TULSA, OK — (Marketwire) — 05/08/12 — AAON, Inc. (NASDAQ: AAON) today announced its operating results for the three months ended March 31, 2012, of $65.0 million in sales (up 8%), and $4.6 million of net income (up 25%), $0.18 per share, compared to $59.9 million in sales and $3.7 million in net income, $0.15 per share, a year ago. Per share earnings are on a diluted basis.
Norman H. Asbjornson, President and CEO, stated, „The increase in revenues reflects a continuation of gains in market share, while the much greater increase in earnings was attributable to: improved productivity due to our new sheet metal fabrication equipment and revamped production lines, which resulted in an improvement of gross margins from 19.4% to 20.8%, despite continued material cost increases; aided by the absence of a special expense in 2012 comparable to the $500,000 insurance deductible paid in 2011; but reduced by $380,000 (or $0.02 per diluted share) due to the loss of expired federal income tax credits for research and development and our failure to qualify, during the period, for the domestic production activity tax credit.“
Mr. Asbjornson said, „Significantly, our increased market penetration has produced a 22% rise in our backlog from $48.1 million at March 31, 2011, to $58.7 million at March 31, 2012. In spite of a generally anticipated modest growth in the Heating, Ventilating and Air Conditioning market, I believe AAON-s development in the past few years of new products, improved manufacturing machinery and facilities has given AAON a more advantageous and optimistic view of our future.“
Mr. Asbjornson added, „Based on the first quarter results and backlog, we expect 2012 to produce both higher sales and earnings than 2011.“
The Company will host a conference call today at 4:15 P.M. EDT to discuss the first quarter results. To participate, call 1-877-737-1669 (Code: VA27085).
AAON, Inc. is a manufacturer of air-conditioning and heating equipment consisting of rooftop units, chillers, air-handling units, condensing units, heat recovery units, commercial self-contained units and coils. Its products serve the new construction and replacement markets. The Company has successfully gained market share through its „semi-custom“ product lines, which offer the customer value, quality, function, serviceability and efficiency.
Certain statements in this news release may be „forward-looking statements“ within the meaning of Section 27A of the Securities Act of 1933. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements.
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