Applied Industrial Technologies Reports Fiscal 2013 Third Quarter Results and Declares Dividend

CLEVELAND, May 2, 2013 /PRNewswire-FirstCall/ -- Applied Industrial Technologies (NYSE: AIT) today reported third quarter fiscal 2013 sales and earnings for the three months ended March 31, 2013. 

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Net sales for the third quarter increased 2.7% to $621.7 million from $605.5 million in the comparable period a year ago. Net income for the quarter was $29.3 million, or $0.69 per share, essentially flat compared with the third quarter of 2012.

For the nine months ended March 31, 2013, sales increased 3.8% to $1.82 billion from $1.76 billion in the same period last year. Net income increased 11.9% to $85.9 million from $76.7 million, and earnings per share increased 12.8% to $2.02 per share from $1.79 per share, last year.

Commenting on the Company's performance, Applied's Chief Executive Officer Neil A. Schrimsher said, "While some economic uncertainty persisted in our third quarter, we translated modest sales growth into solid earnings – benefiting from our business investments, efficiency gains and disciplined cost controls. While overall our third quarter sales trend remained similar to the prior quarter, we did see month-over-month increases in sales per day in our U.S. service center and fluid power businesses. Consistent with the current levels of various economic production and capacity utilization indices, we remain optimistic about the industrial economy for the 2013 calendar year.

"We enter our fourth quarter debt free, with a strong balance sheet, and with a shared determination to serve our customers and profitably grow our business – organically, via acquisition and through our technology investments.

"Looking ahead, we remain on track to meet our previously stated fiscal 2013 earnings guidance of $2.70 to $2.90 per share on sales growth expectations of 4% to 7%," said Schrimsher.

In addition, Mr. Schrimsher announced today that the Company's Board of Directors declared a quarterly cash dividend of $0.23 per common share, payable on May 31, 2013, to shareholders of record on May 15, 2013.

The quarterly conference call for investors and analysts will begin at 10 a.m. ET on May 2. The call will be conducted by CEO Neil A. Schrimsher, President & COO Benjamin J. Mondics, and Vice President & CFO Mark O. Eisele. To join the call, dial 1-888-771-4371 or 1-847-585-4405 (for International callers) prior to the scheduled start using passcode 34562358. 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 345662358.

With more than 500 facilities and 5,000 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 "optimistic," "guidance," "expect," 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