text:
|13 Avaliações
|Tipo de imóvel
|Estadia Mínima
|7 - 30 noites
Olhando para o local perfeito para um retiro de um casal quieto? Passe o dia balançando suavemente em sua rede com um grande livro, caiaque para o seu local favorito de pesca, dar um passeio rápido para uma das muitas praias de Cape Cod ou tomar as suas bicicletas para um passeio sobre o canal de Cape Cod. No final do seu dia, acender a churrasqueira ou encontrar um ótimo lugar para comer fora. Se extravagante ou casual é seu estilo, você vai encontrar alguns dos melhores restaurantes dentro de uma unidade muito rápido. Como o sol se põe, o fogo até o enorme outdoor lareira de pedra e aconchegar-se ao brindar marshmallows e assistir o pôr do sol sobre a lagoa. E, finalmente, cair no sono tranquilo, acordando recarregado e revigorado para fazer tudo novamente.
Blackmore Pond é conhecida por ser uma das lagoas mais limpas em Massachusetts. É bem cuidada por associação privada que testa rigorosamente água para manter os mais rigorosos padrões de pureza para nadadores. Você vai ter a certeza de uma experiência tranquila como motores maiores que 4. 5 hp são proibidos. A lagoa está bem abastecido com grande baixo da boca para o pescador ávido, e abundância de pássaros e tartarugas para o observador da natureza casual.
trilhas arborizadas estão nas proximidades, grandes lojas é de 5 minutos em Wareham Crossing, ou karts, mini-golfe e Água Wizz dentro de uma unidade de quinze minutos. Cape Cod Canal fica apenas a 20 minutos de distância, e tudo o que Cape Cod tem para oferecer um pouco além disso. Fazer tudo, ou não fazer nada. É a sua escolha!
Para ajudar você a aproveitar a sua estadia, a casa tem comodidades, incluindo uma cozinha completa de estilo galley completa com fogão de tamanho completo, frigorífico e máquina de lavar louça, bem como máquina de café e microondas, internet wi-fi gratuito, televisão por cabo premier pacote, lavadora e secadora, o azulejos casa de banho dispõe de um grande chuveiro e bancada em granito (toalhas), uma cama queen size com lençóis fornecidos, bem como um sofá-cama na sala de estar. A casa tem aquecimento e ar condicionado e ventiladores de teto.
Equipamentos exteriores incluem uma incrível lareira de pedra ao ar livre, dois caiaques e uma área de praia com espreguiçadeiras.
A casa tem sido o nosso pequeno tesouro e estamos ansiosos para compartilhá-lo com você!
This little cottage was perfect for the two of us. The listing is accurate, and as you can see in the pictures t is small, but everything is new and clean and it has all of the amenities. The living room, dining room and kitchen have an open floor plan. There's a large TV; full size refrigerator, stove, dishwasher and sink; and plenty of dishes, pans and utensils in the kitchen. The bathroom has a good size shower (no tub) and plenty of towels, baskets and counter space for all your personal toiletries. The washer and dryer are a stackable unit in the hallway - but they're fairly quiet and quite functional. The bedroom has a queen bed, a dresser and a closet (with hangers). And did I mention the cottage is air conditioned? Not every place in New England has central air, so that's a big plus. There's a screened in porch with a couple of chairs - and the yard is fabulous! There are large, old pine trees that keep the yard shady for most of the day. If you're looking for sun, you need to be down by the pond (which is a beautiful area). It's a few steps from the cottage to the outdoor fireplace that has a few chairs, a table and a gas grill. A few more steps will bring you to a sandy beach area with adirondack chairs and a hammock that overlooks the pond. The pond is small, so there are no motor boats or jet skis. It's a quiet, relaxing neighborhood.
The owners are great - responsive and pleasant. We were visiting family in that area, so we weren't visiting attractions, but this location was perfect for us. It is not 'on' Cape Cod, but is pretty close to the Cape Cod Canal. It's not far to Route 195 - close to the junction of Route 495, so it's convenient to both Boston and Providence airports. There are lots of chain stores nearby including grocery and drug stores, as well as the 'mom and pop' stores and restaurants you find in small towns everywhere. If you stay - definitely find your way to Kool Kone. It's a little hole in the wall place on Route 6 with great seafood and ice cream.
We will definitely stay here again. Everything - from the owners to the cabin to the location - was great!
We had a wonderful 2 week stay at Karen and Ron's lovely cottage. The cottage was very modern---granite counters, central air, washer and dryer. Its location is perfect as you get sun most of the day, and if you had enough, there are plenty of tall pine trees to shade you. All the comforts of home were provided, and there's nothing like jumping in the provided kayaks and taking a leisure ride around the pond, since there are no motors allowed on the boats. Sitting on the shore with an early morning coffee just can't be beat. A huge benefit is that you are secluded and yet do not have to deal with all the Cape craziness. However, jump in the car and drive 10 minutes and there is shopping and restaurants. They have put a lot of work into this cottage, and you won't be disappointed.
Chris and Paul
July 16-30, 2016
This was our second time at this welcoming comfortable pretty cottage and beautiful property. Karen and Ron are the perfect owners and hosts, are quick to respond to any questions, and take great care of their place. We hope to return again next summer.
If you get the chance, take it!! The cottage is very clean and comfortable. The location is perfect ! I highly recommend!!!
This cottage was perfect for our needs. We went to MA to visit family and opted to stay at this cottage instead of a hotel. This cottage was cozy, very clean and came equipped with everything you may need. Although we didn't spend too much time there during this trip, I can tell you that it's a great vacation spot, great views of the pond,
with plenty outdoor activities and a wonderful outdoor fireplace. And, the location is great, very close to Cape Cod.
You can tell that the owners (Karen and Ron) are "hands on" and they will be glad to provide anything you may need.
You will not be disappointed.
Stayed with Ron and Karen for roughly 6 weeks while working at the hospital in the area. They made my transition to the cape a very enjoyable one to say the least. With the massive amounts of snow we received while I was down there, Karen and Ron made sure I was always able to get out of the driveway in time for work! Couldn't have asked for better people to rent from, and can't say enough about the property. Perfect size, location, amazing view, extremely clean! Would definitely stay here again and recommend it to a friend!
|Validade da Tarifa
|por noite
|Noite (fim de semana)
|por semana
|por mês *
|Pacote ou Evento
Winter Monthly Rate
nov 1 2016 - abr 30 2017
Estadia mínima: 30 noite(s)
Early Spring
mai 1 2017 - mai 26 2017
Estadia mínima: 7 noite(s)
Summer 2017
mai 27 2017 - out 31 2017
Estadia mínima: 7 noite(s)
Tarifa Básica
Estadia mínima: 7 noite(s)
* Tarifa mensal aproximada. O valor real dependerá dos dias em que você de fato se hospedar no imóvel.


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The Meaning of WOTAM
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subset: commoncrawl


text:
|3 Nächte
Ihre Zahlung ist durch unsere Mit-Vertrauen-Buchen-Garantie abgesichert, wenn Sie online auf FeWo-direkt buchen und zahlen.Mehr erfahren
Haus, 3 Schlafzimmer + Cabrio Bett (en), 3 Bäder, (schläft 6)
Dieses Haus ist ein Villa am Strand in Little Bay Country Club, einem gehobenen Wohnanlage in Negril. Diese spektakuläre Villa mit seinen eigenen privaten weißen Sandstrand und Infinity-Pool ist nur 45 Autominuten vom Flughafen entfernt. Die Gemeinde liegt auf einer schmalen Halbinsel umgeben vom Meer auf beiden Seiten und wird mit 24 Stunden Sicherheit gated.
Die Villa selbst verfügt über drei große Schlafzimmer, jedes mit Blick auf den Ozean und die Master-Bad. Die drei Schlafzimmer sind im Obergeschoss. Alle Schlafzimmer haben Klimaanlage aufgeteilt und HD-LED-Fernseher. Die Villa ist wunderschön mit einem Mix aus eleganten neuen Stücken eingerichtet. Alle Bäder, die in Naturstein, Marmor oder Granit fertig sind, haben begehbare Duschen. Entspannen Sie im großen Master-Suite mit einem luxuriösen Badezimmer mit Duschkabine und Spa-Badewanne, während Sie den Sonnenuntergang beobachten. Diese Suite öffnet sich zu einem großzügigen Terrasse im Obergeschoss, wo man den atemberaubenden Sonnenaufgang am Morgen, während Sie die Vögel der Little Bay Marine Park genießen oder Nachmittagstee. Erleben Sie den romantischen Strand, wo wir Sie grillen können Ihre Lieblings-Essen direkt am Strand, während Sie bei Kerzenlicht mit Tiki-Fackeln umgeben speisen.
