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Industrial distributor Applied Industrial Technologies, Cleveland, OH, reported sales for the fiscal 2009 third quarter ended March 31, 2009, were down 14.8% to $451.6 million from the same period last year.
Profit fell 51%.
For the nine months ended March 31, 2009, sales were $1.49 billion, a decrease of 4% from the prior-year period. Profit was down 29.2%.
"Our results contained no surprises given the overall economic climate," said CEO David L. Pugh. "Sales generation and margin management will continue to be our greatest challenges for the near term as our customers respond to significant consumer withdrawal and we face increases in the competitive environment as a result. In light of this, we have made prudent moves to reduce costs in line with demand with a strong focus on asset management. As a result, our cash generation continues to be strong which puts us in a solid strategic position going forward.
"The future remains difficult to forecast as the economic turmoil continues. At this time, we see no relief in this calendar year."