OHIO | 1-2299 | 34-0117420 |
(State or Other Jurisdiction of | (Commission File | (I.R.S. Employer |
Incorporation or Organization) | Number) | Identification No.) |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. | |
(Registrant) | |
By: /s/ Fred D. Bauer | |
Fred D. Bauer, Vice President-General Counsel & Secretary | |
Date: October 28, 2015 |
99.1 | The following exhibit is furnished with this Report on Form 8-K: Press release of Applied Industrial Technologies, Inc. dated October 28, 2015. |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES | ||
CONDENSED STATEMENTS OF CONSOLIDATED INCOME | ||
(In thousands, except per share data) |
Three Months Ended | ||
September 30, | ||
2015 | 2014 | |
Net Sales | $ 641,904 | $ 702,325 |
Cost of sales | 460,892 | 507,393 |
Gross Profit | 181,012 | 194,932 |
Selling, distribution and administrative, | ||
including depreciation | 139,986 | 148,767 |
Operating Income | 41,026 | 46,165 |
Interest expense, net | 2,187 | 1,662 |
Other expense, net | 1,004 | 244 |
Income Before Income Taxes | 37,835 | 44,259 |
Income Tax Expense | 13,544 | 15,137 |
Net Income | $ 24,291 | $ 29,122 |
Net Income Per Share - Basic | $ 0.61 | $ 0.70 |
Net Income Per Share - Diluted | $ 0.61 | $ 0.70 |
Average Shares Outstanding - Basic | 39,613 | 41,467 |
Average Shares Outstanding - Diluted | 39,842 | 41,829 |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Amounts in thousands) |
September 30, | June 30, | |||||
2015 | 2015 | |||||
Assets | ||||||
Cash and cash equivalents | $ 63,966 | $ 69,470 | ||||
Accounts receivable, less allowances of $11,753 and $10,621 | 356,606 | 376,305 | ||||
Inventories | 350,807 | 362,419 | ||||
Other current assets | 42,527 | 51,111 | ||||
Total current assets | 813,906 | 859,305 | ||||
Property, net | 104,760 | 104,447 | ||||
Goodwill | 248,580 | 254,406 | ||||
Intangibles, net | 191,708 | 198,828 | ||||
Other assets | 17,306 | 17,982 | ||||
Total Assets | $ 1,376,260 | $ 1,434,968 | ||||
Liabilities | ||||||
Accounts payable | $ 142,636 | $ 179,825 | ||||
Current portion of long-term debt | 3,975 | 3,349 | ||||
Other accrued liabilities | 111,686 | 126,898 | ||||
Total current liabilities | 258,297 | 310,072 | ||||
Long-term debt | 351,340 | 317,646 | ||||
Other liabilities | 56,500 | 65,922 | ||||
Total Liabilities | 666,137 | 693,640 | ||||
Shareholders' Equity | 710,123 | 741,328 | ||||
Total Liabilities and Shareholders' Equity | $ 1,376,260 | $ 1,434,968 |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES |
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS |
(In thousands) |
Three Months Ended September 30, | |||
2015 | 2014 | ||
Cash Flows from Operating Activities | |||
Net income | $ 24,291 | $ 29,122 | |
Adjustments to reconcile net income to net cash provided | |||
by operating activities: | |||
Depreciation and amortization of property | 3,930 | 4,211 | |
Amortization of intangibles | 6,083 | 6,491 | |
Amortization of stock appreciation rights and options | 630 | 577 | |
Loss (Gain) on sale of property | 90 | (5) | |
Other share-based compensation expense | 628 | 592 | |
Changes in assets and liabilities, net of acquisitions | (23,514) | (58,891) | |
Other, net | 2,450 | (198) | |
Net Cash provided by (used in) Operating Activities | 14,588 | (18,101) | |
Cash Flows from Investing Activities | |||
Property purchases | (3,112) | (3,100) | |
Proceeds from property sales | 113 | 3 | |
Acquisition of businesses, net of cash acquired | (11,250) | (129,810) | |
Net Cash used in Investing Activities | (14,249) | (132,907) | |
Cash Flows from Financing Activities | |||
Net borrowings under revolving credit facility | 35,000 | 34,000 | |
Long-term debt borrowings | 0 | 120,238 | |
Long-term debt repayments | (681) | (690) | |
Purchases of treasury shares | (17,956) | (10,400) | |
Dividends paid | (10,745) | (10,402) | |
Excess tax (shortfall) benefits from share-based compensation | (59) | 556 | |
Acquisition holdback payments | (7,857) | 0 | |
Net Cash (used in) provided by Financing Activities | (2,298) | 133,302 | |
Effect of Exchange Rate Changes on Cash | (3,545) | (1,450) | |
Decrease in cash and cash equivalents | (5,504) | (19,156) | |
Cash and cash equivalents at beginning of period | 69,470 | 71,189 | |
Cash and Cash Equivalents at End of Period | $ 63,966 | $ 52,033 |