<SEC-DOCUMENT>0001133796-12-000024.txt : 20120329
<SEC-HEADER>0001133796-12-000024.hdr.sgml : 20120329
<ACCEPTANCE-DATETIME>20120210142032
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001133796-12-000024
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HEICO CORP
		CENTRAL INDEX KEY:			0000046619
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT ENGINES & ENGINE PARTS [3724]
		IRS NUMBER:				650341002
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1217

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3000 TAFT ST
		CITY:			HOLLYWOOD
		STATE:			FL
		ZIP:			33021
		BUSINESS PHONE:		954-987-4000

	MAIL ADDRESS:	
		STREET 1:		3000 TAFT STREET
		CITY:			HOLLYWOOD
		STATE:			FL
		ZIP:			33021

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEINICKE INSTRUMENTS CO
		DATE OF NAME CHANGE:	19860417
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">February 10, 2012</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Via EDGAR</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Ms. Linda Cvrkel</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Branch Chief</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Mail Stop 3561</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>HEICO Corporation<BR>
Form 10-K for the Fiscal Year Ended October 31, 2011 (&ldquo;the
Form 10-K&rdquo;)<br>Filed December 22, 2011<br>File Number 001-04604
</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Dear Ms. Cvrkel:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">This letter responds to your letter to our Chief Financial
Officer, dated January 30, 2012.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">We have reproduced below your numbered comments, followed
by our response on behalf of HEICO Corporation (&ldquo;the Company&rdquo;).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><U>Management&rsquo;s Discussion &amp; Analysis</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><U>Results of Operations, page 29</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>We note your disclosure that the 31% net sales increase in the FSG segment reflects organic growth of 21% as well as additional
net sales of approximately $37 million due to the acquisition of Blue Aerospace. You disclose that the organic growth principally
reflects higher sales of new products and services and an increase in demand for the segment&rsquo;s aftermarket replacement parts
and repair and overhaul services as a result of increased airline capacity and also reflects higher sales of and demand for the
segment&rsquo;s industrial products. In addition to quantification, please revise this discussion to ensure that each of the identified
underlying cause of material increases or decreases is adequately analyzed. For example, for material increases or decreases due
to changes in the mix of products sold, sales prices, productivity levels, etc., consider disclosing quantitative analysis of the
number of units sold by product line along with its change in selling price, or other relevant measures, in the current period
versus the prior period and address the reasons for any significant changes between the periods. In addition to indicating the
product line that accounts for the decrease or increase in sales, please considering explain why you believe that decrease/increase
occurred and your expectations for future sales. See Item 303 of Regulation SK.</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>Company Response to Comment #1</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt">In response to the Staff&rsquo;s
comment, the Company will provide the requested information in its future filings. Please see the following type of enhanced discussion
that will be provided in future filings, including the Company&rsquo;s Form 10-Q for the period ended January 31, 2012 to be filed
no later than March 12, 2012. The previous disclosures from the Form 10-K are repeated below with the enhanced discussion underscored.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt">Comparison of Fiscal 2011 to Fiscal
2010</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-decoration: underline; text-align: left; text-indent: 40.5pt"><FONT STYLE="font-weight: normal"><I>Net
Sales</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in">Our net sales in fiscal 2011
increased by 24% to a record $764.9 million, as compared to net sales of $617.0 million in fiscal 2010. The increase in net sales
reflects an increase of $127.2 million (a 31% increase) to a record $539.6 million in net sales within the FSG as well as an increase
of $22.1 million (an 11% increase) to a record $227.8 million in net sales within the ETG. The net sales increase in the FSG reflects
organic growth of approximately 21%, as well as additional net sales of approximately $37 million contributed by the first quarter
of fiscal 2011 acquisition of Blue Aerospace. <U>The organic growth principally reflects increased demand for certain of the FSG&rsquo;s
aerospace products and services attributed to new product offerings and increased airline capacity resulting in a $41.9 million
increase in net sales within the FSG&rsquo;s aftermarket replacement parts product lines and a $23.6 million increase in net sales
within the FSG&rsquo;s repair and overhaul services product lines. The increase in airline capacity is principally attributed to
