Item 2.02. Results of Operations and Financial Condition.
On
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 5.02. Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
OnApril 15, 2020 , the Company announced certain cost reduction efforts in light of the Crisis and the related impact on its business. As such, the following executive officers have reduced their salary by 20%, on a temporary basis during the Crisis.Name PositionLaurans A. Mendelson Chairman of the Board; Chief Executive Officer; and Director Eric. A. Mendelson Co-President and Director; President and Chief Executive Officer of theHEICO Flight Support Group Victor H. Mendelson Co-President and Director; President and Chief Executive Officer of theHEICO Electronic Technologies Group Thomas S. Irwin Senior Executive Vice PresidentCarlos L. Macau , Jr. Executive Vice President - Chief Financial Officer and TreasurerSteven M. Walker Chief Accounting Officer and Assistant Treasurer
In addition, the Company's Board of Directors reduced their compensation by 20%, on a temporary basis during the Crisis.
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Item 8.01. Other Events.
In addition, this report is being filed to supplement the risk factors described
in Item 1A. Risk Factors of the Company's Annual Report on Form 10-K for the
year ended
The Company is subject to risks arising from the recent COVID-19 crisis (the "Crisis").
The recent Crisis has spread across the globe and is impacting worldwide economic activity. A pandemic, including COVID-19 or other public health epidemic, poses the risk that HEICO or its employees, customers, suppliers, manufacturers and other commercial partners may be prevented from conducting business activities for an indefinite period of time, including due to the spread of the disease or shutdowns requested or mandated by governmental authorities. While it is not possible at this time to estimate the full impact that the Crisis could have on HEICO's business, the continued spread of COVID-19 could disrupt its customers' businesses, supply chain and the manufacture or shipment of its products, and its other activities, which could have a material adverse effect on its business, financial condition and results of operations.
Cautionary Statement Regarding Forward-Looking Statements.
Certain statements in this Current Report on Form 8-K 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: the severity,
magnitude and duration of the Crisis; HEICO's liquidity and the amount and
timing of cash generation; the continued decline in commercial air travel caused
by the Crisis, airline fleet changes or airline purchasing decisions, 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
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit Description 99.1 Press release datedApril 15, 2020 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
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