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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Applied Industrial Technologies Inc | NYSE:AIT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.35 | 0.73% | 185.98 | 187.98 | 184.775 | 187.28 | 233,909 | 01:00:00 |
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Ohio
|
|
34-0117420
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
|
|
|
|
One Applied Plaza, Cleveland, Ohio
|
|
44115
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
|
[X]
|
|
Accelerated filer
|
|
[ ]
|
|
|
|
|
|||
Non-accelerated filer
|
|
[ ] (Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
[ ]
|
|
|
|
|
|
|
|
Emerging growth company
|
|
[ ]
|
|
|
|
|
|
|
|
|
Page
No.
|
Part I:
|
|
|
||
|
|
|
|
|
|
Item 1:
|
|
|
|
|
|
|
||
|
|
|
||
|
|
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||
|
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|
||
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Item 2:
|
|
||
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Item 3:
|
|
||
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Item 4:
|
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||
|
|
|
|
|
Part II:
|
|
|
||
|
|
|
|
|
|
Item 1:
|
|
||
|
Item 1A:
|
|
||
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Item 2:
|
|
||
|
Item 6:
|
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||
|
||||
|
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||
|
|
|
PART I:
|
FINANCIAL INFORMATION
|
ITEM I:
|
FINANCIAL STATEMENTS
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Sales
|
|
$
|
667,187
|
|
|
$
|
608,123
|
|
|
$
|
1,347,888
|
|
|
$
|
1,232,971
|
|
Cost of Sales
|
|
478,827
|
|
|
435,667
|
|
|
967,104
|
|
|
882,185
|
|
||||
Gross Profit
|
|
188,360
|
|
|
172,456
|
|
|
380,784
|
|
|
350,786
|
|
||||
Selling, Distribution and Administrative, including depreciation
|
|
141,645
|
|
|
134,600
|
|
|
282,232
|
|
|
269,511
|
|
||||
Operating Income
|
|
46,715
|
|
|
37,856
|
|
|
98,552
|
|
|
81,275
|
|
||||
Interest Expense, net
|
|
2,139
|
|
|
2,100
|
|
|
4,305
|
|
|
4,246
|
|
||||
Other Income, net
|
|
(20
|
)
|
|
(11
|
)
|
|
(731
|
)
|
|
(208
|
)
|
||||
Income Before Income Taxes
|
|
44,596
|
|
|
35,767
|
|
|
94,978
|
|
|
77,237
|
|
||||
Income Tax Expense
|
|
13,646
|
|
|
11,682
|
|
|
30,307
|
|
|
25,781
|
|
||||
Net Income
|
|
$
|
30,950
|
|
|
$
|
24,085
|
|
|
$
|
64,671
|
|
|
$
|
51,456
|
|
Net Income Per Share - Basic
|
|
$
|
0.80
|
|
|
$
|
0.62
|
|
|
$
|
1.67
|
|
|
$
|
1.32
|
|
Net Income Per Share - Diluted
|
|
$
|
0.79
|
|
|
$
|
0.61
|
|
|
$
|
1.65
|
|
|
$
|
1.31
|
|
Cash dividends per common share
|
|
$
|
0.29
|
|
|
$
|
0.28
|
|
|
$
|
0.58
|
|
|
$
|
0.56
|
|
Weighted average common shares outstanding for basic computation
|
|
38,716
|
|
|
38,985
|
|
|
38,824
|
|
|
39,015
|
|
||||
Dilutive effect of potential common shares
|
|
490
|
|
|
386
|
|
|
446
|
|
|
337
|
|
||||
