AAON, Inc., and Subsidiaries
Consolidated Statements of Income
Three Months Ended Twelve Months Ended
December December December December
31, 2009 31, 2008 31, 2009 31, 2008
----------- ---------- ---------- ----------
(in thousands, except per share data)
Net sales $ 54,228 $ 60,209 $ 245,282 $ 279,725
Cost of sales 39,449 46,693 177,737 212,549
----------- ---------- ---------- ----------
Gross profit 14,779 13,516 67,545 67,176
Selling, general and
administrative expenses 5,150 4,463 23,791 23,788
----------- ---------- ---------- ----------
Income from operations 9,629 9,053 43,754 43,388
Interest expense - (13) (9) (71)
Interest income - - 71 27
Other income (expense), net 75 308 76 724
----------- ---------- ---------- ----------
Income before income taxes 9,704 9,348 43,892 44,068
Income tax provision 3,549 3,308 16,171 15,479
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Net income $ 6,155 $ 6,040 $ 27,721 $ 28,589
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Earnings per share:
Basic $ 0.36 $ 0.35 $ 1.61 $ 1.63
=========== ========== ========== ==========
Diluted $ 0.36 $ 0.35 $ 1.60 $ 1.60
=========== ========== ========== ==========
Cash dividends declared
per common share: $ 0.18 $ 0.16 $ 0.36 $ 0.32
=========== ========== ========== ==========
Weighted average shares
outstanding:
Basic 17,213 17,196 17,187 17,560
=========== ========== ========== ==========
Diluted 17,281 17,338 17,309 17,855
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AAON, Inc., and Subsidiaries
Consolidated Balance Sheets
December 31, December 31,
2009 2008
-------------- --------------
(in thousands, except share
and per share data)
Assets
Current assets:
Cash and cash equivalents $ 25,639 $ 269
Accounts receivable, net 33,381 38,804
Inventories, net 28,788 36,382
Prepaid expenses and other 1,087 428
Derivative assets 2,200 -
Assets held for sale, net 1,522 -
Deferred tax assets 3,623 4,235
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Total current assets 96,240 80,118
Property, plant and equipment
Land 1,328 2,153
Buildings 41,697 36,371
Machinery and equipment 90,213 87,219
Furniture and fixtures 7,225 7,076
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Total property, plant and equipment 140,463 132,819
Less: Accumulated depreciation 80,567 72,269
-------------- --------------
Property, plant and equipment, net 59,896 60,550
Note receivable, long-term 75 75
-------------- --------------
Total assets $ 156,211 $ 140,743
============== ==============
Liabilities & Stockholders' Equity
Current liabilities:
Revolving credit facility $ - $ 2,901
Current maturities of long-term debt 76 91
Accounts payable 8,524 14,715
Dividends payable 3,100 2,773
Accrued liabilities 19,186 19,038
-------------- --------------
Total current liabilities 30,886 39,518
Long-term debt, less current maturities - 121
Deferred tax liabilities 7,326 4,582
Commitments and contingencies
Stockholder's Equity
Preferred stock, $.001 par value,
7,500,000 shares authorized, no shares
issued - -
Common stock, $.004 par value,
75,000,000 shares issued authorized,
17,214,979 and 17,208,733 issued and
outstanding at December 31, 2009 and
2008, respectively 71 71
Additional paid-in capital 644 538
Accumulated other comprehensive income,
net of tax 1,077 778
Retained earnings 116,207 95,135
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Total stockholders' equity 117,999 96,522
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Total liabilities and stockholders' equity $ 156,211 $ 140,743
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AAON, Inc., and Subsidiaries
Consolidated Statements of Cash Flows
Twelve Months Twelve Months
Ended Ended
December 31, December 31,
2009 2008
------------- -------------
(in thousands)
Operating Activities
Net income $ 27,721 $ 28,589
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 9,061 9,412
Provision for losses on accounts
receivable, net of adjustment 10 547
Provision for excess and obsolete
inventories 410 -
Share-based compensation 848 750
Excess tax benefits from stock options
exercised and restricted stock awards
vested (703) (1,613)
Gain on disposition of assets (59) (27)
Unrealized gain on derivative assets (2,200) -
Deferred income taxes 3,531 160
Changes in assets and liabilities:
Accounts receivable 5,495 (905)
Inventories 7,243 (4,779)
Prepaid expenses and other (660) 13
Accounts payable (6,334) 449
Accrued liabilities 842 851
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Net cash provided by operating activities 45,205 33,447
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Investing Activities
Proceeds from sale of property, plant,
and equipment 135 17
Capital expenditures (9,774) (9,610)
------------- -------------
Net cash used in investing activities (9,639) (9,593)
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Financing Activities
Borrowings under revolving credit
facility 9,972 46,865
Payments under revolving credit facility (12,873) (43,964)
Payments of long-term debt (136) (118)
Stock options exercised 1,236 1,696
Excess tax benefits from stock options
exercised and restricted stock awards
vested 703 1,613
Repurchase of stock (3,129) (24,761)
Cash dividends paid to stockholders (5,874) (5,791)
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Net cash used in financing activities (10,101) (24,460)
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Effect of exchange rate on cash (95) (4)
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Net increase (decrease) in cash and cash
equivalents 25,370 (610)
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Cash and cash equivalents, beginning of year 269 879
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Cash and cash equivalents, end of period $ 25,639 $ 269
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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