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     313  0 Kommentare AAON Reports First Quarter Operating Results

    TULSA, OK--(Marketwired - May 07, 2015) - AAON, Inc. (NASDAQ: AAON) today announced its operating results for the three months ended March 31, 2015. 

    Sales in the first quarter were a record of $76.8 million, up 0.5% from $76.4 million in 2014. Net income was $8.4 million, down (14.5)% from $9.8 million for the same period a year ago. Earnings per diluted share in the first quarter of 2015 was $0.15, down (16.7)% from $0.18 for the same period the previous year, based upon 54.6 million and 55.6 million shares outstanding at March 31, 2015 and 2014, respectively. All per share earnings and shares reflect the three-for-two stock split effective July 16, 2014.

    The Company's effective income tax rate for the three months ended March 31, 2015 was 37.5% compared to 31.3% for the same period a year ago, or approximately $0.02 per share. The first quarter of 2014 had an abnormally low tax rate due to a change in method of accounting for state investment tax credits. The Company expects its tax rate to be approximately 37.0% for the year 2015.

    Norman H. Asbjornson, President and CEO, stated, "The first quarter increase in sales primarily reflects an increase in units sold during the period while gross profit as a percent of sales remained steady at 28.4% compared to 28.6% a year ago. SG&A expense as a percent of sales increased 0.8% (from 10.0% to 10.8%), due to additional sales tax expense and payments of approximately $0.6 million."

    Mr. Asbjornson said, "Based upon all available forecasts, we anticipated a better quarter. There were three primary reasons for this result. First, we have a strong market presence in the Northeast and Upper Mid-west which was affected by adverse weather conditions. We also have a major market position in energy producing states that suffered by reason of the drop in oil prices. In addition, there was a general unease in the manufacturing sector which delayed expenditures."

    Mr. Asbjornson continued, "The Company's balance sheet at March 31, 2015, was very strong, showing a current ratio of 3.5:1 (including cash and short-term investments totaling $42.7 million), plus long-term marketable investments of $6.6 million, and we remained debt-free. Additionally, our backlog increased from $51.7 million at March 31, 2014, to $55.4 million at March 31, 2015." 

    Mr. Asbjornson next said, "While our backlog increased during the first quarter, we remain concerned about stagnation in non-residential construction. For this reason our outlook for the remainder of the year is cloudy."

    The Company will host a conference call today at 4:15 P.M. Eastern Time to discuss the first quarter results. To participate, call 1-888-241-0551 (code 36418406); or, for rebroadcast, call 1-855-859-2056 (code 36418406).

    AAON, Inc. is a manufacturer of air conditioning and heating equipment consisting of rooftop units, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, self-contained units and coils. Its products serve the new construction and replacement markets. The Company has successfully gained market share through its "semi-custom" product lines, which offer the customer value, quality, function, serviceability and efficiency.

    Certain statements in this news release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended. 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 Income
    (Unaudited)
      Three Months Ended
     March 31,
      2015   2014
      (in thousands, except share and per share data)
    Net sales $ 76,768     $ 76,367  
    Cost of sales   54,970       54,521  
    Gross profit   21,798       21,846  
    Selling, general and administrative expenses   8,317       7,629  
    Loss (gain) on disposal of assets   5       (24 )
    Income from operations   13,476       14,241  
    Interest income   44       69  
    Other expense, net   (75 )     (21 )
    Income before taxes   13,445       14,289  
    Income tax provision   5,046       4,467  
    Net income $ 8,399     $ 9,822  
    Earnings per share:          
      Basic* $ 0.16     $ 0.18  
      Diluted* $ 0.15     $ 0.18  
    Cash dividends declared per common share*: $ -     $ -  
    Weighted average shares outstanding:          
      Basic*   54,083,897       55,041,831  
      Diluted*   54,640,389       55,613,190  
                   

