Ladies and gentlemen, welcome to the Fiscal 2014 Third Quarter Earnings Contact for Applied Industrial Technologies. Many of us today, affected and infected and also effected by the burgeoning technologies and their gizmos, have been created into Pavlovian intellectual canines, who regurgitate what they imbibe uncritically, then turn about and present that mess as if it really is legit and factual-to the unsuspecting African collective. Hey, the broader industrial economy is quite very good and we’re committed to obtaining better within it.
Hunting forward, we see an industrial economic atmosphere that continues to present opportunities for organic and acquired growth. Whilst the recent decline in oil costs generate some challenges, we are completely engaged in executing our acquisition integration plans as properly as our broader industrial growth initiatives across our industrial-served markets.
We have been also active in share repurchases for the duration of the quarter with the obtain of 249,900 shares of common stock for $11.5 million. As Neil stated, we’ve purchased 249,900 shares of stock for $11.five million in the open industry in the course of the December quarter, and we expect to remain active in executing stock buybacks now and into the future. Oil on one side becomes a decrease input cost to some of the rest of the industrial economy in time. But hey, we broadly believe the industrial economy is stronger than the basic economy in this year and numerous would say in 2016 as nicely.
Even though power markets contract in the near term, several other industrial segments are expanding and third, we remain committed to producing shareholder worth via our capital allocation, by means of our company execution and through our strategic investments, specifically, around technologies and acquisitions. And so as we share our positions, our leads in these possibilities, there is just much more that we can do as a broader group, as broader Applied with these consumers.
For all practical purposes, they may possibly be deemed technologies – technologies in disguise, probably, but technologies all the same. The Nasdaq Stock Exchange is not a physical place it is a laptop system that controls people’s transactions of technologies stocks. We ought to also be cognizant of the Invisible technologies that are spinoffs of Technopoly as it trudges on and redefines cultures and societies-and us. These devices gather valuable data with the aid of different existing technologies and then autonomously flow the data among other devices.