Applied Industrial Technologies (USA; NYSE: AIT) reported results for fiscal first quarter 2007, its 16th consecutive quarter of increasing net income by 20% or more.

Sales rose 11% in the quarter, to $493 million from 2006's $443 million.

Net income climbed 31%, hitting $21 million from first quarter 2006's $17 million.

AIT, for many years known as Bearings Incorporated, is a key OEM and MRO distributor of industrial aftermarket replacement bearings, power transmission equipment, and similar products. The company also provides engineering and design assistance. Applied has over 4,600 employees in more than 450 facilities across the United States, Canada and Mexico.

Chairman and CEO, David Pugh, said: "We have had a very good start to what we expect to be another very good year. A healthy increase in our sales, combined with a continuing focus on operating fundamentals allowed us to post strong earnings. In particular, our operating margins showed good improvement as numerous strategic initiatives increased our efficiency and productivity."

Applied had a 3-for-2 share split as of June 15, and recently spent $12 million to buy back 521,000 shares in a program authorized up to 1.5 million shares.

Shareholder equity increased $8 million in the quarter, to $421 million

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