You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: I'm Larry Mendelson, Chairman and CEO of HEICO Corporation.
As management looks at the company, we really believe that our success and the ability to keep our head well above water, not to get into any financial binds, not to struggle to sell debt at 8% or 10% and so forth and to be fiscally sound is all attributed to the unbelievable talent and brilliance of the team members.
And I can tell you, senior management hold -- and the Board holds these people in the highest regard.
Before reviewing our operating results in detail, I'd like to take a few minutes to discuss the impact on HEICO's operating results from the COVID pandemic.
Results of operations in the first quarter of fiscal '21 continue to reflect adverse impact from COVID-19.
Most notably, demand for commercial aviation products and services continues to be moderated and impacted negatively by ongoing depressed commercial aerospace markets.
We continue to focus on health and safety measures at our facilities in accordance with the CDC guidelines in order to protect the global team members and mitigate the spread of COVID-19 while serving our customers' needs.
Keep in mind that almost all of our facilities were open continually since the start of the COVID pandemic.
And very, very few members of our teams came down with this miserable disease.
That was because of the safety measures and health measures that we employ throughout the company.
Consolidated net sales for businesses that operate within the commercial aerospace industry decreased by about 43% in the first quarter of fiscal '21 as compared to the first quarter of fiscal '20.
As we mentioned in prior calls, we anticipate that as the pandemic vaccine becomes more widely available, consumer interest in commercial air travel should begin to reemerge.
As such, we cautiously anticipate improved demand for our commercial aerospace products to slowly recover toward the second half of fiscal '21.
Summarizing the highlights of our first quarter of fiscal '21 results.
I would tell you that despite continuing difficult operating environment created by the pandemic, HEICO continues to generate excellent cash flow.
And the cash flow provided by operating activities was very strong, increasing 32% to $107.2 million in the first quarter of fiscal '21, and that was up from $81.1 million in the first quarter of fiscal '20.
We are encouraged by the second consecutive quarter of sequential improvement in net sales and operating income at our Flight Support Group.
Operating income and net sales at flight support increased 20% and 3%, respectively, in the first quarter of fiscal '21 as compared to the fourth quarter of fiscal '20, clearly an improvement that's obvious.
Net sales for ETG, space and electronics products grew organically by a very strong 19% and 14%, respectively, in the first quarter of fiscal '21, while the ongoing pandemic's impact resulted in softer demand for its commercial aerospace products.
In January 21, we paid our regular semiannual cash dividend of $0.08 per share, and this represented our 85th consecutive semiannual cash dividend since 1979.
HEICO's strength in the face of ongoing challenging conditions, coupled with our optimism for HEICO's future, gave our Board the confidence to continue paying a cash dividend through the current health pandemic.
Total debt to shareholders' equity improved to 32.2% as of January 31, '21, and that compares to 36.8% as of October 31, '20.
Our net debt, which is total debt less cash and cash equivalents of $270.3 million as of January 31, '21, to shareholders' equity ratio improved to 13% as of January 31, '21.
And that was down from 16.6% as of October 31, '20.
Our net debt-to-EBITDA ratio improved to 0.62 times as of January 31, '21.
And that was down from 0.71 times on October 31, '20.
We have no significant debt maturities until fiscal '24, and we plan to utilize our financial strength and flexibility to aggressively pursue high-quality acquisitions of various sizes to accelerate the growth and maximize shareholder return.
Last week, we publicly have proudly extended our congratulations to both NASA and Jet Propulsion Laboratories, or known as JPL, on their successful Mars Perseverance Rover Landing.
Our Apex Microtechnology, Sierra Microwave, 3D PLUS and VPT subsidiaries supplied mission-critical hardware for the mission.
Once again, NASA and JPL demonstrated remarkable talent and capabilities despite a year of great challenges for the world's population, and they remain a beacon of optimism for all people.
And we are extremely proud of HEICO companies and team members who contributed to this effort.
I think we want to focus on the extreme technical ability and unbelievable quality that these -- our subsidiaries built into the electronics that they supply for that Mars Perseverance Rover Landing.
The Flight Support Group's net sales were $199.3 million in the first quarter of fiscal '21 as compared to $301.1 million in the first quarter of fiscal '20.
The net sales decrease is principally organic and reflects lower demand for the majority of our commercial aerospace products and services resulting from the significant decline in global commercial air travel attributable to the pandemic.
The Flight Support Group's operating income was $25.8 million in the first quarter of fiscal '21 as compared to $62 million in the first quarter of fiscal '20.
The operating income decrease principally reflects the previously mentioned decrease in net sales as well as a lower gross profit margin and the impact from lost fixed cost efficiencies stemming from the pandemic.
