Applied Industrial Technologies Increases Dividend

CLEVELAND, July 20 /PRNewswire-FirstCall/ -- Applied Industrial Technologies (NYSE: AIT) Chairman & Chief Executive Officer David L. Pugh today announced that the Company's Board of Directors raised the Company's quarterly dividend by $0.02 declaring a quarterly cash dividend of $0.17 per common share, payable on August 31, 2010, to shareholders of record on August 16, 2010.  This cash dividend represents a 13 percent increase over the previous regular quarterly cash dividend of $0.15 per share.

"We are pleased to make this increase in our dividend based on our good cash flows and the recent improvement in the North American industrial economy.  Increasing the cash dividend is consistent with our view that dividends are an important way for us to share our operating results directly with shareholders and to enhance their overall shareholder value."

Applied will hold its Annual Meeting of Shareholders at 10:00 a.m., Tuesday, October 26, 2010, at its Corporate Headquarters, One Applied Plaza (E. 36th & Euclid Avenue), Cleveland, Ohio.  August 30, 2010, is the record date for determining shareholders entitled to notice of and to vote at the Annual Meeting.

Applied expects to issue fourth quarter and full-year financial results before market opens on Tuesday, August 10, 2010.  The Company will host its conference call for investors and analysts at 11 a.m. ET, that same day. The call will be conducted by Chairman & CEO David L. Pugh, President & COO Benjamin J. Mondics, and Vice President & CFO Mark O. Eisele. To join the call, dial 1-800-774-6070 (for US/Canada callers) or 1-630-691-2753 (for International callers) prior to the scheduled start using passcode 8221480. A live audio webcast can be accessed online at www.Applied.com. A replay of the call will be available for two weeks by dialing 1-888-843-8996 (for US/Canada callers) or 1-630-652-3044 (International) using passcode 8221480.

With approximately 460 facilities and 4,500 employee associates across North America, Applied Industrial Technologies is an industrial distributor that offers more than 3 million parts critical to the operations of MRO and OEM customers in virtually every industry.  In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services. Applied also offers maintenance training, plus solutions to meet inventory and storeroom management needs that help provide enhanced value to its customers. For its fiscal year ended June 30, 2009, Applied posted sales of $1.9 billion. Applied can be visited on the Internet at http://www.applied.com.

This press release contains statements that are forward-looking, as that term is defined by the Securities and Exchange Commission in its rules, regulations and releases. Applied intends that such forward-looking statements be subject to the safe harbors created thereby.  Forward-looking statements are often identified by qualifiers such as "outlook" and similar expressions.  All forward-looking statements are based on current expectations regarding important risk factors including trends in the industrial sector of the economy, and other risk factors identified in Applied's most recent periodic report and other filings made with the Securities and Exchange Commission. Accordingly, actual results may differ materially from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by Applied or any other person that the results expressed therein will be achieved. Applied assumes no obligation to update publicly or revise any forward-looking statements, whether due to new information, or events, or otherwise.

SOURCE Applied Industrial Technologies