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Applied Industrial Technologies, Cleveland, OH, today reported sales of $502.4 million for its fiscal 2009 second quarter
ended Dec. 31, 2008, a decrease of 1.7% over the same period last year. Profit for the quarter declined 29.5% to $16.2
million. Excluding acquisitions, sales for the quarter were down 11.9%.
For the six months ended Dec. 31, 2008, sales increased 1.6% to $1.04 billion. Profit was $38.7 million down 18.3%.
"The rate of decline in the industrial economy has increased, and its scope has broadened beyond our expectations. This is a very difficult business climate, and economic indicators would suggest the market has yet to hit bottom, CEO David L. Hugh said. "We are making appropriate adjustments to our cost structure while maintaining a high level of customer service. Our efforts are focused heavily on asset management to protect the interests of our shareholders as we navigate this increasingly turbulent storm."