HEICO Corporation
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratio data)
YEAR ENDED OCTOBER 31, NINE MONTHS ENDED JULY 31,
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PRO FORMA PRO FORMA
1992 1993 1994 1995 1996(1) 1996 1996 1997 1997(2)
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Net income from continuing operations 332 728 640 1,437 3,665 3,493 2,278 4,946 4,775
Plus (minus):
Income taxes expense (benefit) (224) 132 95 771 1,720 2,507 1,078 2,404 3,302
Interest expense 183 205 59 169 185 319 129 319 339
Interest factor of rent expense 108 44 23 44 55 105 34 72 86
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"Earnings" 399 1,109 817 2,421 5,625 6,424 3,519 7,741 8,502
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"Fixed charges" 291 249 82 213 240 424 163 391 425
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Ratio of Earnings to Fixed Charges 1.37 4.45 10.00 11.35 23.41 15.15 21.63 19.80 20.01
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(1) Gives effect to the Company's September 1996 acquistion of Trilectron,
its September 1997 acquisition of Northwings and its October 1997 sale
to Lufthansa of a 20% minority interest in the Company's Flight Support
Group as if each of such transactions had been consummated as of
November 1, 1995.
(2) Gives effect to the Company's September 1997 acquistion of Northwings
and its October 1997 sale to Lufthansa of a 20% minority interest in
the Company's Flight Support Group as if each of such transactions had
been consummated as of November 1, 1995.