[X]
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
[ ]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Nevada | 87-0448736 | |
(State or other jurisdiction | (IRS Employer | |
of incorporation or organization) | Identification No.) |
Large accelerated filer | Accelerated filer X |
Non-accelerated filer | Smaller reporting company |
June
30, 2010
|
December
31, 2009
|
|||||||
Assets
|
(in thousands except share and
per share data)
|
|||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 4,101 | $ | 25,639 | ||||
Certificates
of deposit
|
1,785 | - | ||||||
Investments
held to maturity at amortized cost
|
10,630 | - | ||||||
Accounts
receivable, net
|
36,459 | 33,381 | ||||||
Inventories,
net
|
34,242 | 28,788 | ||||||
Prepaid
expenses and other
|
661 | 1,087 | ||||||
Financial
derivative asset
|
989 | 2,200 | ||||||
Assets
held for sale, net
|
1,532 | 1,522 | ||||||
Deferred
tax assets
|
4,580 | 3,623 | ||||||
Total
current assets
|
94,979 | 96,240 | ||||||
Property,
plant and equipment:
|
||||||||
Land
|
1,328 | 1,328 | ||||||
Buildings
|
43,522 | 41,697 | ||||||
Machinery
and equipment
|
94,549 | 90,213 | ||||||
Furniture
and fixtures
|
7,470 | 7,225 | ||||||
Total
property, plant and equipment
|
146,869 | 140,463 | ||||||
Less: Accumulated
depreciation
|
85,312 | 80,567 | ||||||
Property,
plant and equipment, net
|
61,557 | 59,896 | ||||||
Notes
receivable, long-term
|
75 | 75 | ||||||
Certificates
of deposit
|
240 | - | ||||||
Investments
held to maturity at amortized cost
|
2,462 | - | ||||||
Total
assets
|
$ | 159,313 | $ | 156,211 | ||||
Liabilities
and Stockholders’ Equity
|
||||||||
Current
liabilities:
|
||||||||
Revolving
credit facility
|
$ | - | $ | - | ||||
Current
maturities of long-term debt
|
30 | 76 | ||||||
Accounts
payable
|
18,537 | 8,524 | ||||||
Dividends
payable
|
- | 3,100 | ||||||
Accrued
liabilities
|
23,594 | 19,186 | ||||||
Total
current liabilities
|
42,161 | 30,886 | ||||||
Long-term
debt, less current maturities
|
- | - | ||||||
Deferred
tax liabilities
|
6,999 | 7,326 | ||||||
Commitments
and contingencies
|
||||||||
Stockholders’
equity:
|
||||||||
Preferred stock, $.001 par value, 7,500,000 shares
authorized, no shares issued
|
- | - | ||||||
Common
stock, $.004 par value, 75,000,000 shares authorized, 16,576,022 and
17,214,979 issued and outstanding at June 30, 2010 and December 31, 2009,
respectively
|
69 | 71 | ||||||
Additional
paid-in capital
|
- | 644 | ||||||
Accumulated
other comprehensive income, net of tax
|
1,084 | 1,077 | ||||||
Retained
earnings
|
109,000 | 116,207 | ||||||
Total
stockholders’ equity
|
110,153 | 117,999 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 159,313 | $ | 156,211 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June 30, 2010 |
|
June
30, 2009
|
June
30, 2010
|
June 30,
2009
|
||||||||||||
(in
thousands, except per share data)
|
||||||||||||||||
Net
sales
|
$ | 64,531 | $ | 68,597 | $ | 113,840 | $ | 132,562 | ||||||||
Cost
of sales
|
49,025 | 50,493 | 85,340 | 97,524 | ||||||||||||
Gross
profit
|
15,506 | 18,104 | 28,500 | 35,038 | ||||||||||||
Selling,
general and administrative expenses
|
6,598 | 6,793 | 11,426 | 13,328 | ||||||||||||
Income
from operations
|
8,908 | 11,311 | 17,074 | 21,710 | ||||||||||||
Interest
expense
|
- | - | - | (9 | ) | |||||||||||
Interest
income
|
112 | 7 | 118 | 7 | ||||||||||||
Other
income (expense), net
|
(62 | ) | (71 | ) | (122 | ) | 174 | |||||||||
Income
before income taxes
|
8,958 | 11,247 | 17,070 | 21,882 | ||||||||||||
Income
tax provision
|
3,137 | 4,150 | 6,131 | 8,057 | ||||||||||||
Net
income
|
$ | 5,821 | $ | 7,097 | $ | 10,939 | $ | 13,825 | ||||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$ | 0.34 | $ | 0.41 | $ | 0.64 | $ | 0.80 | ||||||||