overall improved global economic conditions as compared to fiscal 2010. Although global financial conditions have improved during
fiscal 2011, continued economic uncertainty may moderate net sales growth from capacity increases within our commercial aviation
markets in fiscal 2012. Additionally, the FSG&rsquo;s organic growth in fiscal 2011 reflects an increase of $24.4 million in net
sales within our specialty product lines, primarily attributed to the sales of industrial products used in heavy-duty and off-road
vehicles as a result of market penetration and increased demand. The net sales increase in the ETG principally reflects organic
growth of approximately 10%. The organic growth in the ETG is primarily attributed to an increase in market penetration and demand
for certain defense, aerospace and medical products, resulting in a $13.3 million, $5.5 million and $4.0 million increase in net
sales from these product lines, respectively. Based on our current economic visibility, we expect stable demand for ETG&rsquo;s
products in fiscal 2012. Sales price changes were not a significant contributing factor to the FSG and ETG net sales growth in
fiscal 2011.</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in">Our net sales in fiscal 2011
and 2010 by market approximated 60% and 62%, respectively, from the commercial aviation industry, 24% and 23%, respectively, from
the defense and space industries, and 16% and 15%, respectively, from other industrial markets including medical, electronics and
telecommunications.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Please expand your discussion of cost of sales and selling, general, and administrative expenses to quantify and discuss
significant changes in cost components within these broad categories, such as product costs, product development costs, marketing
costs, depreciation and amortization, and any other significant components that would enable readers to understand your business
better. For example, you state that gross profit was affected by higher margins in FSG due to efficiencies realized through higher
sales volumes offset by lower margins in ETG due to changes in product mix, but you do not quantify these changes or provide the
actual cost figures necessary to put these changes in proper context.</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>Company Response to Comment #2</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt">In response to the Staff&rsquo;s
comment, the Company will provide the requested information in its future filings. Please see the following type of enhanced discussion
that will be provided in future filings, including the Company&rsquo;s Form 10-Q for the period ended January 31, 2012 to be filed
no later than March 12, 2012. The previous disclosures from the Form 10-K are repeated below with the enhanced discussion underscored.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt">Comparison of Fiscal 2011 to Fiscal
2010</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt"><I>Gross Profit and Operating Expenses</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in"><U>Our consolidated gross
profit margin was 35.9% in fiscal 2011 as compared to 36.0% in fiscal 2010, principally reflecting a .7% increase in the FSG&rsquo;s
gross profit margin, partially offset by a .5% decrease in the ETG&rsquo;s gross profit margin. The increase in the FSG&rsquo;s
gross profit margin principally reflects a .5% decrease in new product research and development expenses as a percentage of net
sales. The FSG&rsquo;s new product research and development spending increased from $11.8 million in fiscal 2010 to $12.9 million
in fiscal 2011, but decreased as a percentage of net sales due to the aforementioned net sales increase. The higher sales of the
FSG&rsquo;s aftermarket replacement parts, which generally have higher gross profit margins than the other FSG products lines,
also contributed to an increase in the FSG&rsquo;s gross profit margin . The decrease in the ETG&rsquo;s gross profit margin is
principally attributed to a $.4 million increase over the prior year in impairment charges related to the write down of certain
intellectual property intangible assets to their estimated fair values and a .2% increase in new product research and development
expenses as a percentage of net sales. The ETG&rsquo;s new product research and development spending increased from $10.9 million
in fiscal 2010 to $12.5 million in fiscal 2011.</U> <U>New product research and development expenses included within our consolidated
cost of sales increased from approximately $22.7 million in fiscal 2010 to approximately $25.4 million in fiscal 2011, principally
to further enhance growth opportunities and market penetration within both of our operating segments.</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in">Selling, general and administrative
(&ldquo;SG&amp;A&rdquo;) expenses were $136.0 million and $113.2 million in fiscal 2011 and 2010, respectively. <U>The increase
in SG&amp;A expenses</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0"><U>was mainly due to a $9.6 million increase in general and administrative (&ldquo;G&amp;A&rdquo;) employment-related
expenses and a $5.3 million increase in other G&amp;A expenses as well as higher selling expenses of $7.9 million, each of which
