Applied Industrial Technologies income up
Applied Industrial Technologies reported fiscal 2010 full-year sales were $1.89 billion, down 1.6% from $1.92 billion.
Net income for the year was $65.9 million, or $1.54 per share, compared to $42.2 million, or 99 cents per share in fiscal 2009, an increase of 55.9%. Fiscal 2009 results included a non-cash goodwill impairment charge that was primarily associated with the August 2008 acquisition of Fluid Power Resource.
Net sales for the fourth quarter were $523 million, up 23.0% from prior year sales of $425.1 million for the comparable period. Net income for the quarter was $27.7 million, or 64 cents per share, an improvement of 85% compared to last year's fourth quarter adjusted to remove the impairment charge.
"We began fiscal 2010 prepared for a tough industrial market. Our sales growth initiatives and operating disciplines helped us perform well during the first six months of the fiscal year despite ongoing weaknesses in the overall economy," said chairman and chief executive officer David L. Pugh.
He added that while there is "unusual uncertainty" about the industrial economy in the next 12 months, the company expects sales of $2.05 billion to $2.25 billion.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
