AAON Inc.

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Press Release $AAON AAON Inc.

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AAON Reports Record Sales and Earnings

TULSA, OK -- (Marketwired) -- 05/09/13 -- AAON, INC. (NASDAQ: AAON), today announced its operating results for the three months ended March 31, 2013, of $66.8 million in sales (up 3%), and $7.1 million of net income (up 56%), $0.29 per share, compared to $65.0 million in sales and $4.6 million in net income, $0.18 per share, a year ago. Per share earnings are on a diluted basis.

Both sales and earnings were records for the first quarter. 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 Company anticipates an effective tax rate of 34.5% for the balance of this year (vs. 14.6% in the first quarter of 2013 and 39.9% in 2012).

Norman H. Asbjornson, President and CEO, stated, "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."

Mr. Asbjornson pointed out that the Company's backlog increased from $58.9 million at March 31, 2012, to a record of $71.7 million at March 31, 2013, or by 22%.

Mr. Asbjornson said, "Based on the first quarter results and backlog, we expect 2013 to produce both higher sales and earnings than 2012."

The Company will host a conference call today at 4:15 P.M. EDT to discuss the first quarter results. To participate, call 1-877-737-1669 (Code: VA23770).

AAON, Inc. is a manufacturer of air-conditioning and heating equipment consisting of rooftop units, chillers, air-handling units, condensing units, heat recovery units, commercial self-contained 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.


                        AAON, Inc., and Subsidiaries
                     Consolidated Statements of Income
                                (Unaudited)

                                                   Three Months Ended
                                             March 31, 2013  March 31, 2012
                                             --------------  --------------
                                             (in thousands except per share
                                                        amounts)

Net sales                                    $       66,833  $       64,957
Cost of sales                                        51,521          51,439
                                             --------------  --------------
Gross profit                                         15,312          13,518

Selling, general and administrative expenses          6,967           5,981
Loss (gain) on disposal of assets                         7             (23)
                                             --------------  --------------
Income from operations                                8,338           7,560

Interest expense                                         (1)            (16)
Interest income                                          35              13
Other income (expense), net                             (16)             48
                                             --------------  --------------
Income before income taxes                            8,356           7,605
Income tax provision                                  1,216           3,038
                                             --------------  --------------

Net income                                   $        7,140  $        4,567
                                             ==============  ==============

Earnings per share:
  Basic                                      $         0.29  $         0.19
                                             ==============  ==============
  Diluted                                    $         0.29  $         0.18
                                             ==============  ==============

Cash dividends declared per common share     $         0.00  $         0.00
                                             ==============  ==============

Weighted average shares outstanding:
  Basic                                              24,507          24,587
                                             ==============  ==============
  Diluted                                            24,641          24,772
                                             ==============  ==============



                        AAON, Inc., and Subsidiaries
                         Consolidated Balance Sheets
                                 (Unaudited)

