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EX - 99.1 2 a01312021qlex99learningsre.htm EX - 99.1 February 23 , 2021 Victor H. Mendelson ( 305 ) 374-1745 ext . 7590 Carlos L. Macau , Jr. ( 954 ) 987-4000 ext . 7570 HEICO CORPORATION REPORTS STRONG OPERATING CASH FLOWS IN THE FIRST QUARTER OF FISCAL 2021 ; UP 32 % Second Consecutive Quarter of Sequential Improvement in Net Sales and Operating Income at Flight Support Group EXHIBIT 99.1 HOLLYWOOD , FL and MIAMI , FL -- HEICO CORPORATION ( NYSE : HEI.A ) ( NYSE : HEI ) today reported net income of $ 70.6 million , or $ .51 per diluted share , in the first quarter of fiscal 2021 , as compared to $ 121.9 million , or $ .89 per diluted share , in the first quarter of fiscal 2020 . Net income , operating income and net sales in the first quarter of fiscal 2021 were adversely affected by the COVID - 19 global pandemic as discussed below . Operating income was $ 80.3 million in the first quarter of fiscal 2021 , as compared to $ 111.0 million in the first quarter of fiscal 2020. The Company's consolidated operating margin was 19.2 % in the first quarter of fiscal 2021 , as compared to 21.9 % in the first quarter of fiscal 2020 . Net sales were $ 417.9 million in the first quarter of fiscal 2021 , as compared to $ 506.3 million in the first quarter of fiscal 2020 . EBITDA was $ 104.0 million in the first quarter of fiscal 2021 , as compared to $ 132.8 million in the first quarter of fiscal 2020. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release . In addition , net income in the first quarter of fiscal 2021 includes a tax benefit from stock option exercises that increased net income by $ 13.4 million , or $ .10 per diluted share , while the first quarter of fiscal 2020 includes a larger tax benefit from stock option exercises that increased net income by $ 46.3 million , or $ .34 per diluted share . -more