Die Villa ist komplett mit einer Klimaanlage Familienzimmer mit BOSE Surround-Sound und 70 "Flachbild-TV hat auch eine exquisite Küche, wo Sie außergewöhnliche Gerichte zu produzieren. Die Villa verfügt über kostenloses WLAN, Kabel-TV, Haushälterin und Gärtner an, um alle Ihre Wünsche zu erfüllen. Entspannen Sie am Strand oder bei einem Drink am Pool.
Sie sollten die weltberühmten Ricks Cafe besuchen. Das Hotel liegt fünf Autominuten von der Villa ist Cool Runnings Wasserpark, Margaritaville und der Dschungel Nachtclub.
Stichwort: Villa, Strandlage, Resort, Beach Villa mit Pool, Little Bay Country Club.
Our stay at this house was everything we imaged it would be, it was just as described in the pictures and the listing. We visit Jamaica annually and this was by far our best trip. We had all the comforts of home and more room than usual on a vacation. It was wonderful waking up to that amazing view for eight days.
Julia and Anne Marie were very accommodating and the food was awesome. We will definitely be back. Thanks for making our vacation very very memorable.
Russell S.
We stayed at the 3 bedroom Villa in Little Bay Country Club. It exceeded our expectations. The villa was very comfortable, clean, spacious, modern, nicely furnished. The pool and private beach were awesome. The view was spectacular, great facilities, and very well equipped. It was a family reunion for a wedding at the resort in Negril. Ms Julia and Annemarie took very good care of us with groceries and meals. We were quite impressed and will certainly return. Our visitors who dropped by are also interested in booking this villa for their next trip.
Many restaurants and jerk centres in the area. We visited the YS Falls and Rick's Cafe nearby. We didn't make it to the Appleton Estate, but will do so next time. Also enjoyed a quick trip to Sav La Mar, the town closeby.
Many thanks Vinroy for your kind hospitality !
Regards, Shirley and family
Toronto, Canada
This place is VERY nice. The panoramic views all around the villa will amaze you. This villa was very accommodating for our group of seven woman. It was safe, quiet, beautiful, amazing, and just plain out the best place I've stayed in Negril thus far. We're planning our next trip as I write. However, the villa is very spacious, clean and fulfilling. We had a chef and it was worth it. This is a must, you must ask for Buju or Jean. The food was amazing and the chef even fetch some sea snails from the reef and cooked for us. This was real Jamaica to us. The bedrooms are gorgeous and the master bedroom is the best to me because that was my room. The master bedroom view is so amazing I couldn't help from opening the blinds at night so I can see the view in the morning. The closets were enormous and that's not all. The bathrooms were so beautiful and I was totally happy with my villa. I am already looking to buy the tub that I didn't get to use. All of the rooms had 40 inch or bigger tvs with cable, Netflix to note the few. We could even call home to the states for free. That was really nice and accommodating knowing we had this free access. Vinroy even gave us a cellular phone to use with minutes already on it. We enjoyed the pool and the beach. The only thing I could say I didn't like was the quietness at the beach. It's not busy with other people who are not a part of the community and that was different for me. But overall, this place gets five stars from us. Lastly, the owner Vinroy was very nice and check on us daily; which is a very nice gesture being though we were all women.
If you are interested in a villa in Negril-- no worries --- look nowhere else. This place is simply amazing.
first time in Jamaica but I never stay in hotels I really love the home feel when We travel so I booked a vrbo in Jamaica...when I called the number on the reservation the man who was very helpful in helping me find the home I get to the home and there is 3 ladies there Angie her daughter and Julia standing by the front door my family and I are use to just checking into the property and learning our way around so we started exploring the home we were told don't touch anything just come sit down and let us tell you the rules so I told my family to all grab a seat and let's learn the rules we were taken around the home and asked to not touch anything again which was very uncomfortable for us... There was no dryer, the back patio door was broken, there was a remote missing to the living room tv that prevented us from watching certain things on the tv they said the last guest had lost, and later we found out the later that night that the tub did not work... But we were not going to let any of that ruin our vacation we were told a cook comes with the home of you need here there was NOT an extra fee but highly suggest that you tip... Well we wanted an authentic Jamaican breakfast so that evening she went with us to the market to grab food we tipped her $20 us next morning she cooked we tipped her $10 us (food was not good) the second night we wanted Jamaican dinner and we met an islander who barbecue for us and our guest she was just helping him out after we were done we asked her what did we owe her she said $100 us we were all like WHAT so my husband and I went upstairs to call Angie to see if that was a fair price Angie was like I don't get into so we felt hustled... we felt like we are not from here and don't know the value of things Angie is our point of contact we call her and she sounds like leave me out of it... So what do you do at that point we were just going to give her the money but my husband said we will pay you in the morning we have to go to the ATM so the next morning I tried calling the office to explain and express how I was feeling there was a manager with a different name so I asked for her and the voice I hear was Angie so I asked Angie to speak with Shirlie she said this is she I was confused because I knew that was Angie's voice so I hung up she called me back I said I need to speak with your boss Shirlie she said oh Shirlie is my name to I'm Angie and Shirlie I was upset I said there is no one I can complain to she said me 😢
I've done my fair share of VRBO rentals to beach destinations and to ski destinations over the past 5 years, but this is far and away the best rental experience I have ever had.
Where to begin? Let's start with the house itself. It's breathtaking inside and out. The furniture is extremely comfortable (especially the powered recliners in the living room), the kitchen and bathrooms are all new, and the deck out back has a stunning view. Oh, that view... Anyway, all six of us never felt cramped in any way and we slept well. There was no noise in the neighborhood and everyone we ran into was friendly.
Then there's the pool & ocean area. The pool is kept immaculately clean and there are plenty of chairs to recline on. They even have some floaty toys if you want to bob around. It's an infinity pool, so you can gaze over the edge into the ocean. The beach is small, but PRIVATE. In Jamaica, this is a big deal because most of the beaches you go to mean dealing with dozens of hustlers and salesmen and beggars. There is none of that nonsense at this beach.
The location is great, too. You could spend your whole time at the property and be fine, but definitely take a mid-day trip to Rick's Cafe or the Blue Hole or any other place you want to check out. Everything feels like it's a 15-20 minute drive away.
But I haven't yet mentioned what makes this property special: THE STAFF. Angie and Julia are customer servants of the highest class. Upon our arrival at the airport, Angie was there patiently waiting for us. She gave me a local cell phone and had her colleague Julia take me to get it topped up with minutes. Whenever I had a need or a question, she was a text or phone call away and always responded immediately. Julia was fantastic beyond words! She went shopping for groceries with us, cooked authentic and creative meals as desired (loved the fruit smoothies at breakfast), and even took my mom to get her hair done for my sister's wedding. And I must also give a nod to Patrick, our jolly driver who was quick to show up anytime and anywhere we needed a ride. I loved meeting all three of them and they are an important part of my family's memories in Negril! It's very comforting to take a vacation in a new country and know you are in good hands the whole time.
Oh, and all of this was far cheaper than I ever expected.
Thank you all for making my sister's Jamaican wedding an extra awesome trip!! We will be back FOR SURE :-)
The house was incredible and the location was perfect! The house had everything you could need and the staff was great! Angie checked in daily to make sure we had everything we needed and made any necessary arrangements we needed (taxi, reservation, etc.). Julia made us some incredible dinners! We simply took her to the grocery store to buy the ingredients for her meal and she would come back and cook. Her meals were incredible! If you want some good authentic Jamaican food, make sure to use her services. I would recommend this unit to anyone wanting the privacy of a private home and not the hassles of "all inclusive" resorts. We were over looking the ocean every morning from patio and steps away from the community beach and infinity pool. Trust me all of your needs will be taken care of.
|Minimum Preis
|Zusätzliche Nächte
|pro Nacht am Wochenende
|pro Woche
|pro Monat *
3 Nächte Mindestaufenthalt
1.212 €
für 3 Nächte
ab373 €
2.425 €
9.423 €
|92 €
* Ungefährer monatlicher Preis. Der tatsächliche Preis wird von den genauen Tagen Ihres Aufenthalts abhängen.