The lower gross profit margin principally reflects the impact from lower net sales of commercial aerospace products and services across all of its product lines.
The Flight Support Group's operating margin was 13% in the first quarter of fiscal '21 as compared to 20.6% in the first quarter of fiscal '20.
The operating margin decrease principally reflects the previously mentioned lower gross profit margin and an increase in SG&A expenses as a percentage of net sales mainly from the previously mentioned lost fixed cost efficiencies and the effect of higher intangible asset amortization expense.
I would like to point out that the full impact of the pandemic began to affect the FSG operating segment at the beginning of our third quarter of fiscal '20.
Through practical and disciplined cost management, we have delivered sequential quarterly improvements in our FSG operating margin.
The FSG operating margin was just 6.7% in the third quarter of fiscal '20 and has since steadily increased to 11.1% in the fourth quarter of fiscal 2020 and to 13% in the first quarter of fiscal '21.
Our team members and assembled workforce is our most valuable asset.
Our team members engaged primarily in commercial aviation sacrificed greatly during the pandemic through limited layoffs, moderate furloughs and wage reductions for nearly all others not impacted by layoffs or furloughs.
These team members sacrificed a tremendous amount, and we owe our loyalty to them as we held on to a much higher percentage of our workforce than most others.
Thus, we decided to operate with higher overhead, which reduced our gross margins and increased our SG&A.
A lot of companies speak about how their team members are important.
But HEICO demonstrates it through actions, including by maintaining our 401(k) matching contributions and granting our team members their maximum potential 401(k) profit sharing contributions, even though we missed our budgets due to the pandemic.
We could have sacrificed the future in order to have better current period results, but that is not what HEICO is about.
That's the luxury of being part of the HEICO family as we don't feel pressured to make short-term decisions that hurt future performance.
We also treated our customers, suppliers, principles, partners and acquisitions extremely well and truly believe this helps us grow faster than the industry as people prefer dealing with us due to our culture.
We are confident that our motivated and assembled workforce will propel us to new heights as the pandemic passes.
And I would also like to echo my gratitude to all of HEICO's team members, including those at the Electronic Technologies Group, for their remarkable efforts during this difficult time.
About 90% of our people cannot work from home and have to come in.
And our businesses have been operating as essential businesses throughout this pandemic very carefully and very safely and taking care of each other.
And I'm very proud of the job that our people have done throughout this entire difficult period as well as the many years before, and I know that they'll continue to do the excellent work that they've carried out.
As for the Electronic Technologies Group's performance, our net sales increased 7% to $223.6 million in the first quarter of fiscal '21, up from $208.4 million in the first quarter of fiscal '20.
The increase is principally attributable to the favorable impact from our fiscal '20 acquisitions.
The Electronic Technologies Group's operating income increased 5% to $60.1 million in the first quarter of fiscal '21, up from $57.5 million in the first quarter of fiscal '20.
This increase principally reflects the previously mentioned net sales growth.
The Electronic Technologies Group's operating margin was 26.9% in the first quarter of fiscal '21 as compared to 27.6% in the first quarter of fiscal '20.
The lower operating income as a percent of net sales principally reflects a lower gross profit margin, partially offset by a decrease in SG&A expenses as a percentage of net sales, mainly from certain efficiencies gained from the previously mentioned net sales growth.
The lower gross profit margin mainly reflects a decrease in net sales with commercial aerospace products and lower net sales and a less favorable product mix of certain defense products, partially offset by an increase in net sales of certain electronics products.
Moving on to earnings per share.
Consolidated net income per diluted share was $0.51 in the first quarter of fiscal '21 and that compared to $0.89 in the first quarter of fiscal '20.
The decrease principally reflects the previously mentioned lower operating income of the Flight Support Group and higher income tax expense, partially offset by less net income attributable to noncontrolling interest as well as lower interest expense.
Depreciation and amortization expense totaled $23 million in the first quarter of '21.
That was up from $21.6 million in the first quarter of fiscal '20.
The increase in the first quarter of fiscal '21 principally reflects the incremental impact of higher intangible asset amortization expense from our fiscal '20 acquisitions.
Significant new product development efforts are continuing at both ETG and flight support.
R&D expense was $16.2 million in the first quarter of fiscal '21 or about 3.9% of sales, and that compared to $17.1 million in the first quarter of fiscal '20 or 3.4% of sales.
Consolidated SG&A expense decreased by 10% to $78.1 million in the first quarter of fiscal '21 as compared to $87.1 million in the first quarter of fiscal '20.
The decrease in consolidated SG&A expense reflects: a decrease in performance-based compensation expense; a reduction in other selling expenses, including outside sales commission, marketing and travel; and the reduction in other G&A expenses.
