MIAMI & HOLLYWOOD, Fla.--(BUSINESS WIRE)--HEICO Corporation (NYSE: HEI.A) (NYSE: HEI) today announced that its Board of Directors declared a regular, semi-annual cash dividend of $.08 per share payable on both classes of its common stock. The dividend is payable on July 15, 2020 to shareholders of record on July 1, 2020. The dividend amount is unchanged from the Company’s prior dividend paid in January 2020.
The dividend will be HEICO’s 84th consecutive semi-annual cash dividend paid since 1979.
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive Officer, along with Company Co-Presidents Eric A. Mendelson and Victor H. Mendelson, commented, “HEICO’s Board declared this dividend during these extraordinary times as a reflection of their confidence in the Company’s underlying strength, including its ability to generate cash, and the resiliency of our markets. Equally important to us, this dividend will be paid to a supermajority of HEICO Team Members, as they are shareholders through the Company’s 401(K) Plan, so a high percentage of our dedicated Team Members will benefit from this dividend along with their fellow HEICO shareholders.”
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) carries 1/10 vote per share and the Common Stock (HEI) carries one vote per share.
There are currently approximately 80.6 million shares of HEICO's Class A Common Stock (HEI.A) outstanding and 54.2 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 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: the severity, magnitude and duration of the Coronavirus outbreak (the “Outbreak”); HEICO’s liquidity and the amount and timing of cash generation; the continued decline in commercial air travel caused by the Outbreak, 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 and manufacturing 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.