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ACR Group Reports Record First Quarter Results
Broad-Based Demand In Core Markets Drives 30 Percent Sales Growth
Houston, TX, July 10, 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 first quarter ended May 31, 2006, highlighted by significant growth in revenue and profitability from year-ago levels. The quarter was also marked by ACR Groups move to the American Stock Exchange (AMEX) from the OTC Bulletin Board on March 20, 2006.
ACR Group reported total revenues of $61.9 million in the first quarter of fiscal 2007, a 30.3 percent increase from the year-ago period. Net income for the quarter grew ten-fold to $1.7 million, or $0.15 per diluted share, compared with net income of $160,000, or $0.01 per diluted share, in the first quarter of fiscal 2006.
Gross margins increased 125 basis points to 24.6 percent in the quarter, compared to 23.4 percent in the year-ago period. Disciplined point-of-sale pricing in an environment of rising prices on commodity-based products contributed to significant margin expansion in the first quarter.
Operating margins grew 348 basis points to 4.8 percent in the quarter, compared with 1.3 percent in the year-ago period. The Company has continued to benefit from careful cost management during a period of sustained market demand in key regional markets, resulting in significant operating leverage and increased profitability.
Through established partnerships with trusted manufacturers such as International Comfort Products (ICP) and Haier USA, we have become increasingly well-positioned to supply customers with full-featured products at competitive prices, said Alex Trevino, Jr., president and CEO of ACR Group. Demand trends remained healthy in the first quarter and into the seasonally strong second quarter in most of our key Sunbelt markets.
There was strong demand in the first quarter for high efficiency 13 SEER HVAC equipment that meets the new DOE minimum efficiency standards, while steady demand for 10 and 12 SEER units also contributed to growth during the period, continued Trevino. As one of largest independent wholesale distributors in the market today, we remain focused on providing a breadth of quality products to fit the needs and budgets of our customers.
The following information was filed by Acr Group Inc on Tuesday, July 11, 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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