HARLEYSVILLE, Pa., Feb. 26 /PRNewswire-FirstCall/ -- Raymond J. De
Hont, Chairman and Chief Executive Officer of Met-Pro Corporation ,
today announced the Company's financial results for the fourth
quarter and fiscal year ended January 31, 2010. Net sales for the
fourth quarter ended January 31, 2010 were $19.8 million compared
with net sales of $24.6 million for the fourth quarter last year.
Net income in the fourth quarter totaled $1.3 million, or $0.09 per
fully diluted share, compared with net income of $2.2 million, or
$0.15 per fully diluted share, for the same quarter last year. New
order bookings for the fourth quarter were $18.0 million compared
with $19.0 million for the same quarter last year. "The fourth
quarter proved to be another very challenging quarter as both
revenues and earnings were down versus the fourth quarter last
year," said De Hont. "Fortunately, the efficiency and cost
reduction initiatives we've implemented, together with our flexible
manufacturing strategy, allowed us to generate solid gross margins
of slightly greater than 33% in the fourth quarter despite reduced
revenue levels. Lower selling, general and administrative expenses
also positively impacted the fourth quarter financial results and
together with the solid gross margins allowed us to deliver the
most profitable quarter of the fiscal year. Though fourth quarter
new order bookings were down slightly from a year ago, we believe
the shortfall was simply a timing issue. We are encouraged by the
level of large project activity and remain optimistic regarding
future new order bookings." Net sales for the fiscal year ended
January 31, 2010 were $80.1 million compared with fiscal 2009 net
sales of $103.4 million. For the fiscal year ended January 31,
2010, net income totaled $4.4 million, or $0.30 per fully diluted
share, compared with $9.9 million, or $0.65 per fully diluted
share, for the prior fiscal year. The Company generated a record
$15.6 million in cash flow from operating activities in the fiscal
year and ended the fiscal year with a cash balance of $31.4
million. Bookings of new orders for the fiscal year ended January
31, 2010 were $81.8 million compared with $101.8 million for the
same period last year. "Our performance during the fiscal year
ending January 31, 2010 again demonstrated the resiliency of our
business model, as we sustained gross margins and improved
operating efficiencies to generate profits and cash despite one of
the most challenging years in our history," added De Hont. "We
recently consolidated our Duall, Flex-Kleen and Met-Pro Systems
business units into a single business unit, Met-Pro Environmental
Air Solutions. The newly formed Met-Pro Environmental Air Solutions
business unit will allow us to improve our capacity utilization,
reduce our cost structure and improve our competitive positioning
and profitability. We will be better able to take advantage of the
many synergies that exist between the Duall, Flex-Kleen and Systems
brands, allowing us the opportunity to gain market share,
especially in markets where we currently have limited or no
presence, and service our customers in a more effective manner.
With a high cash position and very little debt, our balance sheet
remains extremely strong. We continue to focus on efficiency and
cost reduction initiatives, which will allow us to effectively
compete for new business while achieving solid gross margins.