Weighted average common shares outstanding for diluted computation
|
|
39,206
|
|
|
39,371
|
|
|
39,270
|
|
|
39,352
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income per the condensed statements of consolidated income
|
|
$
|
30,950
|
|
|
$
|
24,085
|
|
|
$
|
64,671
|
|
|
$
|
51,456
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income, before tax:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
|
(6,031
|
)
|
|
(9,930
|
)
|
|
2,128
|
|
|
(12,279
|
)
|
||||
Postemployment benefits:
|
|
|
|
|
|
|
|
|
||||||||
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs
|
|
(22
|
)
|
|
125
|
|
|
(36
|
)
|
|
252
|
|
||||
Unrealized gain on investment securities available for sale
|
|
46
|
|
|
40
|
|
|
42
|
|
|
66
|
|
||||
Total of other comprehensive (loss) income, before tax
|
|
(6,007
|
)
|
|
(9,765
|
)
|
|
2,134
|
|
|
(11,961
|
)
|
||||
Income tax expense related to items of other comprehensive income
|
|
57
|
|
|
54
|
|
|
46
|
|
|
115
|
|
||||
Other comprehensive (loss) income, net of tax
|
|
(6,064
|
)
|
|
(9,819
|
)
|
|
2,088
|
|
|
(12,076
|
)
|
||||
Comprehensive income, net of tax
|
|
$
|
24,886
|
|
|
$
|
14,266
|
|
|
$
|
66,759
|
|
|
$
|
39,380
|
|
|
|
December 31,
2017 |
|
June 30,
2017 |
||||
ASSETS
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
85,324
|
|
|
$
|
105,057
|
|
Accounts receivable, less allowances of $9,650 and $9,628
|
|
393,706
|
|
|
390,931
|
|
||
Inventories
|
|
386,943
|
|
|
345,145
|
|
||
Other current assets
|
|
37,538
|
|
|
41,409
|
|
||
Total current assets
|
|
903,511
|
|
|
882,542
|
|
||
Property, less accumulated depreciation of $171,604 and $166,143
|
|
111,962
|
|
|
108,068
|
|
||
Identifiable intangibles, net
|
|
153,432
|
|
|
163,562
|
|
||
Goodwill
|
|
209,001
|
|
|
206,135
|
|
||
Deferred tax assets
|
|
9,543
|
|
|
8,985
|
|
||
Other assets
|
|
18,433
|
|
|
18,303
|
|
||
TOTAL ASSETS
|
|
$
|
1,405,882
|
|
|
$
|
1,387,595
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
165,634
|
|
|
$
|
180,614
|
|
Current portion of long-term debt
|
|
6,378
|
|
|
4,814
|
|
||
Compensation and related benefits
|
|
48,726
|
|
|
58,785
|
|
||
Other current liabilities
|
|
50,889
|
|
|
65,540
|
|
||
Total current liabilities
|
|
271,627
|
|
|
309,753
|
|
||
Long-term debt
|
|
306,579
|
|
|
286,769
|
|
||
Postemployment benefits
|
|
14,022
|
|
|
16,715
|
|
||
Other liabilities
|
|
34,392
|
|
|
29,102
|
|
||
TOTAL LIABILITIES
|
|
626,620
|
|
|
642,339
|
|
||
Shareholders’ Equity
|
|
|
|
|
||||
Preferred stock—no par value; 2,500 shares authorized; none issued or outstanding
|
|
—
|
|
|
—
|
|
||
Common stock—no par value; 80,000 shares authorized; 54,213 shares issued; 38,674 and 39,041 outstanding, respectively
|
|
10,000
|
|
|
10,000
|
|
||
Additional paid-in capital
|
|
166,008
|
|
|
164,655
|
|
||
Retained earnings
|
|
1,087,156
|
|
|
1,033,751
|
|
||
Treasury shares—at cost (15,539 and 15,172 shares)
|
|
