APPLIED INDUSTRIAL TECHNOLOGIES RAISES SALES,
              EARNINGS GUIDANCE FOR THIRD QUARTER AND FISCAL 2004

CLEVELAND, OHIO, March 11, 2004 - Applied Industrial Technologies (NYSE: AIT)
today raised its guidance for fiscal 2004 third quarter and full-year sales and
earnings in response to increased customer demand in an improving industrial
economy across North America.

Earnings for the company's third quarter, ending March 31, 2004, are now
expected to be $0.36 to $0.41 per share on sales of between $380 million to $385
million. Previous guidance, announced on Jan. 13, 2004 projected earnings of
$0.26 to $0.31 per share on sales of $370 million to $380 million.

Accordingly, guidance for the fiscal year ending June 30, 2004, is adjusted to
include earnings of $1.24 to $1.34 per share on sales of $1.47 billion to $1.49
billion. This compares with previous guidance of earnings of $1.10 to $1.20 on
sales of $1.4 billion to $1.5 billion.

Further discussion on the third quarter results and fourth quarter guidance will
be provided when Applied reports third quarter earnings on April 14, 2004.

With more than 430 facilities and 4,300 employee associates across North
America, Applied Industrial Technologies offers more than 2 million parts
critical to the operations of MRO and OEM customers in virtually every industry.
In addition, Applied provides engineering, design and systems integration for
industrial and fluid power applications, as well as customized mechanical,
fabricated rubber and fluid power shop services. For its fiscal year ended June
30, 2003, the Company posted sales of $1.46 billion. Applied can be visited on
the Internet at www.applied.com.

This press release contains statements that are forward-looking, as that term is
defined by the Securities and Exchange Commission in its rules, regulations and
releases. Forward-looking statements are often identified by qualifiers such as
"expect," "guidance," "see" and similar expressions. Applied intends that such
forward-looking statements be subject to the safe harbors created thereby. All
forward-looking statements are based on current

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expectations regarding important risk factors including trends in the industrial
sector of the economy, and other risk factors identified in Applied's most
recent periodic report and other filings made with the Securities and Exchange
Commission. Accordingly, actual results may differ materially from those
expressed in the forward-looking statements, and the making of such statements
should not be regarded as a representation by the Company or any other person
that the results expressed therein will be achieved. Applied assumes no
obligation to update publicly or revise any forward-looking statements, whether
due to new information, or events, otherwise.

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For investor relations information contact Mark O. Eisele, Vice President -
Chief Financial Officer, at 216-426-4417. For corporate information, contact
Richard C. Shaw, Vice President - Communications, at 330-603-4565.