HEICO Corporation reports first quarter net income up 4%

HEICO Corporation reported that net income increased 4% to $11,793,000 for the first quarter of fiscal 2010, up from $11,317,000 for the first quarter of fiscal 2009, which included a $1.1 million benefit from settling an income tax audit. Net sales increased 4% to $135,535,000 in the first quarter of fiscal 2010, up from $130,437,000 in the first quarter of fiscal 2009. Operating income increased 14% to $24,544,000 in the first quarter of fiscal 2010, up from $21,453,000 in the first quarter of fiscal 2009. The consolidated operating margin improved to 18.1% in the first quarter of fiscal 2010 compared to 16.4% in the first quarter of 2009.