Applied Industrial Technologies (NYSE:AIT)

'Our results contained no surprises given the overall economic climate,' said Applied Chairman & Chief Executive Officer David L. Pugh. 'Sales generation and margin management will continue to be our greatest challenges for the near term as our customers respond to significant consumer withdrawal and we face increases in the competitive environment as a result.

'The future remains difficult to forecast as the economic turmoil continues. At this time, we see no relief in this calendar year. We believe our full-year earnings guidance of $1.30 to $1.70 per share is appropriate. From a sales perspective, we believe we will be at, or close to, the low end of our guidance of $1.95 billion to $2.1 billion.

Source: PR Newswire (April 23, 2009)

Guidance Report:

"It is obvious that our prior guidance of $1.90 to $2.15 earnings per share on sales of $2.2 to $2.3 billion is unattainable. While it is very difficult to forecast with much certainty in this current climate, we are now projecting: