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EXHIBIT
99.1
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.
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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.
View differences made from one quarter to another to evaluate Acr Group Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Acr Group Inc.
711307 Quarterly Reports
- 10-Q Quarterly Report July 2007
- 10-Q Quarterly Report January 2007
-
10-Q Quarterly Report October 2006
- 10-Q Quarterly Report July 2006
- 10-Q Quarterly Report January 2006