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Watch 'Doc' (1971) Free Online
IMDB Link:
Rating: 6.1/10 (818 votes)
Director: Frank Perry
Writer: Pete Hamill
Stars: Faye Dunaway, Harris Yulin, Michael Witney, Stacy Keach
Runtime: 96 min
Rated: R
Year: 1971
Genre: Western
Quality: HD
Language: English
Released: 01 Aug 1971
|Plot: One night of 1881, Doc Holliday, a famous poker gambler, enters the 'No Name Saloon'. There, he challenges a man to poker, betting his horse against his opponent's wife. Doc wins and from now on, Katie Fisher, also known as Katie Elder, will follow him wherever he goes. Their next destination is Tombstone, where the law is represented by Sheriff Wyatt Earp. When they arrive, the election campaign is in full swing. Earp runs for candidate but the Clantons, a family gang of outlaw cowboys, are not among his keenest supporters. Conflict erupts following the failure of some shadowy bargaining and Doc decides to join Wyatt and his brothers. The four of them gather at the O.K. Corral where the seven Clanton brothers are waiting for them.
Watch Doc (1971) - Alternative Servers
|Version 2


text:
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Modern Dry Cleaners Business For Sale
Bergen County, New Jersey, United States
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Solid business opportunity to own this long standing and highly successful retail dry cleaners company located in Northern New Jersey and in an affluent city of Bergen County. The business functions as a dry cleaning plant and has the capacity to complete all of the services at the facility. The business assets have an estimated value of approximately $175,000 and the sale consists of a fully equipped commercial retail dry cleaning business, which includes various equipment related to this industry, displays, shelving, POS system, tables, computers, software including all the necessary equipment to maintain the day to day business operation and a list of assets will be supplied to purchaser upon request. This particular business has two employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $3,300. The business has an assignable commercial lease which expires May 31, 2023 plus additional options, with a monthly rent of $4,252 and rent security $8,000. The Cleaners is located on an active commercial avenue which consists of 1,950 square feet and has a capacity for approximately thirty staff and customers. The facility has appropriate municipal parking near to the particular business. The business is active six days per week, with hours from 7:00 am to 6:30 pm. The sale includes a certificate of occupancy from the particular municipality and the required state or city licenses to conduct its day to day business. This is a dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a highly dependable investment return to the owner operator prior to debt service. The 2015 yearly gross income is $197,312 and the business has a yearly net income of $71,420 based on an owner operator and prior to debt service. The business has been valued at $195,000, based on a multiple 2.8 of the net yearly income and the value of the specific business assets and seller financing has been approved to a qualified buyer with an appropriate down payment, collateral and credit rating. Please do not disturb business, this sale is absolutely confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this particular business opportunity.
This modern & profitable retail dry cleaning facility which consist of 1,900 square feet has an attractive professional appearance. This opportunity is located in Northern New Jersey, Bergen County, which consists of various affluent communities with continued demand for this particular industry.
To the best of our knowledge, no other new competitors are expected near to this business and the owner has agreed to supply a non-compete agreement to the purchaser.
Growth Potential:
The business presently has a limited marketing plan, no web site and if improved can further develop the business net income.
The owner will remain post-closing in order to supply an appropriate transitional period to the new operator. Also if required the seller will supply additional training at a fair cost to the purchaser.
Seller Financing:
Seller financing is available to qualified buyers.
Sale Reason:
The owner is relocating out of the general area.
Ad #86259
Seller Reference #DRCL137
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Regal Consulting Corp.
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text:
Raisin Bread
Carol Junkins
Twice a year the women in an old New England town produce food fit for the Gods ~~ Town Meeting Day and Fourth of July. When I was a bride, I dared not cook for such events. Dear Percis suspected this and taught me this old standby.
Written and copied from: " Mrs. George Churchill, Beverly, MA ~
Written and copied from: " Mrs. George Churchill, Beverly, MA ~
Featured Pinch Tips Video
Be the First
1 Hr 30 Min
50 Min
- 1 1/2 c
- milk
- 1/2 c
- butter or lard
- 1/2 c
- sugar
- 1 Tbsp
- salt
- 2
- yeast cakes
- 1/3 c
- warm water
- 4
- beaten eggs
- 1 1/2 c
- raisins
- 5 1/2 c
- about ~ bread flour
Directions Step-By-Step
1Pour hot milk over butter, sugar, salt and raisins. Let cool.
Dissolve yeast cakes in warm water.
Beat eggs. Combine with milk and yeast mixture.
2Add 5 cups of sifted bread flour and mix well. Add more flour if dough is too soft.
Stir until dough comes away from side of bowl or mixer.
Let rise until double in bulk. Knead and let rise again.
3Put into two medium sized buttered bread pans. Brush tops with butter, sprinkle with sugar. Let rise again.
4Bake in moderate oven 375 degrees. Requires about 50 minutes.
About this Recipe
Course/Dish: Other Breads
Main Ingredient: Fruit
Regional Style: American
Hashtags: #butter, #eggs, #raisins, #bread flour


text:
The 2011 European Congress of Radiology exposed two innovations that are expected to increase efficiency and power of PET hybrid technologies. Spanish scientists designed a silicon chip with a 1-millimeter thick cadmium telluride detector that they say outperforms PET in terms of detection efficiency and signal-to-noise ratio because of its solid state. In New York, a follow-up to a 2009 study done by California researchers demonstrated that Cerenkov luminescence imaging of breast cancer cells radiolabeled with the drug trastuzumab can be used to guide resection of the tumor and visualize the difference between HER2-positive and HER2-negative breast cancer cells.
Full Story:Diagnostic Imaging


text:
Q2 2013 Earnings Call
May 23, 2013 9:00 am ET
Laurans A. Mendelson - Chairman, Chief Executive Officer and Chairman of Executive Committee
Eric A. Mendelson - Co-President, Director, Member of Environmental, Safety & Health Committee, Chief Executive Officer of Heico Aerospace Holdings Corp and President of Heico Aerospace Holdings Corp
Victor H. Mendelson - Co-President, Director, Member of Environmental, Safety & Health Committee, Chief Executive Officer of Heico Electronic Technologies Corp and President of Heico Electronic Technologies Corp
Thomas S. Irwin - Senior Executive Vice President and Member of The Office of The Chief Executive Officer
Carlos L. Macau - Chief Financial Officer, Executive Vice President and Treasurer
Tyler Hojo - Sidoti & Company, LLC
Alex Heinen - D.A. Davidson & Co., Research Division
Michael Callahan - Topeka Capital Markets Inc., Research Division
Stephen E. Levenson - Stifel, Nicolaus & Co., Inc., Research Division
Kevin Ciabattoni - KeyBanc Capital Markets Inc., Research Division
Arnold Ursaner - CJS Securities, Inc.
Eric Hugel - S&P Equity Research
Russell Rosenband
Andrew Doupe
Good morning. My name is Suzette, and I will be your conference operator today. At this time, I would like to welcome everyone to the fiscal 2013 second quarter conference call. [Operator Instructions]
Certain statements in this conference call will 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, but not limited to, lower demand for commercial air travel or airline fleet changes, 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; HEICO's ability to introduce new products and product pricing levels, which could reduce our sales or sales growth; HEICO's ability to make acquisitions and achieve operating synergies from acquired businesses; customer credit risk, interest and income tax rates and economic conditions within and outside of the aviation, defense, space, medical, telecommunication and electronic industries, which could negatively impact our costs and revenues.
Those listening to this call are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including but not limited to filings on Forms 10-K, 10-Q and 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.
Thank you. I will now turn the call over to Laurans Mendelson.
