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Text: I'm Larry Mendelson, Chairman and CEO of HEICO Corporation.
The dedication to HEICO's customers and to the safety of their fellow team members has been commendable.
I'd now like to take a few moments to address the impact of COVID-19 on HEICO's recent operating results.
Results of operations in the first six months and the second quarter of fiscal '21 continue to reflect the adverse impact from COVID-19.
Most notably, demand for our commercial aviation products and services continues to be moderated by the ongoing depressed commercial aerospace market which, we know, is beginning to rebound and return to normal.
Looking ahead to the remainder of fiscal '21, we are cautiously optimistic that the ongoing worldwide rollout of COVID-19 vaccines will have and, in fact, is having a positive influence on commercial air travel and will generate more favorable economic environments in the markets that we serve.
Summarizing the highlights of the first six months and second quarter of fiscal '21, we are pleased to report record quarterly net sales within the ETG Group, and our third consecutive sequential increase in quarterly net sales and operating income of the Flight Support Group.
The ETG Group set a quarterly net sales and operating income record in the second quarter of fiscal '21, improving 11% and 9%, respectively.
These increases, principally reflect the impact from our profitable fiscal '20 and '21 acquisitions, as well as very strong organic growth of 19% for our other electronic products.
The Flight Support Group reported sequential growth in operating income and net sales in the second quarter of fiscal '21, and they improved 37% and 16% respectively, as compared to the first for fiscal '21.
Our total debt to shareholders' equity reduced and improved to 27.1% as of April 30, '21 and that compared to 36.8% as of October 31, '20.
Our net debt, which is total debt less cash and cash equivalents, of $199 million as of April 30, '21 compared to shareholders' equity ratio improved to 9.2% as of April 30, '21 and that was down from 16.6% as of October 31, '20.
And this provides HEICO with substantial acquisition capital in the balance of our $1.5 billion unsecured revolving credit facility as well as other available capital.
We are not a capital constrained company.
Our net debt to EBITDA ratio improved to 0.47 times as of April 30, '21, down from 0.71 times as of October 31, '20.
During fiscal '21, we successfully completed one acquisition, and we completed -- we have completed five acquisitions over the past year.
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, which will accelerate growth and maximize shareholder returns.
Cash flow provided by operating activities remained strong, increasing 2% to $210.1 million in the first six months of fiscal '21 and that was up from $205.9 million in the first six months of fiscal '20.
In March '21, we acquired all of the business assets and certain liabilities of Pyramid Semiconductor.
Pyramid is a specialty semiconductor designer and manufacturer, which offers a well-developed line of processors, static random-access memory, electronically erasable programmable read-only memory and logic products on a diverse array of military, space and medical platforms.
We do expect this acquisition to be accretive to earnings within the first 12 months following the closing.
The Flight Support Group's net sales were $429.6 million in the first six months of fiscal '21, as compared to $553 million in the first six months of fiscal '20.
The Flight Support Group's net sales were $230.3 million in the second quarter of fiscal '21, as compared to $252 million in the second quarter of fiscal '20.
The net sales decrease in the first six months and second quarter of fiscal '21 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 $61.3 million in the first six months of fiscal '21, as compared to $109.6 million in the first six months of fiscal '20.
The operating income decrease in the first six months of fiscal '21 principally reflects the previously mentioned lower net sales, as well as a lower gross profit margin, higher performance-based compensation expense and the impact from lost fixed cost efficiencies stemming from the pandemic.
The Flight Support Group's operating income was $35.5 million in the second quarter of fiscal '21, as compared to $47.5 million in the second quarter of fiscal '20.
The operating income decrease in the second quarter of fiscal '21 principally reflects higher performance-based compensation expense, directly resulting from the strong improvement in operations during the past three consecutive quarters.
The Flight Support Group's operating margin was 14.3% in the first six months of fiscal '21, as compared to 19.8% in the first six months of fiscal '20.
The operating margin decrease in the first six months of fiscal '21 principally reflects an increase in SG&A expenses as a percentage of net sales, mainly from the previously mentioned higher performance-based compensation expense and lost fixed cost efficiencies, and the lower gross profit margin.
The Flight Support Group's operating margin was 15.4% in the second quarter of fiscal '21, as compared to 18.9% in the second quarter of fiscal '20.
The operating margin decrease in the second quarter of fiscal '21 principally reflects the previously mentioned higher performance-based compensation expense.
The Electronic Technologies Group's net sales increased 9% to a record $466.6 million in the first six months of fiscal '21, up from $427.4 million in the first six months of fiscal '20.