(404,288
|
)
|
|
(381,448
|
)
|
||
Accumulated other comprehensive loss
|
|
(79,614
|
)
|
|
(81,702
|
)
|
||
TOTAL SHAREHOLDERS’ EQUITY
|
|
779,262
|
|
|
745,256
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
$
|
1,405,882
|
|
|
$
|
1,387,595
|
|
|
|
Six Months Ended
|
||||||
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Cash Flows from Operating Activities
|
|
|
|
|
||||
Net income
|
|
$
|
64,671
|
|
|
$
|
51,456
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization of property
|
|
8,008
|
|
|
7,487
|
|
||
Amortization of intangibles
|
|
11,526
|
|
|
12,331
|
|
||
Unrealized foreign exchange transactions (gain) loss
|
|
(610
|
)
|
|
272
|
|
||
Amortization of stock options and appreciation rights
|
|
1,013
|
|
|
1,180
|
|
||
Gain on sale of property
|
|
(333
|
)
|
|
(1,581
|
)
|
||
Other share-based compensation expense
|
|
1,577
|
|
|
1,278
|
|
||
Changes in operating assets and liabilities, net of acquisitions
|
|
(65,007
|
)
|
|
(27,252
|
)
|
||
Other, net
|
|
339
|
|
|
487
|
|
||
Net Cash provided by Operating Activities
|
|
21,184
|
|
|
45,658
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
||||
Property purchases
|
|
(11,460
|
)
|
|
(6,710
|
)
|
||
Proceeds from property sales
|
|
596
|
|
|
2,648
|
|
||
Acquisition of businesses, net of cash acquired
|
|
(5,014
|
)
|
|
—
|
|
||
Net Cash used in Investing Activities
|
|
(15,878
|
)
|
|
(4,062
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
|
||||
Net borrowings under revolving credit facility
|
|
23,000
|
|
|
1,000
|
|
||
Long-term debt repayments
|
|
(1,679
|
)
|
|
(1,695
|
)
|
||
Purchases of treasury shares
|
|
(22,778
|
)
|
|
(5,478
|
)
|
||
Dividends paid
|
|
(22,571
|
)
|
|
(21,893
|
)
|
||
Acquisition holdback payments
|
|
(319
|
)
|
|
(7,069
|
)
|
||
Taxes paid for shares withheld
|
|
(1,298
|
)
|
|
(2,081
|
)
|
||
Exercise of stock options and appreciation rights
|
|
—
|
|
|
195
|
|
||
Net Cash used in Financing Activities
|
|
(25,645
|
)
|
|
(37,021
|
)
|
||
Effect of Exchange Rate Changes on Cash
|
|
606
|
|
|
(1,579
|
)
|
||
(Decrease) increase in Cash and Cash Equivalents
|
|
(19,733
|
)
|
|
2,996
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
|
105,057
|
|
|
59,861
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
85,324
|
|
|
$
|
62,857
|
|
2.
|
BUSINESS COMBINATIONS
|
|
Service Centers
|
|
Fluid Power
|
|
Total
|
||||||
Balance at July 1, 2016
|
$
|
198,486
|
|
|
$
|
4,214
|
|
|
$
|
202,700
|
|
Goodwill acquired during the period
|
3,220
|
|
|
625
|
|
|
3,845
|
|
|||
Other, primarily currency translation
|
34
|
|
|
(444
|
)
|
|
(410
|
)
|
|||
Balance at June 30, 2017
|
$
|
201,740
|
|
|
$
|
4,395
|
|
|
$
|
206,135
|
|
Goodwill acquired during the period
|
2,460
|
|
|
—
|
|
|
2,460
|
|
|||
Other, primarily currency translation
|
406
|
|
|
—
|
|
|
406
|
|
|||
Balance at December 31, 2017
|
$
|
204,606
|
|
|
$
|
4,395
|
|
|
$
|
209,001
|
|
