AAON Reports 2005 Operating Results.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. -- AAON AAON American Association of Office Nurses , Inc. (Nasdaq:AAON) today announced its operating results for the year 2005. Sales increased 8% to $185.2 million from $171.9 million in 2004, and net income increased 53% to $11.5 million compared to $7.5 million in the previous year. Sales in the fourth quarter of 2005 increased to $48.9 million from $44.6 million in 2004, and net income for the quarter increased to $2.3 million compared to $2.1 million in 2004. Earnings per share for 2005 were $0.90 compared to $0.58 in 2004. Earnings for the fourth quarter of 2005 were $0.18 per share compared to $0.16 per share in the previous year. Per share earnings are on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. Norman Norman, city (1990 pop. 80,071), seat of Cleveland co., central Okla.; inc. 1891. It is the center of a livestock region. Oil wells, food processing, and printing and publishing contribute to the economy, and there is diverse manufacturing (machinery, communication H. Asbjornson, AAON's President/CEO, stated that the Company achieved record sales in 2005 and higher earnings compared to 2004 despite (1) a loss of $1.8 million by AAON Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , (2) continuing management time and effort and costs related to Sarbanes-Oxley compliance, (3) continuing high material costs and (4) higher than normal repair expense of $594,000 incurred in the fourth quarter to moderate sheet metal machine down time, now and in the future. Mr. Asbjornson continued by saying, "We project even greater sales and higher earnings in 2006, particularly with the prospect of improving operating results from AAON Canada, moderating costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Sarbanes Oxley Oxley refers to several things: People
AAON, Inc. is a manufacturer of air-conditioning air-conditioning Control of temperature, humidity, purity, and motion of air in an enclosed space, independent of outside conditions. In a self-contained air-conditioning unit, air is heated in a boiler unit or cooled by being blown across a refrigerant-filled coil and then and heating equipment consisting of standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. and custom rooftop units, chillers, air-handling units, make-up Make-up The amount of deficiency when a cash flow or capital item is deficient. For example, an interest make-up relates to the interest amount above a ceiling percentage. air units, heat recovery units, condensing con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. units and coils. Its products serve the new construction and replacement markets. Certain statements in this news release may be "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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.
Consolidated Statements of Operations
(unaudited)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2005 2004 2005 2004
-----------------------------------------------
(In thousands, except share and per share data)
Net sales $48,885 $44,636 $185,195 $171,885
Cost of sales 40,659 37,488 149,904 145,021
-------------- ----------- ---------- ---------
Gross profit 8,226 7,148 35,291 26,864
Selling, general and
administrative
expenses 4,514 4,051 17,477 15,214
-------------- ----------- ---------- ---------
Income from operations 3,712 3,097 17,814 11,650
Interest expense (4) (3) (16) (38)
Interest income 23 9 67 183
Other income (expense) 136 162 467 584
-------------- ----------- ---------- ---------
Income before income
taxes 3,867 3,265 18,332 12,379
Income tax provision 1,582 1,179 6,870 4,858
-------------- ----------- ---------- ---------
Net income $2,285 $2,086 $11,462 $7,521
============== =========== ========== =========
Earnings Per Share:
Basic $0.19 $0.17 $0.93 $0.60
============== =========== ========== =========
Diluted $0.18 $0.16 $0.90 $0.58
============== =========== ========== =========
Weighted Average Shares
Outstanding:
Basic 12,282 12,382 12,340 12,435
============== =========== ========== =========
Diluted 12,679 12,831 12,750 12,923
============== =========== ========== =========
AAON, Inc.
Consolidated Balance Sheets
(unaudited)
December 31, December 31,
2005 2004
--------------------------
(In thousands, except
share and per share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $837 $994
Certificate of deposit 1,000 3,000
Accounts receivable, net 32,487 27,121
Inventories, net 23,708 20,868
Prepaid expenses 1,041 478
Deferred income tax 3,877 3,537
------------- ------------
Total current assets 62,950 55,998
------------- ------------
PROPERTY, PLANT AND EQUIPMENT
Land 2,193 2,082
Buildings 28,953 26,805
Machinery and equipment 58,983 52,540
Furniture and fixtures 5,514 4,819
------------- ------------
Total property, plant & equipment 95,643 86,246
Less: accumulated depreciation 45,062 37,017
------------- ------------
Net property, plant & equipment 50,581 49,229
------------- ------------
NOTES RECEIVABLE, long-term 75 -
------------- ------------
Total assets $113,606 $105,227
============= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Revolving credit facility $- $-
Current maturities of long-term debt 108 108
Accounts payable 11,643 12,882
Accrued liabilities 17,827 15,069
------------- ------------
Total current liabilities 29,578 28,059
------------- ------------
LONG-TERM DEBT, LESS CURRENT MATURITIES 59 167
------------- ------------
DEFERRED TAX LIABILITY 4,474 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 12,233,558 and
12,349,583 issued and outstanding at
December 31, 2005, and December 31,
2004, respectively 49 49
Additional paid-in capital - -
Accumulated other comprehensive loss,
net of tax 513 247
Retained earnings 78,933 70,875
------------- ------------
Total stockholders' equity 79,495 71,171
------------- ------------
Total liabilities and stockholders' equity $113,606 $105,227
============= ============
AAON, Inc.
Consolidated Statements of Cash Flows
(unaudited)
Twelve Months Twelve Months
Ended Ended
Dec. 31, 2005 Dec. 31, 2004
------------- --------------
(in thousands)
OPERATING ACTIVITIES
Net income $11,462 $7,521
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 8,503 5,732
Provision for losses on accounts
receivable 68 521
(Gain)/Loss on disposition of assets 130 4
Deferred income taxes (1696) 434
Changes in assets and liabilities,
net of effects of acquisition:
Accounts receivable (5,366) (4,002)
Inventories (2,840) (698)
Prepaid expenses (563) 2,175
Accounts payable (1,269) 1,329
Accrued liabilities 3,537 3,143
-------------- --------------
Net cash provided by operating
activities 11,966 16,159
INVESTING ACTIVITIES
Cash paid for acquisition - (1,778)
Proceeds from sale of property,
plant and equipment 30 13
Proceeds from matured certificate of
deposit 3,000 10,000
Investment in certificate of deposit (1,000) (3,000)
Notes receivable, long term (75) -
Capital expenditures (10,144) (16,976)
-------------- --------------
Net cash used in investing
activities (8,189) (11,741)
FINANCING ACTIVITIES
Borrowings under revolving credit
facility 21,143 45,471
Payments under revolving credit
facility (21,143) (50,827)
Payments of long-term debt (108) -
Stock options exercised 820 478
Repurchase of stock (4,912) (4,979)
-------------- --------------
Net cash used in financing
activities (4,200) (9,857)
-------------- --------------
Effect of exchange rate on cash 266 247
-------------- --------------
Net decrease in cash and cash
equivalents (157) (5,192)
-------------- --------------
Cash and cash equivalents, beginning of
year 994 6,186
-------------- --------------
Cash and cash equivalents, end of year $837 $994
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