The net sales increase in the first six months of fiscal '21 principally reflects our fiscal '20 and '21 acquisitions as well as organic growth of 1%.
The organic growth principally reflects increased demand for other electronic and space products, partially offset by demand for commercial aerospace products.
The Electronic Technologies Group's net sales increased 11% to a record $243.1 million in the fiscal second quarter of '21, up from $219 million in the second quarter of fiscal '20.
The net sales increase in the second quarter of fiscal '21 principally resulted from our fiscal '20 and '21 acquisitions, as well as organic growth of 3%.
The organic growth principally reflects increased demand for our other electronic and defense products, partially offset by decreased demand for commercial aerospace products.
The Electronic Technologies Group's operating income increased 7% to a record $131.4 million in the first six months of fiscal '21, up from $123 million in the first six months of fiscal '20.
The operating income increase in the first six months of fiscal '21 principally reflects the previously mentioned net sales growth, partially offset by a lower gross profit margin mainly from lower net sales of defense and commercial aerospace products that were partially offset by an increase in net sales of certain other electronic products.
The Electronic Technologies Group's operating income increased 9% to $71.3 million in the second quarter of fiscal '21, as compared to $65.5 million in the second quarter of fiscal 2020.
The operating income increase in the second quarter of fiscal '21 principally reflects the previously mentioned net sales growth, partially offset by a lower gross profit margin mainly from a less favorable product mix for our defense products, as well as a decrease in net sales of commercial aerospace products that were partially offset by a net increase in sales of certain other electronic products.
The Electronic Technologies Group's operating margin was 28.2% in the first six months of fiscal '21, as compared to 28.8% in the first six months of fiscal '20.
The Electronic Technologies Group's operating margin was 29.3% in the second quarter of fiscal '21, as compared to 29.9% in the second quarter of fiscal '20.
The operating margin decrease in the first six months and second quarter of fiscal '21 principally reflects the previously mentioned gross profit margin, partially offset by a decrease in SG&A expenses as a percentage of net sales mainly from efficiencies gained from the previously mentioned net sales growth.
Moving on to details, the diluted earnings per share, consolidated net income per diluted share was a $1.03 in the first six months of fiscal '21, and that compared to $1.44 in the first six months of fiscal '20.
The decrease in the first six months of fiscal '21 principally reflects the previously mentioned lower operating income of Flight Support and higher income tax expense, and that was partially offset by the previously mentioned higher operating income of the ETG Group and lower interest expense.
Consolidated net income per diluted share was $0.51 in the second quarter of fiscal '21, as compared to $0.55 in the second quarter of fiscal '20.
The decrease in second quarter fiscal '21 principally reflects the previously mentioned lower operating income of Flight Support, partially offset by lower income tax expense as well as higher operating income of the ETG Group and lower interest expense.
Depreciation and amortization expense totaled $22.9 million in the second quarter of fiscal '21, that was up from $21.7 million in the second quarter of fiscal '20, and totaled $45.9 million in the first six months of fiscal '21, up from $43.3 million in the first six months of fiscal '20.
The decrease in the second quarter and first six months of fiscal '21 principally reflects incremental impact from the fiscal '20 and '21 acquisitions.
R&D expense increased to $34.2 million or 3.9% of net sales in the first six months of fiscal '21, and that was up from $33.1 million [Phonetic] or 3.5% of net sales for the first six months of fiscal '20.
R&D expense increased to $18 million or 3.9% of net sales in the second quarter of fiscal '21, and that was up from $16.8 million or 3.6% of net sales, second quarter fiscal '20.
We note that significant ongoing new product development efforts are continuing at both ETG and Flight Support.
Our consolidated SG&A expense were $161.2 million in the first six months of fiscal '21, as compared to $157.8 million in the first six months of fiscal '20.
Consolidated SG&A expenses were $83 million in the second quarter of fiscal '21, and that compared to $70.7 million in the second quarter of fiscal '20.
The increase in consolidated SG&A expense in the first six months and second quarter of fiscal '21 principally reflects higher performance-based compensation expense and the impact from our fiscal '20 and '21 acquisitions, partially offset by reductions in other G&A expenses and selling expenses.
Consolidated SG&A expenses as a percentage of net sales increased to 18.2% in the first six months of '21, up from 16.2% in the first six months of fiscal '20.
Consolidated SG&A expense as a percentage of net sales increased to $17.8 million [Phonetic] in the second quarter of fiscal '21, and that was up from 15.1% in the second quarter of '20.
The increase in consolidated SG&A expense as a percentage of net sales in the first six months and the second quarter of fiscal '21 principally reflects higher performance-based compensation expense.