Diluted
|
$ | 0.34 | $ | 0.41 | $ | 0.64 | $ | 0.80 | ||||||||
Cash
dividends declared per common share:
|
$ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | ||||||||
|
||||||||||||||||
Weighted
average shares outstanding:
|
||||||||||||||||
Basic
|
16,940 | 17,170 | 17,063 | 17,179 | ||||||||||||
Diluted
|
17,030 | 17,315 | 17,150 | 17,325 |
Accumulated
|
||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||
Common
Stock
|
Paid-in
|
Comprehensive
|
Retained
|
|||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Income
|
Earnings
|
Total
|
|||||||||||||||||||
(in
thousands)
|
||||||||||||||||||||||||
Balance
at December 31, 2009
|
17,215 | $ | 71 | $ | 644 | $ | 1,077 | $ | 116,207 | $ | 117,999 | |||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||
Net
income
|
– | – | – | – | 10,939 | 10,939 | ||||||||||||||||||
Foreign
currency translation adjustment
|
– | – | – |
7
|
– | 7 | ||||||||||||||||||
Total
comprehensive income
|
10,946 | |||||||||||||||||||||||
Stock
options exercised and restricted stock awards vested, including tax
benefits
|
100 | – | 1,318 | – | – | 1,318 | ||||||||||||||||||
Share-based
compensation
|
– | – | 421 | – | – | 421 | ||||||||||||||||||
Stock
repurchased and retired
|
(739
|
) | (2 | ) | (2,383 | ) | – | (15,054 | ) | (17,439 | ) | |||||||||||||
Dividends | – | – | – | – | (3,092 | ) | (3,092 | ) | ||||||||||||||||
Balance
at June 30, 2010
|
16,576 | $ | 69 | $ | – | $ | 1,084 | $ | 109,000 | $ | 110,153 |
Six
Months
Ended
June
30, 2010
|
Six
Months
Ended
June
30, 2009
|
|||||||
(in
thousands)
|
||||||||
Operating
Activities
|
||||||||
Net income
|
$ | 10,939 | $ | 13,825 | ||||
Adjustments
to reconcile net income to net cash
|
||||||||
provided
by operating activities:
|
||||||||
Depreciation
|
4,812 | 4,564 | ||||||
Provision
for losses on accounts receivable, net of adjustments
|
(164 | ) | 634 | |||||
Share-based
compensation
|
421 | 419 | ||||||
Excess
tax benefits from stock options exercised
|
||||||||
and
restricted stock awards vested
|
(342 | ) | (180 | ) | ||||
Deferred
income taxes
|
(1,284 | ) | (1,103 | ) | ||||
Changes
in assets and liabilities:
|
||||||||
Accounts
receivable
|
(2,914 | ) | (3,047 | ) | ||||
Inventories
|
(5,454 | ) | 5,058 | |||||
Prepaid
expenses and other
|
426 | (290 | ) | |||||
Financial
derivative asset
|
1,211 | - | ||||||
Accounts
payable
|
10,012 | 808 | ||||||
Accrued
liabilities
|
4,745 | 5,763 | ||||||
Net
cash provided by operating activities
|
22,408 | 26,451 | ||||||
Investing
Activities
|
||||||||
Investment
in certificates of deposit
|
(2,025 | ) | - | |||||
Investments
held to maturity at amortized cost
|
(13,092 | ) | - | |||||
Capital
expenditures
|
(6,472 | ) | (5,803 | ) | ||||
Net
cash used in investing activities
|
(21,589 | ) | (5,803 | ) | ||||
Financing
Activities
|
||||||||
Borrowings
under revolving credit facility
|
- | 9,972 | ||||||
Payments
under revolving credit facility
|
- | (12,873 | ) | |||||
Payments
of long-term debt
|
(46 | ) | (45 | ) | ||||
Stock
options exercised
|
976 | 323 | ||||||
Excess
tax benefits from stock options exercised
|
||||||||
and
restricted stock awards vested
|
342 | 180 | ||||||
Repurchases
of stock
|
(17,439 | ) | (1,862 | ) | ||||
Cash
dividends paid to stockholders
|
(6,192 | ) | (2,773 | ) | ||||
Net
cash used in financing activities
|
(22,359 | ) | (7,078 | ) | ||||
Effect
of exchange rate on cash
|
2 | 81 | ||||||
Net
increase (decrease) in cash and cash equivalents
|
(21,538 | ) | 13,651 | |||||
Cash
and cash equivalents, beginning of year
|
25,639 | 269 | ||||||
Cash
and cash equivalents, end of period
|
$ | 4,101 | $ | 13,920 | ||||
1.
