$AIT
APPLIED INDUSTRIAL TECHNOLOGIES INC

2016 Q4 Form 10-Q Financial Statement

#000010956317000038 Filed on January 27, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $5.264M $5.666M
YoY Change -7.09% -6.55%
Cost Of Revenue $435.7M $437.2M
YoY Change -0.35% -11.86%
Gross Profit $172.5M $173.2M
YoY Change -0.41% -11.52%
Gross Profit Margin 3276.14% 3056.25%
Selling, General & Admin $134.6M $134.8M
YoY Change -0.15% -9.47%
% of Gross Profit 78.05% 77.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.837M $4.080M
YoY Change -5.96% -0.97%
% of Gross Profit 2.22% 2.36%
Operating Expenses $134.6M $134.8M
YoY Change -0.15% -9.47%
Operating Profit $37.86M $38.36M
YoY Change -1.32% -18.04%
Interest Expense -$1.800M -$2.000M
YoY Change -10.0% -13.04%
% of Operating Profit -4.75% -5.21%
Other Income/Expense, Net $11.00K -$55.00K
YoY Change -120.0% -85.53%
Pretax Income $35.77M $36.15M
YoY Change -1.06% -18.72%
Income Tax $11.68M $12.20M
% Of Pretax Income 32.66% 33.75%
Net Earnings $24.09M $23.95M
YoY Change 0.58% -19.39%
Net Earnings / Revenue 457.54% 422.64%
Basic Earnings Per Share $0.62 $0.61
Diluted Earnings Per Share $0.61 $0.61
COMMON SHARES
Basic Shares Outstanding 38.99M shares 39.26M shares
Diluted Shares Outstanding 39.37M shares 39.49M shares

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.90M $55.60M
YoY Change 13.13% 67.47%
Cash & Equivalents $62.86M $55.63M
Short-Term Investments
Other Short-Term Assets $33.84M $36.18M
YoY Change -6.46% -37.38%
Inventory $349.0M $359.7M
Prepaid Expenses
Receivables $336.7M $329.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $782.4M $780.8M
YoY Change 0.21% -11.04%
LONG-TERM ASSETS
Property, Plant & Equipment $105.3M $106.5M
YoY Change -1.12% -0.82%
Goodwill $204.0M $249.3M
YoY Change -18.17% -4.22%
Intangibles $173.5M $185.0M
YoY Change -6.24% -14.47%
Long-Term Investments
YoY Change
Other Assets $16.96M $16.89M
YoY Change 0.42% -8.84%
Total Long-Term Assets $512.1M $569.6M
YoY Change -10.09% -5.5%
TOTAL ASSETS
Total Short-Term Assets $782.4M $780.8M
Total Long-Term Assets $512.1M $569.6M
Total Assets $1.295B $1.350B
YoY Change -4.14% -8.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $137.5M $114.8M
YoY Change 19.75% -23.93%
Accrued Expenses $96.50M $40.30M
YoY Change 139.45% -25.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.248M $3.350M
YoY Change -3.04% 23.16%
Total Short-Term Liabilities $237.2M $221.4M
YoY Change 7.16% -18.51%
LONG-TERM LIABILITIES
Long-Term Debt $323.9M $363.6M
YoY Change -10.92% 4.91%
Other Long-Term Liabilities $31.34M $38.20M
YoY Change -17.94% -37.83%
Total Long-Term Liabilities $355.3M $401.8M
YoY Change -11.59% -1.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $237.2M $221.4M
Total Long-Term Liabilities $355.3M $401.8M
Total Liabilities $613.1M $642.8M
YoY Change -4.62% -8.01%
SHAREHOLDERS EQUITY
Retained Earnings $985.3M $996.4M
YoY Change -1.11% 6.59%
Common Stock $172.6M $170.7M
YoY Change 1.15% 1.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $378.9M $365.2M
YoY Change 3.76% 28.76%
Treasury Stock Shares 15.20M shares 14.96M shares
Shareholders Equity $681.4M $707.6M
YoY Change
Total Liabilities & Shareholders Equity $1.295B $1.350B
YoY Change -4.14% -8.78%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income $24.09M $23.95M
YoY Change 0.58% -19.39%
Depreciation, Depletion And Amortization $3.837M $4.080M
YoY Change -5.96% -0.97%
Cash From Operating Activities $3.800M $19.20M
YoY Change -80.21% -0.52%
INVESTING ACTIVITIES
Capital Expenditures -$3.700M -$2.600M
YoY Change 42.31% -44.68%
Acquisitions
YoY Change
Other Investing Activities $900.0K -$12.00M
YoY Change -107.5% -66.39%
Cash From Investing Activities -$2.800M -$14.60M
YoY Change -80.82% -63.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.200M -12.00M
YoY Change -143.33% -442.86%
NET CHANGE
Cash From Operating Activities 3.800M 19.20M
Cash From Investing Activities -2.800M -14.60M
Cash From Financing Activities 5.200M -12.00M
Net Change In Cash 6.200M -7.400M
YoY Change -183.78% -57.95%
FREE CASH FLOW
Cash From Operating Activities $3.800M $19.20M
Capital Expenditures -$3.700M -$2.600M
Free Cash Flow $7.500M $21.80M
YoY Change -65.6% -9.17%

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;">Recently Issued Accounting Guidance</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 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 annual and interim financial statement periods beginning after December 15, 2017. Early adoption is permitted, but not before financial statement periods beginning after December 15, 2016. In March 2016 the FASB issued ASU 2016-08 and ASU 2016-10, and in May 2016 the FASB issued ASU 2016-12, which clarify the guidance in ASU 2014-09 but do not change the core principle of the revenue recognition model. The Company has not determined the collective impact of these pronouncements on its financial statements and related disclosures or the method of adoption.</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 annual and interim 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%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued its final standard on accounting for leases. This standard, issued as ASU 2016-02, requires that an entity that is a lessee recognize lease assets and lease liabilities on the balance sheet for all leases and disclose key information about leasing arrangements. The core principle of this update is that a "lessee should recognize the assets and liabilities that arise from leases." This update is effective for annual and interim financial statement periods beginning after December 15, 2018, 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%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued its final standard on measurement of credit losses on financial instruments. This standard, issued as ASU 2016-13, requires that an entity measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. This update is effective for annual and interim financial statement periods beginning after December 15, 2019, with early adoption permitted for financial statement periods beginning after December 15, 2018. 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%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued its final standard on the classification of certain cash receipts and cash payments within the statement of cash flows. This standard, issued as ASU 2016-15, makes a number of changes meant to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. This update is effective for annual and interim financial statement periods beginning after December 15, 2018, with early adoption 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%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued its final standard on the income tax consequences of intra-entity transfers of assets other than inventory. This standard, issued as ASU 2016-16, requires that an entity recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and eliminates the exception for an intra-entity transfer of an asset other than inventory. This update is effective for annual and interim financial statement periods beginning after December 15, 2017, with early adoption permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.</font></div></div>

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