December 31, 2017
|
|
Amount
|
|
Accumulated
Amortization
|
|
Net Book
Value
|
||||||
Finite-Lived Identifiable Intangibles:
|
|
|
|
|
|
|
||||||
Customer relationships
|
|
$
|
235,076
|
|
|
$
|
110,325
|
|
|
$
|
124,751
|
|
Trade names
|
|
44,028
|
|
|
20,882
|
|
|
23,146
|
|
|||
Vendor relationships
|
|
11,513
|
|
|
7,023
|
|
|
4,490
|
|
|||
Non-competition agreements
|
|
3,685
|
|
|
2,640
|
|
|
1,045
|
|
|||
Total Identifiable Intangibles
|
|
$
|
294,302
|
|
|
$
|
140,870
|
|
|
$
|
153,432
|
|
June 30, 2017
|
|
Amount
|
|
Accumulated
Amortization
|
|
Net Book
Value
|
||||||
Finite-Lived Identifiable Intangibles:
|
|
|
|
|
|
|
||||||
Customer relationships
|
|
$
|
235,009
|
|
|
$
|
102,414
|
|
|
$
|
132,595
|
|
Trade names
|
|
43,873
|
|
|
19,295
|
|
|
24,578
|
|
|||
Vendor relationships
|
|
14,152
|
|
|
9,141
|
|
|
5,011
|
|
|||
Non-competition agreements
|
|
3,788
|
|
|
2,410
|
|
|
1,378
|
|
|||
Total Identifiable Intangibles
|
|
$
|
296,822
|
|
|
$
|
133,260
|
|
|
$
|
163,562
|
|
|
|
Three Months Ended December 31, 2017
|
||||||||||||||
|
|
Foreign currency translation adjustment
|
|
|
Unrealized gain on securities available for sale
|
|
|
Postemployment benefits
|
|
|
Total Accumulated other comprehensive income (loss)
|
|
||||
Balance at September 30, 2017
|
|
$
|
(71,288
|
)
|
|
$
|
18
|
|
|
$
|
(2,280
|
)
|
|
$
|
(73,550
|
)
|
Other comprehensive (loss) income
|
|
(6,067
|
)
|
|
17
|
|
|
—
|
|
|
(6,050
|
)
|
||||
Amounts reclassified from accumulated other comprehensive (loss) income
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
(14
|
)
|
||||
Net current-period other comprehensive (loss) income
|
|
(6,067
|
)
|
|
17
|
|
|
(14
|
)
|
|
(6,064
|
)
|
||||
Balance at December 31, 2017
|
|
$
|
(77,355
|
)
|
|
$
|
35
|
|
|
$
|
(2,294
|
)
|
|
$
|
(79,614
|
)
|
|
|
Three Months Ended December 31, 2016
|
||||||||||||||
|
|
Foreign currency translation adjustment
|
|
|
Unrealized (loss) gain on securities available for sale
|
|
|
Postemployment benefits
|
|
|
Total Accumulated other comprehensive income (loss)
|
|
||||
Balance at September 30, 2016
|
|
$
|
(84,034
|
)
|
|
$
|
(23
|
)
|
|
$
|
(3,746
|
)
|
|
$
|
(87,803
|
)
|
Other comprehensive (loss) income
|
|
(9,930
|
)
|
|
34
|
|
|
—
|
|
|
(9,896
|
)
|
||||
Amounts reclassified from accumulated other comprehensive (loss) income
|
|
—
|
|
|
—
|
|
|
77
|
|
|
77
|
|
||||
Net current-period other comprehensive (loss) income
|
|
(9,930
|
)
|
|
34
|
|
|
77
|
|
|
(9,819
|
)
|
||||
Balance at December 31, 2016
|
|
$
|
(93,964
|
)
|
|
$
|
11
|
|
|
$
|
(3,669
|
)
|
|
$
|
(97,622
|
)
|
|
|
Six Months Ended December 31, 2017
|
||||||||||||||
|
|
Foreign currency translation adjustment
|
|
|
Unrealized (loss) gain on securities available for sale
|
|
|
Postemployment benefits
|
|
|
Total Accumulated other comprehensive income (loss)
|
|
||||
Balance at July 1, 2017
|
|
$
|
(79,447
|
)
|
|
$
|
21
|
|
|
$
