AAON Reports Record Earnings

AAON, Inc. today announced its operating results for the third quarter and nine-month period ended September 30, 2006.
In the quarter, net sales were a record high of $64,153,000, up 33.3% from $48,136,000 during the corresponding period in 2005, and net income also reached a record level, up 95.1% to $5,397,000 or $0.43 per share, compared to $2,766,000 or $0.22 per share for the same period a year ago. Net sales for the first nine months of 2006 were up 29.8%, to a record $176,910,000, compared to $136,310,000 in 2005, and earnings increased by 37.2% to a record $12,595,000 or $1.00 per share, compared to $9,177,000 or $0.72 per share. Per share earnings are on a diluted basis.
Norman H. Asbjornson President and CEO, stated that, “The increase in sales was attributable to an increase in volume of products sold as a result of an improvement of the commercial and industrial construction industry, an increased demand for the Company’s new and redesigned products, and price increases during 2006. The increase in earnings resulted primarily from both higher volume and price increases, which provided an improvement in gross margins in the third quarter.”
Mr. Asbjornson said that, “Based on the first nine months’ results and other relevant factors, we believe the full year 2006 will produce record sales and earnings, even with an anticipated seasonal slowdown in the fourth quarter.”

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