    *Reflects three-for-two stock split effective July 16, 2014

     
    AAON, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (Unaudited)
      March 31, 2015   December 31, 2014
    Assets (in thousands, except share and per share data)
    Current assets:      
      Cash and cash equivalents $ 33,526     $ 21,952  
      Certificates of deposit   4,180       6,098  
      Investments held to maturity at amortized cost   4,984       11,972  
      Accounts receivable, net   39,865       44,092  
      Income tax receivable   2,381       2,569  
      Note receivable   25       30  
      Inventories, net   44,546       37,618  
      Prepaid expenses and other   910       609  
      Deferred tax assets   6,272       6,143  
    Total current assets   136,689       131,083  
    Property, plant and equipment:          
      Land   2,233       2,233  
      Buildings   65,676       64,938  
      Machinery and equipment   130,474       127,968  
      Furniture and fixtures   10,068       10,388  
        Total property, plant and equipment   208,451       205,527  
        Less: Accumulated depreciation   115,680       113,605  
      Property, plant and equipment, net   92,771       91,922  
    Certificates of deposit   4,560       5,280  
    Investments held to maturity at amortized cost   1,993       4,015  
    Note receivable   746       817  
    Total assets $ 236,759     $ 233,117  
               
    Liabilities and Stockholders' Equity          
    Current liabilities:          
      Revolving credit facility $ -     $ -  
      Accounts payable   10,125       11,370  
      Accrued liabilities   28,518       31,343  
    Total current liabilities   38,643       42,713  
    Deferred revenue   955       1,006  
    Deferred tax liabilities   13,363       13,677  
    Donations   1,677       1,662  
    Commitments and contingencies          
    Stockholders' equity:          
    Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued   -       -  
    Common stock, $.004 par value, 100,000,000 shares authorized, 54,171,201 and 54,041,829   217       216  
      issued and outstanding at March 31, 2015 and December 31, 2014, respectively          
    Additional paid-in capital   -       -  
    Retained earnings   181,904       173,843  
    Total stockholders' equity   182,121       174,059  
    Total liabilities and stockholders' equity $ 236,759     $ 233,117  
                   
     
    AAON, Inc. and Subsidiaries
    Consolidated Statements of Cash Flows
    (Unaudited)
      Three Months Ended
     March 31,
      2015   2014
    Operating Activities (in thousands)
      Net income $ 8,399     $ 9,822  
      Adjustments to reconcile net income to net cash provided by operating activities:          
        Depreciation   2,804       2,808  
        Amortization of bond premiums   61       216  
        Provision for losses on accounts receivable, net of adjustments   (59 )     (130 )
        Provision for excess and obsolete inventories, net   41       4  
        Share-based compensation   438       412  
        Excess tax benefits from stock options exercised and restricted stock awards vested   (1,098 )     (356 )
        Loss (gain) on disposition of assets   5       (24 )
        Foreign currency transaction loss   70       31  
        Interest income on note receivable   (8 )     (10 )
        Deferred income taxes   (443 )     (1,154 )
        Changes in assets and liabilities:          
          Accounts receivable   4,286       (6,511 )
          Income tax receivable   1,286       1,429  
          Inventories   (6,969 )     (2,755 )
          Prepaid expenses and other   (301 )     (397 )
          Accounts payable   (1,316 )     3,441  
          Deferred revenue   64       204  
          Accrued liabilities   (2,925 )     2,039  
      Net cash provided by operating activities   4,335       9,069  
    Investing Activities          
      Capital expenditures   (3,587 )     (3,616 )
      Proceeds from sale of property, plant and equipment   -       27  
      Maturities of certificates of deposits   2,638       1,403  
      Maturities of investments   8,445       2,717  
      Proceeds from called investments   504       253  
      Principal payments from note receivable   14       17  
      Net cash provided by investing activities   8,014       801  
    Financing Activities          
      Borrowings under revolving credit facility   -       -  
      Payments under revolving credit facility   -       -  
      Stock options exercised   1,082       340  
      Excess tax benefits from stock options exercised and restricted stock awards vested   1,098       356  
      Repurchase of stock   (2,955 )     (2,981 )
      Net cash used in financing activities   (775 )     (2,285 )
    Net increase in cash and cash equivalents   11,574       7,585  
    Cash and cash equivalents, beginning of period   21,952       12,085  
    Cash and cash equivalents, end of period $ 33,526     $ 19,670  
                   

    Use of Non-GAAP Financial Measures

    To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), additional non-GAAP financial measures are provided and reconciled in the following tables. The Company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results. The Company believes that these non-GAAP financial measures enhance the ability of investors to analyze the Company's business trends and operating performance.

