AAON Issues Balance Sheet Reclassification.TULSA Tulsa (tŭl`sə), city (1990 pop. 367,302), seat of Tulsa co., NE Okla., on the Arkansas River east of its junction with the Cimarron; inc. 1898. , Okla. -- Due to a last minute Balance Sheet reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of deposits in prepaid expenses Prepaid Expense An asset that arises on a balance sheet because of the payment of something in advance (prepayment). Services for the payment will be received in the near future. to machinery and equipment on AAON's (Nasdaq:AAON AAON American Association of Office Nurses ) Balance Sheet at March 31, 2005, total current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. decreased by $1,347,000 from $61,031,000 to $59,684,000, while total property and equipment and net property, plant and equipment increased by the same amount to $89,508,000 and $50,608,000, respectively.
AAON, Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited)
March 31, December 31,
2005 2004
--------------- --------------
(In thousands, except share
and per share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $370 $994
Certificate of deposit 3,000 3,000
Accounts receivable, net 28,698 27,121
Inventories, net 23,496 20,868
Prepaid expenses 583 478
Deferred income tax assets 3,537 3,537
--------------- --------------
Total current assets 59,684 55,998
--------------- --------------
PROPERTY, PLANT AND EQUIPMENT
Land 2,123 2,082
Buildings 27,012 26,805
Machinery and equipment 55,293 52,540
Furniture and fixtures 5,080 4,819
--------------- --------------
Total property, plant & equipment 89,508 86,246
Less: accumulated depreciation 38,900 37,017
--------------- --------------
Net property, plant & equipment 50,608 49,229
--------------- --------------
NOTES RECEIVABLE, LONG-TERM 75 --
--------------- --------------
Total assets $110,367 $105,227
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Revolving credit facility 1,347 --
Current maturities of long-term debt 108 108
Accounts payable 11,018 12,882
Accrued liabilities 17,684 15,069
--------------- --------------
Total current liabilities 30,157 28,059
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LONG-TERM DEBT, LESS CURRENT MATURITIES 140 167
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DEFERRED TAX LIABILITIES 5,630 5,830
--------------- --------------
STOCKHOLDERS' EQUITY
Preferred Stock, $.001 par, 5,000,000
shares authorized, no shares issued -- --
Common Stock, $.004 par, 50,000,000
shares authorized, and 12,376,333
and 12,349,583 issued and
outstanding at March 31, 2005, and
December 31, 2004, respectively 50 49
Additional paid-in capital -- --
Accumulated other comprehensive
income, net of tax 235 247
Retained earnings 74,155 70,875
--------------- --------------
Total stockholders' equity 74,440 71,171
--------------- --------------
Total liabilities and stockholders'
equity $110,367 $105,227
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