Better Late than Never. Key points: Revenue fell 4 %Net profit: Increased by 0.01 centBacklog remains strong but refuse to forecast future earnings.raytoeiAAON Reports 2003 Operating ResultsWednesday February 11, 7:04 am ETTULSA, Okla., Feb. 11 /PRNewswire-FirstCall/ -- AAON, Inc. (Nasdaq: AAON - News) today announced its operating results for the year 2003. Sales declined 4% to $148.9 million from $155.1 million in 2002, and net income decreased 3% to $14.2 million compared to $14.6 million in the previous year.Sales in the fourth quarter of 2003 increased to $37.8 million from $37.2 million in 2002, and net income for the quarter was $3.7 million compared to $3.1 million in 2002. The income tax provision in the fourth quarter of 2003 was $700,000 less than a year ago.Earnings per share for 2003 were $1.07 compared to $1.06 in 2002. Earnings for the fourth quarter of 2003 were $0.30 per share compared to $0.23 per share in the previous year. Both year 2003 and fourth quarter earnings per share benefited from the Company's on-going stock repurchase program. All per share earnings are on a diluted basis.Norman H. Asbjornson, AAON's President/CEO, stated that, "The decreases in sales and earnings for the past year resulted primarily from a decline in the size of the market served, over 2% in 2003 (following declines of 7% and 15% in 2002 and 2001, respectively), the adverse effect of a change in customer mix and reduced efficiencies resulting from the manufacture of new products.Mr. Asbjornson continued by saying, "While our backlog of orders remains high and it appears that there is an improved outlook for the HVAC industry, we cannot accurately predict the Company's near-term future performance due to the uncertainties of the economy and the potential impact of the Company's new products already introduced and forthcoming."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.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.
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