Applied Industrial Technologies: 10.7% Sales Jump in 2006
Applied Industrial Technologies, Cleveland, OH, reported sales for its fiscal year ended June 30, 2006, increased by 10.7% to $1.9 billion from $1.7 billion in fiscal 2005. Net income rose 30.6% to $72.3 million versus $55.3 million the previous year.
Sales for the fourth quarter increased 11.2% to $504 million from $453.3 million in the same period a year ago. Net income increased 26.2% to $20 million compared with $15.9 million last year.
Commenting on results, Applied Chairman and CEO David L. Pugh said, "Fiscal 2006 was a record sales year for Applied as the economy remained strong and we completed two strategic acquisitions, Spencer Fluid Power and Minnesota Bearing ...