AAON, Inc., and Subsidiaries
Consolidated Statements of Income
(Unaudited)
Three Months Ended
March 31, March 31,
2009 2008
----------- -----------
(in thousands, except
per share data)
Net sales $ 63,965 $ 65,456
Cost of sales 47,031 49,804
----------- -----------
Gross profit 16,934 15,652
Selling, general and
administrative expenses 6,535 5,902
----------- -----------
Income from operations 10,399 9,750
Interest expense (9) (3)
Interest income - 21
Other income, net 245 130
----------- -----------
Income before income taxes 10,635 9,898
Income tax provision 3,907 3,464
----------- -----------
Net income $ 6,728 $ 6,434
=========== ===========
Earnings per share:
Basic $ 0.39 $ 0.36
=========== ===========
Diluted $ 0.39 $ 0.35
=========== ===========
Weighted average shares outstanding:
Basic 17,189 18,049
=========== ===========
Diluted 17,335 18,311
=========== ===========
AAON, Inc., and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
March 31, December 31,
2009 2008
------------ ------------
(in thousands, except
share and per share data)
Assets
Current assets:
Cash and cash equivalents $ 3,725 $ 269
Accounts receivable, net 40,891 38,804
Inventories, net 33,802 36,382
Prepaid expenses and other 513 428
Deferred tax assets 4,731 4,235
------------ ------------
Total current assets 83,662 80,118
Property, plant and equipment
Land 2,128 2,153
Buildings 37,391 36,371
Machinery and equipment 89,638 87,219
Furniture and fixtures 7,096 7,076
------------ ------------
Total property, plant and equipment 136,253 132,819
Less: Accumulated depreciation 74,522 72,269
------------ ------------
Property, plant and equipment, net 61,731 60,550
Note receivable, long-term 75 75
------------ ------------
Total assets $ 145,468 $ 140,743
============ ============
Liabilities & Stockholders' Equity
Current liabilities:
Revolving credit facility $ - $ 2,901
Current maturities of long-term debt 91 91
Accounts payable 14,212 14,715
Dividends payable - 2,773
Accrued liabilities 24,025 19,038
------------ ------------
Total current liabilities 38,328 39,518
Long-term liabilities 99 121
Deferred tax liabilities 4,436 4,582
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.001 par value, 7,500,000
shares authorized, no shares issued
Common stock, $.004 par value, 75,000,000
shares authorized, 17,170,214 and
17,208,733 issued and outstanding at March
31, 2009 and December 31, 2008,
respectively 71 71
Additional paid-in capital 36 538
Accumulated other comprehensive income, net of
tax 635 778
Retained earnings 101,863 95,135
------------ ------------
Total stockholders' equity 102,605 96,522
------------ ------------
Total liabilities and stockholders' equity $ 145,468 $ 140,743
============ ============
AAON, Inc., and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
2009 2008
----------- -----------
(in thousands)
OPERATING ACTIVITIES
Net income $ 6,728 $ 6,434
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 2,282 2,457
Provision for losses on accounts
receivable 410 26
Share-based compensation 188 241
Excess tax benefits from stock options
exercised (2) (119)
Deferred income taxes (718) (427)
Changes in assets and liabilities:
Accounts receivable (2,537) 2,212
Inventories, net 2,557 (1,199)
Prepaid expenses and other (87) (125)
Accounts payable (452) 824
Accrued liabilities 4,996 (134)
----------- -----------
Net cash provided by operating activities 13,365 10,190
----------- -----------
INVESTING ACTIVITIES
Capital expenditures (3,512) (972)
----------- -----------
Net cash used in investing activities (3,512) (972)
----------- -----------
FINANCING ACTIVITIES
Borrowings under revolving credit facility 9,972 4,219
Payments under revolving credit facility (12,873) (4,219)
Payments of long-term debt (22) (23)
Stock options exercised 10 79
Excess tax benefits from stock options
exercised 2 119
Repurchase of stock (702) (1,823)
Cash dividends paid to stockholders (2,773) (2,943)
----------- -----------
Net cash used in financing activities (6,386) (4,591)
----------- -----------
Effect of exchange rate on cash (11) (32)
----------- -----------
Net increase in cash and cash equivalents 3,456 4,595
----------- -----------
Cash and cash equivalents, beginning of year 269 879
----------- -----------
Cash and cash equivalents, end of period $ 3,725 $ 5,474
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Contact Information: For Further Information: Jerry R. Levine Phone: (914) 244-0292 Fax: (914) 244-0295 AAON, Inc. 2425 South Yukon Ave. Tulsa, OK 74107-2728 Ph: (918) 583-2266 Fax: (918) 583-6094 http://www.aaon.com