HARLEYSVILLE, Pa., March 17, 2011 /PRNewswire/ -- Raymond J. De
Hont, Chairman and Chief Executive Officer of Met-Pro Corporation
(NYSE: MPR), today announced the Company's financial results for
the fourth quarter and fiscal year ended January 31, 2011.
Net sales for the fourth quarter ended January 31, 2011 were up 20% to $23.8 million compared with $19.8 million for the fourth quarter last year.
Net income totaled $1.8 million and
diluted earnings per share were $0.12
for the fourth quarter, compared with net income of $1.3 million and diluted earnings per share of
$0.09 for the same period last year,
increases of 37% and 33%, respectively.
New order bookings for the fourth quarter were up 15% to
$20.7 million compared with
$18.0 million for the fourth quarter
last year.
"I am pleased to report a good finish to fiscal year 2011, with
strong top and bottom line growth in the quarter as well as solid
new bookings sustaining our momentum heading into the new fiscal
year," stated De Hont. "The performance of our Product
Recovery/Pollution Control Technologies and Fluid Handling
Technologies reporting segments, each of which achieved better than
20% revenue growth in the quarter, are not only signs of an
emerging recovery across our various markets, but more importantly
illustrates the success of our sales and marketing strategy,
including currently investing in additional sales staff to provide
future sales growth."
Net sales for the fiscal year ended January 31, 2011 were up 11% to $88.9 million compared with $80.1 million for the same period last year. Net
income totaled $6.1 million and
diluted earnings per share were $0.42
for the fiscal year ended January 31,
2011 compared with net income of $4.4
million and diluted earnings per share of $0.30 for the same period last year, increases of
38% and 40%, respectively."
New order bookings for the fiscal year ended January 31, 2011 were up 10% to $89.9 million compared with $81.8 million for the prior fiscal year.
The Company's cash balance increased to $32.4 million as of January 31, 2011. This increase resulted from
$8.6 million of cash flows generated
from operating activities, which was offset by increasing the
dividend payment to shareholders, acquiring assets including
patents and technology of Bio-Reaction Industries LLC, fully
funding capital projects and continuing the ongoing research and
development projects.
"During the fiscal year ended January 31,
2011, we continued to sustain gross margins and operating
margins at the highest levels of the past few years despite rising
commodity prices by increasingly leveraging the efficiency and cost
reduction initiatives implemented throughout the organization,"
added De Hont. "As a result, we enter the new year with an
extremely strong balance sheet and continue to anticipate strong
cash flows from operating activities, which will allow us to
support investments to further enhance efficiency initiatives,
develop exciting new products, and expand into new growth markets.
We remain confident that Met-Pro is ideally positioned to leverage
our strong financial position to capitalize on the continuing
global economic recovery in which there is rising demand for our
extensive portfolio of energy-efficient, environmentally-friendly
and productivity enhancing solutions and products."
The Board of Directors increased the quarterly dividend by 10%
from $0.06 to $0.066 per share in the
third quarter. This equates to $0.264
per share on an annualized basis. On January
5, 2011, the Company's Board of Directors declared a
quarterly dividend of $0.066 per
share payable on March 17, 2011 to
shareholders of record at the close of business on March 3, 2011. This is the thirty-sixth
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, March 17, 2011, 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
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 47210381) 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 31, 2011. 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
47210381.
About Met-Pro
Met-Pro Corporation, with headquarters at 160 Cassell Road,
Harleysville, Pennsylvania, is a
leading niche-oriented global provider of product recovery,
pollution control and fluid handling solutions. The Company's
diverse and synergistic solutions and products address the world's
growing need to meet more stringent emission regulations, reduce
energy consumption and employ green technology. Through its global
sales organization, internationally recognized brands, and
operations in the United States,
Canada, Europe and The
People's Republic of China, Met-Pro's solutions, products
and systems are sold to a well-diversified cross-section of
customers and markets around the world. For more information,
please visit 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
www.met-pro.com.
