Nevada | 0-18953 | 87-0448736 |
(State or Other Jurisdiction | (Commission File Number: ) | (IRS Employer Identification No.) |
of Incorporation) | ||
2425 South Yukon, Tulsa, Oklahoma | 74107 | |
(Address of Principal Executive Offices) | (Zip Code) |
Exhibit Number | Description | |||
99.1 | Press release dated November 7, 2013 announcing financial and operating results. |
AAON, INC. | |||
Date: | November 7, 2013 | By: | /s/ John B. Johnson, Jr. |
John B. Johnson, Jr., Secretary |
NEWS BULLETIN | AAON, Inc. | |||
2425 South Yukon Ave. Tulsa, OK 74107-2728 | ||||
Ph: (918) 583-2266 Fax: (918) 583-6094 | ||||
http://www.aaon.com | ||||
For Further Information: | ||||
FOR IMMEDIATE RELEASE NOVEMBER 7, 2013 | Jerry R. Levine Phone: (914) 244-0292 Fax: (914) 244-0295 | |||
Email: jrladvisor@yahoo.com |
AAON, Inc. and Subsidiaries | |||||||||||||||
Consolidated Statements of Income | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
Net sales | $ | 89,690 | $ | 76,816 | $ | 247,764 | $ | 225,106 | |||||||
Cost of sales | 63,074 | 59,667 | 178,160 | 173,336 | |||||||||||
Gross profit | 26,616 | 17,149 | 69,604 | 51,770 | |||||||||||
Selling, general and administrative expenses | 9,687 | 6,747 | 25,743 | 19,627 | |||||||||||
Gain on disposal of assets | — | 4 | 52 | 17 | |||||||||||
Income from operations | 16,929 | 10,406 | 43,913 | 32,160 | |||||||||||
Interest expense | (1 | ) | (16 | ) | (2 | ) | (43 | ) | |||||||
Interest income | 61 | 40 | 153 | 55 | |||||||||||
Other income(expense), net | 15 | 53 | 252 | 50 | |||||||||||
Income before taxes | 17,004 | 10,483 | 44,316 | 32,222 | |||||||||||
Income tax provision | 6,482 | 4,476 | 14,535 | 12,351 | |||||||||||
Net income | $ | 10,522 | $ | 6,007 | $ | 29,781 | $ | 19,871 | |||||||
Earnings per share: | |||||||||||||||
Basic* | $ | 0.29 | $ | 0.16 | $ | 0.81 | $ | 0.54 | |||||||
Diluted* | $ | 0.28 | $ | 0.16 | $ | 0.80 | $ | 0.54 | |||||||
Cash dividends declared per common share*: | $ | — | $ | — | $ | 0.10 | $ | 0.08 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic* | 36,742,262 | 36,803,235 | 36,752,657 | 36,837,686 | |||||||||||
Diluted* | 37,017,561 | 37,001,127 | 37,041,775 | 37,083,695 |
AAON, Inc. and Subsidiaries | |||||||
Consolidated Balance Sheets | |||||||
(Unaudited) | |||||||
September 30, 2013 | December 31, 2012 | ||||||
Assets | (in thousands, except share and per share data) | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 2,289 | $ | 3,159 | |||
Certificates of deposit | 8,186 | 3,120 | |||||
Investments held to maturity at amortized cost | 11,421 | 2,832 | |||||
Accounts receivable, net | 46,129 | 43,866 | |||||
Income tax receivable | 1,769 | 694 | |||||
Note receivable | 29 | 28 | |||||
Inventories, net | 33,383 | 32,614 | |||||
Prepaid expenses and other | 619 | 740 | |||||
Deferred tax assets | 5,296 | 4,493 | |||||
Total current assets | 109,121 | 91,546 | |||||
Property, plant and equipment: | |||||||
Land | 1,353 | 1,340 | |||||
Buildings | 60,435 | 59,761 | |||||
Machinery and equipment | 122,356 | 117,617 | |||||
Furniture and fixtures | 9,539 | 8,906 | |||||
Total property, plant and equipment | 193,683 | 187,624 | |||||
Less: Accumulated depreciation | 105,975 | 96,929 | |||||
Property, plant and equipment, net | 87,708 | 90,695 | |||||
Certificates of deposit | 4,483 | 2,120 | |||||
Investments held to maturity at amortized cost | 17,867 | 8,041 | |||||
Note receivable | 959 | 1,091 | |||||
