AAON Reports Record Sales and Earnings for Fourth Quarter and Year 2014
(firmenpresse) - TULSA, OK -- (Marketwired) -- 02/27/15 -- AAON, INC. (NASDAQ: AAON), today announced its operating results for the fourth quarter and year 2014. Sales in the fourth quarter were a record $84.7 million, up 15.5% from $73.4 million in 2013. Net income was also a record $10.5 million, up 35.6% from $7.8 million in the same period a year ago. Sales for the year 2014 were, too, a record $356.3 million, up 11.0% compared to $321.1 million in 2013. Earnings for 2014 were also a record, $44.2 million, up 17.6% compared to $37.5 million in 2013.
Earnings for the fourth quarter of 2014 and 2013 were $0.19 and $0.14 per diluted share, based upon 54.8 million and 55.4 million diluted shares outstanding, respectively. Earnings per diluted share for the years 2014 and 2013 were $0.80 and $0.68, based upon 55.4 million and 55.6 million diluted shares outstanding, respectively. All per share earnings reflect the 3-for-2 stock split effective July 16, 2014.
Norman H. Asbjornson, President and CEO, stated, "The 2014 gains in sales and income from operations primarily reflect favorable reception of our products and efficiencies from our investment in equipment that caused gross profit as a percent of sales to increase from 28.0% to 30.4%; despite SG&A expense as a percent of sales having increased from 10.6% to 11.4%, the majority of which represents non-recurring charitable donations. Absent these donations, our diluted earnings per share would have been $0.04 higher."
Mr. Asbjornson continued, "The Company''s backlog increased from $45.3 million at December 31, 2013 to $48.8 million at December 31, 2014. In addition, the Company''s balance sheet at year end was strong. The current ratio was 3.1:1 (including cash and investments of $49.3 million). It should be noted that the Company purchased a total of 1.0 million shares of AAON stock under its resumed open market buyback program for approximately $20.0 million during the year, for an average cost of $19.67 per share. We continued to remain debt-free and our return on average stockholder equity was 26.1% in 2014."
Mr. Asbjornson next said, "While we had another record year, we are starting to see an inflation in raw material, component and labor costs, and perceive a stagnation in non-residential construction growth. Still, we expect to have another good year in 2015."
The Company will host a conference call today at 10:00 A.M. (Eastern Time) to discuss the fourth quarter and year 2014 results. To participate, call 1-888-241-0551 (code 88563885); or, for rebroadcast, call 1-855-859-2056 (code 88563885).
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.
To supplement the Company''s consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), additional non-GAAP financial measures are provided and reconciled in the following tables. The Company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results. The Company believes that these non-GAAP financial measures enhance the ability of investors to analyze the Company''s business trends and operating performance.
EBITDAX (as defined below) is presented herein and reconciled from the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company''s ability to internally fund operations.
The Company defines EBITDAX as net income, plus (1) depreciation, (2) amortization of bond premiums, (3) share-based compensation, (4) interest (income) expense and (5) income tax expense. EBITDAX is not a measure of net income or cash flows as determined by GAAP.
The Company''s EBITDAX measure provides additional information which may be used to better understand the Company''s operations. EBITDAX is one of several metrics that the Company uses as a supplemental financial measurement in the evaluation of its business and should not be considered as an alternative to, or more meaningful than, net income, as an indicator of operating performance. Certain items excluded from EBITDAX are significant components in understanding and assessing a company''s financial performance. EBITDAX, as used by the Company, may not be comparable to similarly titled measures reported by other companies. The Company believes that EBITDAX is a widely followed measure of operating performance and is one of many metrics used by the Company''s management team, and by other users of the Company''s consolidated financial statements.
The following table provides a reconciliation of net income (GAAP) to EBITDAX (non-GAAP) for the periods indicated:
The Company defines Adjusted Net Income and the related per share amount as (1) net income, plus (2) non-recurring donations, less (3) the impact on profit sharing expense from the non-recurring donations and (4) the impact on income tax expense from the non-recurring donations. These measures provide additional information which may be used to better understand the Company''s operations.
The following tables provide a reconciliation of net income and earnings per share-diluted (GAAP) to adjusted net income and adjusted earnings per share-diluted (non-GAAP) for the periods indicated:
For Further Information:
Phone: (914) 244-0292
Fax: (914) 244-0295
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Datum: 27.02.2015 - 06:00 Uhr
Sprache: Deutsch
News-ID 1340500
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