$AIT
APPLIED INDUSTRIAL TECHNOLOGIES INC

2015 Q4 Form 10-Q Financial Statement

#000010956316000216 Filed on January 29, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $5.666M $6.063M
YoY Change -6.55% 6.72%
Cost Of Revenue $437.2M $496.0M
YoY Change -11.86% 18.5%
Gross Profit $173.2M $195.7M
YoY Change -11.52% 19.79%
Gross Profit Margin 3056.25% 3227.99%
Selling, General & Admin $134.8M $148.9M
YoY Change -9.47% 20.53%
% of Gross Profit 77.85% 76.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.080M $4.120M
YoY Change -0.97% 22.58%
% of Gross Profit 2.36% 2.11%
Operating Expenses $134.8M $148.9M
YoY Change -9.47% 20.53%
Operating Profit $38.36M $46.81M
YoY Change -18.04% 17.5%
Interest Expense -$2.000M -$2.300M
YoY Change -13.04% -560.0%
% of Operating Profit -5.21% -4.91%
Other Income/Expense, Net -$55.00K -$380.0K
YoY Change -85.53% -240.74%
Pretax Income $36.15M $44.47M
YoY Change -18.72% 10.46%
Income Tax $12.20M $14.77M
% Of Pretax Income 33.75% 33.2%
Net Earnings $23.95M $29.71M
YoY Change -19.39% 14.66%
Net Earnings / Revenue 422.64% 489.97%
Basic Earnings Per Share $0.61 $0.72
Diluted Earnings Per Share $0.61 $0.72
COMMON SHARES
Basic Shares Outstanding 39.26M shares 41.23M shares
Diluted Shares Outstanding 39.49M shares 41.53M shares

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.60M $33.20M
YoY Change 67.47% -50.15%
Cash & Equivalents $55.63M $33.18M
Short-Term Investments
Other Short-Term Assets $36.18M $57.77M
YoY Change -37.38% 5.61%
Inventory $359.7M $401.5M
Prepaid Expenses
Receivables $329.3M $385.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $780.8M $877.8M
YoY Change -11.04% 16.96%
LONG-TERM ASSETS
Property, Plant & Equipment $106.5M $107.4M
YoY Change -0.82% 34.1%
Goodwill $249.3M $260.3M
YoY Change -4.22% 133.72%
Intangibles $185.0M $216.3M
YoY Change -14.47% 135.96%
Long-Term Investments
YoY Change
Other Assets $16.89M $18.53M
YoY Change -8.84% -8.0%
Total Long-Term Assets $569.6M $602.7M
YoY Change -5.5% 86.2%
TOTAL ASSETS
Total Short-Term Assets $780.8M $877.8M
Total Long-Term Assets $569.6M $602.7M
Total Assets $1.350B $1.480B
YoY Change -8.78% 37.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $114.8M $150.9M
YoY Change -23.93% 7.15%
Accrued Expenses $40.30M $54.10M
YoY Change -25.51% 10.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $3.350M $2.720M
YoY Change 23.16%
Total Short-Term Liabilities $221.4M $271.7M
YoY Change -18.51% 8.29%
LONG-TERM LIABILITIES
Long-Term Debt $363.6M $346.6M
YoY Change 4.91%
Other Long-Term Liabilities $38.20M $61.44M
YoY Change -37.83% 151.58%
Total Long-Term Liabilities $401.8M $408.1M
YoY Change -1.53% 1571.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $221.4M $271.7M
Total Long-Term Liabilities $401.8M $408.1M
Total Liabilities $642.8M $698.8M
YoY Change -8.01% 132.4%
SHAREHOLDERS EQUITY
Retained Earnings $996.4M $934.8M
YoY Change 6.59% 9.0%
Common Stock $170.7M $168.6M
YoY Change 1.21% 2.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $365.2M $283.6M
YoY Change 28.76% 18.49%
Treasury Stock Shares 14.96M shares 13.05M shares
Shareholders Equity $707.6M $781.7M
YoY Change
Total Liabilities & Shareholders Equity $1.350B $1.480B
YoY Change -8.78% 37.82%

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income $23.95M $29.71M
YoY Change -19.39% 14.66%
Depreciation, Depletion And Amortization $4.080M $4.120M
YoY Change -0.97% 22.58%
Cash From Operating Activities $19.20M $19.30M
YoY Change -0.52% 22.93%
INVESTING ACTIVITIES
Capital Expenditures -$2.600M -$4.700M
YoY Change -44.68% 88.0%
Acquisitions
YoY Change
Other Investing Activities -$12.00M -$35.70M
YoY Change -66.39% 111.24%
Cash From Investing Activities -$14.60M -$40.40M
YoY Change -63.86% 108.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.00M 3.500M
YoY Change -442.86% -164.81%
NET CHANGE
Cash From Operating Activities 19.20M 19.30M
Cash From Investing Activities -14.60M -40.40M
Cash From Financing Activities -12.00M 3.500M
Net Change In Cash -7.400M -17.60M
YoY Change -57.95% 93.41%
FREE CASH FLOW
Cash From Operating Activities $19.20M $19.30M
Capital Expenditures -$2.600M -$4.700M
Free Cash Flow $21.80M $24.00M
YoY Change -9.17% 31.87%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></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. <br clear="none"/>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." In August 2015, the FASB issued ASU 2015-14 to delay the effective date of ASU 2014-09 by one year. In accordance with the delay, the update is effective for financial statement periods beginning after December 15, 2017. Early adoption is permitted, but not before financial statement periods beginning after December 15, 2016. The Company has not determined the impact of this pronouncement on its financial statements and related disclosures.</font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued its final standard on simplifying the presentation of debt issue costs. This standard, issued as ASU 2015-03, requires that all costs incurred to issue debt be presented in the balance sheet as a direct reduction from the carrying value of the debt, similar to the presentation of debt discounts. This update is effective for financial statement periods beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The impact of the adoption of this guidance will result in the reclassification of the unamortized debt issuance costs on the consolidated balance sheets, which were </font><font style="font-family:inherit;font-size:10pt;">$563</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$394</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued its final standard on simplifying the measurement of inventory. This standard, issued as ASU 2015-11, specifies that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The new standard does not apply to inventory that is measured using LIFO; therefore, it is not applicable to the Company's U.S. inventory values, but does apply to the Company's foreign inventories which are valued using the average cost method. The update is effective for financial statement periods beginning after December 15, 2016, with earlier application permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In September 2015, the FASB issued its final standard on simplifying the accounting for measurement-period adjustments for business combinations. This standard, issued as ASU 2015-16, requires that an entity that is the acquirer in a business combination that identifies adjustments to provisional amounts during the measurement period recognize those adjustments in the reporting period in which the amounts are determined. This update further requires that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The update is effective for financial statement periods beginning after December 15, 2015, and should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update, with early adoption permitted. The Company has determined that this update has no impact on the Company's historical financial statements and disclosures. When adjustments to provisional amounts occur in the future, the Company will make the adjustments in the appropriate period and include the required 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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