cash will be paid in lieu of fractional shares.
In addition, the Company paid a $.07 per share cash dividend on each post-split share to shareholders of record on January 3, 2018. The cash dividend was increased by 9% from the prior cash dividend and reflects a cumulative 22% increase in the past year.
After giving effect to the stock split, the Company has approximately 63.4 million shares of Class A Common Stock (HEI.A) outstanding and 42.2 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.