Interest expense decreased to $4.5 million in the first six months of fiscal '21, down from $8 million in the first six months of fiscal '20.
Interest expense decreased to $2.1 million in the second quarter of fiscal '21, and that was down from $3.8 million in the second quarter of fiscal '20.
The decrease in the first six months and second quarter of fiscal '21 was principally due to a lower weighted average interest rate on borrowings outstanding under our revolving credit facility.
Other income in the first six months and second quarter was not significant.
Talking about income taxes.
Our effective rate in the first six months of fiscal '21 was 12%, as compared to 0.3% in the first six months of fiscal '20.
As previously mentioned, HEICO recognized a discrete tax benefit from stock option exercises in both the first quarter of fiscal '21 and '20, and that accounted for the majority of the decrease in the year-to-date effective tax rate.
The tax benefit from stock option exercises in both periods was the result of strong appreciation in HEICO's stock price during the optionees' holding period, and the larger benefit recognized in the first quarter of fiscal '20 was the result of more stock options exercised in that period.
Our effective tax rate decreased to 19.5% in the second quarter of '21 -- fiscal '21, and that was down from 22.6% in the second quarter of fiscal '20.
The decrease principally reflects the favorable impact of higher tax exempt unrealized gains in the cash surrender values of life insurance policies related to the HEICO Leadership Compensation Plan.
Net income attributable to non-controlling interest was $11.5 million in the first six months of fiscal '21, and that compared to $13.4 million in the first six months of fiscal '20.
The decrease in net income attributable to non-controlling interest in the first six months of fiscal '21 principally reflects a decrease in the operating results of certain subsidiaries of the Flight Support Group, in which non-controlling interest are held, and that was partially offset by higher allocations of net income to non-controlling interest as a result of certain fiscal '20 acquisitions, as well as an increase in the operating results of certain subsidiaries of the ETG Group in which non-controlling interest are held.
Net income to non-controlling interest was $5.8 million in the second quarter of fiscal '21, as compared to $5.5 million in the second quarter of fiscal '20.
For the full fiscal '21 year, we continue to estimate a combined effective tax rate and non-controlling interest rate of between 24% and 26% of pre-tax income.
Now let's talk about the balance sheet and cash flow.
One thing I want to mention that in the second quarter of fiscal '21, cash flow from operations was a 146% of reported net income.
So the net income was $70.7 million and the cash flow was almost $103 million.
Our financial position and forecasted cash flow remain very strong.
As we discussed earlier, cash flow provided by operating activities increased 2% to $210.1 million in the first six months of fiscal '21, and that was up slightly from $205.9 million in the first six months of fiscal '20.
Our working capital ratio was 4.5 times, '21 as of April 30, compared to 4.8 times as of October 31, '21 [Phonetic].
Our days sales outstanding of receivables improved to 41 days as of April 30, '21, that was down slightly from 44 days as of April 30, '20.
We continue to closely monitor receivable collection in order to limit our credit exposure.
No one customer accounted for more than 10% of net sales.
Our five -- top five customers represented approximately 23% and 24% of consolidated net sales in the second quarter of fiscal '21 and '20, respectively.
Inventory turnover rate was 153 days for the period ending April 30, '21 compared to 139 days for the period ended April 30, '20.
The increased turnover rate principally reflects lower sales volume from the pandemic's impact on demand for certain of our commercial aerospace products and services.
Despite the increased turnover rate, our subsidiaries has done an excellent job controlling inventory levels in the first six months of fiscal '21, and we believe that's appropriate to support expected future net sales as well as our increased backlog as of April 30, '21, which increased by $51 million to $895 million.
Looking ahead, as we look ahead to the remainder of fiscal '21, we are cautiously optimistic that the ongoing worldwide rollout of COVID-19 vaccines will have a positive influence and, in fact, is having a positive influence on commercial air travel, and it will generate favorable economic environments in the markets that we serve.
The pace of recovery in the global travel remains difficult to predict, and can be negatively influenced by new COVID variance and varying vaccine adoption rates.
Given those uncertainties, we cannot provide fiscal '21 net sales and earnings guidance at this time.
We continue to estimate capital expenditures of approximately $40 million for fiscal '21.
That strength will manifest from the culture of ownership, mutual respect for each other and the unwavering pursuit of exceeding our customers' expectations.
I want to remind the listeners that a very high percentage of HEICO members are HEICO shareowners through their 401(k) plans.
We have many millionaires, multi-millionaires and wealthy team members who all support the operation of HEICO.

user
compname reports q2 earnings per share of 51 cents.
q2 earnings per share $0.51.
cannot provide fiscal 2021 net sales and earnings guidance at this time.

assistant