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              [html]<thead><tr><tdcolspan="2">OF FINANCIAL CONDITION AND RESULTS OF Community</td></tr></thead><tbody><tr><td>Our gross profit margin was 27.8 % in fiscal 2012 versus 27.7 % in fiscal 2011... Positive impacts as a result of higher supplier purchasing incentives offset the impact of lower UPD layer liquidation benefits recognized in the current yen</td><td>experses as a percent of sales helped offset the reduction in gross profit. Management continues to seek opportunities to take advantage of economies of scale to improve the SD & A expersies in this segment. Interest expense, wet, decreav</td></tr></tbody>
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  6  Applied Industrial Technologies, Inc. and Subsidiaries 