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FOR IMMEDIATE RELEASE
ACR GROUP, INC. REPORTS EARNINGS FOR THE FISCAL YEAR AND
FOURTH QUARTER ENDED FEBRUARY 28, 2006
>>> Revenues top $200 million on strong fourth quarter sales <<<
Houston, TXMay 23, 2006. ACR Group, Inc. (AMEX: BRR), today announced earnings for its fiscal year and fourth quarter ended February 28, 2006. The Companys fiscal year revenues surpassed $200 million for the first time, and the Company had positive earnings per share in the fourth fiscal quarter for the second time in its history. The Company has historically incurred losses in the fourth fiscal quarter because cooler weather conditions reduce customer demand at that time of the year.
Sales for the fiscal year ended February 28, 2006 were $204.3 million, compared to $199.6 million for the fiscal year ended February 28, 2005. As previously reported, the Companys business units based in Georgia and Colorado were adversely affected by a transition of their HVAC equipment brands at the beginning of fiscal 2006. However, strong growth in sales at the Companys other business units enabled the Company to exceed prior year sales. Same-store sales increased 17% in fiscal 2006 over fiscal 2005, excluding the stores in the Georgia and Colorado business units affected by the brand transition.
Net income for the fiscal year ended February 28, 2006 was $2,754,000, or $0.24 per diluted share, compared to $4,211,000, or $0.38 per diluted share, for the fiscal year ended February 28, 2005. The decrease in earnings in fiscal 2006 was attributable to the equipment brand transition at the Georgia and Colorado business units. Aggregate operating income at the Companys other business units rose 28% in fiscal 2006 over 2005. Gross margin percentage on sales increased to 23.7% in fiscal 2006, from 23.4% in fiscal 2005, as a result of improved purchasing arrangements with certain key vendors.
Sales for the fourth quarter ended February 28, 2006 were $45.6 million, compared to $42.6 million for the quarter ended February 28, 2005. Excluding the stores that changed equipment brands, same-store sales increased 19% in the fourth quarter of fiscal 2006 from 2005.
Net income in the fourth quarter of fiscal 2006 was $84,000, or $.01 per diluted share, compared to $399,000, or $.04 per share, in the fourth quarter of fiscal 2005. Aggregate operating income at the Companys business units not affected by the equipment brand transition rose 22% in the fourth quarter of fiscal 2006 over 2005.
The following information was filed by Acr Group Inc on Wednesday, May 24, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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