HARLEYSVILLE, Pa., Nov. 20 /PRNewswire-FirstCall/ -- Raymond J. De
Hont, Chairman and Chief Executive Officer of Met-Pro Corporation
(NYSE:MPR), today announced the Company's financial results for the
third quarter ended October 31, 2009. Net sales for the third
quarter ended October 31, 2009 were $19.8 million compared with net
sales of $28.0 million for the same quarter last year. For the
third quarter, the Company reported net income of $1.0 million, or
$0.07 per diluted share, compared with net income of $3.0 million,
or $0.20 per diluted share, for the third quarter of last year.
"Results in the quarter reflect the lagging effect on both net
sales and earnings from the slowdown in global economic activity
that began last year," stated De Hont. "Reflecting some improvement
in our markets, new orders in the third quarter were $25.5 million,
our best quarterly bookings since the third quarter of last year
and up 31% sequentially from our second quarter. The recovery in
new orders is being led by an improvement in large project bookings
within our Product Recovery/Pollution Control Technologies segment,
which totaled $5.5 million in the third quarter, the highest
quarterly large project bookings since the quarter ended January
31, 2007. With end markets improving, we believe our wide breadth
of high-quality comprehensive solutions that meet the increasing
demand for a cleaner, more energy efficient environment will enable
us to continue to increase our share of this growing global
market." During the first nine months of the current fiscal year,
the Company generated a record $14.8 million in cash flow from
operating activities, resulting in a record $32.3 million cash
position on October 31, 2009. Net sales for the nine months ended
October 31, 2009 were $60.3 million compared with $78.8 million for
the same period last year. Net income for the nine months ended
October 31, 2009 totaled $3.2 million compared with $7.6 million
for the same period last year. For the nine months ended October
31, 2009, earnings were $0.22 per diluted share compared with
earnings of $0.50 per diluted share for last year's first nine
months. "We are encouraged by our solid third quarter bookings, the
second sequential quarter of increasing new orders, and especially
our recent success in closing several large projects," added De
Hont. "While these new orders are signs of an improvement in the
markets we serve, the lack of any significant global economic
growth represents a challenge to capital spending, necessitating
continued caution regarding the strength of any recovery in the
near term. With record cash, our balance sheet remains extremely
strong. We continue to focus on increasing our operating
efficiencies, which has allowed us to effectively compete for new
business while achieving 34% gross margins for the first nine
months, consistent with the same period a year ago despite lower
revenue levels. The underlying fundamental strength of our business
leaves us well positioned to create long-term sustainable growth
and value for our shareholders." On October 21, 2009, the Company
declared a quarterly dividend of $0.06 per share payable December
11, 2009 to shareholders of record at the close of business on
November 27, 2009. This is the thirty-fifth consecutive year the
Company has paid a cash or stock dividend. Mr. De Hont and Gary J.
Morgan, Senior Vice President of Finance and Chief Financial
Officer will hold a conference call for investors today, November
20, 2009, at 11:00 AM (Eastern). Met-Pro's earnings release and the
accompanying financial supplement, which includes significant
financial information to be discussed during the conference call,
will be available on Met-Pro's Investor Relations website at
http://www.met-pro.com/html/invrel.htm . Interested persons who
wish to hear the live webcast should go to the Met-Pro Corporation
website prior to the starting time to register, download and
install any necessary audio software. You may also participate by
calling the US/Canada Dial-In # 877-818-7738 or the International
Dial-In # 706-643-9333 (conference ID 39891810) at 10:55 AM
(Eastern) today, November 20, 2009. A taped replay of the
conference call will be available within two hours of the
conclusion of the call and until December 4, 2009. To access the
taped replay, call the US/Canada Dial-In # 800-642-1687 or the
International Dial-In # 706-645-9291 and enter conference ID
39891810. About Met-Pro Met-Pro Corporation, with headquarters at
160 Cassell Road, Harleysville, Pennsylvania, was recently
recognized as one of "America's Fastest Growing Small Companies" by
Fortune Small Business magazine. In 2008, the Company was also