Total assets | $ | 220,138 | $ | 193,493 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Revolving credit facility | $ | — | $ | — | |||
Accounts payable | 12,795 | 13,047 | |||||
Dividends payable | — | — | |||||
Accrued liabilities | 30,314 | 26,578 | |||||
Total current liabilities | 43,109 | 39,625 | |||||
Deferred revenue | 358 | — | |||||
Deferred tax liabilities | 14,741 | 15,732 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued | — | — | |||||
Common stock, $.004 par value, 168,750,000 shares authorized, | 147 | 147 | |||||
36,709,890 and 36,776,624 issued and outstanding at September 30, 2013 | |||||||
and December 31, 2012, respectively* | |||||||
Additional paid-in capital | — | — | |||||
Retained earnings | 161,783 | 137,989 | |||||
Total stockholders' equity | 161,930 | 138,136 | |||||
Total liabilities and stockholders' equity | $ | 220,138 | $ | 193,493 |
AAON, Inc. and Subsidiaries | |||||||
Consolidated Statements of Cash Flows | |||||||
(Unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2013 | 2012 | ||||||
Operating Activities | (in thousands) | ||||||
Net income | $ | 29,781 | $ | 19,871 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 9,349 | 10,079 | |||||
Amortization of bond premiums | 545 | 80 | |||||
Provision for losses on accounts receivable, net of adjustments | 121 | (7 | ) | ||||
Provision for excess and obsolete inventories | 468 | — | |||||
Share-based compensation | 1,054 | 625 | |||||
Excess tax benefits from stock options exercised and restricted stock awards vested | (502 | ) | (267 | ) | |||
Gain on disposition of assets | (52 | ) | (17 | ) | |||
Foreign currency transaction gain (loss) | 35 | (40 | ) | ||||
Interest income on note receivable | (31 | ) | — | ||||
Deferred income taxes | (1,794 | ) | (987 | ) | |||
Write-off of note receivable | 75 | — | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (2,384 | ) | (8,227 | ) | |||
Income tax receivable | 1,753 | 5,801 | |||||
Inventories | (1,237 | ) | (2,702 | ) | |||
Prepaid expenses and other | 121 | 148 | |||||
Accounts payable | (227 | ) | 2,681 | ||||
Deferred revenue | 358 | — | |||||
Accrued liabilities | 1,410 | 11,375 | |||||
Net cash provided by operating activities | 38,843 | 38,413 | |||||
Investing Activities | |||||||
Capital expenditures | (6,407 | ) | (12,582 | ) | |||
Proceeds from sale of property, plant and equipment | 72 | 311 | |||||
Investment in certificates of deposits | (8,869 | ) | (4,280 | ) | |||
Maturities of certificates of deposits | 1,440 | 1,060 | |||||
Purchases of investments held to maturity | (22,275 | ) | (5,624 | ) | |||
Maturities of investments | 3,315 | — | |||||
Proceeds from called investment | — | 270 | |||||
Principal payments from note receivable | 52 | 20 | |||||
Net cash used in investing activities | (32,672 | ) | (20,825 | ) | |||
Financing Activities | |||||||
Borrowings under revolving credit facility | 8,325 | 34,847 | |||||
Payments under revolving credit facility | (8,325 | ) | (39,422 | ) | |||
Stock options exercised | 986 | 1,053 | |||||
Excess tax benefits from stock options exercised and restricted stock awards vested | 502 | 267 | |||||
Repurchase of stock | (4,817 | ) | (4,379 | ) | |||
Cash dividends paid to stockholders | (3,712 | ) | (2,950 | ) | |||
Net cash used in financing activities | (7,041 | ) | (10,584 | ) | |||
Net (decrease) increase in cash and cash equivalents | (870 | ) | 7,004 | ||||
Cash and cash equivalents, beginning of period | 3,159 | 13 | |||||
Cash and cash equivalents, end of period | $ | 2,289 | $ | 7,017 |