is associated with the growth in net sales discussed above and the acquired businesses, which accounted for $5.5 million of the
aggregate SG&amp;A expense increase. The increase in G&amp;A employment-related expenses is inclusive of a $6.3 million increase
in performance awards based on the improved consolidated operating results. The increase in other G&amp;A expenses also reflects
a $3.1 million increase over the prior year in impairment charges related to the write-down of certain customer relationships and
trade name intangible assets to their estimated fair values, partially offset by a $1.2 million reduction in the value of contingent
consideration related to a prior year acquisition.</U> SG&amp;A expenses as a percentage of net sales decreased from 18.3% in fiscal
2010 to 17.8% in fiscal 2011. The decrease as a percentage of net sales principally reflects the impact of higher net sales volumes
on the fixed portion of SG&amp;A expenses and controlled corporate spending relative to our net sales growth.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt"><I>Operating Income</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 0.5in">Operating income in fiscal
2011 increased by 27% to a record $138.4 million as compared to operating income of $109.2 million in fiscal 2010. The increase
in operating income reflects a $27.1 million increase (a 40% increase) in operating income of the FSG to a record $95.0 million
in fiscal 2011 from $67.9 million in fiscal 2010 and a $3.4 million increase (a 6% increase) to a record $59.5 million in operating
income of the ETG in fiscal 2011, up from $56.1 million in fiscal 2010, partially offset by a $1.2 million increase in corporate
expenses. <U>The increase in operating income of the FSG principally reflects the previously mentioned increased sales volumes
and favorable product mix and efficiencies realized from the overall increased sales volumes as well as the fiscal 2011 acquisition.
The increase in ETG&rsquo;s operating income principally reflects the previously mentioned increased sales volumes.</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 40.5pt">As a percentage of net sales,
our consolidated operating income increased to 18.1% in fiscal 2011 compared to 17.7% in fiscal 2010. The increase in consolidated
operating income as a percentage of net sales principally reflects an increase in the FSG&rsquo;s operating income as a percentage
of net sales to 17.6% in fiscal 2011 from 16.5% in fiscal 2010, partially offset by a decrease in the ETG&rsquo;s operating income
as a percentage of net sales from 27.3% in fiscal 2010 to 26.1% in fiscal 2011. The increase in operating income as a percentage
of net sales for the FSG reflects the higher sales volumes and improved gross profit margins as discussed above. The decrease in
operating income as a percentage of net sales for the ETG principally reflects the aforementioned increase of $3.5 million over
the prior year in impairment losses related to the write-down of certain intangible assets to their estimated fair values, partially
offset by a $1.2 million reduction in the value of contingent consideration related to a prior year acquisition.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><U>Liquidity and Capital Resources, page 34</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Please revise to disclose an estimate of the expected amount of capital expenditures for the next fiscal year. </B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><U>Company Response to Comment
#3</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt">In response to the Staff&rsquo;s
comment, the Company will provide the requested information in its future filings. Please see below for the type of enhanced liquidity
and capital resources discussion that will be provided in the Company&rsquo;s future filings. The previous disclosures from the
Form 10-K are repeated below with the enhanced discussion underscored.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of October 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; padding-left: 5.4pt">Cash and cash equivalents</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">17,500,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">6,543,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Total debt (including current portion)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,158,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,221,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">620,154,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">554,826,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Total capitalization (debt plus equity)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">660,312,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">569,047,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Total debt to total capitalization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp; &nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt"><FONT STYLE="letter-spacing: -0.15pt">In
addition to cash and cash equivalents of $17.5 million, we had approximately $262 million of unused availability under the terms
of our revolving credit facility as of October 31, 2011. Our principal uses of cash include acquisitions, capital expenditures,
cash dividends and working capital needs. <U>Capital expenditures in fiscal 2012 are anticipated to approximate $20 - $22 million.