Laurans A. Mendelson
Thank you very much, and good morning to everyone on the call. We thank you for joining us, and we welcome you to this HEICO Second Quarter Fiscal '13 Earnings Announcement Teleconference. I'm Larry Mendelson. I'm the Chairman and CEO of HEICO. I'm joined here this morning by Eric Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group; Victor Mendelson, HEICO's Co-President and President of HEICO's Electronic Technologies Group; Tom Irwin, HEICO's Senior Executive Vice President; and Carlos Macau, our Executive Vice President and CFO.
Now before reviewing our second quarter operating results in more detail, I would like to take a few minutes to summarize the highlights.
Consolidated second quarter '13 results exceeded our expectations and were accentuated by strong organic growth both -- within both of our operating segments and all-time quarterly record net sales and operating income within our Flight Support Group. Consolidated year-to-date net sales, operating income and net income represent all-time record results for HEICO, and this was driven principally by record net sales and operating income in both segments.
Consolidated second quarter fiscal '13 net income and operating income are up 24% and 19%, respectively, on a 10% increase in net sales over the second quarter of fiscal '12. Consolidated net income and operating income in the first 6 months of fiscal '13 are up 14% and 6%, respectively, on a 6% increase in net sales over the first 6 months of fiscal '12.
Flight Support set an all-time quarterly net sales and operating income record in the second quarter of fiscal '13, improving 10% and 14%, respectively, over the second quarter of fiscal '12. The increases principally reflect organic growth of approximately 7% and additional net sales contributed by 2 acquisitions since the third quarter of fiscal '12.
Consolidated net income per diluted share increased 22% to $0.44 in the second quarter of fiscal '13, up from $0.36 in the second quarter of fiscal '12. This was as a result of continued strong performances from both of our segments.
Cash flow provided by operating activities was $44.5 million in the first 6 months of fiscal '13. And as of April 30, '13, the company's net debt to shareholders' equity ratio was 32.1% with net debt, which is total debt less cash, of $211.7 million.
As previously announced, we recently entered into an agreement to acquire Reinhold Industries. Closing, which is subject to government approval and standard closing conditions, is expected to occur within the next 10 to 30 days. Reinhold is believed to be the world's leading manufacturer of advanced niche components and complex composite assemblies for commercial aviation, defense and space applications. Reinhold is an excellent acquisition for HEICO because it offers a growing product line in growing markets. Reinhold's outstanding quality record, reputation and exceptional management were also critical to our decision to buy the business. Additionally, Reinhold will be part of our Flight Support Group, and we expect the acquisition to be accretive to our earnings per share within the first 12 months following closing.
We plan to fund our acquisition of Reinhold through our existing credit facility. Immediately following the acquisition, even after paying our special dividend in December 2012, and that was a little bit in excess of $100 million, we expect our trailing 12-month leverage ratio, which is EBITDA to debt, to be less than 1.75x, and then subsequently decreasing to less than 1x by the end of fiscal '14. This, of course, excludes the impact of any additional acquisitions which we might make during that period.
As we look ahead to the remainder of fiscal '13, our financial flexibility will continue to allow us to aggressively pursue high-quality acquisition opportunities. One other comment I've been asked often was our December dividend of -- in excess of $100 million, was that an indication that we've run out of acquisition opportunities? And I responded many times that the answer is absolutely not. We have more than enough buyer power to finance any acquisition that we would conceivably make. So we are not capital constrained in any way.
I would like to now introduce Eric Mendelson, Co-President of HEICO and President of HEICO's Flight Support Group, and he will discuss the results of the Flight Support Group.
Eric A. Mendelson
Thank you. The Flight Support Group's net sales increased 10% to a record $155.2 million in the second quarter of fiscal 2013 as compared to $141 million in the second quarter of fiscal '12. The increase reflects organic growth of approximately 7%, as well as additional net sales of $3.9 million from the successful integration of our fiscal 2012 acquisitions. The organic growth principally reflects an increase in demand from improving market conditions within our aftermarket replacement parts and repair and overhaul services product lines, as well as within our specialty product lines.
Flight Support Group's net sales in the first 6 months of fiscal 2013 increased 5% to a record $294.2 million, up from $279.9 million in the first 6 months of fiscal 2012. The increase reflects additional net sales of $7.4 million from fiscal 2012 acquisitions, as well as organic growth of approximately 2%. The organic growth principally reflects an increase in demand from improving market conditions within our aftermarket replacement parts and repair and overhaul services product lines and within our specialty products lines. Approximately 80% of the Flight Support Group's organic growth came from increased aftermarket sales.
The Flight Support Group's operating income in the second quarter of fiscal 2013 increased 14% to a record $30.3 million as compared to $26.6 million in the second quarter of fiscal 2012 and increased 5% to a record $54.5 million in the first 6 months of fiscal 2013, up from $52.1 million in the first 6 months of fiscal 2012. The increase in the second quarter and first 6 months of fiscal 2013 principally reflects the previously mentioned higher net sales.
The Flight Support Group's operating margin improved to 19.5% in the second quarter of fiscal 2013, up from 18.9% in the second quarter of fiscal 2012. The increase principally reflects higher net sales in a more favorable product mix within our aftermarket replacement parts and repair and overhaul services product lines and higher net sales within our specialty products lines. The Flight Support Group's operating margin in the first 6 months of fiscal 2013 was 18.5%, comparable to the 18.6% reported in the first 6 months of fiscal 2012.
Now I would like to introduce Victor Mendelson, Co-President of HEICO and President of HEICO's Electronic Technologies Group, to discuss the results of the Electronic Technologies Group.
Victor H. Mendelson
Thank you, Eric. The Electronic Technologies Group's net sales increased 10% to $83.9 million in the second quarter of fiscal 2013, up from $76.3 million in the second quarter of fiscal '12. The increase reflects organic growth of approximately 9%, as well as additional net sales of $700,000 from acquisitions made in fiscal 2012. The organic growth principally reflects an increase in demand for certain space products and was partially offset by a small decrease in demand for certain of our defense products.
In the first 6 months of fiscal 2013, ETG net sales increased 8% to a record $162.8 million, up from $150.7 million in the first 6 months of fiscal 2012. The increase mainly resulted from organic growth of approximately 5%, as well as additional net sales of $4.9 million from fiscal 2012 acquisitions. Again, this organic growth principally reflects an increase in demand for certain of our space products, which was partially offset by a small decrease in demand for certain of our defense products.
The Electronic Technologies Group's operating income in the second quarter of fiscal 2013 increased by 32% to $20.2 million, up from $15.3 million in the second quarter of fiscal 2012, and increased by 14% to a record $35.8 million in the first 6 months of fiscal 2013, up from $31.5 million in the first 6 months of fiscal '12. The increases in the second quarter and first 6 months of fiscal '13 principally reflect the previously mentioned increase in net sales.
The Electronic Technologies Group's operating margin improved to 24.1% in the second quarter of fiscal '13, up from 20.1% in the second quarter of fiscal '12, and improved to 22% in the first 6 months of fiscal 2013, up from 20.9% in the first 6 months of fiscal 2012. These increases principally resulted from higher net sales and a more favorable product mix for certain of our space products, again, partially offset by lower net sales and a less favorable product mix for certain of our defense products.
At this point, I turn the call back over to Larry Mendelson.
Laurans A. Mendelson
Thank you, Victor and Eric. One thing I'd like to mention at this point before I get into the detail, nowhere in our call in the financial data do we have anything that shows the outstanding performance of our business group leaders. All these performances that we see are really due to their extraordinary efforts, and I know some of them are on the call. On behalf of the Board of Directors, HEICO's shareholders, executive management, I want to thank them. I'm not going to name them all, there are too many. But if the shareholders out there listening to this call could meet some of these people, they would be duly impressed. It's truly an extraordinarily talented, dedicated, hardworking bunch that makes all of this happen. They're the ones that really deserve all the credit for our great results.
Moving on to diluted earnings per share. The consolidated net income per diluted share increased 22% to $0.44 in the second quarter of fiscal '13. That's up from $0.36 in the second quarter of fiscal '12, principally driven by, again, continued strong performances in both segments. Consolidated net income per diluted share increased 14% to $0.82 in the first 6 months of fiscal '13. That was up from $0.72 in the first 6 months of fiscal '12, again, principally driven by continued strong performances in both segments.
