AAON Reports Record Sales and Higher Earnings.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 three months ended March 31, 2006, of $53.6 million in sales (up 25%), and $3.7 million of net income (up 14%), $0.30 per share, compared to $42.8 million in sales and $3.3 million in net income, $0.26 per share, a year ago. 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. Sales for the first quarter of 2006 were an all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal record and earnings were the highest of any first quarter in the Company's history. 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, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated that, "The increase in sales was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an improvement of the commercial and industrial construction industry, the Company's new and redesigned products being favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. received by its customers, and price increases during 2005." He said, "The increase in earnings resulted from both higher volume and price increases, partially offset by continuing material cost increases and a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta loss of $423,000 by the Company's Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. subsidiary which also adversely affected the Company's gross margin." Mr. Asbjornson added that, "Based on the first quarter results and other relevant factors, we expect 2006 to produce both higher sales and earnings than 2005." 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
Mar. 31, 2006 Mar. 31, 2005
----------------------- -----------------------
(in thousands, except share and per share data)
Net sales $53,620 $42,780
Cost of sales 43,236 32,730
----------------------- -----------------------
Gross profit 10,384 10,050
Selling, general and
administrative
expenses 4,565 4,763
----------------------- -----------------------
Income from
operations 5,819 5,287
Interest expense (12) (2)
Interest income 9 78
Other income (expense) 126 72
----------------------- -----------------------
Income before income
taxes 5,942 5,435
Income tax provision 2,199 2,148
----------------------- -----------------------
Net income $3,743 $3,287
======================= =======================
Earnings Per Share:
Basic $0.30 $0.27
======================= =======================
Diluted $0.30 $0.26
======================= =======================
Weighted Average
Shares Outstanding:
Basic 12,277 12,387
======================= =======================
Diluted 12,634 12,795
======================= =======================
AAON, Inc.
Consolidated Balance Sheets
(unaudited)
March 31, December 31,
2006 2005
--------------------------
(In thousands, except
share and per share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents 3,466 $837
Certificate of deposit -- 1,000
Accounts receivable, net 34,265 32,487
Inventories, net 23,458 23,708
Prepaid expenses 1,202 1,041
Deferred income tax 4,003 3,877
------------- ------------
Total current assets 66,394 62,950
------------- ------------
PROPERTY, PLANT AND EQUIPMENT
Land 2,193 2,193
Buildings 29,475 28,953
Machinery and equipment 64,395 58,983
Furniture and fixtures 5,624 5,514
------------- ------------
Total property, plant & equipment 101,687 95,643
Less: accumulated depreciation 47,268 45,062
------------- ------------
Net property, plant & equipment 54,419 50,581
------------- ------------
NOTES RECEIVABLE, LONG-TERM 75 75
------------- ------------
Total assets 120,888 $113,606
============= ============
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Revolving credit facility -- --
Current maturities of long-term debt 108 108
Accounts payable 12,836 11,643
Accrued liabilities 19,909 17,827
------------- ------------
Total current liabilities 32,853 29,578
------------- ------------
LONG-TERM DEBT, LESS CURRENT MATURITIES 32 59
------------- ------------
DEFERRED TAX LIABILITY 4,205 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 12,303,779 and
12,233,558 issued and outstanding at
March 31, 2006, and December 31,
2005, respectively 49 49
Additional paid-in capital 129 --
Accumulated other comprehensive
income, net of tax 526 513
Retained earnings 83,094 78,933
------------- ------------
Total stockholders' equity 83,798 79,495
------------- ------------
Total liabilities and stockholders' equity 120,888 $113,606
============= ============
AAON, Inc.
Consolidated Statements of Cash Flows
(unaudited)
Three Months Three Months
Ended Ended
Mar. 31, 2006 Mar. 31, 2005
-------------- ---------------
(in thousands)
OPERATING ACTIVITIES
Net income $3,743 $3,287
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 2,206 1,883
Provision for losses on accounts
receivable 57 39
Share-based compensation 129 --
Excess tax benefits from stock
options exercised (612) --
Deferred income taxes (395) (200)
Changes in assets and
liabilities:
Accounts receivable (1,835) (1,616)
Inventories 250 (2,628)
Prepaid expenses (161) (105)
Accounts payable 1,193 (1,864)
Accrued liabilities 2,691 2,832
-------------- ---------------
Net cash provided by operating
activities 7,266 1,628
INVESTING ACTIVITIES
Proceeds from matured certificate of
deposit 1,500 3,000
Investment in certificate of deposit (500) (3,000)
Notes receivable, long-term -- (75)
Capital expenditures (6,044) (3,262)
-------------- ---------------
Net cash used in investing
activities (5,044) (3,337)
FINANCING ACTIVITIES
Borrowings under revolving credit
facility 8,939 5,304
Payments under revolving credit
facility (8,939) (3,957)
Payments of long-term debt (27) (27)
Stock options exercised 552 242
Excess tax benefits from stock
options exercised 612 --
Repurchase of stock (743) (465)
-------------- ---------------
Net cash provided by financing
activities 394 1,097
-------------- ---------------
Effect of exchange rate on cash 13 (12)
-------------- ---------------
Net increase (decrease) in cash and
cash equivalents 2,629 (624)
-------------- ---------------
Cash and cash equivalents, beginning of
period 837 994
-------------- ---------------
Cash and cash equivalents, end of
period $3,466 $370
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