|
(2,276
|
)
|
|
$
|
(81,702
|
)
|
Other comprehensive income
|
|
2,092
|
|
|
14
|
|
|
—
|
|
|
2,106
|
|
||||
Amounts reclassified from accumulated other comprehensive (loss) income
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
(18
|
)
|
||||
Net current-period other comprehensive income (loss)
|
|
2,092
|
|
|
14
|
|
|
(18
|
)
|
|
2,088
|
|
||||
Balance at December 31, 2017
|
|
$
|
(77,355
|
)
|
|
$
|
35
|
|
|
$
|
(2,294
|
)
|
|
$
|
(79,614
|
)
|
|
|
Six Months Ended December 31, 2016
|
||||||||||||||
|
|
Foreign currency translation adjustment
|
|
|
Unrealized loss on securities available for sale
|
|
|
Postemployment benefits
|
|
|
Total Accumulated other comprehensive income (loss)
|
|
||||
Balance at July 1, 2016
|
|
$
|
(81,685
|
)
|
|
$
|
(38
|
)
|
|
$
|
(3,823
|
)
|
|
$
|
(85,546
|
)
|
Other comprehensive (loss) income
|
|
(12,279
|
)
|
|
49
|
|
|
—
|
|
|
(12,230
|
)
|
||||
Amounts reclassified from accumulated other comprehensive (loss) income
|
|
—
|
|
|
—
|
|
|
154
|
|
|
154
|
|
||||
Net current-period other comprehensive (loss) income
|
|
(12,279
|
)
|
|
49
|
|
|
154
|
|
|
(12,076
|
)
|
||||
Balance at December, 31, 2016
|
|
$
|
(93,964
|
)
|
|
$
|
11
|
|
|
$
|
(3,669
|
)
|
|
$
|
(97,622
|
)
|
|
|
Three Months Ended December 31,
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
|
Pre-Tax Amount
|
|
Tax Expense (Benefit)
|
|
Net Amount
|
|
Pre-Tax Amount
|
|
Tax Expense
|
|
Net Amount
|
||||||||||||
Foreign currency translation adjustments
|
|
$
|
(6,031
|
)
|
|
$
|
36
|
|
|
$
|
(6,067
|
)
|
|
$
|
(9,930
|
)
|
|
$
|
—
|
|
|
$
|
(9,930
|
)
|
Postemployment benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification of actuarial (gains) losses and prior service cost into other income, net and included in net periodic pension costs
|
|
(22
|
)
|
|
(8
|
)
|
|
(14
|
)
|
|
125
|
|
|
48
|
|
|
77
|
|
||||||
Unrealized gain on investment securities available for sale
|
|
46
|
|
|
29
|
|
|
17
|
|
|
40
|
|
|
6
|
|
|
34
|
|
||||||
Other comprehensive (loss) income
|
|
$
|
(6,007
|
)
|
|
$
|
57
|
|
|
$
|
(6,064
|
)
|
|
$
|
(9,765
|
)
|
|
$
|
54
|
|
|
$
|
(9,819
|
)
|
|
|
Six Months Ended December 31,
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
|
Pre-Tax Amount
|
|
Tax Expense (Benefit)
|
|
Net Amount
|
|
Pre-Tax Amount
|
|
Tax Expense
|
|
Net Amount
|
||||||||||||
Foreign currency translation adjustments
|
|
$
|
2,128
|
|
|
$
|
36
|
|
|
$
|
2,092
|
|
|
$
|
(12,279
|
)
|
|
$
|
—
|
|
|
$
|
(12,279
|
)
|
Postemployment benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification of actuarial (gains) losses and prior service cost into other income, net and included in net periodic pension costs
|
|
(36
|
)
|
|
(18
|
)
|
|
(18
|
)
|
|
252
|
|
|
98
|
|
|
154
|
|
||||||
Unrealized gain on investment securities available for sale
|
|
42
|
|
|
28
|
|
|
14
|
|
|
66
|
|
|
17
|
|
|
49
|
|
||||||
Other comprehensive income (loss)
|