Depreciation and amortization expense of $8.3 million in the second quarter and $16.4 million in the first half increased by about $800,000 and $2 million in the second quarter and first 6 months of fiscal '13, and that was up $7.5 million and $14.4 million in the second quarter and first 6 months of fiscal '12. The increase in both periods reflects higher amortization expense of intangibles that were primarily the result of our fiscal '12 acquisitions.
R&D expense increased to $7.7 million in the second quarter of fiscal '13. That was up from the $7.3 million spent in the first quarter and approximated the expense in the second quarter of fiscal '12. For the first 6 months of fiscal '13, R&D was $15 million, up about 1% from $14.9 million in the first 6 months of '12.
Significant ongoing new product development efforts are continuing at both Flight Support and Electronic Technologies, and we continue to invest over 3% of each sales dollar in the R&D programs. We believe that, that commitment to invest in new product development has proven very effective over the years, and it continues to be a significant part of our long-term growth strategy in both operating segments.
SG&A expenses increased 19% to $44.8 million in the second quarter of fiscal '13, that was up from $37.6 million in the second quarter of fiscal '12; and increased 12% to $87.4 million in the first 6 months of fiscal '12, and that was up from $78.2 million in the first 6 months of fiscal '12. The increases in the second quarter and the first 6 months of fiscal '13 principally reflect the incremental impact from the fiscal '12 acquired businesses and increase in accrued performance awards, which were based on improved consolidated operating results and an increase in certain selling costs associated with higher net sales volumes.
SG&A expense as a percentage of net sales increased from $17.4 million in the second quarter of fiscal '12 to $18.8 million in the second quarter of fiscal '13. And they increased from $8.2 million in the first 6 months of fiscal '12 to $19.2 million in the first 6 months of fiscal '13. Those increases in the second quarter and first 6 months of fiscal '13 principally reflect the impact from previously mentioned increase in accrued performance awards and sales-related commissions and costs.
Interest expense in the second quarter and the first 6 months of fiscal '13 were $800,000 and $1.4 million, respectively, up slightly from the $700,000 and $1.3 million in the second quarter and first 6 months of fiscal '13, respectively. The increases principally reflect a higher weighted average balance outstanding under our revolving credit facility. And that was associated with borrowings to fund recent acquisition, as well as the special and extraordinary cash dividend paid to shareholders in December 2012. I mentioned earlier, that was slightly in excess of $100 million. Other income in the second quarter and first 6 months of fiscal '13 was not significant.
Income taxes. The effective tax rate in the second quarter of '13 decreased to 34.1%, down from 34.7% in the second quarter of fiscal '12. The decrease is principally due to an income tax deduction for the special and extraordinary cash dividend paid in December 2012 to participants of the HEICO 401(k) plan, who were holding HEICO common stock. Additionally, the decrease reflects a benefit resulting from the retroactive extension in January 2013 of the R&D tax credit to cover a 2-year period from January 1, 2012, to December 31, '13.
The company's effective tax rate in the first 6 months of fiscal '13 decreased to 31.3%, down from 34.5% in the first 6 months of fiscal '12. And that is due principally to previously mentioned income tax credit for qualified R&D activities, as well as the income tax deduction for the special and extraordinary cash dividend paid in December '12. For the full fiscal '13, we continued to estimate an effective tax rate of approximately 33%.
Net income attributable to noncontrolling interest was $5.3 million and $10.4 million in the second quarter and first 6 months of fiscal '13 compared to $5.2 million and $10.5 million in the second quarter and first 6 months of fiscal '12. The changes in net income attributable to noncontrolling interest in fiscal '13 compared to '12 principally reflect higher earnings of certain Flight Support Group companies and Electronic Technologies Group subsidiaries, which was partially offset by purchases of certain noncontrolling interest by HEICO, of course, resulting in lower allocations of net income to those noncontrolling interest.
Now onto the balance sheet and cash flow. As I mentioned earlier, our financial position and forecasted cash flow remained extremely strong. Cash flow provided by operating activities was $44.5 million in the first 6 months of fiscal '13. And we continue to expect strong cash flow for the rest of the year, and we project about $140 million in fiscal '13. Our working capital ratio is strong, $3.2 million as of April 30, and that was up from $2.8 million as of October 31. DSOs of receivables were 47 days compared to 46 in October 31, 2012. And of course, we continue to closely monitor all receivable collection efforts in order to limit credit exposure. We rarely have losses in accounts receivable. I want to remind, we tend to collect what we sell.
No one customer accounted for more than 10% of net sales, and top 5 customers represented about 17% of consolidated net sales in the second quarter, up from 16% in the second quarter of fiscal '12.
Inventory turnover rate was 120 days as of April 30 compared to 114 as of October 2012. And the increase in the inventory rate reflects an increase in inventory levels towards the end of the second quarter '13 due to anticipated sales growth, which we see in this -- coming in the second half of fiscal '13.
Our net debt to shareholders' equity was, I mentioned before, 32.1% on April 30, with net debt of 100 -- $211.7 million principally incurred to fund certain fiscal 2012 acquisitions, as well as the payment of that onetime special cash dividend, which actually totaled $116.6 million in December 2012. We have no significant debt maturities until fiscal 2018.
The outlook. Consistent with our previous guidance, we remain confident in the outlook for the commercial airline industry and expect increases in airline capacity and maintenance spending to yield moderate organic growth within the Flight Support Group for the remainder of '13. Uncertainties surrounding the impact of governmental budget reductions has continued to soften the market for certain defense products and remained a contributing factor to the decline in sales for certain defense products within the Electronic Technologies Group during the first 6 months of fiscal 2013. Despite these market conditions, we continue to anticipate the healthy demand for nondefense products will drive moderate organic growth within ETG for the remainder of fiscal '13.
Based upon our current economic visibility, we are increasing our estimates for fiscal '13 year-over-year growth in net sales to 8% to 10% and growth in net income to 11% to 13%, and that was up from our prior growth estimates of 6% to 8% in net sales and 9% to 11% in net income. Approximately, 60% of the mentioned sales growth is expected to be organic. For fiscal '13, we anticipate capital expenditures to approximate $20 million and depreciation and amortization, about -- to approximate $38 million.
Additionally, we continue to estimate consolidated operating margins to approximate 18% for fiscal '13. And these estimates do include the impact of Reinhold Industries acquisition, but they exclude any other potential acquisitions, which we might make during the remainder of fiscal '13.
In closing, we will continue to focus on intermediate and long-term growth strategies, with an emphasis on acquiring profitable businesses at fair prices. Currently, we are actively pursuing opportunities within both of our segments that complement our existing operations.
And that is the extent of my prepared comments -- our prepared comments. I would like to open the floor for any questions, which you all may have. Thank you.
Question-and-Answer Session
[Operator Instructions] And your first question comes from Tyler Hojo.
Tyler Hojo - Sidoti & Company, LLC
Just the first question relates to the organic aftermarket growth rate. I mean, certainly, it's nice to see kind of the improvement there. But I was hoping that you can maybe provide a little bit more granularity as to what drove that. And I'm also hoping that you can maybe comment on -- certainly, it seems like there's been more focus on concerns surrounding kind of competing used parts coming on to the market and impeding growth rates, and is that impacting you?
Laurans A. Mendelson
Tyler, let me answer the last part of the question first, and then I'm going to shift it over to Tom and Carlos to get into the detail. As far as cannibalization in aircraft and so forth, we don't believe that, that's really having much of an impact on us because the parts that we sell for the most -- most of those parts are sort of expendable parts that people are not going to pick up out of used aircraft and so forth. So if we're having washers, bushings, so forth and so on, that is probably not going to impact us in a significant way. I think some writers who -- and I know a number of analysts have mentioned this theory, and I think they're right in -- as it regards, perhaps, the OEMs because maybe they'll see a little of their spares drop. But the kind of things that we're selling I don't think are too sensitive to that type of cannibalization. So -- and keep in mind, we also have within our MRO group a company that actually does that kind of thing, buys engines and aircraft and so forth, and sells and tears down and so forth, so we're a little bit active in that business but -- so we see it from the other side. We understand if there's a plethora of parts coming on the market, I mean, we're very aware of it. And so the answer to it is we're not concerned about that. As to the first part of the question, I'm going to ask Tom to...