"Market conditions seem to be improving, as our new order bookings
were up $5.1 million or 13% in the second half of the fiscal year
when compared with the first half of the fiscal year. We are
confident that Met-Pro is ideally positioned to leverage our strong
financial position to capitalize on a global economic recovery in
which there will be rising demand for our extensive portfolio of
energy-efficient, environmentally-friendly and productivity
enhancing products." At their December 11, 2009 meeting, the
Company's Board of Directors declared a quarterly dividend of $0.06
per share payable on March 12, 2010 to shareholders of record at
the close of business on February 26, 2010. This is the
thirty-fifth consecutive year that Met-Pro Corporation has paid
either 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, February 26, 2010, 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 prior to the beginning of
the conference call. 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 54625283) at 10:55 AM (Eastern) today. A taped
replay of the conference call will be available within two hours of
the conclusion of the call and until March 12, 2010. 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
54625283. 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. 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; 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 Three Months Ended Fiscal Year
Ended January 31, January 31, 2010 2009 2010 2009 ---- ---- ----
---- Net sales $19,798,121 $24,610,251 $80,132,493 $103,391,926
Cost of goods sold 13,217,027 15,979,614 52,755,941 67,290,930
---------- ---------- ---------- ---------- Gross profit 6,581,094
8,630,637 27,376,552 36,100,996 Operating expenses Selling
2,326,140 2,592,731 9,741,528 10,704,584 General and administrative
2,522,511 2,838,093 11,122,469 11,339,333 --------- ---------
---------- ---------- Income from operations 1,732,443 3,199,813
6,512,555 14,057,079 Interest expense (57,694) (48,301) (224,143)
(228,249) Other income, net 121,736 52,306 260,177 429,074 -------
------ ------- ------- Income before taxes 1,796,485 3,203,818
6,548,589 14,257,904 Provision for taxes 516,821 982,725 2,108,778
4,396,839 ------- ------- --------- --------- Net income $1,279,664
$2,221,093 $4,439,811 $9,861,065 ---------- ---------- ----------
---------- Basic earnings per share $.09 $.15 $.30 $.66 Diluted
earnings per share $.09 $.15 $.30 $.65 ---- ---- ---- ---- Average
common shares outstanding: Basic shares 14,601,259 14,939,840
14,602,276 14,909,809 Diluted shares 14,676,349 15,261,918
14,675,735 15,219,540 ---------- ---------- ---------- ----------
Met-Pro Corporation Consolidated Balance Sheet January 31, January
31, 2010 2009 ---- ---- Assets Current assets Cash and cash
equivalents $31,387,108 $21,749,653 Accounts receivable, net of
allowance for doubtful accounts of approximately $204,000 and
$167,000, respectively 14,011,950 20,177,672 Inventories 16,136,521
20,236,865 Prepaid expenses, deposits and other current assets
1,709,664 1,997,542 --------- --------- Total current assets
63,245,243 64,161,732 Property, plant and equipment, net 19,860,751
19,389,597 Goodwill 20,798,913 20,798,913 Other assets 703,452
402,062 ------- ------- Total assets $104,608,359 $104,752,304
------------ ------------ Liabilities and shareholders' equity
Current liabilities Current portion of long-term debt $534,251
$746,042 Accounts payable 4,297,936 5,464,629 Accrued salaries,
wages and expenses 3,425,691 4,546,199 Dividend payable 876,279
876,007 Customers' advances 882,637 356,008 Deferred income taxes
181,253 250,782 ------- ------- Total current liabilities
10,198,047 12,239,667 Long-term debt 3,536,755 3,753,228 Other
non-current liabilities 8,179,410 8,855,912 Deferred income taxes
1,716,563 1,126,016 --------- --------- Total liabilities
23,630,775 25,974,823 ---------- ---------- Shareholders' equity
Common shares, $.10 par value; 36,000,000 shares authorized,
15,928,679 shares issued, of which 1,311,664 and 1,328,570 shares
were reacquired and held in treasury at the respective dates
1,592,868 1,592,868 Additional paid-in capital 2,988,950 2,465,193
Retained earnings 90,662,820 89,727,308 Accumulated other
