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AAON Inc. Reports Operating Results (10-Q)

May 06, 2009 | About:

AAON Inc. (NASDAQ:AAON) filed Quarterly Report for the period ended 2009-03-31.

Aaon Inc. is a manufacturer of air-conditioning and heating equipment consisting of rooftop units chillers air-handling units condensing 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. AAON Inc. has a market cap of $353 million; its shares were traded at around $20.54 with a P/E ratio of 12.9 and P/S ratio of 1.3. The dividend yield of AAON Inc. stocks is 1.5%. AAON Inc. had an annual average earning growth of 14.2% over the past 10 years. GuruFocus rated AAON Inc. the business predictability rank of 3-star.

Highlight of Business Operations:

Our revolving credit facility provides for maximum borrowings of $15.2 million

which is provided by the Bank of Oklahoma, National Association. Under the line

of credit, there is one standby letter of credit totaling $1.0 million. The

letter of credit was a requirement of our workers compensation insurance and has

been renewed and will expire December 31, 2009. Interest on borrowings is

payable monthly at the Wall Street Journal prime rate less 0.5% or LIBOR plus

1.6%, at our election (2.10% at March 31, 2009). No fees are associated with the

unused portion of the committed amount.

We have historically maintained a stock option plan for key employees, directors

and consultants (the "1992 Plan"). The 1992 Plan provided for 4.4 million shares

of common stock to be issued under the plan. Under the terms of the 1992 Plan,

the exercise price of shares granted may not be less than 85% of the fair market

value at the date of the grant. Options granted to directors prior to May 25,

2004, vest one year from the date of grant and are exercisable for nine years

thereafter. Options granted to directors on or after May 25, 2004, vest

one-third each year, commencing one year after the date of grant. All other

options granted vest at a rate of 20% per year, commencing one year after date

of grant, and are exercisable during years 2-10.

Three Months Ended

March 31, 2009 March 31, 2008


Directors and Officers:

Expected dividend yield 1.79% 1.81%

Expected volatility 47.47% 43.52%

Risk-free interest rate 2.53% 2.84%

Expected life 7.0 years 8.0 years

Forfeiture rate 0% 0%


Expected dividend yield 1.79% 1.81%

Expected volatility 46.94% 42.55%

Risk-free interest rate 2.52% 2.84%

Expected life 8.0 years 6.3 years

Forfeiture rate 31% 28%

Read the The complete Report

Rating: 4.0/5 (2 votes)


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