Applied Industrial Technologies Reports Fiscal 2013 First Quarter Results and Declares Quarterly Dividend

CLEVELAND, Oct. 23, 2012 /PRNewswire-FirstCall/ -- Applied Industrial Technologies (NYSE: AIT) today reported first quarter fiscal 2013 sales and earnings for the three months ended September 30, 2012. 

Net sales for the first quarter increased to $610.5 million from $579.6 million in the comparable period a year ago.  Net income for the quarter increased to $29.5 million, or $0.70 per share, compared to $26.4 million, or $0.61 per share, last year. 

Commenting on results, Applied's Chief Executive Officer Neil A. Schrimsher said, "We continued to leverage our sales growth into solid earnings performance, converting a 5.3% sales increase to an 11.9% improvement in net income and a 14% increase in earnings per share.  In addition, our strong operating margin of 7.3% for the quarter reflects the numerous initiatives we have in place to increase our efficiency, productivity and profitability.

"We are actively implementing and driving our long-range strategic plan throughout the organization.  Applied associates are building upon our strong capabilities, expanding our value-add and generating success with our customers.  We have great potential and excellent opportunities for growth and increased profitability – organically, via acquisition and through our technology investments.  In the current macroeconomic industrial environment, we are maintaining our full-year fiscal 2013 earnings per share guidance of $2.90 to $3.05, while we are adjusting our revenue growth expectations
to 6% to 10%."

In addition, Mr. Schrimsher announced today that the Company's Board of Directors declared a quarterly cash dividend of $0.21 per common share, payable on November 30, 2012, to shareholders of record on November 15, 2012. 

The Company will host its quarterly conference call for investors and analysts at 4 p.m. ET on October 23, 2012.  To join the call, dial 1-888-771-4371 or 1-847-585-4405 (for International callers) prior to the scheduled start using passcode 33464732.  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 1-888-843-7419 or 1-630-652-3042 (International) using passcode 33464732.

With approximately 500 facilities and 4,900 employee associates, Applied Industrial Technologies is a leading industrial distributor that offers more than four million parts to serve the needs 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 and inventory management solutions that provide added value to its customers.  Applied can be visited on the Internet at 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.  Forward-looking statements are often identified by qualifiers such as "expect," "guidance," and similar expressions.  Applied intends that such forward-looking statements be subject to the safe harbors created thereby.  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 the Company 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, except as required by law.

SOURCE Applied Industrial Technologies