</U>We finance our activities primarily from our operating activities and financing activities, including borrowings under long-term
credit agreements.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><U>Notes to the Financial Statements</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><U>Note 2. Acquisitions, page 54</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>We note your disclosure of the cash investing activities related to acquisitions, including contingent purchase price payments
to previous owners of businesses acquired prior to fiscal 2010. In light of the fact that the total amount of acquisitions, net
of cash acquired in fiscal 2011 is material to total assets as of October 31, 2010, we believe that all of the disclosures required
by ASC 805 should be provided for, at a minimum, the aggregate of the acquisitions made during each period. For example, please
provide a qualitative description of the factors that make up the goodwill recognized, such as expected synergies from combining
operations of the acquiree and the acquirer, intangible assets that do not qualify for separate recognition, or other factors.
See ASC 805-30-50-1. Also, please revise to disclose the contingent purchase price payments made to previous owners paid during
each reporting period separately from the purchase price allocation of the acquisitions made during each period.</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>Company Response to Comment #4</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 31.5pt">In response to the Staff&rsquo;s
comment, the Company will provide the requested information in its future filings, including the Company&rsquo;s Form 10-Q to
be filed no later than March 12, 2012, when applicable. In accordance with ASC 805, the Company has considered all relevant disclosures
pertaining to the fiscal 2011 acquisitions. Please note that the disclosure requirements of ASC 805-30-50-1.d and ASC 805-30-50-1.e
were included within Note 4 to the Consolidated Financial Statements included in the Company&rsquo;s Form 10-K. Please see below
for the type of disclosure, inclusive of a qualitative description of the factors that made up the goodwill recognized from our
fiscal 2011 acquisitions and disclosure of contingent purchase price payments made to previous owners paid during each reporting
period, that will be provided in the Company&rsquo;s future filings when applicable. The previous Note 2 disclosures from the Form
10-K are repeated below with the additional disclosures underscored.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Note 2. ACQUISITIONS</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">In May 2009, the Company, through
HEICO Electronic, acquired 82.5% of the stock of VPT, Inc., a U.S. company that designs and provides power conversion products
principally serving the defense, space and aviation industries.&nbsp;&nbsp;The remaining 17.5% continues to be owned by an existing
VPT shareholder which is also a supplier to the acquired company.&nbsp;&nbsp;During the first and second year following the acquisition,
VPT met certain earnings objectives which obligated the Company to pay additional purchase consideration of $1.3 million in both
fiscal 2011 and 2010. In addition, subject to meeting certain earnings objectives during the third year following the acquisition,
the Company may be obligated to pay additional purchase consideration of up to $10.1 million in fiscal 2012, which will be recorded
as additional goodwill.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">In October 2009, the Company,
through HEICO Electronic, acquired the business, assets and certain liabilities of the Seacom division of privately-held Dukane
Corp. and formed a new subsidiary, Dukane Seacom, Inc. (&ldquo;Seacom&rdquo;). Seacom is a designer and manufacturer of underwater
locator beacons used to locate aircraft cockpit voice recorders, flight data recorders, marine ship voyage recorders and various
other devices which have been submerged under water. During the first year following the acquisition, Seacom met certain earnings
objectives which obligated the Company to pay additional purchase consideration of $5.3 million in fiscal 2011. Based on the subsidiary&rsquo;s
earnings in the second year following the acquisition, the Company accrued $4.8 million of additional purchase consideration and
increased goodwill as of October 31, 2011, which it expects to pay in fiscal 2012.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">In February 2010, the Company,
through HEICO Electronic, acquired substantially all of the assets and assumed certain liabilities of dB Control. dB Control produces
high-power devices used in both defense and commercial applications.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">In December 2010, the Company,
through HEICO Aerospace, acquired 80.1% of the assets and assumed certain liabilities of Blue Aerospace LLC. Blue Aerospace is
a supplier, distributor, and integrator of military aircraft parts and support services</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0">primarily to foreign military organizations
allied with the United States. The remaining 19.9% interest continues to be owned by certain members of Blue Aerospace&rsquo;s
management team.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">In September 2011, the Company,
through HEICO Electronic, acquired all of the outstanding capital stock of 3D Plus SA (&ldquo;3D&rdquo;). 3D is a leading designer
and manufacturer of three-dimensional microelectronic and stacked memory products used predominately in satellites and also utilized
in medical equipment. Pursuant to the terms of the Stock Purchase Agreement (&ldquo;SPA&rdquo;), the purchase consideration for
3D shall reflect certain adjustments, which principally include any difference between 3D&rsquo;s actual working capital as of
the acquisition date and the amount estimated per the SPA. Accordingly, the Company has accrued approximately $6.2 million of additional
purchase consideration and increased goodwill as of October 31, 2011, which it expects to pay in fiscal 2012.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><U>As part of the purchase
agreements associated with certain prior year acquisitions, the Company may be obligated to pay additional purchase consideration
based on the acquired subsidiary meeting certain earnings objectives following the acquisition. For acquisitions consummated prior
to fiscal 2010, the Company accrues an estimate of additional purchase consideration when the earnings objectives are met. During
fiscal 2011, the Company, through HEICO Electronic, paid $6.6 million of such additional purchase consideration of which $4.1 million
was accrued as of October 31, 2010. During fiscal 2010, the Company, through HEICO Electronic, paid $4.2 million of such additional
purchase consideration of which $1.8 million was accrued as of October 31, 2009. During fiscal 2009, the Company, through HEICO
Electronic, paid $3.8 million of such additional purchase consideration of which $2.2 million was accrued as of October 31, 2008.