    EBITDAX

    EBITDAX (as defined below) is presented herein and reconciled from the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company's ability to internally fund operations.

    The Company defines EBITDAX as net income, plus (1) depreciation, (2) amortization of bond premiums, (3) share-based compensation, (4) interest (income) expense and (5) income tax expense. EBITDAX is not a measure of net income or cash flows as determined by GAAP.

    The Company's EBITDAX measure provides additional information which may be used to better understand the Company's operations. EBITDAX is one of several metrics that the Company uses as a supplemental financial measurement in the evaluation of its business and should not be considered as an alternative to, or more meaningful than, net income, as an indicator of operating performance. Certain items excluded from EBITDAX are significant components in understanding and assessing a company's financial performance. EBITDAX, as used by the Company, may not be comparable to similarly titled measures reported by other companies. The Company believes that EBITDAX is a widely followed measure of operating performance and is one of many metrics used by the Company's management team and by other users of the Company's consolidated financial statements.

    The following table provides a reconciliation of net income (GAAP) to EBITDAX (non-GAAP) for the periods indicated:

       
      Three Months Ended
     March 31,
     
      2015   2014
      (in thousands)
    Net Income, a GAAP measure $ 8,399     $ 9,822  
    Depreciation   2,804       2,808  
    Amortization of bond premiums   61       216  
    Share-based compensation   438       412  
    Interest (income)   (105 )     (285 )
    Income tax expense   5,046       4,467  
    EBITDAX, a non-GAAP measure $ 16,643     $ 17,440  
                   

    Adjusted Net Income and Adjusted Earnings per Share

    The Company defines Adjusted Net Income and the related per share amount as (1) net income, plus (2) non-recurring donations, less (3) the impact on profit sharing expense from the non-recurring donations and (4) the impact on income tax expense from the non-recurring donations. These measures provide additional information which may be used to better understand the Company's operations.

    The following tables provide a reconciliation of net income and earnings per share-diluted (GAAP) to adjusted net income and adjusted earnings per share-diluted (non-GAAP) for the periods indicated:

       
      Three Months Ended
     March 31,
     
      2015   2014
      (in thousands except per share data)
    Net Income, a GAAP measure $ 8,399     $ 9,822  
    Non-recurring donations   15       -  
    Profit-sharing   (2 )     -  
    Income tax expense   (5 )     -  
    Adjusted Net Income, a non-GAAP measure $ 8,407     $ 9,822  
               
    Earnings per share-diluted, a GAAP measure $ 0.15     $ 0.18  
    Non-recurring donations   -       -  
    Profit-sharing   -       -  
    Income tax expense   -       -  
    Adjusted earnings per share-diluted, a non-GAAP measure $ 0.15     $ 0.18  
                   

    For Further Information:
    Jerry R. Levine
    Phone: (914) 244-0292
    Fax: (914) 244-0295
    Email: jrladvisor@yahoo.com

    AAON, Inc.
    2425 South Yukon Ave. 
    Tulsa, OK   74107-2728
    Ph: (918) 583-2266 
    Fax: (918) 583-6094
    http://www.aaon.com




    Verfasst von Marketwired
    AAON Reports First Quarter Operating Results TULSA, OK--(Marketwired - May 07, 2015) - AAON, Inc. (NASDAQ: AAON) today announced its operating results for the three months ended March 31, 2015. Sales in the first quarter were a record of $76.8 million, up 0.5% from $76.4 million in 2014. Net …