named one of America's "200 Best Small Companies" by Forbes
magazine for the third year in a row. Through its business units in
the United States, Canada, Europe and The People's Republic of
China, a wide range of products and services is offered for
industrial, commercial, municipal and residential markets
worldwide. These include product recovery and pollution control
technologies for purification of air and liquids; fluid handling
technologies for corrosive, abrasive and high temperature liquids;
Mefiag filtration technologies for harsh, corrosive liquid
filtration applications; and filtration and purification
technologies which include proprietary water treatment chemicals
and filter products for air and liquid filtration. For more
information, please visit http://www.met-pro.com/ . The Private
Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain information included in
this news release, and other materials filed or to be filed with
the Securities and Exchange Commission (as well as information
included in oral or other written statements made or to be made by
the Company), contain statements that are forward-looking. Such
statements may relate to plans for future expansion, business
development activities, capital spending, financing, the effects of
regulation and competition, or anticipated sales or earnings
results. Such information involves risks and uncertainties that
could significantly affect results in the future and, accordingly,
such results may differ from those expressed in any forward-looking
statements made by or on behalf of the Company. These risks and
uncertainties include, but are not limited to, those relating to,
the cancellation or delay of purchase orders and shipments, product
development activities, goodwill impairment, computer systems
implementation, dependence on existing management, the continuation
of effective cost and quality control measures, retention of
customers, global economic and market conditions, and changes in
federal or state laws. Met-Pro common shares are traded on the New
York Stock Exchange, symbol MPR. To obtain an Annual Report or
additional information on the Company, please call 215-723-6751 and
ask for the Investor Relations Department, or visit the Company's
website at http://www.met-pro.com/ . Met-Pro Corporation
Consolidated Statement of Income (unaudited) Three Months Ended
Nine Months Ended October 31, October 31, 2009 2008 2009 2008 ----
---- ---- ---- Net sales $19,807,781 $27,979,483 $60,334,372
$78,781,675 Cost of goods sold 13,131,244 17,734,396 39,538,914
51,311,316 ---------- ---------- ---------- ---------- Gross profit
6,676,537 10,245,087 20,795,458 27,470,359 Operating expenses
Selling 2,366,455 3,139,258 7,415,388 8,111,853 General and
administrative 2,771,681 2,949,983 8,599,958 8,501,240 ---------
--------- --------- --------- Income from operations 1,538,401
4,155,846 4,780,112 10,857,266 Interest expense (58,994) (51,182)
(166,449) (179,948) Other income, net 61,689 77,838 138,441 376,768
------ ------ ------- ------- Income before taxes 1,541,096
4,182,502 4,752,104 11,054,086 Provision for taxes 516,266
1,171,136 1,591,957 3,414,114 ------- --------- --------- ---------
Net income $1,024,830 $3,011,366 $3,160,147 $7,639,972 ----------
---------- ---------- ---------- Basic earnings per share $.07 $.20
$.22 $.51 Diluted earnings per share $.07 $.20 $.22 $.50 ---- ----
---- ---- Average common shares outstanding: Basic shares
14,600,109 15,042,572 14,600,109 15,013,042 Diluted shares
14,676,525 15,402,764 14,676,297 15,359,048 ---------- ----------
---------- ---------- Met-Pro Corporation Consolidated Balance
Sheet October 31, January 31, 2009 2009 ---- ---- Assets
(unaudited) Current assets Cash and cash equivalents $32,285,796
$21,749,653 Accounts receivable, net of allowance for doubtful
accounts of approximately $268,000 and $167,000, respectively
13,537,023 20,177,672 Inventories 16,681,236 20,236,865 Prepaid
expenses, deposits and other current assets 1,474,154 1,997,542
--------- --------- Total current assets 63,978,209 64,161,732
Property, plant and equipment, net 20,240,188 19,389,597 Costs in
excess of net assets of businesses acquired, net 20,798,913
20,798,913 Other assets 697,687 402,062 ------- ------- Total
assets $105,714,997 $104,752,304 ------------ ------------
Liabilities and shareholders' equity Current liabilities Current
portion of long-term debt $984,301 $746,042 Accounts payable
4,584,270 5,464,629 Accrued salaries, wages and expenses 4,376,192
4,546,199 Dividend payable 876,007 876,007 Customers' advances
655,599 356,008 Deferred income taxes 250,782 250,782 -------