|
Basis
of Presentation
|
2.
|
Certificates
of Deposit
|
3.
|
Investments
Held to Maturity
|
Amortized
Cost
|
Gross
Unrealized Gain
|
Gross
Unrealized Loss
|
Fair
Value
|
|||||||||||||
(in
thousands)
|
||||||||||||||||
Current
Assets:
|
||||||||||||||||
Investments
held to maturity
|
$ | 10,630 | $ | - | $ | (265 | ) | $ | 10,365 | |||||||
Non-Current Assets:
(1)
|
||||||||||||||||
Investments
held to maturity
|
2,462 | - | (34 | ) | 2,428 | |||||||||||
Total
|
$ | 13,092 | $ | - | $ | (299 | ) | $ | 12,793 |
4.
|
Accounts
Receivable
|
June
30,
2010
|
December
31,
2009
|
|||||||
(in
thousands)
|
||||||||
Accounts
receivable
|
$ | 37,019 | $ | 34,157 | ||||
Less:
Allowance for doubtful accounts
|
(560 | ) | (776 | ) | ||||
Total,
net
|
$ | 36,459 | $ | 33,381 | ||||
Six
Months Ended
|
||||||||
June
30,
2010
|
June
30,
2009
|
|||||||
(in
thousands)
|
||||||||
Allowance
for doubtful accounts:
|
||||||||
Balance,
beginning of period
|
$ | 776 | $ | 795 | ||||
Provision
for losses on accounts receivable
|
288 | 330 | ||||||
Adjustments
to provision
|
(452 | ) | 304 | |||||
Accounts
receivable written off, net of recoveries
|
(52 | ) | (2 | ) | ||||
Balance,
end of period
|
$ | 560 | $ | 1,427 |
5.
|
Inventories
|
June
30,
2010
|
December
31,
2009
|
|||||||
(in
thousands)
|
||||||||
Raw
materials
|
$ | 28,126 | $ | 26,581 | ||||
Work
in process
|
2,770 | 1,835 | ||||||
Finished
goods
|
3,696 | 1,132 | ||||||
34,592 | 29,548 | |||||||
Less:
Allowance for excess and obsolete inventories
|
(350 | ) | (760 | ) | ||||
Total,
net
|
$ | 34,242 | $ | 28,788 |
Six
Months Ended
|
||||||||
June
30,
2010
|
June
30,
2009
|
|||||||
(in
thousands)
|
||||||||
Allowance
for excess and obsolete inventories:
|
||||||||
Balance,
beginning of period
|
$ | 760 | $ | 350 | ||||
Provision
for excess and obsolete inventories
|
400 | 1,039 | ||||||
Adjustments
to reserve
|
(400 | ) | (400 | ) | ||||
Inventories
written off
|
(410 | ) | - | |||||
Balance,
end of period
|
$ | 350 | $ | 989 |
6.
|
Financial
Derivatives
|
Type
of Contract
|
Balance
Sheet Location
|
Fair
Value
|
|||
(in
thousands)
|
|||||
Financial
derivative not designated as hedging instruments:
|
|||||
Commodity
futures contract
|
Financial
Derivative Asset
|
$ | 989 | ||
Total
financial derivative not designated as hedging instruments
|
$ | 989 |
Type
of Contract
|
Income
Statement Location
|
Amount
|
|||
(in
thousands)
|
|||||
Financial
derivative not designated as hedging instruments:
|
|||||
Commodity
futures contract
|
Cost
of sales
|
$ | 14 | ||
Total
financial derivative not designated as hedging instruments
|
$ | 14 |
7.
|
Accrued
Liabilities
|
June
30, 2010
|
December
31, 2009
|
||||||||
(in
thousands)
|
|||||||||
Warranty
|
$ | 7,725 | $ | 7,200 | |||||
Commissions
|
8,525 | 7,975 | |||||||
Payroll
|
2,954 | 1,633 | |||||||
Workers’
compensation
|
808 | 591 | |||||||
Medical
self-insurance
|
1,376 | 1,410 | |||||||
Employee
benefits and other
|
2,206 | 377 | |||||||
Total
|
$ | 23,594 | $ | 19,186 |
8.
