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 May 5, 2014 announcing financial and operating results and semi-annual dividend. |
AAON, INC. | |||
Date: | May 5, 2014 | 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 May 5, 2014 | 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 March 31, | |||||||
2014 | 2013 | ||||||
(in thousands, except share and per share data) | |||||||
Net sales | $ | 76,367 | $ | 66,833 | |||
Cost of sales | 54,521 | 51,521 | |||||
Gross profit | 21,846 | 15,312 | |||||
Selling, general and administrative expenses | 7,629 | 6,967 | |||||
(Gain) loss on disposal of assets | (24 | ) | 7 | ||||
Income from operations | 14,241 | 8,338 | |||||
Interest income | 69 | 34 | |||||
Other expense, net | (21 | ) | (16 | ) | |||
Income before taxes | 14,289 | 8,356 | |||||
Income tax provision | 4,467 | 1,216 | |||||
Net income | $ | 9,822 | $ | 7,140 | |||
Earnings per share: | |||||||
Basic* | $ | 0.27 | $ | 0.19 | |||
Diluted* | $ | 0.26 | $ | 0.19 | |||
Cash dividends declared per common share*: | $ | — | $ | — | |||
Weighted average shares outstanding: | |||||||
Basic* | 36,694,554 | 36,760,632 | |||||
Diluted* | 37,075,460 | 36,962,144 |
AAON, Inc. and Subsidiaries | |||||||
Consolidated Balance Sheets | |||||||
(Unaudited) | |||||||
March 31, 2014 | December 31, 2013 | ||||||
Assets | (in thousands, except share and per share data) | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 19,670 | $ | 12,085 | |||
Certificates of deposit | 9,105 | 8,110 | |||||
Investments held to maturity at amortized cost | 22,808 | 16,040 | |||||
Accounts receivable, net | 45,704 | 39,063 | |||||
Income tax receivable | — | 1,073 | |||||
Note receivable | 29 | 29 | |||||
Inventories, net | 34,891 | 32,140 | |||||
Prepaid expenses and other | 701 | 304 | |||||
Deferred tax assets | 5,488 | 4,779 | |||||
Total current assets | 138,396 | 113,623 | |||||
Property, plant and equipment: | |||||||
Land | 2,233 | 1,417 | |||||
Buildings | 62,744 | 61,821 | |||||
Machinery and equipment | 120,942 | 119,439 | |||||
Furniture and fixtures | 9,934 | 9,748 | |||||
Total property, plant and equipment | 195,853 | 192,425 | |||||
Less: Accumulated depreciation | 107,678 | 105,142 | |||||
Property, plant and equipment, net | 88,175 | 87,283 | |||||
Certificates of deposit | 240 | 2,638 | |||||
Investments held to maturity at amortized cost | 1,027 | 10,981 | |||||
Note receivable | 881 | 919 | |||||
Total assets | $ | 228,719 | $ | 215,444 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Revolving credit facility | $ | — | $ | — | |||
Accounts payable | 11,307 | 7,779 | |||||
Accrued liabilities | 30,643 | 28,550 | |||||
Total current liabilities | 41,950 | 36,329 | |||||
Deferred revenue | 735 | 585 | |||||
Deferred tax liabilities | 13,979 | 14,424 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued | — | — | |||||
Common stock, $.004 par value, 50,000,000 shares authorized, | 147 | 147 | |||||
36,652,276 and 36,711,354 issued and outstanding at March 31, 2014 | |||||||
and December 31, 2013, respectively | |||||||
Additional paid-in capital | — | — | |||||
Retained earnings | 171,908 | 163,959 | |||||
Total stockholders' equity | 172,055 | 164,106 | |||||
Total liabilities and stockholders' equity | $ | 228,719 | $ | 215,444 |
AAON, Inc. and Subsidiaries | |||||||
Consolidated Statements of Cash Flows | |||||||
(Unaudited) | |||||||
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Operating Activities | (in thousands) | ||||||
Net income | $ | 9,822 | $ | 7,140 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 2,808 | 3,191 | |||||
Amortization of bond premiums | 216 | 127 | |||||
Provision for losses on accounts receivable, net of adjustments | (130 | ) | 269 | ||||
Provision for excess and obsolete inventories, net | 4 | 169 | |||||
Share-based compensation | 412 | 392 | |||||
Excess tax benefits from stock options exercised and restricted stock awards vested | (356 | ) | (109 | ) | |||
(Gain) loss on disposition of assets | (24 | ) | 7 | ||||
Foreign currency transaction gain | 31 | 19 | |||||
Interest income on note receivable | (10 | ) | (10 | ) | |||
Deferred income taxes | (1,154 | ) | (1,205 | ) | |||
Changes in assets and liabilities: | |||||||
Accounts receivable | (6,511 | ) | 5,046 | ||||
Income tax receivable | 1,429 | (172 | ) | ||||
Inventories | (2,755 | ) | (1,541 | ) | |||
Prepaid expenses and other | (397 | ) | (99 | ) | |||
Accounts payable | 3,441 | (1,838 | ) | ||||
Deferred revenue | 204 | — | |||||
Accrued liabilities | 2,039 | (2,895 | ) | ||||
Net cash provided by operating activities | 9,069 | 8,491 | |||||
Investing Activities | |||||||
Capital expenditures | (3,616 | ) | (997 | ) | |||
Proceeds from sale of property, plant and equipment | 27 | — | |||||
Investment in certificates of deposits | — | (238 | ) | ||||
Maturities of certificates of deposits | 1,403 | 720 | |||||
Purchases of investments held to maturity | — | (1,396 | ) | ||||
Maturities of investments | 2,717 | 610 | |||||
Proceeds from called investment | 253 | — | |||||
Principal payments from note receivable | 17 | 20 | |||||
Net cash provided by (used in) investing activities | 801 | (1,281 | ) | ||||
Financing Activities | |||||||
Borrowings under revolving credit facility | — | 1,955 | |||||
Payments under revolving credit facility | — | (1,955 | ) | ||||
Stock options exercised | 340 | 354 | |||||
Excess tax benefits from stock options exercised and restricted stock awards vested | 356 | 109 | |||||
Repurchase of stock | (2,981 | ) | (1,115 | ) | |||
Net cash used in financing activities | (2,285 | ) | (652 | ) | |||
Net increase in cash and cash equivalents | 7,585 | 6,558 | |||||
Cash and cash equivalents, beginning of period | 12,085 | 3,159 | |||||
Cash and cash equivalents, end of period | $ | 19,670 | $ | 9,717 |