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Phone (303) 443-5060
Toll free (888) 742-5060
The third quarter of fiscal 2003 did include non-operating charges of $1.7 million to provide for potential losses on investments and advances to an affiliated company. The third quarter of 2004 includes non-recurring tax benefits primarily from a late-March settlement with the Internal Revenue Service related to audits of the company's 1997 and 1998 tax returns as well as acceptance by the IRS of tax refund claims for 1999, 2000, and 2001. These items added $1.6 million to quarterly earnings.
"Riding the tide of a strengthening economy, our sales growth across North America accelerated throughout the quarter and exceeded even our most optimistic forecasts,' said Applied Chairman & CEO David L. Pugh. 'This drove greater-than-expected operating earnings. We are benefiting from the additional earnings potential created in our business by aggressive actions taken over the past two years to improve margins, manage assets and contain costs. Our gross margin, return on assets, and SD&A as a percent of sales all improved during the third quarter from year-ago levels. Looking ahead, sales guidance for our fiscal fourth quarter is $385 million to $400 million.'
For the nine months ended Mar. 31, 2004, the company repurchased 287,000 shares of stock for $6.2 million. At March 31, board authorization was in place to repurchase up to 841,000 additional shares. For its fiscal year ended June 30, 2003, the Company posted sales of $1.46 billion.