|
Supplemental
Cash Flow Information
|
9.
|
Revolving
Credit Facility
|
10.
|
Share-Based
Compensation
|
Six
Months Ended
|
|||
June
30, 2010
|
June
30, 2009
|
||
Directors
and Officers:
|
|||
Expected
dividend yield
|
1.61%
|
1.93%
|
|
Expected
volatility
|
45.37%
|
47.47%
|
|
Risk-free
interest rate
|
2.63%
|
2.53%
|
|
Expected
life
|
7.0
years
|
7.0
years
|
|
Forfeiture
rate
|
0%
|
0%
|
|
Employees:
|
|||
Expected
dividend yield
|
1.61%
|
1.93%
|
|
Expected
volatility
|
45.75%
|
46.94%
|
|
Risk-free
interest rate
|
2.91%
|
2.62%
|
|
Expected
life
|
8.0
years
|
8.0
years
|
|
Forfeiture
rate
|
31%
|
31%
|
Options
Outstanding
|
Options
Exercisable
|
||||||||||||||||||||||||
Range
of
Exercise
Prices
|
Number
Outstanding
at June 30, 2010
|
Weighted
Average
Remaining
Contractual Life
|
Weighted
Average Exercise Price
|
Aggregate
Intrinsic Value
|
Number
Exercisable
at
June 30, 2010
|
Weighted
Average Exercise Price
|
|||||||||||||||||||
$9.68 – $10.82 | 72,200 | 3.74 | $ | 10.27 | $ | 13.04 | 72,200 | $ | 10.27 | ||||||||||||||||
$11.29 – $15.99 | 179,300 | 7.12 | 14.61 | 8.70 | 79,200 | 13.95 | |||||||||||||||||||
$16.13 – $20.55 | 115,800 | 6.98 | 18.10 | 5.21 | 53,600 | 18.12 | |||||||||||||||||||
$21.42 – $23.27 | 45,000 | 9.79 | 23.06 | 0.25 | 1,000 | 21.42 | |||||||||||||||||||
Total
|
412,300 | 6.78 | $ | 15.75 | $ | 9.53 | 206,000 | $ | 13.78 |
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average Remaining Contractual Term
|
Aggregate
Intrinsic Value ($000)
|
|||||||||||||
Outstanding
at January 1, 2010
|
460,513 | $ | 14.22 | |||||||||||||
Granted
|
52,000 | 22.51 | ||||||||||||||
Exercised
|
(86,713 | ) | 11.25 | |||||||||||||
Forfeited
or Expired
|
(13,500 | ) | 18.41 | |||||||||||||
Outstanding
at June 30, 2010
|
412,300 | 15.75 | 6.78 | $ | 3,115 | |||||||||||
Exercisable
at June 30, 2010
|
206,000 | $ | 13.78 | 5.32 | $ | 1,963 |
Shares
|
Weighted
Average Grant Date Fair Value
|
|||||||
Unvested
at January 1, 2010
|
216,200 | $ | 6.77 | |||||
Granted
|
52,000 | 9.81 | ||||||
Vested
|
(50,200 | ) | 6.39 | |||||
Forfeited
|
(11,700 | ) | 7.47 | |||||
Unvested
at June 30, 2010
|
206,300 | $ | 7.59 |
Shares
|
||||
Unvested
at January 1, 2010
|
33,250 | |||
Granted
|
14,850 | |||
Vested
|
(17,000 | ) | ||
Forfeited
|
(1,050 | ) | ||
Unvested
at June 30, 2010
|
30,050 |
11.