Thomas S. Irwin
Yes, Tyler, this is Tom Irwin. As Eric mentioned, our -- in the second quarter, our organic growth for the FSG group was around 7%, and that he also mentioned about 80% was attributable to the aftermarket sales, which we saw growth organically in the parts and service business. And then the other, obviously, 20% of the organic growth was contributed by our specialty products, which is broadly OEM-type products. I think the answer is we typically target outgrowing the market, and probably, we did that in the second quarter. I think looking forward, we -- inherent in our estimates for the full year are comparable organic growth for the rest of this year, which, again, as I think you're pointing out, is probably a bit higher than overall MRO spend outlook and so on and so forth. But I think, as we've seen over a longer period of time, the MRO cycle is a bit longer, and we think there is some pent-up demand that we're beginning to see -- we begin -- we began to see in the second quarter, dating back to our first quarter conference call. And at this point, that we're expecting in the second half of this year. For particular color, I don't know, Eric, if you have anything else...
Eric A. Mendelson
Yes, I'd just say, Tyler, it's been broad-based that support enthusiasm for our products and what we're doing. I think we continue to outgrow the market, which means we're taking market share in various areas. For obvious reasons, we don't like getting into specific products or customers because our competitors listen to these calls, and they'd go and try to protect what they can. So we mentioned in the first quarter that I had gone customer by customer and done a review with our folks, and that was the basis for our confidence in the remaining 3 quarters of fiscal 2013. And certainly, we've seen that a growth in that increase already now manifest itself in the second quarter. And I would anticipate we're probably at a reasonable run rate now, where we've seen that pickup in demand, and we're just continuing to focus on all of our areas.
Tyler Hojo - Sidoti & Company, LLC
Okay. Great. That's certainly encouraging. Just one other question, if I may. Related to guidance and how Reinhold kind of folds in, I mean, I get the sales increase looks like it's mostly driven by the acquisition. But on the earnings side, you said in the press release, you expect the deal to be accretive in 12 months. My guess is it's not accretive to earnings in fiscal '13, but maybe you can just expand upon that.
Laurans A. Mendelson
I think that, that assumption is not correct. We think it's going to be accretive from the get go. Tom can give you more color on it, but I think it's going to be -- we can't be exactly sure, but I think it's -- we'll let Tom give you more color.
Thomas S. Irwin
Again, this is Tom Irwin. I have -- the answer is, we're not exactly sure of the exact timing, but we do have in our estimates, obviously, some revenue projections for Reinhold, presuming closing roughly 10 -- within 10 to 30 days. The earnings impact has been moderated in our estimates, the reason being, as you may recall, typically, in acquisitions post-closing, you have acquisition costs, that it gets spent. You also have, for us, typically, inventory write-offs and for purchase accounting, which typically hit pretty quickly. So the answer is -- of our -- basically, we upped our earnings guidance, obviously. Most of the earnings guidance increase was attributable to our core businesses. There is a little bit in for Reinhold impact but very minimal. And again, today, we haven't given any financial details on the Reinhold transaction. As we go forward, we'll be able to add a bit more color. But suffice to say, there's more sales added to the guidance than there are earnings at this point.
Tyler Hojo - Sidoti & Company, LLC
Yes, okay. That's what I thought. Great.
Your next question comes from J. B. Groh.
Alex Heinen - D.A. Davidson & Co., Research Division
Alex in for J.B. today. So I had a question about the ETG segment. You talked about how defense products saw a little bit of softness this quarter, and I'm wondering how you guys are looking at that going forward with sequestration setting in and everything. And we've kind of heard other people around the group state that they don't see much impact for the remaining 2013 from sequestration, and I'm just wondering if you guys are kind of thinking about it the same way, somewhere around flat, maybe down a little bit, maybe up a little bit, and then how you're looking at it in 2014.
Victor H. Mendelson
Yes, this is Victor. The answer to that is I would expect that we would see some continued deterioration in defense domestically in our overall defense numbers. I think where we've seen thus far has been on our short-lead, short-cycle businesses. Unfortunately, some of that is higher margin. And I think that as the year wears on, it will become more pronounced, and we'll see more of it in sort of a 6- to 9-month timeframe. I don't think it's going to overwhelm us, as I've talked about at many conferences and on these calls before, but I think we've got an early taste of it.
Alex Heinen - D.A. Davidson & Co., Research Division
Okay. Great. So along the same line then, we saw some space product pickup in the quarter. Can we expect that going forward as well? Are you going to use that to kind of offset impacts of sequestration?
Victor H. Mendelson
Well, for the moment, our space business is strong, and the outlook for it is pretty good. I think that overall in the year, it will be an offset to sequestration. We'll see how it goes as we get later in the year and into next year. It is -- by nature, the space business is an excellent business, but by nature, there's variability to it on top line and, of course, bottom line. Over time, it's a great place to be in, and we've done phenomenally with it.
Your next question comes from Michael Callahan.
Michael Callahan - Topeka Capital Markets Inc., Research Division
I guess first off here, I just wanted to maybe do a follow-up on your organic growth rate throughout the quarter. You guys kind of report a month off from, I guess, a lot of peers that we're comparing you to here. Did you see any type of large, I guess, monthly sequential step-up towards the end of the quarter? Or was it pretty consistent throughout the quarter?
Thomas S. Irwin
We -- April was the relatively strong month in FSG, speaking of FSG principally compared to a couple prior months. That in fact -- as you look at our cash flow, our receivables jumped up a bit, and again, it was primarily because the sales were a little bit heavier by -- on a monthly basis in April. But I think we tend to look at longer periods even beyond quarters in terms of try to estimating forecast in sales growth because different airlines order on different cycles. And you may recall, particularly in FSG, where 60% or 70% of our shipments each month come in under the PO in the same month, it's a little bit -- we need to look at a large, longer-period window to come up with our forecast.
Michael Callahan - Topeka Capital Markets Inc., Research Division
Okay. Fair enough. Maybe I'll just follow up a little bit along the same line then, a little bit different way to go about, I guess. So based on your first quarter report versus the second report -- the second quarter report, there's a pretty dramatic reversal there. Was there any kind of -- was it very progressive or was there a time period in which things kind of dramatically started to turn?
Eric A. Mendelson
Yes, this is Eric. I would say it really occurred pretty much throughout the quarter. And I would be careful about reading -- transferring HEICO's results and inferring that other companies are going to show this kind of growth. When I speak to our peers in the industry, I don't think they are seeing the kind of growth that we are seeing, so -- and that's really continuing to now. But it really occurred, I would say, through the quarter. We knew that the first quarter was lower than we had expected. There was a pickup in the second quarter, and we anticipate sort of this level of activity going forward through the remainder of the year.
Michael Callahan - Topeka Capital Markets Inc., Research Division
Okay. Great. That was helpful. And I guess the one other thing I want to ask was really on the Electronic side of the business, just around margins. So we had a pretty big step-up in operating margin for the second quarter. It sounds like that was related to the space products. It sounds like that also may continue. I guess, just how should we be thinking about the run rate there, I guess, for the balance of the year?
Thomas S. Irwin
Yes, again, this is Tom Irwin. Again, in our guidance numbers, in our overall operating margin estimate of about 18%, it continues. As we previously stated, that for the full year, we expect operating margins in ETG, that it'd be comparable to last year, so that would put it at 22%, 23%, again, for the full year. So you may recall, first quarter was lower. As you're pointing out, second quarter was a bit higher, so I think roughly averaging the second half of the year somewhere in the 22% to 23% would bring us to a full year average in that range.
Your next question comes from Steve Levenson.
Stephen E. Levenson - Stifel, Nicolaus & Co., Inc., Research Division
Just curious, in terms of the organic growth in aftermarket, can you point to it as being a part of fleet growth, additional miles traveled, or is it that more planes are coming into their maintenance intervals now? And is it a specific model or pretty well balanced?
