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 February 27, 2015 announcing financial and operating results. |
AAON, INC. | |||
Date: | February 27, 2015 | 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 IMMEDIATE RELEASE FEBRUARY 27, 2015 | For Further Information: | |||
Jerry R. Levine Phone: (914) 244-0292 Fax: (914) 244-0295 | ||||
Email: jrladvisor@yahoo.com |
AAON, Inc. and Subsidiaries | |||||||||||||||
Unaudited Consolidated Statements of Income | |||||||||||||||
Three Months Ended December 31, | Years Ending December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
Net sales | $ | 84,728 | $ | 73,376 | $ | 356,322 | $ | 321,140 | |||||||
Cost of sales | 59,537 | 53,188 | 248,059 | 231,348 | |||||||||||
Gross profit | 25,191 | 20,188 | 108,263 | 89,792 | |||||||||||
Selling, general and administrative expenses | 8,519 | 8,246 | 40,562 | 33,989 | |||||||||||
(Gain) loss on disposal of assets | (281 | ) | 30 | (305 | ) | (22 | ) | ||||||||
Income from operations | 16,953 | 11,912 | 68,006 | 55,825 | |||||||||||
Interest income, net | 81 | 70 | 276 | 221 | |||||||||||
Other (expense) income, net | (6 | ) | (4 | ) | (36 | ) | 248 | ||||||||
Income before taxes | 17,028 | 11,978 | 68,246 | 56,294 | |||||||||||
Income tax provision | 6,495 | 4,212 | 24,088 | 18,747 | |||||||||||
Net income | $ | 10,533 | $ | 7,766 | $ | 44,158 | $ | 37,547 | |||||||
Earnings per share: | |||||||||||||||
Basic* | $ | 0.19 | $ | 0.14 | $ | 0.81 | $ | 0.68 | |||||||
Diluted* | $ | 0.19 | $ | 0.14 | $ | 0.80 | $ | 0.68 | |||||||
Cash dividends declared per common share*: | $ | 0.09 | $ | 0.07 | $ | 0.18 | $ | 0.13 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic* | 54,291,317 | 55,181,840 | 54,809,319 | 55,119,150 | |||||||||||
Diluted* | 54,815,954 | 55,416,734 | 55,369,016 | 55,587,381 |
AAON, Inc. and Subsidiaries | |||||||
Unaudited Consolidated Balance Sheets | |||||||
December 31, | |||||||
2014 | 2013 | ||||||
Assets | (in thousands, except share and per share data) | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 21,952 | $ | 12,085 | |||
Certificates of deposit | 6,098 | 8,110 | |||||
Investments held to maturity at amortized cost | 11,972 | 16,040 | |||||
Accounts receivable, net | 44,092 | 39,063 | |||||
Income tax receivable | 2,569 | 1,073 | |||||
Note receivable | 30 | 29 | |||||
Inventories, net | 37,618 | 32,140 | |||||
Prepaid expenses and other | 609 | 304 | |||||
Deferred tax assets | 6,143 | 4,779 | |||||
Total current assets | 131,083 | 113,623 | |||||
Property, plant and equipment: | |||||||
Land | 2,233 | 1,417 | |||||
Buildings | 64,938 | 61,821 | |||||
Machinery and equipment | 127,968 | 119,439 | |||||
Furniture and fixtures | 10,388 | 9,748 | |||||
Total property, plant and equipment | 205,527 | 192,425 | |||||
Less: Accumulated depreciation | 113,605 | 105,142 | |||||
Property, plant and equipment, net | 91,922 | 87,283 | |||||
Certificates of deposit | 5,280 | 2,638 | |||||
Investments held to maturity at amortized cost | 4,015 | 10,981 | |||||
Note receivable | 817 | 919 | |||||
Total assets | $ | 233,117 | $ | 215,444 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Revolving credit facility | $ | — | $ | — | |||
Accounts payable | 11,370 | 7,779 | |||||
Accrued liabilities | 31,343 | 28,550 | |||||
Total current liabilities | 42,713 | 36,329 | |||||
Deferred revenue | 1,006 | 585 | |||||
Deferred tax liabilities | 13,677 | 14,424 | |||||
Donations | 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, 54,041,829 and 55,067,031 issued and outstanding at December 31, 2014 and 2013, respectively* | 216 | 221 | |||||
Additional paid-in capital | — | — | |||||
Retained earnings | 173,843 | 163,885 | |||||
Total stockholders' equity | 174,059 | 164,106 | |||||
Total liabilities and stockholders' equity | $ | 233,117 | $ | 215,444 |
AAON, Inc. and Subsidiaries | |||||||||||
Unaudited Consolidated Statements of Cash Flows | |||||||||||
Years Ending December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Operating Activities | (in thousands) | ||||||||||
Net income | $ | 44,158 | $ | 37,547 | $ | 27,449 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | 11,553 | 12,312 | 13,407 | ||||||||
Amortization of bond premiums | 688 | 790 | 155 | ||||||||