|
Earnings
Per Share
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30, 2010
|
June 30,
2009
|
June 30,
2010
|
June
30, 2009
|
|||||||||||||
(in
thousands, except share and per share data)
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net
income
|
$ | 5,821 | $ | 7,097 | $ | 10,939 | $ | 13,825 | ||||||||
Denominator:
|
||||||||||||||||
Denominator
for basic earnings
per
share –
Weighted
average shares
|
16,940,363 | 17,170,274 | 17,062,585 | 17,179,402 | ||||||||||||
Effect
of dilutive employee stock options and restricted stock
awards
|
90,042 | 145,191 | 87,546 | 145,864 | ||||||||||||
Denominator
for diluted earnings per share –
Weighted
average shares
|
17,030,405 | 17,315,465 | 17,150,131 | 17,325,266 | ||||||||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$ | 0.34 | $ | 0.41 | $ | 0.64 | $ | 0.80 | ||||||||
Diluted
|
$ | 0.34 | $ | 0.41 | $ | 0.64 | $ | 0.80 | ||||||||
Anti-dilutive
shares
|
80,650 | 319,800 | 80,650 | 319,800 | ||||||||||||
Weighted
average exercise price
|
$ | 21.78 | $ | 16.25 | $ | 21.78 | $ | 16.25 | ||||||||
12.
|
Income
Taxes
|
13.
|
Stock
Repurchase
|
14.
|
Commitments
and Contingencies
|
15.
|
Canadian
Facility
|
Balance
June
30, 2009
|
Additional
Accrual
|
Charged
to Expense
|
||||||||||
(in
thousands)
|
||||||||||||
Employee
termination benefits
|
$ | 280 | $ | 26 | $ | 306 | ||||||
Inventory
reserve adjustments
|
389 | - | 389 | |||||||||
Total
|
$ | 669 | $ | 26 | $ | 695 |
16.
|
Assets
Held For Sale
|
17.
|
Fair
Value Measurements
|
Quoted
Prices in Active Markets for Identical Assets
Level
1
|
Significant
Other Observable Inputs
Level
2
|
Significant
Unobservable Inputs
Level
3
|
Total
|
|||||||||||||
(in
thousands)
|
||||||||||||||||
Assets: | ||||||||||||||||
Financial
derivative asset
|
$ | - | $ | 989 | $ | - | $ | 989 | ||||||||
Total
|
$ | - | $ | 989 | $ | - | $ | 989 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||||||||||||||||||
June
30, 2010
|
June
30, 2009
|
June
30, 2010
|
June
30, 2009
|
|||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||
Net
sales
|
$ | 64,531 | 100 | % | $ | 68,597 | 100 | % | $ | 113,840 | 100 | % | $ | 132,562 | 100 | % | ||||||||||||||||
Cost
of sales
|
49,025 | 76.0 | % | 50,493 | 73.6 | % | 85,340 | 75.0 | % | 97,524 | 73.6 | % | ||||||||||||||||||||
Gross
profit
|
15,506 | 24.0 | % | 18,104 | 26.4 | % | 28,500 | 25.0 | % | 35,038 | 26.4 | % | ||||||||||||||||||||
Selling,
general and administrative expenses
|
6,598 | 10.2 | % | 6,793 | 9.9 | % | 11,426 | 10.0 | % | 13,328 | 10.0 | % | ||||||||||||||||||||
Income
from operations
|
8,908 | 13.8 | % | 11,311 | 16.5 | % | 17,074 | 15.0 | % | 21,710 | 16.4 | % | ||||||||||||||||||||
Interest
expense
|
- | 0.0 | % | - | 0.0 | % | - | 0.0 | % | (9 | ) | 0.0 | % | |||||||||||||||||||
Interest
income
|
112 | 0.2 | % | 7 | 0.0 | % | 118 | 0.1 | % | 7 | 0.0 | % | ||||||||||||||||||||
Other
income (expense), net
|
(62 | ) | (0.1 | )% | (71 | ) | (0.1 | )% | (122 | ) | (0.1 | )% | 174 | 0.1 | % | |||||||||||||||||
Income
before income taxes
|
8,958 | 13.9 | % | 11,247 | 16.4 | % | 17,070 | 15.0 | % | 21,882 | 16.5 | % | ||||||||||||||||||||
Income
tax provision
|
3,137 | 4.9 | % | 4,150 | 6.1 | % | 6,131 | 5.4 | % | 8,057 | 6.1 | % | ||||||||||||||||||||
Net
income
|
$ | 5,821 | 9.0 | % | $ | 7,097 | 10.3 | % | $ | 10,939 | 9.6 | % | $ | 13,825 | 10.4 | % |
·
|
We
remained the leader in the industry for environmentally-friendly, energy
efficient and quality innovations, utilizing R410A refrigerant and phasing
out pollutant causing R22 refrigerant. The phase out of R22
began in early 2004. We also utilize a high performance
composite foam panel to eliminate over half of the heat transfer from
typical fiberglass insulated panels. We continue to utilize
sloped condenser coils, and access compartments to filters, motors, and
fans. All of these innovations increase the demand for our
products thus increasing market
share.