Eric A. Mendelson
Yes. I would say that I would not attribute it -- of course, I don't have, if you will, the scientific data in front of me, but I would not attribute it to fleet growth nor to significantly higher maintenance activity. I would really attribute it, from my chair, to what I consider to be our structural advantage, where our businesses are broken down into individual business units, each with a very confident, highly incentivized, very intelligent, hardworking leader and team of people. And I think they go out and find these opportunities. The MRO was just in Atlanta about 1 month ago and speaking with other folks in the industry. They're not seeing a, if you will, rising tide in terms of level of activity in the aftermarket. I would really attribute this to our folks having a size business, where they can go out and find opportunities and reap those opportunities, as opposed to higher level of maintenance or flight hours.
Stephen E. Levenson - Stifel, Nicolaus & Co., Inc., Research Division
Okay. So it really sounds more like you're capturing more market share. And do you think that's coming because HEICO is a little bit more integrated and coordinated in the way this is being done and that it's tougher for the other guys to compete?
Eric A. Mendelson
Yes, I think that we -- actually, we execute very well. And people, in order to have a meeting for the HEICO businesses, they're able to get, if you will, the top 5 folks of each business around the table and figure out what each person needs to do. And these folks are very motivated, very accomplished and talented, and they go out and do it, and I think that really is due to our structural advantage. We're not this type of organization, where you've got these silos and you've got to have all these managers who really don't know what's going on and assemble them all and they're crazy teams of people and figure out how to make decisions and how to move the ball forward. Our guys are like little regimental combat teams, and they go in and they get the job done. And I think that's why in this sort of flat environment, I think that's why we're doing well, and I think that's why my dad mentioned in the beginning of the call that our people are really working very, very hard because I think they're the ones making the difference in an otherwise flat market.
Stephen E. Levenson - Stifel, Nicolaus & Co., Inc., Research Division
Sounds great. No, I'm not going to try to build this into a forecast or anything, but if we watch flight -- available seat mile statistics, could we translate that into something that might accelerate in the future then?
Eric A. Mendelson
I would be careful about that because, again, in speaking with our peers, people are seeing sort of flattish markets out there. And I think our performance, my sense is -- well, of course, we'll see how other people report, but my sense is I think we're sort of doing better than most out there. And I think it's more of a HEICO market share story in everything that we're doing. Whether it's parts or repair services, we're very close with our customers. I think our -- we deliver great value to them. I think we're the supplier of choice. They want to give us business. So I'd be careful. I mean, some analysts have come out, and I've read -- I read all the material, and some folks have come out and said, "Well, the first half of '13 sort of marked the bottom of the engine cycle, and it should be coming back." Well, I certainly hope that's true, but in speaking with the players out there, they're not really seeing -- they're not speaking about that. Maybe they're being a little conservative, but instead, it's more of an analyst-driven thought as to how we're doing. I think activity does go up from here though, but I would be careful about inferring that the tide is rising, if you will.
Your next question comes from Michael Ciarmoli.
Kevin Ciabattoni - KeyBanc Capital Markets Inc., Research Division
It's actually Kevin on for Mike. Obviously, you put up record margins in FSG this quarter. Just wondering what, other than the obvious volume, was responsible for that and how maybe we should look at that in the back half of the year given the acquisition?
Thomas S. Irwin
Again, this is Tom Irwin. As I mentioned relative to ETG, our full year estimates for operating margins really haven't changed, so I think, again, in the FSG, we're looking for the full year to run somewhere around 18%. So again, that has some impact reflected of Reinhold, but again, it's certainly less -- obviously, less than the full 6-month period, so there might be a little bit impact. But again, overall, we're still targeting the same operating margins for this -- for really both segments, as well as the consolidated operating margins.
Kevin Ciabattoni - KeyBanc Capital Markets Inc., Research Division
Okay. Great. And then, realizing you haven't closed yet, I was wondering if you could give us some color around Reinhold and maybe end-market breakdown of sales there, obviously, without going into the exact numbers and how it would fit into the existing business.
Eric A. Mendelson
Sure. Reinhold, when we look to make the acquisition, we've got a number of criteria: one, that they're fairly priced; number two, that they're in very good businesses, with strong barriers to entry; and number three, superior leadership team and the type of people we want to be in business with and we want to work with for decades. And we met the folks over at Reinhold, and we got to know the business, and we felt we were able to structure a deal that was fair to everybody, in a business which is excellent, with a management team that is really top-notch. So I think that it fits with us philosophically. I think I had mentioned that we -- if you will, I think we have a structural advantage in the way HEICO is structured, that we have these autonomous business units, which are each very close to their customers, understand their manufacturing processes and their -- the financial results, and they don't feel like a cog in somebody else's big wheel. And they are very rifle-shot-approach businesses, and Reinhold fits in that criteria. They are very strong in the composite market. They're both in the commercial aviation, as well as defense and space applications. Most of their defense and space is not for -- directly for U.S. government programs. Much of it is done through foreign military sales. With all of the concerns in the world, folks need these products. So we think that it fits very well. It's more of a specialty product type company, whereby it becomes -- a customer comes to it with a problem to solve. Reinhold figures out how to solve that problem, and it has proprietary manufacturing and design technology to be able to solve that problem at a very competitive cost and make a fair profit on top of it. So we've already proven over the last 50 years we've been in -- we supply specialty type products not necessarily directly to the aftermarket but to other players in the aviation industry, and I think that this just further broaden HEICO's productive ability, as well as customer reach. There's other things that we can sell to some of these customers in the other HEICO business units, where Reinhold will be able to open the door for these other HEICO units. And likewise, the other HEICO units will be able to open the door for Reinhold. And I think we've proven that we're able to buy this kind of businesses, we maintain the leadership there, make sure that they're motivated, they're incentivized, we stay out of the way, we don't load them down with a bunch of corporate reporting, and corporate activities which are non-value-added, and we let them stick to doing their business. So Reinhold has operated in that fashion for many years, and we think it will be a great fit. And frankly, the people at Reinhold are very excited because this is what they wanted to do [indiscernible] businesses, and we think that there's a good synergy opportunities. So it's -- I think it's a great fit.
Kevin Ciabattoni - KeyBanc Capital Markets Inc., Research Division
Eric, would you be willing to kind of give a ballpark in terms of how much of that business is commercial versus the space and defense piece of it?
Eric A. Mendelson
Yes, the majority is commercial, but no, we're not, at this point, providing further detail than that.
Kevin Ciabattoni - KeyBanc Capital Markets Inc., Research Division
No, that's good enough for now.
Your next question comes from Arnold Ursaner.
Arnold Ursaner - CJS Securities, Inc.
A couple of quick follow-ups on Reinhold. First, it's going to go in the FSG segment, is that correct?
Eric A. Mendelson
Arnold Ursaner - CJS Securities, Inc.
Okay. And if you can continue to -- well, in your prepared remarks regarding earnings and revenue guidance for the balance of the year, even if I take the high end and the percent that was coming from acquisition, it would imply for the 5 months, you might own at about $36 million of revenue and roundly 90 -- $90 million or so for the year. Is that about the right math?
Thomas S. Irwin
Arnie, this is Tom. We haven't provided any financial details on the Reinhold transaction. I think going forward, post closing, et cetera, we'll be able to provide additional details. What we did disclose was, obviously, the employment number of 200 people roughly. Commentary, it's a typical bolt-on acquisition, as Larry described, single, doubles. We historically said that these bolt-on acquisitions typically have revenue of $10 million to $70 million. At 200 team members, this would put it on the high end of that range. So within those kind of parameters, I think that is the reasonable estimate.
Laurans A. Mendelson
And then on an annual basis.
Arnold Ursaner - CJS Securities, Inc.
Yes, again, if they were not as much as $90 million or so of annual revenue, then it would imply a slowdown in your growth rate in the organic business, which I don't think you're hinting at, at all.
Laurans A. Mendelson
We are not hinting at that, no.
Arnold Ursaner - CJS Securities, Inc.
Okay. Again, that's just pure math based on what you said. The other question I have regarding Reinhold is, they have a very important contractual relationship with Bee Aviation [ph] as a component supplier. I know you do tremendous diligence before any acquisition. What more can you tell us about that contractual relationship that gives you confidence it will continue for the next decade, which is sort of driven by the new programs that they're involved with?