|
$
|
2,134
|
|
|
$
|
46
|
|
|
$
|
2,088
|
|
|
$
|
(11,961
|
)
|
|
$
|
115
|
|
|
$
|
(12,076
|
)
|
|
|
Pension Benefits
|
|
Retiree Health Care
Benefits
|
||||||||||||
Three Months Ended December 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Components of net periodic cost:
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
31
|
|
|
$
|
32
|
|
|
$
|
4
|
|
|
$
|
7
|
|
Interest cost
|
|
184
|
|
|
173
|
|
|
13
|
|
|
16
|
|
||||
Expected return on plan assets
|
|
(119
|
)
|
|
(115
|
)
|
|
—
|
|
|
—
|
|
||||
Recognized net actuarial loss (gain)
|
|
106
|
|
|
218
|
|
|
(38
|
)
|
|
(46
|
)
|
||||
Amortization of prior service cost
|
|
7
|
|
|
21
|
|
|
(92
|
)
|
|
(67
|
)
|
||||
Net periodic cost
|
|
$
|
209
|
|
|
$
|
329
|
|
|
$
|
(113
|
)
|
|
$
|
(90
|
)
|
|
|
Pension Benefits
|
|
Retiree Health Care
Benefits
|
||||||||||||
Six Months Ended December 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Components of net periodic cost:
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
62
|
|
|
$
|
63
|
|
|
$
|
9
|
|
|
$
|
14
|
|
Interest cost
|
|
367
|
|
|
346
|
|
|
26
|
|
|
32
|
|
||||
Expected return on plan assets
|
|
(237
|
)
|
|
(230
|
)
|
|
—
|
|
|
—
|
|
||||
Recognized net actuarial loss (gain)
|
|
212
|
|
|
436
|
|
|
(77
|
)
|
|
(91
|
)
|
||||
Amortization of prior service cost
|
|
14
|
|
|
43
|
|
|
(184
|
)
|
|
(135
|
)
|
||||
Net periodic cost
|
|
$
|
418
|
|
|
$
|
658
|
|
|
$
|
(226
|
)
|
|
$
|
(180
|
)
|
Three Months Ended
|
|
Service Center Based Distribution
|
|
Fluid Power Businesses
|
|
Total
|
||||||
December 31, 2017
|
|
|
|
|
|
|
||||||
Net sales
|
|
$
|
555,607
|
|
|
$
|
111,580
|
|
|
$
|
667,187
|
|
Operating income for reportable segments
|
|
30,006
|
|
|
13,824
|
|
|
43,830
|
|
|||
Depreciation and amortization of property
|
|
3,802
|
|
|
279
|
|
|
4,081
|
|
|||
Capital expenditures
|
|
4,822
|
|
|
302
|
|
|
5,124
|
|
|||
|
|
|
|
|
|
|
||||||
December 31, 2016
|
|
|
|
|
|
|
||||||
Net sales
|
|
$
|
514,334
|
|
|
$
|
93,789
|
|
|
$
|
608,123
|
|
Operating income for reportable segments
|
|
22,087
|
|
|
9,700
|
|
|
31,787
|
|
|||
Depreciation and amortization of property
|
|
3,608
|
|
|
229
|
|
|
3,837
|
|
|||
Capital expenditures
|
|
3,344
|
|
|
367
|
|
|
3,711
|
|
Six Months Ended
|
|
Service Center Based Distribution
|
|
Fluid Power Businesses
|
|
Total
|
||||||
December 31, 2017
|
|
|
|
|
|
|
||||||
Net sales
|
|
$
|
1,124,520
|
|
|
$
|
223,368
|
|
|
$
|
1,347,888
|
|
Operating income for reportable segments
|
|
63,728
|
|
|
27,114
|
|
|
90,842
|
|
|||
Assets used in business
|
|
1,199,704
|
|
|
206,178
|
|
|
1,405,882
|
|
|||
Depreciation and amortization of property
|
|
7,471
|
|
|
537
|
|
|
8,008
|
|
|||
Capital expenditures
|
|
10,370
|
|
|
1,090
|
|
|
11,460
|
|
|||
|
|
|
|
|
|
|
||||||
December 31, 2016
|
|
|
|
|
|
|
||||||
Net sales
|
|
$
|
1,043,564
|
|
|
$
|
189,407
|
|
|
$
|
1,232,971
|
|