comprehensive loss (3,679,641) (4,324,293) Treasury shares, at cost
(10,587,413) (10,683,595) ----------- ----------- Total
shareholders' equity 80,977,584 78,777,481 ---------- ----------
Total liabilities and shareholders' equity $104,608,359
$104,752,304 ------------ ------------ Met-Pro Corporation
Consolidated Business Segment Data Three Months Ended Fiscal Year
Ended January 31, January 31, 2010 2009 2010 2009 ---- ---- ----
---- Net sales Product recovery/ pollution control technologies
$8,999,225 $12,414,318 $35,899,630 $49,968,918 Fluid handling
technologies 6,036,695 7,344,046 24,527,998 30,414,765 Mefiag
filtration technologies 2,545,181 2,068,332 9,526,908 11,183,054
Filtration/ purification technologies 2,217,020 2,783,555
10,177,957 11,825,189 --------- --------- ---------- ----------
$19,798,121 $24,610,251 $80,132,493 $103,391,926 -----------
----------- ----------- ------------ Income (loss) from operations
Product recovery/ pollution control technologies $313,684
$1,111,964 $1,924,005 $5,556,919 Fluid handling technologies
1,215,678 1,825,706 4,325,853 6,848,148 Mefiag filtration
technologies 76,486 (37,470 ) (34,886) 488,514 Filtration/
purification technologies 126,595 299,613 297,583 1,163,498 -------
------- ------- --------- $1,732,443 $3,199,813 $6,512,555
$14,057,079 ---------- ---------- ---------- ----------- January
31, January 31, 2010 2009 ---- ---- Identifiable Assets Product
recovery/pollution control technologies $34,466,168 $39,623,284
Fluid handling technologies 18,068,428 22,056,812 Mefiag filtration
technologies 12,257,281 11,410,677 Filtration/purification
technologies 8,257,837 9,369,905 --------- --------- 73,049,714
82,460,678 Corporate 31,558,645 22,291,626 ---------- ----------
$104,608,359 $104,752,304 ------------ ------------ Met-Pro
Corporation Consolidated Statement of Cash Flows Years Ended
January 31, 2010 2009 ---- ---- Cash flows from operating
activities Net income $4,439,811 $9,861,065 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation and amortization 1,931,512 1,924,611 Deferred income
taxes 406,754 913,356 (Gain) on sales of property and equipment,
net (20,585) (18,174) Loss on sale of investments - 11,102
Stock-based compensation 645,967 432,204 Allowance for doubtful
accounts 37,189 14,695 Changes in operating assets and liabilities:
Accounts receivable 6,409,090 2,414,216 Inventories 4,280,330
723,256 Prepaid expenses, deposits and other assets (9,904)
(279,422) Accounts payable and accrued expenses (2,551,921)
(3,113,308) Customers' advances 524,678 96,670 Other non-current
liabilities (447,208) (838,184) Net cash provided by operating
activities 15,645,713 12,142,087 ---------- ---------- Cash flows
from investing activities Proceeds from sales of property and
equipment 40,318 20,785 Acquisitions of property and equipment
(2,133,807) (1,580,528) Increase in securities available for sale -
(472) Proceeds from sale of securities - 11,190 --- ------ Net cash
(used in) investing activities (2,093,489) (1,549,025) ----------
---------- Cash flows from financing activities Proceeds from new
borrowings 485,336 - Reduction of debt (926,497) (1,664,252)
Exercise of stock options 225,584 1,912,398 Payment of dividends
(3,504,026) (3,359,962) Purchase of treasury shares (251,612)
(7,694,333) -------- ---------- Net cash (used in) financing
activities (3,971,215) (10,806,149) ---------- ----------- Effect
of exchange rate changes on cash 56,446 55,863 ------ ------ Net
increase (decrease) in cash and cash equivalents 9,637,455
(157,224) Cash and cash equivalents at beginning of year 21,749,653
21,906,877 ---------- ---------- Cash and cash equivalents at end
of year $31,387,108 $21,749,653 ----------- ----------- Contact:
Investor Contact: Gary J. Morgan, Joseph Hassett, VP Senior Vice
President of Finance, CFO Gregory FCA Communications 215-723-6751
610-228-2110 DATASOURCE: Met-Pro Corporation CONTACT: Investor
Contact, Gary J. Morgan, Senior Vice President ofFinance, CFO of
Met-Pro Corporation, +1-215-723-6751, or Joseph Hassett, VP,Gregory
FCA Communications for Met-Pro Corporation, +1-610-228-2110 Web
Site: http://www.met-pro.com/
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