Message #15 From:
Stock News Bot 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
