Commenting on the performance, Applied Chairman and CEO David L. Pugh said, "We have had a very good start to what we expect to be another very good year. A healthy increase in our sales, combined with a continuing focus on operating fundamentals allowed us to post strong earnings. In particular, our operating margins showed good improvement as numerous strategic initiatives increased our efficiency and productivity."
With more than 450 facilities and 4,600 employee-associates across North America, Applied Industrial Technologies is an industrial distributor with more than 2 million parts for the MRO and OEM markets. For its fiscal year ended June 30, 2006, Applied posted sales of $1.9 billion.