$AIT
APPLIED INDUSTRIAL TECHNOLOGIES INC

2014 Q4 Form 10-Q Financial Statement

#000010956315000050 Filed on February 04, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4
Revenue $6.063M $5.681M
YoY Change 6.72% 18.28%
Cost Of Revenue $496.0M $418.6M
YoY Change 18.5% -1.88%
Gross Profit $195.7M $163.4M
YoY Change 19.79% 0.28%
Gross Profit Margin 3227.99% 2875.95%
Selling, General & Admin $148.9M $123.5M
YoY Change 20.53% 0.98%
% of Gross Profit 76.08% 75.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.120M $3.361M
YoY Change 22.58% 11.51%
% of Gross Profit 2.11% 2.06%
Operating Expenses $148.9M $123.5M
YoY Change 20.53% 0.98%
Operating Profit $46.81M $39.84M
YoY Change 17.5% -1.8%
Interest Expense -$2.300M $500.0K
YoY Change -560.0% 0.0%
% of Operating Profit -4.91% 1.26%
Other Income/Expense, Net -$380.0K $270.0K
YoY Change -240.74% -36.77%
Pretax Income $44.47M $40.26M
YoY Change 10.46% -1.76%
Income Tax $14.77M $14.35M
% Of Pretax Income 33.2% 35.64%
Net Earnings $29.71M $25.91M
YoY Change 14.66% -4.19%
Net Earnings / Revenue 489.97% 456.06%
Basic Earnings Per Share $0.72 $0.62
Diluted Earnings Per Share $0.72 $0.61
COMMON SHARES
Basic Shares Outstanding 41.23M shares 42.08M shares
Diluted Shares Outstanding 41.53M shares 42.46M shares

Balance Sheet

Concept 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.20M $66.60M
YoY Change -50.15% 28.57%
Cash & Equivalents $33.18M $66.58M
Short-Term Investments
Other Short-Term Assets $57.77M $54.70M
YoY Change 5.61% 16.83%
Inventory $401.5M $323.3M
Prepaid Expenses
Receivables $385.3M $305.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $877.8M $750.5M
YoY Change 16.96% 7.53%
LONG-TERM ASSETS
Property, Plant & Equipment $107.4M $80.06M
YoY Change 34.1% -6.47%
Goodwill $260.3M $111.4M
YoY Change 133.72% 6.03%
Intangibles $216.3M $91.67M
YoY Change 135.96% -9.16%
Long-Term Investments
YoY Change
Other Assets $18.53M $20.14M
YoY Change -8.0% -8.21%
Total Long-Term Assets $602.7M $323.7M
YoY Change 86.2% -4.71%
TOTAL ASSETS
Total Short-Term Assets $877.8M $750.5M
Total Long-Term Assets $602.7M $323.7M
Total Assets $1.480B $1.074B
YoY Change 37.82% 3.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $150.9M $140.9M
YoY Change 7.15% 13.79%
Accrued Expenses $54.10M $48.80M
YoY Change 10.86% -7.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $15.00M
YoY Change -100.0% -54.55%
Long-Term Debt Due $2.720M
YoY Change
Total Short-Term Liabilities $271.7M $250.9M
YoY Change 8.29% -1.82%
LONG-TERM LIABILITIES
Long-Term Debt $346.6M $0.00
YoY Change
Other Long-Term Liabilities $61.44M $24.42M
YoY Change 151.58% -2.25%
Total Long-Term Liabilities $408.1M $24.42M
YoY Change 1571.0% -2.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $271.7M $250.9M
Total Long-Term Liabilities $408.1M $24.42M
Total Liabilities $698.8M $300.7M
YoY Change 132.4% -4.7%
SHAREHOLDERS EQUITY
Retained Earnings $934.8M $857.6M
YoY Change 9.0% 9.64%
Common Stock $168.6M $165.3M
YoY Change 2.01% 2.35%
Preferred Stock
YoY Change
Treasury Stock (at cost) $283.6M $239.4M
YoY Change 18.49% 6.03%
Treasury Stock Shares 13.05M shares 12.22M shares
Shareholders Equity $781.7M $773.5M
YoY Change
Total Liabilities & Shareholders Equity $1.480B $1.074B
YoY Change 37.82% 3.52%

