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damn, talk about selling the news! maybe I should have sold this one after all.... oh well, earnings are great, so this will come back.
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damn, talk about selling the news! maybe I should have sold this one after all.... oh well, earnings are great, so this will come back. -
ACR Group, Inc. Reports Earnings and Record Sales for Second Quarter Ended August 31, 2005
Wednesday October 12, 2:11 pm ET Income Rebounds Significantly From Previous Quarter
HOUSTON, Oct. 12 /PRNewswire-FirstCall/ -- ACR Group, Inc. (OTC Bulletin Board: ACRG - News), a leading wholesale distributor of air- conditioning, heating, and refrigeration equipment and supplies, today reported operating results and sales for six months and the quarter ended August 31, 2005, the second quarter of fiscal 2006.
Net income for the quarter ended August 31, 2005 was $1,856,000, or $.17 per share, compared to $2,065,000, or $.19 per share, for the quarter ended August 31, 2004. The Company continued to generate strong growth over the previous year except for its business units based in Georgia and Colorado. As previously reported, both sales and income at those business units have been reduced during the transition of their HVAC equipment brands. The decision to change brands at those units was made in order to distribute the Haier brand of equipment at all of the Company's business units, providing an opportunity for long-term growth.
Sales for the quarter ended August 31, 2005 were $61.1 million, which was a record for a single quarter and 3% greater than sales in the quarter ended August 31, 2004. Excluding the two business units that changed equipment brands, sales increased 25%, and same-store sales increased 18%, in the quarter ended August 31, 2005 compared to the same quarter in 2004.
Net income for the six-month period ended August 31, 2005 was $2,016,000, or $0.18 per share, compared to $3,194,000, or $0.30 per share, for the six- month period ended August 31, 2004. The decrease in earnings in 2005 is attributable to the decline in sales and income at the Georgia and Colorado business units.
For the six-month period ended August 31, 2005, the Company also reported sales of $108.7 million, a decrease of 1% from sales of $109.6 million for the six-month period ended August 31, 2004. Excluding the Georgia and Colorado business units, sales increased 21%, and same-store sales increased 16%, in the six-month period ended August 31, 2005 compared to the same six-month period in 2004. For the first eight months of calendar 2005, industry-wide product shipments increased 4% based on data compiled by a leading industry trade association.
Gross margin percentage on sales increased to 23.5% in the quarter ended August 31, 2005, and to 23.4% for the six-month period then ended, compared to 22.9% and 22.6%, respectively, for the same periods in 2004. The margin improvement in each measurement period resulted from Company's success in negotiating improved purchasing and payment terms with suppliers. Commenting on the Company's second quarter and year-to-date results, Alex Trevino, Jr., President and Chief Executive Officer of ACR Group, stated, "We are certainly pleased that our operating results rebounded so nicely from the first quarter of this fiscal year. Despite the difficulties experienced by our Georgia and Colorado business units in transitioning equipment brands, we established a quarterly sales record in the second quarter, and our net income was only 10% behind last year. As we have previously commented, we are not going to make up the lost business in Georgia and Colorado this year. However, we are continually regaining business and are still confident that the equipment brands that we have selected to replace the Goodman brand will enable these business units to compete effectively for the displaced customers. We believe that the remarkable growth experienced by our other business units will continue to help us offset much of the shortfall in Georgia and Colorado."Comment
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Good news from ACRG- will list on Amex as "BRR"
ACR Group, Inc. Common Stock to Be Listed on American Stock Exchange
Thursday March 16, 4:55 pm ET
HOUSTON, March 16 /PRNewswire-FirstCall/ -- ACR Group, Inc. (OTC Bulletin Board: ACRG - News), today announced that the American Stock Exchange has accepted its application to list the Company's common stock. The Company expects to begin trading on Monday, March 20, 2006, under the symbol "BRR", a reference to the Company's business of selling air conditioning and heating equipment, parts and supplies.
"We are extremely pleased to be accepted for listing on the American Stock Exchange," stated Alex Trevino, Jr., President and Chief Executive Officer of ACR Group, Inc. "This is a very significant step in our progression as a publicly-traded company. We believe that, by trading on a major exchange, we will significantly enhance our company's visibility within the investment community and provide a more orderly trading mechanism for our shareholders. The representatives of AMEX and of HBH Specialists, LLC, the specialist firm that will handle trading in our stock on the Exchange, have welcomed us warmly, and we look forward to their further guidance as we endeavor to increase shareholder value."