The amounts paid in fiscal 2011, 2010 and 2009 were based on a multiple of each applicable subsidiary&rsquo;s earnings relative
to target and were not contingent upon the former shareholders of the respective acquired entity remaining employed by the Company
or providing future services to the Company. Accordingly, these amounts represent an additional cost of the respective entity recorded
as additional goodwill. Information regarding additional contingent purchase consideration may be found in Note 16, Commitments
and Contingencies.</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">The purchase price of each
of the above referenced acquisitions was paid principally in cash using proceeds from the Company&rsquo;s revolving credit facility
and is not material or significant to the Company&rsquo;s consolidated financial statements.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">Cash investing activities related
to acquisitions (excluding additional purchase consideration payments) is as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-left: 0.5in; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended October 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Fair value of assets acquired:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-size: 10pt; text-indent: 10pt; padding-left: 5.4pt">&nbsp;&nbsp;Liabilities assumed</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">32,263,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">3,952,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">3,881,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 10pt; padding-left: 5.4pt">&nbsp;&nbsp;Noncontrolling interests in consolidated subsidiaries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,612,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,305,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: 10pt; padding-left: 5.4pt">&nbsp;&nbsp;Less:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 20pt; padding-left: 5.4pt">&nbsp;&nbsp;Goodwill</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48,968,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,972,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28,777,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: 20pt; padding-left: 5.4pt">&nbsp;&nbsp;Identifiable intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40,187,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,400,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21,562,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 20pt; padding-left: 5.4pt">&nbsp;&nbsp;Inventories</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,964,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,184,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,249,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: 20pt; padding-left: 5.4pt">&nbsp;&nbsp;Accounts receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,072,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,685,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,720,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 20pt; padding-left: 5.4pt">&nbsp;&nbsp;Property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,115,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">573,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">553,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: 20pt; padding-left: 5.4pt">&nbsp;&nbsp;Other assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,640,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">24,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,299,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; text-indent: 10pt; padding-left: 5.4pt">&nbsp;&nbsp;Acquisitions, net of cash acquired</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">($</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">88,071,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">($</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">34,886,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">($</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">55,974,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">The fiscal 2011 liabilities
assumed is inclusive of the aforementioned 3D additional purchase consideration. The allocation of the purchase price of 3D to
the tangible and identifiable intangible assets acquired and liabilities assumed in these consolidated financial statements is
preliminary until the Company obtains final information regarding their fair values. However, the Company does not expect any
adjustments to such allocation to be material to the Company&rsquo;s consolidated financial statements. <U>The primary items that
generated the goodwill recognized were the premiums paid by the Company for the future earnings potential of the businesses acquired
and the value of their assembled workforces that do not qualify for separate recognition, which, in the case of Blue Aerospace,
benefit both the Company and the noncontrolling interest holders.</U> Based on the factors comprising the goodwill recognized,
the fair value of the noncontrolling interest in Blue Aerospace was determined based on the consideration of the purchase price
paid by the Company for its 80.1% ownership interest.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">The operating results of the
Company&rsquo;s fiscal 2011 acquisitions were included in the Company&rsquo;s results of operations from the effective acquisition
dates. The amount of net sales and earnings of the 2011 acquisitions included in the Consolidated Statements of Operations is not
material. Had the fiscal 2011 acquisitions been consummated as of the beginning of fiscal 2010, net sales on a pro forma basis