Cashflow Statement

Concept 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income $29.71M $25.91M
YoY Change 14.66% -4.19%
Depreciation, Depletion And Amortization $4.120M $3.361M
YoY Change 22.58% 11.51%
Cash From Operating Activities $19.30M $15.70M
YoY Change 22.93% 214.0%
INVESTING ACTIVITIES
Capital Expenditures -$4.700M -$2.500M
YoY Change 88.0% -13.79%
Acquisitions
YoY Change
Other Investing Activities -$35.70M -$16.90M
YoY Change 111.24% -44.41%
Cash From Investing Activities -$40.40M -$19.40M
YoY Change 108.25% -41.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.500M -5.400M
YoY Change -164.81% -122.69%
NET CHANGE
Cash From Operating Activities 19.30M 15.70M
Cash From Investing Activities -40.40M -19.40M
Cash From Financing Activities 3.500M -5.400M
Net Change In Cash -17.60M -9.100M
YoY Change 93.41% 97.83%
FREE CASH FLOW
Cash From Operating Activities $19.30M $15.70M
Capital Expenditures -$4.700M -$2.500M
Free Cash Flow $24.00M $18.20M
YoY Change 31.87% 130.38%

Facts In Submission

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us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Net Income
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CY2013Q4 us-gaap Operating Income Loss
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OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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us-gaap Other Comprehensive Income Loss Tax
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CY2013Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2013Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
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CY2014Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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CY2014Q2 us-gaap Preferred Stock Shares Issued
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2014Q4 us-gaap Preferred Stock Shares Issued
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Other Noncash Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Payments To Acquire Businesses
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us-gaap Other Payments To Acquire Businesses
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us-gaap Payments For Repurchase Of Common Stock
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19471000 USD
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PaymentsToAcquireBusinessesNetOfCashAcquired
17000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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165646000 USD
CY2013Q4 us-gaap Payments To Acquire Productive Assets
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2555000 USD
us-gaap Payments To Acquire Productive Assets
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4126000 USD
CY2014Q4 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2014Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
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CY2014Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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CY2014Q2 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0.00
CY2014Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
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CY2014Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2500000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
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CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2014Q2 us-gaap Preferred Stock Value
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CY2014Q4 us-gaap Preferred Stock Value
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us-gaap Proceeds From Repayments Of Lines Of Credit
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us-gaap Proceeds From Repayments Of Lines Of Credit
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us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
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CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2013Q4 us-gaap Revenues
Revenues
5681000 USD
us-gaap Revenues
Revenues
11110000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q4 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
11636000 USD
CY2013Q4 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
SalesRevenueNet
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CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Sales Revenue Net
SalesRevenueNet
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CY2013Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
253802000 USD
CY2014Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2014Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2014Q2 us-gaap Treasury Stock Value
TreasuryStockValue
261852000 USD
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2013Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
386000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
431000 shares
CY2014Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
305000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
330000 shares
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42547000 shares
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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41678000 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42116000 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">New Accounting Pronouncements</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued its final standard on the recognition of revenue from contracts with customers. The standard, issued as Accounting Standards Update (ASU) 2014-09, outlines a single comprehensive model for entities to use in the accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. The core principle of this model is that "an entity recognizes revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services." The update is effective for financial statement periods beginning after December 15, 2016, with early adoption prohibited. The Company is currently determining the impact of this pronouncement on its financial statements and related disclosures.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2014, the FASB issued its final standard on accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The standard, issued as ASU 2014-12, clarifies that a performance target that affects vesting and that can be achieved after the requisite service period, should be treated as a performance condition. The update is effective for financial statement periods beginning after December 15, 2015, with early adoption permitted. The Company is currently determining the impact of this pronouncement on its financial statements and related disclosures.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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