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AAON Reports Second Quarter Results
Monday, August 10, 2009 7:51 AM


(Source: MARKETWIRE)trackingAAON, INC. (NASDAQ: AAON) today announced its operating results for the three and six months ended June 30, 2009.

In the quarter, net sales decreased 8% to $68.6 million from $74.8 million and net income decreased 9% to $7.1 million from $7.8 million from second quarter 2008. Earnings per diluted share were $0.41, down 5% from $0.43 for the same period a year ago, based upon 17.3 million and 18.1 million diluted shares outstanding for the three months ended June 30, 2009, compared to June 30, 2008, respectively. Net sales for the first six months of 2009 decreased 5% to $132.6 million from $140.2 million in 2008, and net income decreased 3% to $13.8 million from $14.2 million. Earnings per diluted share were $0.80, up 3% from $0.78, based upon 17.3 million and 18.3 million diluted shares outstanding for the six months ended June 30, 2009, compared to June 30, 2008, respectively.

Norman H. Asbjornson, President and CEO, stated that, "The decreases in sales and earnings were attributable primarily to current economic conditions; but our results were impressive when compared to overall industry performance, particularly recognizing that we experienced $680,000 ($0.02 per share) of nonrecurring expenses in the second quarter this year for costs involved in the closing of our Canadian operations."

Mr. Asbjornson said that, "We expect the downturn in the economy which we experienced to a greater extent in the second quarter will continue to impact our business for the foreseeable future; however, we have a strong liquidity position with cash on hand of $13.9 million at June 30, 2009, a record high quarter end amount. In view of the current economic environment, our goal is to maintain a healthy financial condition."

The Company will host a conference call today at 4:15 P.M. EDT to discuss the second quarter results. To participate call 1-877-737-1669.

AAON, INC. is a manufacturer of air-conditioning and heating equipment consisting of rooftop units, chillers, air-handling 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.

                         AAON, INC.


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