About ACR Group, Inc. ACR Group, Inc. is a leading wholesale distributor of air conditioning, heating, and refrigeration ("HVACR") equipment and supplies. The Company has 51 branches that are located in nine states. The Company's principal customers are contractors that install and service central air conditioning and heating systems in residences and small commercial facilities.Comment
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go BRR!
BRR is finally making a new 52-week (and all time?!) high again. Yes, I still own a few shares of this little monkey:
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BRR 1Q06 earnings - 0.15/shr vs 0.01 for 1Q05
ACR Group Reports Record First Quarter Results
Monday July 10, 7:30 am ET Broad-Based Demand In Core Markets Drives 30 Percent Sales Growth
HOUSTON, July 10 /PRNewswire-FirstCall/ -- ACR Group, Inc. (Amex: BRR - News), 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 Group's 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."
On June 19, 2006, ACR Group announced that the Company had increased its revolving credit facility from $35 million to $40 million and extended the term an additional year to August 31, 2008. As of May 31, 2006, ACR Group's collateral base was sufficient for the entire $40 million to be available to the Company.
"With 51 branch operations located throughout the country and three additional branch locations scheduled to open in the Arizona market in the second and third quarters of fiscal 2007, we are committed to becoming the distributor of choice in targeted, high-opportunity locations. With our additional borrowing capacity and potential access to capital through our AMEX listing, we are well-positioned to quickly react to business growth opportunities," said Tony Maresca, CFO of ACR Group.
Fiscal First Quarter 2007: Key Highlights
* Total revenues increased 30.3 percent to $61.9 million in the first quarter of 2007, up from $47.5 million in the year-ago period.
* Same-store sales, which exclude four branches opened since the beginning of fiscal 2006, increased 25 percent in the first quarter of 2007 over the first quarter of 2006.
* Gross profit increased 37.2 percent to $15.3 million in the first quarter of 2007, up from $11.1 million in the year-ago period.
* Operating income increased nearly five-fold in the first quarter of 2007 to $3.0 million, up from $612,000 in the year-ago period.
* Net income increased to $1.7 million in the first quarter of 2007, up from $160,000 in the year-ago period."
With a sizeable distribution presence throughout the Sunbelt, we benefit from economies of scale and volume purchasing relationships," continued Trevino. "Given the highly fragmented nature of the HVAC distribution industry, we believe ACR Group's network of branch locations provides our customers with a higher level of service, expertise and brand continuity than they find elsewhere."Comment
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BRR - it's hot!
So, my little A/C stock has now officially turned into a double for me (in at 2.9). It's time to bust out the green visor and check the numbers again to see if it's time to sell this monkey...
I really like this stock and what it's done for me- but want to be careful not to fall in love with it. At least with a position size of <1% it's not too hard to keep the gut-response in check.Comment
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And so ends the saga of ACR Group...
Those still holding it are cashing in quite handsomely now.
Watsco buying ACR for 46% premium
By Greg Morcroft
Last Update: 8:08 AM ET Jul 5, 200
NEW YORK (MarketWatch) -- Watsco, Inc. (WSO : Watsco,) and ACR Group, Inc. said Thursday that they have executed a definitive merger agreement under which Watsco will seek to acquire ACR's outstanding common stock in a cash tender offer of $6.75 per share. The offering price is a 46% premium to ACR's Tuesday closing price. Houston-based ACR, with 503 employees, is one of the nation's largest distributors of air conditioning and heating productsComment
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What was the total annualized profit over the first buy price?=============================
I am HUGE! Bring me your finest meats and cheeses.
- $$$MR. MARKET$$$Comment
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30%
Well, it's pretty nearly a double. If you bought the close of market the day you posted it at 3.35, and held it to the buyout at 6.7 you would have had a 100% gain in little over 2.5 years, or a little over 30% annualized. There weren't any dividends, so the calculation is a snap.
However, I bought it a month before at 2.9 and sold most of it for a 29% gain a year later. The rest I sold at 6.4 after holding for another 8 months. (120% gain!)Comment
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