Laurans A. Mendelson
I think, Arnie, in general, we do a very thorough due diligence, and part of the due diligence is customer contact and discussion. So based upon all of our due diligence, we think it was a wise acquisition. In addition, I think that Reinhold makes a very -- extremely high-quality, unique kind of product. The process to make this product is not very simplistic. I was surprised at the complexity when I saw the manufacturing operation. Also, they have the capacity to supply large quantities to important users. So putting all that together, and I think competitive pricing focus and so forth, I think that our due diligence told us that this is a pretty good bet.
Arnold Ursaner - CJS Securities, Inc.
Again, just focusing on the math, to the extent you're going to have an inventory write-up plus amortization expense, and you indicated, overall, the operating margin can be maintained even after this acquisition, it would imply that Reinhold is a low- to mid-20s operating margin business. Is that, again, the right way to think of it?
Laurans A. Mendelson
I don't think we give that color. I do think that we normally say -- and you know that we always say that our acquisitions have to meet our hurdle rate of a 20% operating margin, so we've said that publicly. But as to the specific operating margins of individual businesses, we prefer not to give it out. If it was a low-margin or a lower-margin business, we would not be interested just by its basic nature. So I think that, again, looking at Reinhold in the overall key components that we look for in an acquisition, I think Reinhold fit right in there, so it meets all of the requirements that we normally look for.
Arnold Ursaner - CJS Securities, Inc.
Larry, Tom mentioned it was towards the larger end. Was this as large as Switchcraft for you?
Laurans A. Mendelson
I think it was in the range of Switchcraft. It's in the -- it's within Tom's range, maybe slightly lower but slightly smaller, but it was in the Switchcraft range.
Your next question comes from Eric Hugel.
Eric Hugel - S&P Equity Research
Eric, can you talk about -- with regards to the FSG business any sort of highlights in terms of regional strengths and weaknesses?
Eric A. Mendelson
I would say there's sort of consistent strength from the Americas, as well as Asia. Europe continues to be weak across the board for all the reasons everybody reads about. But it could just -- really, European weakness would be the only clarifying comment there.
Eric Hugel - S&P Equity Research
Okay. And with regards to when you look at the products and services, is there any sort of strength or weakness in sort of the engine-related products and services versus maybe non-engine-related products and services? Are the airlines focused more on engines or non-engines or can we read anything from that?
Eric A. Mendelson
I mean, I would say that no, nothing in particular, and some of the analysts have written that they thought engine overhaul sales have bottomed in the first half or bottoming in the first half of this year and will be rebounding in the second half of this year and in 2014. But I would say that probably is the only additional color there. Remember that engine sales -- the engine manufacturers reported significantly higher sales in 2011 than then they did in 2010. And we all thought, we all surmised that, perhaps, some of the sales that occurred in '11 occurred in -- should have occurred in '12, but the airlines thought that the level of activity would continue growing at that rate and it didn't. So I would say it was probably just due to more of, if you will, overbuying in 2011 on the engine side, of those being slightly bloated and then being a little under going forward.
Eric Hugel - S&P Equity Research
Great. And last thing, maybe, Tom, can you quantify the tax benefits in the quarter? You said -- you talked about a tax benefit from the dividend that you paid, as well as your R&D tax credit.
Carlos L. Macau
Yes, this as Carlos. The effects of the dividend and the income tax benefit related to the R&D credit was about 1% on our rate in the quarter. And we expect -- as I think Larry mentioned in his prepared comments, for the full year, we expect about a 33% effective rate.
Your next question comes from Julie Yates Stewart.
Russell Rosenband
This is Russell on for Julie today. Maybe just one more question on organic growth. So if 80% of the organic growth in FSG was attributable to aftermarket, that's a pretty incremental positive compared to what we've heard from some of your peers. Can you talk a little bit about maybe what drove your specific out-performance when previous quarters have been more in line with industry trends?
Laurans A. Mendelson
That's easy, superior management. You know that. Yes, Eric will answer.
Eric A. Mendelson
Yes. I mean, I really do think that it was more due to our structural -- the structural advantage, what I consider to be the structural advantage of the company, that we have these groups of people, and they are each focused in their particular areas. And I think that they were just able to outperform. I mean, even when we reported in the first quarter that things were a little weaker than we had hoped that it would be, I think our peers were even below us in terms of their comparisons overall. So I would think that it's really just due to the focus that our folks put in and going out there and getting the sale.
Your next question comes from Ken Herbert.
Andrew Doupe
It's -- I'm actually Andrew Doupé on for Ken Herbert. I had a question for Larry. Larry, could you just provide some color around M&A, just what you're seeing out there? Are you seeing more opportunity within commercial relative to defense?
Laurans A. Mendelson
I think that we're seeing opportunity on both sides of defense, so we're an equal opportunity buyer. We're opportunistic in what we look at. I would say that the pipeline is what I would call normal. At any one moment, the pipeline can be way up or way down. And then once we get into the due diligence and start kicking the tires and everything else, we probably drop -- we look at 100 companies and we may buy 1. We look -- we do a very thorough due diligence, and most companies we drop after the due diligence because people -- as you very well know, people who promote the companies, they give you information which is always a hockey stick, and then when you go in and kick the tires and you discover there are a lot of pitfalls there. But we buy -- we try to buy very strong companies. The result of our acquisition program of 46 acquisitions has been really excellent. So I would say, at this time, the pipeline is normal. We're looking at a number of transactions. And if they fit our model, we're not financially constrained in any way, as I mentioned earlier. We're going to go Flight Support or Electronic Technologies, either one, we will buy. And we are looking at companies in both segments.
Eric A. Mendelson
And Andrew, this is Eric. Just to add a little bit of color, I think we tend to be -- due to our operating structure, we tend to be the acquirer of choice because, unlike a large vertically integrated business, where you've got all these functional areas and functional executives come in and try to change everything in these businesses, we like to retain the focus of the business down in the business unit. So that's very, very advantageous to the companies that we acquire. And we hear this very, very frequently that we are management's choice. We're the leadership's choice on a company, on an acquirer. And with regards to the due diligence, I think what my dad means is that we are given certain data up front, and then we go and we check it out. And if people have misrepresented what that data is, then we're very, very thorough, we go in, and we figure it out. And obviously, we would not be a finalist in that particular type of case. But when it comes to -- we are very knowledgeable in our areas. We do a lot of homework. We verify what management says, and we tend to be the company that they want to acquire them. So I think that there's good opportunities, really, in all the areas that we continue to focus on.
Andrew Doupe
Okay. Great. That's very helpful. And then, Eric, I just have one more question for you. When you sort of structure out your plan to go into these airlines and sell to them, I mean, are you seeing more opportunities within the mainline carriers and more than sort of startup airlines? I guess, any sort of color there, if you're seeing any sort of -- any more opportunity for PMA products there? And then, obviously, assuming the more startup airlines that, obviously, occur within Latin America or Asia or these parts of the world, so any sort of color there as far as how you approach these customers would also be very helpful.
Eric A. Mendelson
Yes. In general, our best customers are those who have mature fleets because, obviously, there's a maintenance honeymoon when somebody buys new equipment. So if somebody is a startup airline, they probably don't have much experience nor need for maintenance, so that would not be a prime target for us. What has to happen is that equipment has to age, they have to realize how expensive it is to maintain, they have to see the annual price increases and, frankly, the way that they are treated, and then we walk in and offer a suite of services, where we're able to make sure that they're very happy with what we have to offer. We give them personalized attention because our business units are structured to really understand their product, and that's something that a bigger company cannot do. So it would not be a brand-new airline with brand-new equipment. It's somebody who has the equipment that starts to age. But we sell to both, if you will, legacy mainline carriers, domestic, international, low-cost carriers, we work with everybody out there.
There are no further questions in queue, sir.
Laurans A. Mendelson
Well, thank you very much. We thank all of the people out there who are listening to HEICO and interested in the company. As you know, we are available. If you have questions, call anyone of us, and we'll try to accommodate you and be responsive. We look forward to our next -- third quarter conference call, which will be in about 3 months. So we wish you all a pleasant summer, and we look forward to speaking to you real soon. Thank you.
Thank you. This concludes today's conference call. You may now disconnect.
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