Operating income for reportable segments
|
|
49,083
|
|
|
20,178
|
|
|
69,261
|
|
|||
Assets used in business
|
|
1,146,232
|
|
|
148,284
|
|
|
1,294,516
|
|
|||
Depreciation and amortization of property
|
|
7,024
|
|
|
463
|
|
|
7,487
|
|
|||
Capital expenditures
|
|
6,268
|
|
|
442
|
|
|
6,710
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating income for reportable segments
|
|
$
|
43,830
|
|
|
$
|
31,787
|
|
|
$
|
90,842
|
|
|
$
|
69,261
|
|
Adjustment for:
|
|
|
|
|
|
|
|
|
||||||||
Intangible amortization—Service Center Based Distribution
|
|
4,425
|
|
|
4,752
|
|
|
8,937
|
|
|
9,598
|
|
||||
Intangible amortization—Fluid Power Businesses
|
|
1,270
|
|
|
1,342
|
|
|
2,589
|
|
|
2,733
|
|
||||
Corporate and other income, net
|
|
(8,580
|
)
|
|
(12,163
|
)
|
|
(19,236
|
)
|
|
(24,345
|
)
|
||||
Total operating income
|
|
46,715
|
|
|
37,856
|
|
|
98,552
|
|
|
81,275
|
|
||||
Interest expense, net
|
|
2,139
|
|
|
2,100
|
|
|
4,305
|
|
|
4,246
|
|
||||
Other income, net
|
|
(20
|
)
|
|
(11
|
)
|
|
(731
|
)
|
|
(208
|
)
|
||||
Income before income taxes
|
|
$
|
44,596
|
|
|
$
|
35,767
|
|
|
$
|
94,978
|
|
|
$
|
77,237
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Geographic Areas:
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
557,031
|
|
|
$
|
508,542
|
|
|
$
|
1,124,576
|
|
|
$
|
1,031,909
|
|
Canada
|
|
67,479
|
|
|
62,204
|
|
|
134,296
|
|
|
124,785
|
|
||||
Other countries
|
|
42,677
|
|
|
37,377
|
|
|
89,016
|
|
|
76,277
|
|
||||
Total
|
|
$
|
667,187
|
|
|
$
|
608,123
|
|
|
$
|
1,347,888
|
|
|
$
|
1,232,971
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Unrealized gain on assets held in rabbi trust for a non-qualified deferred compensation plan
|
|
$
|
(417
|
)
|
|
$
|
(114
|
)
|
|
$
|
(784
|
)
|
|
$
|
(444
|
)
|
Foreign currency transactions loss (gain)
|
|
260
|
|
|
(193
|
)
|
|
(51
|
)
|
|
(343
|
)
|
||||
Net other periodic post-employment costs
|
|
61
|
|
|
200
|
|
|
121
|
|
|
401
|
|
||||
Other, net
|
|
76
|
|
|
96
|
|
|
(17
|
)
|
|
178
|
|
||||
Total other income, net
|
|
$
|
(20
|
)
|
|
$
|
(11
|
)
|
|
$
|
(731
|
)
|
|
$
|
(208
|
)
|
/s/ Deloitte & Touche LLP
|
|
Cleveland, Ohio
|
January 26, 2018
|
|
Index Reading
|
||
Month
|
MCU
|
PMI
|
IP
|
October 2017
|
77.4
|
58.7
|
104.6
|
November 2017
|
77.2
|
58.2
|
104.9
|
December 2017
|
77.9
|
59.7
|
105.0
|
|
|
Three Months Ended December 31,
|
|
Change in $'s Versus Prior Period - % Increase
|
|||||
|
|
As a Percent of Net Sales
|
|
||||||
|
|
2017
|
|
2016
|
|
||||
Net Sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
9.7
|
%
|
Gross Profit
|
|
28.2
|
%
|
|
28.4
|
%
|
|
9.2
|
%
|
Selling, Distribution & Administrative
|
|
21.2
|
%
|
|
22.1
|
%
|
|
5.2
|
%
|
Operating Income
|
|
7.0
|
%
|
|
6.2
|
%
|
|
23.4
|
%
|
Net Income
|
|
4.6
|
%
|
|
4.0
|
%
|
|
28.5
|
%
|
|
|
Six Months Ended December 31,
|
|
Change in $'s Versus Prior Period - % Increase
|
|||||
|
|
As a Percent of Net Sales