------- Total current liabilities 11,727,151 12,239,667 Long-term
debt 3,730,580 3,753,228 Other non-current liabilities 8,501,119
8,855,912 Deferred income taxes 1,149,876 1,126,016 ---------
--------- Total liabilities 25,108,726 25,974,823 ----------
---------- Shareholders' equity Common shares, $.10 par value;
36,000,000 shares authorized, 15,928,679 shares issued, of which
1,328,570 shares were reacquired and held in treasury at the
respective dates 1,592,868 1,592,868 Additional paid-in capital
2,959,818 2,465,193 Retained earnings 90,259,436 89,727,308
Accumulated other comprehensive loss (3,522,256) (4,324,293)
Treasury shares, at cost (10,683,595) (10,683,595) -----------
----------- Total shareholders' equity 80,606,271 78,777,481
---------- ---------- Total liabilities and shareholders' equity
$105,714,997 $104,752,304 ------------ ------------ Met-Pro
Corporation Consolidated Business Segment Data (unaudited) Three
Months Ended Nine Months Ended October 31, October 31, 2009 2008
2009 2008 ---- ---- ---- ---- Net sales Product recovery/pollution
control technologies $9,012,363 $13,863,654 $26,900,405 $37,554,600
Fluid handling technologies 5,781,338 8,213,799 18,491,303
23,070,719 Mefiag filtration technologies 2,502,795 2,809,550
6,981,727 9,114,722 Filtration/purification technologies 2,511,285
3,092,480 7,960,937 9,041,634 --------- --------- ---------
--------- $19,807,781 $27,979,483 $60,334,372 $78,781,675
----------- ----------- ----------- ----------- Income (loss) from
operations Product recovery/ pollution control technologies
$561,966 $1,853,682 $1,610,321 $4,444,955 Fluid handling
technologies 833,094 1,785,470 3,110,175 5,022,442 Mefiag
filtration technologies 47,062 188,082 (111,372) 525,984
Filtration/purification technologies 96,279 328,612 170,988 863,885
------ ------- ------- ------- $1,538,401 $4,155,846 $4,780,112
$10,857,266 ---------- ---------- ---------- ----------- October
31, January 31, 2009 2009 ---- ---- Identifiable Assets Product
recovery/pollution control technologies $33,928,381 $39,623,284
Fluid handling technologies 18,749,392 22,056,812 Mefiag filtration
technologies 12,013,591 11,410,677 Filtration/purification
technologies 8,408,003 9,369,905 --------- --------- 73,099,367
82,460,678 Corporate 32,615,630 22,291,626 --------- ----------
---------- $105,714,997 $104,752,304 ------------ ------------
Met-Pro Corporation Consolidated Statement of Cash Flows
(unaudited) Nine Months Ended October 31, 2009 2008 ---- ----
Increase (Decrease) in Cash and Cash Equivalents Cash flows from
operating activities Net income $3,160,147 $7,639,972 Adjustments
to reconcile net income to net cash provided by operating
activities: Depreciation and amortization 1,458,401 1,441,242
Deferred income taxes (1,792) 1,147 (Gain) on sale of property and
equipment, net (13,695) (18,174) Stock-based compensation 494,625
324,153 Allowance for doubtful accounts 101,492 26,580 (Increase)
decrease in operating assets: Accounts receivable 6,910,662
(590,531) Inventories 3,832,976 (167,617) Prepaid expenses,
deposits and other assets 251,165 461,085 Increase (decrease) in
operating liabilities: Accounts payable and accrued expenses
(1,385,430) (988,259) Customers' advances 298,448 86,744 Other
non-current liabilities (354,793) (432,747) Net cash provided by
operating activities 14,752,206 7,783,595 ---------- --------- Cash
flows from investing activities Proceeds from sale of property and
equipment 20,382 20,785 Acquisitions of property and equipment
(1,826,975) (1,368,841) Net cash used in investing activities
(1,806,593) (1,348,056) ---------- ---------- Cash flows from
financing activities Proceeds from new borrowing 485,336 -
Reduction of debt (373,336) (1,272,597) Exercise of stock options -
1,912,398 Payment of dividends (2,628,020) (2,483,956) Acquisition
of treasury stock - (7,694,333) Net cash used in financing
activities (2,516,020) (9,538,488) ---------- ---------- Effect of
exchange rate changes on cash 106,550 28,445 ------- ------ Net
increase in cash and cash equivalents 10,536,143 (3,074,504) Cash
and cash equivalents at February 1 21,749,653 21,906,877 Cash and
cash equivalents at October 31 $32,285,796 $18,832,373 -----------
----------- Contact: Investor Contact: Gary J. Morgan Senior Vice
President of Finance, CFO 215-723-6751 Joseph Hassett, VP Gregory
FCA Communications 610-228-2110 DATASOURCE: Met-Pro Corporation
CONTACT: Investor Contact: Gary J. Morgan, Senior Vice President of
Finance, CFO of Met-Pro Corporation, +1-215-723-6751; or Joseph
Hassett, VP of Gregory FCA Communications, +1-610-228-2110 Web
Site: http://www.met-pro.com/
Copyright