Provision for losses on accounts receivable, net of adjustments | (22 | ) | 141 | (83 | ) | ||||||
Provision for excess and obsolete inventories | 135 | 243 | 63 | ||||||||
Share-based compensation | 2,178 | 1,763 | 1,294 | ||||||||
Excess tax benefits from stock options exercised and restricted stock awards vested | (1,239 | ) | (843 | ) | (393 | ) | |||||
(Gain) loss on disposition of assets | (305 | ) | (22 | ) | 4 | ||||||
Foreign currency transaction loss (gain) | 74 | 67 | (27 | ) | |||||||
Interest income on note receivable | (36 | ) | (40 | ) | (42 | ) | |||||
Deferred income taxes | (2,111 | ) | (1,594 | ) | (2,028 | ) | |||||
Write-off of note receivable | — | 75 | — | ||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | (5,007 | ) | 4,662 | (9,646 | ) | ||||||
Income tax receivable | (257 | ) | 464 | 9,715 | |||||||
Inventories | (5,613 | ) | 231 | 2,271 | |||||||
Prepaid expenses and other | (305 | ) | 436 | (17 | ) | ||||||
Accounts payable | 3,512 | (5,197 | ) | 2,461 | |||||||
Deferred revenue | 782 | 615 | — | ||||||||
Accrued liabilities | 4,094 | 1,942 | 6,584 | ||||||||
Net cash provided by operating activities | 52,279 | 53,592 | 51,167 | ||||||||
Investing Activities | |||||||||||
Capital expenditures | (16,127 | ) | (9,041 | ) | (14,147 | ) | |||||
Proceeds from sale of property, plant and equipment | 319 | 92 | 11 | ||||||||
Investment in certificates of deposits | (9,940 | ) | (9,108 | ) | (6,540 | ) | |||||
Maturities of certificates of deposits | 9,310 | 3,600 | 1,300 | ||||||||
Purchases of investments held to maturity | (6,880 | ) | (22,275 | ) | (11,654 | ) | |||||
Maturities of investments | 14,197 | 2,005 | — | ||||||||
Proceeds from called investments | 3,029 | 3,332 | 626 | ||||||||
Principal payments from note receivable | 63 | 69 | 69 | ||||||||
Net cash used in investing activities | (6,029 | ) | (31,326 | ) | (30,335 | ) | |||||
Financing Activities | |||||||||||
Borrowings under revolving credit facility | — | 8,325 | 34,847 | ||||||||
Payments under revolving credit facility | — | (8,325 | ) | (39,422 | ) | ||||||
Stock options exercised | 1,318 | 1,467 | 1,996 | ||||||||
Excess tax benefits from stock options exercised and restricted stock awards vested | 1,239 | 843 | 393 | ||||||||
Repurchase of stock | (29,284 | ) | (8,222 | ) | (6,660 | ) | |||||
Cash dividends paid to stockholders | (9,656 | ) | (7,428 | ) | (8,840 | ) | |||||
Net cash used in financing activities | (36,383 | ) | (13,340 | ) | (17,686 | ) | |||||
Net increase in cash and cash equivalents | 9,867 | 8,926 | 3,146 | ||||||||
Cash and cash equivalents, beginning of period | 12,085 | 3,159 | 13 | ||||||||
Cash and cash equivalents, end of period | $ | 21,952 | $ | 12,085 | $ | 3,159 |
Three Months Ended December 31, | Years Ending December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||||
Net Income, a GAAP measure | $ | 10,533 | $ | 7,766 | $ | 44,158 | $ | 37,547 | |||||||
Depreciation | 2,893 | 2,963 | 11,553 | 12,312 | |||||||||||
Amortization of bond premiums | 127 | 245 | 688 | 790 | |||||||||||
Share-based compensation | 600 | 709 | 2,178 | 1,763 | |||||||||||
Interest (income) expense | (81 | ) | (70 | ) | (276 | ) | (221 | ) | |||||||
Income tax expense | 6,495 | 4,212 | 24,088 | 18,747 | |||||||||||
EBITDAX, a non-GAAP measure | $ | 20,567 | $ | 15,825 | $ | 82,389 | $ | 70,938 |
Three Months Ended December 31, | Years Ending December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(in thousands except per share data) | |||||||||||||||
Net Income, a GAAP measure | $ | 10,533 | $ | 7,766 | $ | 44,158 | $ | 37,547 | |||||||
Non-recurring donations | 18 | — | 3,862 | — | |||||||||||
Profit-sharing | (2 | ) | — | (386 | ) | — | |||||||||
Income tax expense | (6 | ) | — | (1,227 | ) | — | |||||||||
Adjusted Net Income, a non-GAAP measure | $ | 10,543 | $ | 7,766 | $ | 46,407 | $ | 37,547 | |||||||
Earnings per share-diluted, a GAAP measure | $ | 0.19 | $ | 0.14 | $ | 0.80 | $ | 0.68 | |||||||
Non-recurring donations | — | — | 0.07 | — | |||||||||||
Profit-sharing | — | — | (0.01 | ) | — | ||||||||||
Income tax expense | — | — | (0.02 | ) | — | ||||||||||
Adjusted earnings per share-diluted, a non-GAAP measure | $ | 0.19 | $ | 0.14 | $ | 0.84 | $ | 0.68 |