CLEVELAND (Aug. 9) — Higher sales, two acquisitions, cost controls and effective management of inventories and other assets helped Applied Industrial Technologies post a 30.6-percent hike in net profits for fiscal 2006.
The company — which provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services – said its sales rose 10.7 percent in the year ended June 30, to $1.9 billion. Fourth quarter net profits and sales hit record levels, with net income rising 26.2 percent to $20.2 million and sales 11.2 percent to $504.2 million.