Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, No. 2 on MDM's list of top power transmission/bearing distributors
, reported sales for the second quarter ended Dec. 31, 2011, were $570.4 million, up 7.7 percent over the same period a year ago. Profit declined 1.4 percent to $20.9 million.
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For the six months ended Dec. 31, 2011, sales were $1.15 billion compared to $1,057,018,000, a year-over-year increase of 7.8 percent. Profit grew 12.9 percent to $47.3 million.
"In addition to the day-to-day operation of our business, we are updating our long-range strategic plan to accelerate growth. We are in the process of identifying numerous organic growth opportunities with existing and new customers, targeting attractive vertical markets, expanding our product and solutions offering, and building the acquisition pipeline," CEO Neil Schrimsher said. "Operationally, the plan will include generation of continuous improvement across our operating landscape today and benefits from leveraging our new ERP system over the strategic horizon."
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