| |
ski properties for sale in flaine
News and Information Article
CLEVELAND, Jan. 18 /-FirstCall/ -- Applied Industrial
Technologies (NYSE: AIT) today reported record sales and earnings for the
fiscal 2007 second quarter ended December 31, 2006.
Net sales for the second quarter increased 4% to $472,365,000 from
$456,180,000 in the comparable period a year ago. Net income for the
quarter increased 21% to $18,568,000, or $0.42 per share, compared to
$15,294,000, or $0.33 per share last year. This 27% increase in earnings
per share represents the seventeenth consecutive quarter of year-over-year
increases of at least 20 percent.
(Note: all per-share amounts have been adjusted to reflect a 3-for-2
stock split paid June 15, 2006.)
For the six months ended December 31, 2006, sales increased 7% to
$964,955,000 from $899,385,000 in the same period last year. Net income
increased 23% to $39,685,000, or $0.89 per share versus $32,144,000, or
$0.69 per share, last year.
Commenting on the companys performance, Applied Chairman & Chief
Executive Officer David L. Pugh said, "We are pleased with our overall
performance this quarter, particularly the improvement in our operating
margins. Although our sales growth was softer than we expected, we believe
the economic outlook suggests continued growth through our fiscal year. We
are actively managing our business and are working to keep costs in line
with the slower pace of the economy.
"Based on the current state of the industrial economy, and with six
months of results under our belt, we now expect our year-end sales to be in
the range of $2.01 to $2.04 billion and we are narrowing our guidance range
for earnings to between $1.80 and $1.85 per share."
Applied will host its second quarter conference call for investors and
analysts at 11 a.m. ET today (Thursday, January 18th). To join in the call,
dial 1-800-818-5264. The call will be conducted by Chairman & CEO David L.
Pugh, President & COO Bill L. Purser and CFO Mark O. Eisele. The call will
also be webcast and can be accessed live online at http://www.applied.com and will
be archived there for 14 days. A replay of the teleconference will be
available for two weeks at 1-888-203-1112 (passcode 9458809).
Applied anticipates its quarterly dividend announcement to be made on
or about January 24, 2007, which coincides with its regularly scheduled
Board of Directors meeting.
With more than 440 facilities and 4,600 employee-associates across
North America, Applied Industrial Technologies is an industrial distributor
that offers more than 2 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. For its fiscal year ended June 30, 2006, 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 "believe," "expect,"
"guidance," 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 Applieds 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.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(Amounts in Thousands, except per share data)
Three Months Ended Six Months Ended
December 31, December 31,
2006 2005 2006 2005
Net Sales $472,365 $456,180 $964,955 $899,385
Cost of sales 342,214 334,783 699,670 655,684
130,151 121,397 265,285 243,701
Selling, distribution and
administrative expenses 101,222 96,183 202,979 190,685
Operating Income 28,929 25,214 62,306 53,016
Interest expense, net 610 964 1,257 1,736
Other (income) expense, net (720) (314) (789) (164)
Income Before Income Taxes 29,039 24,564 61,838 51,444
Income Tax Expense 10,471 9,270 22,153 19,300
Net Income $18,568 $15,294 $39,685 $32,144
Net Income Per Share - Basic $0.43 $0.34 $0.91 $0.72
Net Income Per Share - Diluted $0.42 $0.33 $0.89 $0.69
Average Shares Outstanding - Basic 43,684 44,493 43,811 44,729
Average Shares Outstanding -
Diluted 44,630 46,017 44,733 46,317
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(1) Cost of sales for interim financial statements is computed using
estimated gross profit percentages which are adjusted throughout the year
based upon available information. Adjustments to actual cost are
primarily made based on periodic physical inventories and the effect of
year-end inventory quantities on LIFO costs.
(2) All share and per share data have been restated to reflect a 3-for-2
stock split effective June 15, 2006.
(3) The Companys $50 million in senior unsecured term notes mature in
December 2007 and have been classified as a current liability as of
December 31, 2006.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
December 31, 2006 June 30, 2006
Assets
Cash and cash equivalents $84,410 $106,428
Accounts receivable, net of
allowances of $6,146 and $6,000 220,460 231,524
Inventories 215,208 190,537
Other current assets 31,402 29,955
Total current assets 551,480 558,444
Property - net 69,121 70,794
Goodwill 56,966 57,222
Other assets 46,805 44,211
Total Assets $724,372 $730,671
Liabilities
Accounts payable $91,377 $109,440
Current portion of long-term debt 50,791
Other accrued liabilities 67,244 78,991
Total current liabilities 209,412 188,431
Long-term debt 25,000 76,186
Other liabilities 53,033 51,232
Total Liabilities 287,445 315,849
Shareholders Equity 436,927 414,822
Total Liabilities and Shareholders
Equity $724,372 $730,671
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(In Thousands)
Six Months Ended December 31,
2006 2005
Cash Flows from Operating Activities
Net income $39,685 $32,144
Adjustments to reconcile net income
to cash provided by (used in)
operating activities:
Depreciation 6,607 6,624
Share-based compensation and
amortization of intangibles
and other assets 2,606 1,505
Gain on sale of property (246) (60)
Treasury shares contributed to
employee benefit and deferred
compensation plans 1,530 4,435
Changes in operating assets and
liabilities, net of effects from
acquisition of business (46,425) (65,213)
Other 132 1,448
Net Cash provided by (used in)
Operating Activities 3,889 (19,117)
Cash Flows from Investing Activities
Property purchases (5,357) (4,189)
Proceeds from property sales 394 145
Net cash paid for acquisition of
businesses, net of
cash acquired (16,298)
Deposits and other (1,526) (195)
Net Cash used in Investing Activities (6,489) (20,537)
Cash Flows from Financing Activities
Purchase of treasury shares (12,409) (28,096)
Dividends paid (10,555) (8,084)
Excess tax benefits from share-
based compensation 2,130 1,807
Exercise of stock options 1,950 1,165
Net Cash used in Financing Activities (18,884) (33,208)
Effect of Exchange Rate Changes on Cash (534) 836
Decrease in cash and cash
equivalents (22,018) (72,026)
Cash and cash equivalents at
beginning of period 106,428 127,136
Cash and Cash Equivalents at End of Period $84,410 $55,110
s.server=server()
s.channel="News Release"
s.pageName="Applied Industrial Technologies Reports 21% Earnings Increase on 4% Sales Gain in Fiscal 2007 Second Quarter"
s.prop2="109"
s.prop3="01-18-2007"
s.prop4=""
s.prop5=""
/************* DO NOT ALTER ANYTHING BELOW THIS LINE ! **************/
var s_code=s.t();if(s_code)document.write(s_code);
| |
|
|
 |
ski properties for sale in flaine |
|
|
|
|
|
|
|
|
|
Locations
