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Message #15
From: NewsBot
Date: November 8, 2006 04:00:00 AM

AAON News AAON Reports Record Sales and Earnings

TULSA, Okla.--(BUSINESS WIRE)--AAON, Inc. (Nasdaq:AAON) today announced its operating results for the third quarter and nine-month period ended September 30, 2006.

In the quarter, net sales were a record high of $64,153,000, up 33.3% from $48,136,000 during the corresponding period in 2005, and net income also reached a record level, up 95.1% to $5,397,000 or $0.43 per share, compared to $2,766,000 or $0.22 per share for the same period a year ago. Net sales for the first nine months of 2006 were up 29.8%, to a record $176,910,000, compared to $136,310,000 in 2005, and earnings increased by 37.2% to a record $12,595,000 or $1.00 per share, compared to $9,177,000 or $0.72 per share. Per share earnings are on a diluted basis.

Norman H. Asbjornson President and CEO, stated that, “The increase in sales was attributable to an increase in volume of products sold as a result of an improvement of the commercial and industrial construction industry, an increased demand for the Company’s new and redesigned products, and price increases during 2006. The increase in earnings resulted primarily from both higher volume and price increases, which provided an improvement in gross margins in the third quarter.”

Mr. Asbjornson said that, “Based on the first nine months’ results and other relevant factors, we believe the full year 2006 will produce record sales and earnings, even with an anticipated seasonal slowdown in the fourth quarter.”

Certain statements in this news release may be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements.

AAON, Inc., and Subsidiaries

Consolidated Statements of Operations

(unaudited)

 
Three Months Ended Nine Months Ended
Sept. 30, 2006   Sept. 30, 2005   Sept. 30, 2006   Sept. 30, 2005
(In thousands, except share and per share data)
 
Net sales

$

64,153 

$

48,136 

$

176,910 

$

136,310 

Cost of sales  

50,562 

 

39,493 

 

142,816 

 

109,245 

Gross profit

13,591 

8,643 

34,094 

27,065 

Selling, general and administrative expenses

 

5,963 

 

4,417 

 

15,381 

 

12,990 

Income from operations

7,628 

4,226 

18,713 

14,075 

Interest expense

(36)

(4)

(58)

(12)

Interest income

- 

19 

24 

44 

Other income  

157 

 

167 

 

421 

 

358 

Income before income taxes

7,749 

4,408 

19,100 

14,465 

Income tax provision  

2,352 

 

1,642 

 

6,505 

 

5,288 

Net income

$

5,397 

$

2,766 

$

12,595 

$

9,177 

 
Earnings per share:
Basic

$

0.44 

$

0.22 

$

1.02 

$

0.74 

Diluted

$

0.43 

$

0.22 

$

1.00 

$

0.72 

 
Weighted average shares outstanding:

Basic   12,318,895    12,331,957    12,303,998    12,359,421 
Diluted   12,659,228    12,739,896    12,653,292    12,773,570 

AAON, Inc., and Subsidiaries

Consolidated Balance Sheets

(unaudited)

 
September 30,

2006

  December 31,

2005

(In thousands, except share and per share data)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents

$

467 

$

837 

Certificate of deposit

- 

1,000 

Accounts receivable, net

46,350 

32,487 

Inventories, net

29,721 

23,708 

Prepaid expenses, and other

614 

1,041 

Deferred income tax  

3,991 

 

3,877 

Total current assets  

81,143 

 

62,950 

PROPERTY, PLANT AND EQUIPMENT:
Land

2,234 

2,193 
Buildings 30,910  28,953 
Machinery and equipment 72,623  58,983 
Furniture and fixtures   5,777    5,514 
Total property, plant & equipment 111,544  95,643 
Less: accumulated depreciation   51,891    45,062 
Net property, plant & equipment   59,653    50,581 
NOTES RECEIVABLE, long-term 75  75 
Total assets $ 140,871  $ 113,606 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Revolving credit facility 6,497  - 
Current portion of long term debt 86  108 
Accounts payable 19,249  11,643 
Accrued liabilities   21,496    17,827 
Total accrued liabilities   47,328    29,578 
LONG-TERM DEBT, less current maturities  

- 

 

59 

DEFERRED TAX LIABILITIES  

4,016 

 

4,474 

STOCKHOLDERS’ EQUITY
Preferred Stock, $.001 par, 5,000,000 shares authorized, no shares issued

- 

- 

Common Stock, $.004 par, 50,000,000 shares authorized, and 12,298,525 and 12,233,558 issued and outstanding at September 30, 2006, and December 31, 2005, respectively

49 

49 

Additional paid-in capital

144 

- 

Accumulated other comprehensive income, net of tax

741 

513 

Retained earnings  

88,593 

 

78,933 

Total stockholders’ equity  

89,527 

  79,495 
Total liabilities and stockholders’ equity $ 140,871  $ 113,606 

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