for fiscal 2010 would have been approximately $679 million and net sales for fiscal 2011 as well as net income from consolidated
operations, net income attributable to HEICO, and basic and diluted net income per share attributable to HEICO shareholders on
a pro forma basis for fiscal 2011 and 2010 would not have been materially different than the reported amounts.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><U>Note 2. Acquisitions, page 54</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>We note that in December 2010 you acquired 80.1% of the assets and assumed certain liabilities of Blue Aerospace LLC. Please
explain to us how you determined or calculated the fair value of the non-controlling interest acquired. As part of your response
and revised disclosure, please tell us the valuation method used as well as all significant assumptions. See ASC 805-20-50-1(e).</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>Company Response to Comment #5</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: 31.5pt">In response to the Staff&rsquo;s
comment, the Company will provide the requested information in its future filings, including the Company&rsquo;s Form 10-Q to
be filed no later than March 12, 2012, when applicable. In accordance with ASC 805, the noncontrolling interest was recognized
and measured at fair value as of the acquisition date. Pursuant to the guidance in ASC 820, the Company determined the noncontrolling
interest associated with Blue Aerospace based on the consideration of the purchase price paid by the Company for its 80.1% ownership
interest. Please note that Blue Aerospace was a private entity and the transaction occurred between a willing buyer and a willing
seller. As indicated in our response to Comment #4 above, the composition of the goodwill associated with Blue Aerospace consisted
of factors considered by management to benefit both the controlling and noncontrolling interest holders. Additionally, management
considered potential risk related to the noncontrolling interest holders and concluded that any significant risk was generally
mitigated as such noncontrolling interest holders continue to function as senior management of the acquiree. Based on the aformentioned,
the Company determined that use of the controlling interest value to approximate the fair value of the noncontrolling interest
was reasonable. Please see below for the type of disclosure, inclusive of the valuation method used to determine the noncontrolling
interest associated with our acquisition of Blue Aerospace LLC, that will be provided in the Company&rsquo;s future filings when
applicable. The previous relevant Note 2 disclosure from the Form 10-K is repeated below with the additional disclosure underscored.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt">Note 2. ACQUISITIONS</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">The fiscal 2011 liabilities
assumed is inclusive of the aforementioned 3D additional purchase consideration. The allocation of the purchase price of 3D to
the tangible and identifiable intangible assets acquired and liabilities assumed in these consolidated financial statements is
preliminary until the Company obtains final information regarding their fair values. However, the Company does not expect any adjustments
to such allocation to be material to the Company&rsquo;s consolidated financial statements. The primary items that generated the
goodwill recognized were the premiums paid by the Company for the future earnings potential of the businesses acquired and the
value of their assembled workforces that do not qualify for separate recognition, which, in the case of Blue Aerospace, benefit
both the Company and the noncontrolling interest holders. <U>Based on the factors comprising the goodwill recognized and consideration
of an insignificant control premium, the fair value of the</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp; &nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0"><U>noncontrolling interest in Blue Aerospace was determined based on the
consideration of the purchase price paid by the Company for its 80.1% ownership interest.</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The undersigned on behalf of the Company, acknowledges that:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the Company is responsible for the adequacy and accuracy of the disclosure
in the filing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">staff comments or changes to disclosure in response to staff comments
do not foreclose the Commission from taking any action with respect to the filing; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the Company may not assert staff comments as a defense in any proceeding
initiated by the Commission or any person under the federal securities laws of the United States.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">If you have any questions or comments on the material provided,
please contact me.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Sincerely,</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">/s/ Thomas S. Irwin</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Thomas S. Irwin</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Executive Vice President and Chief Financial Officer</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">Cc:</TD><TD>United States Securities and Exchange Commission</TD></TR></TABLE>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Claire Erlanger</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">United States Securities and Exchange
Commission</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Joe Foti</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 11; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