Consolidated SG&A expense as a percentage of net sales was 18.7% in the first quarter of fiscal '21, and that compared to 17.2% in the first quarter of fiscal '20.
The increase in the consolidated SG&A expense as a percentage of net sales principally reflects higher other G&A expenses as a percentage of net sales and the impact from higher intangible asset amortization expense.
Interest expense decreased to $2.4 million in the first quarter of fiscal '21, and that was down from $4.3 million in the first quarter of fiscal '20.
The decrease was principally due to lower weighted average interest rates, partially offset by a higher weighted average balance of borrowings under our revolving credit facilities.
Other income in the first quarters of fiscal '21 and '20 was really not significant.
HEICO's income tax expense was $2.3 million in the first quarter of fiscal '21, and that compared to an income tax benefit of $22.9 million in the first quarter of fiscal '20.
HEICO recognized a discrete tax benefit from stock option exercises in both the first quarter of fiscal '21 and '20 of $13.5 million and $47.6 million, respectively.
The tax benefit from stock option exercises in both periods was the result of the strong appreciation in HEICO's stock price during the option lease holding period, and the $34.1 million larger benefit recognized in the first quarter of fiscal '20 was the result of more stock options which were exercised.
Net income attributable to noncontrolling interest was $5.7 million in the first quarter of fiscal '21, and that compared to $7.9 million in the first quarter of fiscal '20.
The decrease principally reflects a decrease in the operating results of certain subsidiaries of flight support, in which noncontrolling interests are held.
For the full FY '21, we now estimate a combined effective tax rate and noncontrolling interest rate of approximately 24% to 26% of pre-tax income.
Moving over to balance sheet and cash flow.
The financial position of HEICO and forecasted cash flow remains very strong.
As we mentioned earlier, cash flow provided by operating activities was very strong and increased 32% to $107.2 million in the first quarter of fiscal '21, up from $81.1 million in the first quarter of fiscal '20.
Our working capital ratio was strong and consistent at 4.9 times as of January 31, '21, and that compared to 4.8 as of October 31, '20.
Days sales outstanding of receivables, DSOs, improved to 45 days as of January 31, '21, and that compared to 46 days as of January 31, '20.
Of course, we continue to closely monitor all receivable collection efforts in order to limit our credit exposure.
No one customer accounted for more than 10% of net sales.
Our top five customers represented about 24% and 22% of consolidated net sales in the first quarter of fiscal '21 and '20, respectively.
Our inventory turnover rate increased to 164 days for the period ending January 31, '21.
That compared to a pre pandemic 132 days for the period ended January 31, '20.
The increase in the turnover rate principally reflects lower net sales volume, mainly resulting from the pandemic impact on certain -- on demand for certain of our products and services.
And despite the increased turnover rate, our subsidiaries really have done an excellent job controlling inventory levels in the first quarter of fiscal '21, which we believe are appropriate to support expected future net sales.
And in consideration of HEICO's consolidated backlog, which has increased by $62 million since October 31, '20, the backlog was $906 million as of January 31, '21.
As we look ahead to the remainder of fiscal '21, the pandemic will likely continue to negatively impact commercial aerospace and HEICO.
Given this uncertainty, we cannot provide fiscal '21 net sales and earnings guidance at this time.
However, we believe that our ongoing fiscal conservative policies, healthy balance sheet and increased liquidity will permit us to invest in new research and development and gain market share as the industry recovers.
In addition, our time-tested strategy of maintaining low debt and acquiring and operating high cash-generating businesses across a diverse base of industries beyond commercial aviation, such as defense, space and other high-end markets, including electronics and medical, puts us in a good financial position to weather this uncertain economic period.
Furthermore, we are cautiously optimistic that the vaccine progress may generate increased commercial air travel and will result in gradual recovery in demand for our commercial aerospace parts and services businesses.
And we expect that to commence primarily in the second half of fiscal '21, although we do expect it to increase gradually until we get there.
That strength will manifest from our culture of ownership, our mutual respect for each other and the unwavering pursuit of exceeding customers' expectations.
I also would like to point out that in spite of the pandemic and in spite of decreased sales, HEICO wanted to look and reward our team members.
And again, this year, we continue to make the 5% match to team members' 401(k) investments.
As you know, most team members invest 6%, HEICO matches it with 5% of their salary in HEICO shares.
We would never cut that back because we respect and we want to reward our outstanding team.

user
compname reports strong operating cash flows in the first quarter of fiscal 2021; up 32%.
q1 earnings per share $0.51.
cannot provide fiscal 2021 net sales and earnings guidance at this time.

assistant