SOURCE: AAON

AAON

May 17, 2010 07:00 ET

AAON Announces New Stock Buyback Plan

TULSA, OK--(Marketwire - May 17, 2010) -  AAON, INC. (NASDAQ: AAON), today announced that the Company has completed its most recent stock buyback program (adopted in November 2007) for 10% (1,800,000 shares) of its outstanding common stock, at a total cost of approximately $36 million, and that the Board of Directors has authorized the Company to repurchase up to an additional 5% (approximately 850,000 shares) of its outstanding common stock. Under the terms of the Company's new repurchase plan, purchases may be from time to time in the open market or through privately negotiated transactions at prevailing market prices, depending on market conditions. All shares purchased will be restored to the status of authorized but unissued stock.

Norman H. Asbjornson, President and CEO, stated, "We continue to believe the part of our sizeable cash flow can be best utilized by repurchasing our stock at current market prices."

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.

About AAON

AAON is engaged in the engineering, manufacturing, marketing and sales of air conditioning and heating equipment consisting of rooftop units, chillers, air-handling units, make-up air units, heat recovery units, condensing units, commercial self-contained units and coils. Since the founding of AAON in 1988, AAON has maintained a commitment to design, develop, manufacture and deliver heating and cooling products to perform beyond all expectations and demonstrate the value of AAON to our customers. AAON provides specific and unique solutions for individual customer requirements. For more information, please visit www.aaon.com.

Contact Information