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January 23, 2008

Applied Industrial Sales Up 6.7% in First Half

Industrial distributor Applied Industrial Technologies, Cleveland, OH, reported sales increased 8.2% to $511 million in the 2008 second quarter ended Dec. 31, 2007. Profit was up 23.7%.
 
Year-to-date, sales were up 6.7% to $1.02 billion, and profit was up 19.5% to $47.4 million.
 
"During the quarter, we saw business conditions that were mixed," said Applied CEO David L. Pugh. "Our sales to customers in housing-related industries continued to be impacted by the housing downturn. Sales to other industries such as metal mining and food production were very strong. Several economic indices we follow point to a slowing economy, and as a result, we expect the second half to be more challenging with regard to sales growth."
 
For its fiscal year ended June 30, 2007, Applied posted sales of $2 billion.

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