|
·
|
We
attempt to moderate certain commodity costs by utilizing purchase
agreements and pricing strategies which affect our gross
margins.
|
·
|
In
February 2006, the Board of Directors (“Board”) initiated a program of
semi-annual cash dividend payments. Cash dividend payments of
$6.2 million were made in 2010. Dividends payable of $3.1
million were declared in December 2009 and paid in January
2010. Dividends payable of $3.1 million were declared in June
2010, released for payment to our transfer agent in June 2010 and paid to
stockholders in July 2010.
|
·
|
Stock
repurchases resulted in cash payments of $17.4 million. This
cash outlay is partially offset by cash received from options exercised by
employees as a part of an incentive bonus program of $1.0
million.
|
·
|
We
have a strong liquidity position with cash on hand of $4.1 million and
investments of $2.0 million ($1.8 million of current assets) in
certificates of deposit and $13.1 million ($10.6 million of current
assets) in corporate notes and bonds. In view of the current
economic environment, our goal remains to maintain a healthy financial
condition.
|
·
|
Purchases
of equipment and expansion of facilities to create efficiencies remain a
priority. Our capital expenditures were $6.5
million. Equipment purchases create significant efficiencies,
lower production costs and allow continued growth in
production.
|
·
|
We
currently expect to spend approximately $8.0 million to $10.0 million on
capital expenditures during 2010 for continued growth. These
expenditures will include further expansion of the Tulsa manufacturing
facility for future growth.
|
·
|
We
closed our manufacturing operations and reclassified our Canadian facility
as held for sale in September 2009 (see Note 16, Assets Held For
Sale). The products previously manufactured at the
Canadian facility will be produced by the Tulsa, Oklahoma and Longview,
Texas facilities in the future. In July 2010, we signed a
contract for the sale of the building and land. The transaction
is expected to close during the third quarter of
2010.
|
June
30, 2010
|
||||
(in
thousands)
|
||||
Remaining
notional amount
|
975
pounds
|
|||
Carrying
amount and fair value of our financial derivative asset
|
$ | 989 |
·
|
Our
disclosure controls and procedures are designed to ensure that information
required to be disclosed by us in the reports we file under the Securities
Exchange Act of 1934 is recorded, processed, summarized and reported
within the time periods specified in the SEC’s rules and forms;
and
|
·
|
Our
disclosure controls and procedures operate such that important information
flows to appropriate collection and disclosure points in a timely manner
and are effective to ensure that such information is accumulated and
communicated to our management, and made known to our Chief Executive
Officer and Chief Financial Officer, particularly during the period when
this Quarterly Report was prepared, as appropriate to allow timely
decisions regarding the required
disclosure.
|
Period
|
(a)
Total Number of Shares (or Units) Purchased
|
(b)
Average Price Paid Per Share (or Unit)
|
(c)
Total Number of Shares (or Units) Purchased as Part of Publicly
Announced Plans or Programs
|
(d)
Maximum Number
(or
Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased
Under the Plans or Programs
|
||||||||||||
April
2010
|
26,064 | $ | 23.59 | 26,064 | - | |||||||||||
May
2010
|
283,537 | 23.91 | 283,537 | - | ||||||||||||
June
2010
|
335,757 | 24.06 | 335,757 | - | ||||||||||||
Total
|
645,358 | $ | 23.98 | 645,358 | - |
Director
|
“For”
|
“Against”
|
“Abstain”
|
Paul
K. Lackey
|
14,718,922
|
78,330
|
118,105
|
A.H.
McElroy II
|
14,789,489
|
201
|
125,666
|
(a) |
Exhibits
|
|||
(i)
|
Section
302 Certification of CEO
|
|||
(ii)
|
Section
302 Certification of CFO
|
|||
(iii)
|
Section
1350 Certification of CEO
|
|||
(iv)
|
Section
1350 Certification of
CFO
|
AAON,
INC.
|
|||
Dated: August 6, 2010 | By: | /s/ Norman H. Asbjornson | |
Norman H. Asbjornson | |||
President/CEO | |||
Dated: August 6, 2010 | By: | /s/ Kathy I. Sheffield | |
Kathy I. Sheffield | |||
Vice President/CFO | |||