|
|
||||||
|
|
2017
|
|
2016
|
|
||||
Net Sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
9.3
|
%
|
Gross Profit
|
|
28.3
|
%
|
|
28.5
|
%
|
|
8.6
|
%
|
Selling, Distribution & Administrative
|
|
20.9
|
%
|
|
21.9
|
%
|
|
4.7
|
%
|
Operating Income
|
|
7.3
|
%
|
|
6.6
|
%
|
|
21.3
|
%
|
Net Income
|
|
4.8
|
%
|
|
4.2
|
%
|
|
25.7
|
%
|
|
|
Six Months Ended December 31,
|
||||||
Net Cash Provided by (Used in):
|
|
2017
|
|
2016
|
||||
Operating Activities
|
|
$
|
21,184
|
|
|
$
|
45,658
|
|
Investing Activities
|
|
(15,878
|
)
|
|
(4,062
|
)
|
||
Financing Activities
|
|
(25,645
|
)
|
|
(37,021
|
)
|
||
Exchange Rate Effect
|
|
606
|
|
|
(1,579
|
)
|
||
(Decrease) Increase in Cash and Cash Equivalents
|
|
$
|
(19,733
|
)
|
|
$
|
2,996
|
|
|
December 31,
|
June 30,
|
||||
|
2017
|
2017
|
||||
Accounts receivable, gross
|
$
|
403,356
|
|
$
|
400,559
|
|
Allowance for doubtful accounts
|
9,650
|
|
9,628
|
|
||
Accounts receivable, net
|
$
|
393,706
|
|
$
|
390,931
|
|
Allowance for doubtful accounts, % of gross receivables
|
2.4
|
%
|
2.4
|
%
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Provision for losses on accounts receivable
|
|
$
|
372
|
|
|
$
|
529
|
|
|
$
|
1,091
|
|
|
$
|
1,391
|
|
Provision as a % of net sales
|
|
0.06
|
%
|
|
0.09
|
%
|
|
0.08
|
%
|
|
0.11
|
%
|
PART II.
|
OTHER INFORMATION
|
ITEM 1.
|
Legal Proceedings
|
ITEM 1A.
|
Risk Factors
|
ITEM 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
(a) Total Number of Shares (1)
|
(b) Average Price Paid per Share ($)
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)
|
October 1, 2017 to October 31, 2017
|
6,300
|
$63.02
|
6,300
|
1,196,200
|
November 1, 2017 to November 30, 2017
|
139,500
|
$61.79
|
139,500
|
1,056,700
|
December 1, 2017 to December 31, 2017
|
0
|
0
|
0
|
1,056,700
|
Total
|
145,800
|
$61.84
|
145,800
|
1,056,700
|
(1)
|
On October 24, 2016, the Board of Directors authorized the repurchase of up to 1.5 million shares of the Company's common stock, replacing the prior authorization. We publicly announced the new authorization on October 26, 2016. Purchases can be made in the open market or in privately negotiated transactions. The authorization is in effect until all shares are purchased, or the Board revokes or amends the authorization.
|
Exhibit No.
|
|
Description
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
4.5
|
|
|
|
|
|
15
|
|
|
|
|
|
31
|
|
|
|
|
|
32
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
|
|
|
(Company)
|
|
|
|
Date:
|
January 26, 2018
|
By:
/s/ Neil A.Schrimsher
|
|
|
Neil A. Schrimsher
|
|
|
President & Chief Executive Officer
|
|
|
|
|
|
|
Date:
|
January 26, 2018
|
By:
/s/ David K. Wells
|
|
|
David K. Wells
|
|
|
Vice President-Chief Financial Officer & Treasurer
|
1 Year Applied Industrial Techn... Chart |
1 Month Applied Industrial Techn... Chart |
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