Acr Group Inc (711307) SEC Filing 10-Q Quarterly report for the period ending Monday, October 16, 2006

Acr Group Inc

CIK: 711307

ACR Group Reports Record Second Quarter Results
Strong Demand and Operating Efficiencies Contribute
To Single-Quarter Records In Revenue, Profitability

Houston, TX, Oct. 4, 2006 - ACR Group, Inc. (AMEX: BRR), a leading national wholesale distributor of heating, ventilation and air conditioning (“HVAC”) equipment and supplies, today announced record results for the second quarter and six-month period ended August 31, 2006 (fiscal 2007), highlighted by significant growth in revenue and net income.

ACR Group reported total revenues of $76.1 million in its second quarter, a 24.5 percent increase from revenues of $61.1 million in the year-ago period. Net income for the quarter grew 81.2 percent to $3.4 million, or $0.29 per diluted share, compared with net income of $1.8 million, or $0.17 per diluted share, in the second quarter of fiscal 2006.

For the six-month period ended August 31, 2006, ACR Group reported total revenues of $138.1 million, a 27.0 percent increase from revenues of $108.7 million in the comparable period last year. Net income for the six-month period grew 150 percent to $5.0 million, or $0.44 per diluted share, compared to net income of $2.0 million, or $0.18 per diluted share, in the year ago period.

The year-over-year increase in revenue and profitability was attributable to strong demand for the full range of products offered by the Company, including 13 SEER HVAC equipment that complies with new federally mandated minimum efficiency standards. Price increases on commodity-based products, continued demand for existing inventory of lower efficiency HVAC equipment and typical summer weather patterns also helped bolster revenues and net income.

“During a period of seasonally strong demand, the pre-season purchase of selected products provided inventory availability that enabled us to serve our customers in an effective manner, contributing to broad-based operational strength in each of our business units”, said Alex Trevino, Jr., President and CEO of ACR Group. “Demand remained strong during our fiscal second quarter in each of our major markets, the bulk of which are situated throughout the Sunbelt region. As we expand our regional footprint into new growth markets such as Arizona, we will continue to target select regional platforms where our quality, competitively priced brands and “one-stop-shop” service model have the potential to capture significant market share.”

Gross margin increased 268 basis points to 26.2 percent in the second quarter, compared to 23.5 percent in the year-ago period. For the six-month period ended August 31, 2006, the Company’s gross margin was 25.5 percent, compared to 23.4 percent for the same period last year. Disciplined point-of-sale pricing for lower-efficiency equipment and commodity products contributed to record gross margins during the second quarter.

The following information was filed by Acr Group Inc on Thursday, October 5, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 711307
Form Type: 10-Q Quarterly Report
Accession Number: 0000711307-06-000007
Submitted to the SEC: Mon Oct 16 2006 10:22:17 AM EST
Accepted by the SEC: Mon Oct 16 2006
Period: Monday, October 16, 2006
Industry: Wholesale Hardware And Plumbing And Heating Equipment And Supplies

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