                                                   March 31,    December 31,
                                                      2013          2012
                                                 ------------- -------------
                                                 (in thousands, except share
                                                     and per share data)
Assets
Current assets:
  Cash and cash equivalents                      $       9,717 $       3,159
  Certificates of deposit                                2,400         3,120
  Investments held to maturity at amortized cost         4,736         2,832
  Accounts receivable, net                              38,551        43,866
  Income tax receivable                                    975           694
  Note receivable                                           28            28
  Inventories, net                                      33,986        32,614
  Prepaid expenses and other                               839           740
  Deferred tax assets                                    4,795         4,493
                                                 ------------- -------------
Total current assets                                    96,027        91,546
Property, plant and equipment:
  Land                                                   1,340         1,340
  Buildings                                             59,878        59,761
  Machinery and equipment                              118,005       117,617
  Furniture and fixtures                                 9,100         8,906
                                                 ------------- -------------
    Total property, plant and equipment                188,323       187,624
    Less: Accumulated depreciation                     100,093        96,929
                                                 ------------- -------------
  Property, plant and equipment, net                    88,230        90,695
Certificates of deposit                                  2,358         2,120
Investments held to maturity at amortized cost           6,796         8,041
Notes receivable                                         1,062         1,091
                                                 ------------- -------------
Total assets                                     $     194,473 $     193,493
                                                 ============= =============
Liabilities and Stockholders' Equity
Current liabilities:
  Revolving credit facility                                  -             -
  Accounts payable                                      10,945        13,047
  Accrued liabilities                                   23,683        26,578
                                                 ------------- -------------
Total current liabilities                               34,628        39,625
Deferred tax liabilities                                14,829        15,732
Commitments and contingencies
Stockholders' equity:
Preferred stock,  $. 001 par value, 11,250,000
 shares authorized, no shares issued                         -             -
Common stock,  $. 004 par value, 112,500,000
 shares authorized, 24,510,111 and 24,517,749
 issued and outstanding at March 31, 2013 and
 December 31, 2012, respectively                            98            98
  Retained earnings                                    144,918       138,038
                                                 ------------- -------------
Total stockholders' equity                             145,016       138,136
                                                 ------------- -------------
Total liabilities and stockholders' equity       $     194,473 $     193,493
                                                 ============= =============



                        AAON, Inc., and Subsidiaries
                   Consolidated Statements of Cash Flows
                                (Unaudited)

                                                   Three Months Ended
                                             March 31, 2013  March 31, 2012
                                             --------------  --------------
                                                     (in thousands)
Operating Activities
  Net income                                 $        7,140  $        4,567
  Adjustments to reconcile net income to net
   cash
  provided by operating activities:
    Depreciation                                      3,191           3,394
    Amortization of bond premiums                       127               -
    Provision for losses on accounts
     receivable, net of adjustments                     269               4
    Provision for excess and obsolete
     inventories                                        169               -
    Share-based compensation                            392             169
    Excess tax benefits from stock options
     exercised
    and restricted stock awards vested                 (109)            (13)
    (Gain) Loss on disposition of assets                  7             (23)
    Foreign currency (gain)loss                          19             (23)
    Interest income on note receivable                  (10)              -
    Deferred income taxes                            (1,205)            170
    Changes in assets and liabilities:
      Accounts receivable                             5,046            (390)
      Income tax receivable                            (172)           (237)
      Inventories                                    (1,541)         (1,807)
      Prepaid expenses and other                        (99)            (82)
      Accounts payable                               (1,838)            712
      Accrued liabilities                            (2,895)          5,130
                                             --------------  --------------
  Net cash provided by operating activities           8,491          11,571
                                             --------------  --------------

Investing Activities
  Proceeds from sale of property, plant and
   equipment                                              -             300
  Investment in certificates of deposit                (238)              -
  Maturities of certificates of deposit                 720               -
  Purchases of investments held to maturity          (1,396)              -
  Maturities of investments                             610               -
  Principal payments from note receivable                20               7
  Capital expenditures                                 (997)         (2,959)
                                             --------------  --------------
  Net cash used in investing activities              (1,281)         (2,652)
                                             --------------  --------------

Financing Activities
  Borrowings under revolving credit facility          1,955          13,111
  Payments under revolving credit facility           (1,955)        (17,686)
  Stock options exercised                               354              55
  Excess tax benefits from stock options
   exercised and restricted stock awards
   vested                                               109              13
  Repurchases of stock                               (1,115)         (1,180)
                                             --------------  --------------
  Net cash used in financing activities                (652)         (5,687)
                                             --------------  --------------
Net increase in cash and cash equivalents             6,558           3,232
                                             --------------  --------------
Cash and cash equivalents, beginning of
 period                                               3,159              13
                                             --------------  --------------
Cash and cash equivalents, end of period     $        9,717  $        3,245
                                             ==============  ==============



For Further Information:
Jerry R. Levine
Ph: (914) 244-0292
Fax: (914) 244-0295
jrladvisor@yahoo.com

Source: AAON

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