HEICO Corp. (HEI) filed Quarterly Report for the period ended 2009-01-31.

Heico Corporation is engaged primarily in certain niche segments of the aviation defense space and electronics industries through its Hollywood FL-based HEICO Aerospace Holdings Corp. subsidiary and its Miami FL-based HEICO Electronic Technologies Corp. subsidiary. HEICO's customers include a majority of the world's airlines and airmotives as well as numerous defense and space contractors and military agencies worldwide in addition to telecommunications electronics and medical equipment manufacturers. HEICO Corp. has a market cap of $908.18 million; its shares were traded at around $22.7 with a P/E ratio of 17.6 and P/S ratio of 1.56. The dividend yield of HEICO Corp. stocks is 0.35%. HEICO Corp. had an annual average earning growth of 11.2% over the past 10 years. GuruFocus rated HEICO Corp. the business predictability rank of 3-star. Highlight of Business Operations:Commitments and contingencies (Note 12)
Shareholders' equity:
Preferred Stock, $.01 par value per share; 10,000,000 shares
authorized; 300,000 shares designated as Series B Junior
Participating Preferred Stock and 300,000 shares designated
as Series C Junior Participating Preferred Stock; none issued - -
Common Stock, $.01 par value per share; 30,000,000 shares
authorized; 10,572,641 and 10,572,641 shares issued and
outstanding, respectively 106,000 106,000
Class A Common Stock, $.01 par value per share; 30,000,000
shares authorized; 15,850,487 and 15,829,790 shares issued
and outstanding, respectively 159,000 158,000
Capital in excess of par value 231,907,000 229,443,000
Accumulated other comprehensive loss (5,459,000) (4,819,000)
Retained earnings 202,604,000 192,872,000
- -
Total shareholders' equity 429,317,000 417,760,000
- -
Total liabilities and shareholders' equity $ 672,378,000 $ 676,542,000
= =





January 31, 2009 October 31, 2008
- -

Costs incurred on uncompleted contracts $ 20,678,000 $ 21,505,000
Estimated earnings 11,873,000 12,545,000
- -
32,551,000 34,050,000
Less: Billings to date (27,287,000) (28,337,000)
- -
$ 5,264,000 $ 5,713,000
= =
Included in accompanying Condensed Consolidated
Balance Sheets under the following captions:
Accounts receivable, net (costs and estimated
earnings in excess of billings) $ 5,344,000 $ 6,115,000
Accrued expenses and other current liabilities
(billings in excess of costs and estimated earnings) (80,000) (402,000)
- -
$ 5,264,000 $ 5,713,000
= =





Segment
- Consolidated
FSG ETG Totals
- - -

Balances as of October 31, 2008 $181,126,000 $142,267,000 $323,393,000
Goodwill acquired 6,467,000 - 6,467,000
Foreign currency translation adjustments (158,000) (148,000) (306,000)
Adjustments to goodwill 123,000 - 123,000
- - -
Balances as of January 31, 2009 $187,558,000 $142,119,000 $329,677,000
= = =





As of January 31, 2009 As of October 31, 2008
- -
Gross Net Gross Net
Carrying Accumulated Carrying Carrying Accumulated Carrying
Amount Amortization Amount Amount Amortization Amount
- - - - - -

Amortizing Assets:
Customer relationships $ 16,651,000 ($ 7,103,000) $ 9,548,000 $ 16,845,000 ($ 6,451,000) $ 10,394,000
Intellectual property 3,411,000 (1,977,000) 1,434,000 3,427,000 (1,833,000) 1,594,000
Licenses 1,000,000 (492,000) 508,000 1,000,000 (474,000) 526,000
Non-compete agreements 1,076,000 (735,000) 341,000 1,086,000 (660,000) 426,000
Patents 577,000 (203,000) 374,000 575,000 (189,000) 386,000
- - - - - -
22,715,000 (10,510,000) 12,205,000 22,933,000 (9,607,000) 13,326,000
Non-Amortizing Assets:
Trade names 11,639,000 - 11,639,000 11,657,000 - 11,657,000
- - - - - -
$ 34,354,000 ($10,510,000) $ 23,844,000 $ 34,590,000 ($ 9,607,000) $ 24,983,000
= = = = = =



Amortization expense of other intangible assets for the three months ended
January 31, 2009 and 2008 was $941,000 and $1,257,000, respectively.
Amortization expense of other intangible assets for the fiscal year ending
October 31, 2009 is estimated to be $3,648,000. Amortization expense for each of
the next five fiscal years is estimated to be $2,912,000 in fiscal 2010,
$2,217,000 in fiscal 2011, $1,561,000 in fiscal 2012, $1,046,000 in fiscal 2013
and $679,000 in fiscal 2014.



Balances as of October 31, 2008 $106,000 $158,000 $ 229,443,000 ($ 4,819,000) $ 192,872,000
Net income - - - - 11,317,000 $ 11,317,000
Foreign currency translation adjustments - - - (775,000) - (775,000)
-
Comprehensive income - - - - - $ 10,542,000
=
Cash dividends ($.06 per share) - - - - (1,585,000)
Tax benefit from stock option exercises - - 2,139,000 - -
Proceeds from stock option exercises - 1,000 321,000 - -
Stock option compensation expense - - 4,000 - -
Other - - - 135,000 -
- - - - -
Balances as of January 31, 2009 $106,000 $159,000 $ 231,907,000 ($ 5,459,000) $ 202,604,000
= = = = =



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