AAON Inc. announced unaudited consolidated financial results for the first quarter ended March 31, 2013. For the quarter, the company reported sales of $66.8 million, up 3%, and net income of $7.1 million or $0.29 per share, up 56%, compared to sales of $65.0 million and net income of $4.6 million or $0.18 per share, a year ago. Per share earnings are on a diluted basis. However, net income for the first quarter of 2013 benefited by a $1.6 million reduction of the income tax provision, or $0.07 per share, largely due to an Oklahoma investment credit and change in Federal tax laws. The first quarter increases in sales and income from operations primarily reflect price increases, although gross profit increased 2.1% (from 20.8% to 22.9%), while SG&A expenses also increased 1.2% (from 9.2% to 10.4%), a majority of which (SG&A) represents increased advertising expense and cash bonuses to employees which are not expected to occur during the rest of 2013. Income from operations was $8,338,000 against $7,560,000 for the same period of last year. Income before income taxes was $8,356,000 against $7,605,000 for the same period of last year. Net cash provided by operating activities was $8,491,000 against $11,571,000 for the same period of last year. Capital expenditures were $997,000 against $2,959,000 for the same period of last year. The company anticipates an effective tax rate of 34.5% for the balance of this year (versus 14.6% in the first quarter of 2013 and 39.9% in 2012). Based on the first quarter results and backlog, it expects 2013 to produce both higher sales and earnings than 2012.

AAON Inc., Q1 2013 Earnings Call, May 09, 2013

AAON Inc., Annual General Meeting, May 21, 2013., at 10:00 Central Standard Time. Location: 2440 South Yukon. Agenda: To elect two Class I Directors, for terms ending in 2016; and to transact such other business as may properly come before the meeting or any adjournment thereof.