Contact:
|
Investor Contact:
|
|
|
Gary J. Morgan,
|
Joseph Hassett, SVP
|
|
|
Senior Vice President of
Finance, CFO
|
Gregory FCA
Communications
|
|
|
215-723-6751
|
610-228-2110
|
|
|
|
|
Met-Pro
Corporation
Consolidated
Statements of Income
|
|
|
Three Months
Ended
January 31,
|
Fiscal Year
Ended
January 31,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Net sales
|
$23,766,789
|
$19,798,121
|
$88,865,426
|
$80,132,493
|
|
Cost of goods sold
|
15,108,416
|
13,217,027
|
56,587,326
|
52,755,941
|
|
Gross profit
|
8,658,373
|
6,581,094
|
32,278,100
|
27,376,552
|
|
Operating
expenses
Selling
|
|
|
|
|
|
3,125,232
|
2,326,140
|
11,674,270
|
9,741,528
|
|
General and
administrative
|
3,154,792
|
2,522,511
|
11,633,509
|
11,122,469
|
|
|
6,280,024
|
4,848,651
|
23,307,779
|
20,863,997
|
|
Income from
operations
|
2,378,349
|
1,732,443
|
8,970,321
|
6,512,555
|
|
|
|
|
|
|
|
Interest expense
|
(52,583)
|
(57,694)
|
(212,470)
|
(224,143)
|
|
Other income, net
|
153,212
|
121,736
|
362,046
|
260,177
|
|
Income before taxes
|
2,478,978
|
1,796,485
|
9,119,897
|
6,548,589
|
|
|
|
|
|
|
|
Provision for taxes
|
722,853
|
516,821
|
2,980,765
|
2,108,778
|
|
|
|
|
|
|
|
Net income
|
$1,756,125
|
$1,279,664
|
$6,139,132
|
$4,439,811
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$.12
|
$.09
|
$.42
|
$.30
|
|
Diluted earnings per
share
|
$.12
|
$.09
|
$.42
|
$.30
|
|
|
|
|
|
|
|
Average common shares
outstanding:
|
|
|
|
|
|
Basic shares
|
14,626,398
|
14,601,259
|
14,629,215
|
14,602,276
|
|
Diluted shares
|
14,753,975
|
14,676,349
|
14,758,659
|
14,675,735
|
|
|
|
|
|
|
|
|
Met-Pro
Corporation
Consolidated
Balance Sheets
|
|
|
January
31,
2011
|
January
31,
2010
|
|
Assets
|
|
|
|
Current assets
|
|
|
|
Cash and cash
equivalents
|
$32,400,814
|
$30,662,104
|
|
Short-term
investments
|
497,155
|
725,004
|
|
Accounts receivable, net of
allowance for
|
|
|
|
doubtful accounts of
approximately $444,000 and
|
|
|
|
$204,000,
respectively
|
15,311,322
|
14,011,950
|
|
Inventories
|
15,474,430
|
16,136,521
|
|
Prepaid expenses, deposits and
other current assets
|
1,578,176
|
1,709,664
|
|
Deferred income
taxes
|
84,155
|
–
|
|
Total
current assets
|
65,346,052
|
63,245,243
|
|
|
|
|
|
Property, plant and equipment,
net
|
19,863,031
|
19,860,751
|
|
Goodwill
|
20,798,913
|
20,798,913
|
|
Other assets
|
2,038,332
|
703,452
|
|
Total assets
|
$108,046,328
|
$104,608,359
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
Current liabilities
|
|
|
|
Current portion of long-term
debt
|
$532,540
|
$534,251
|
|
Accounts payable
|
4,864,724
|
4,297,936
|
|
Accrued salaries, wages and
benefits
|
1,650,314
|
1,020,383
|
|
Other accrued
expenses
|
2,286,043
|
2,405,308
|
|
Dividend payable
|
967,445
|
876,279
|
|
Customers' advances
|
907,107
|
882,637
|
|
Deferred income taxes
|
–
|
181,253
|
|
Total
current liabilities
|
11,208,173
|
10,198,047
|
|
|
|
|
|
Long-term debt
|
3,011,988
|
3,536,755
|
|
Accrued pension retirement
benefits
|
6,553,262
|
8,127,412
|
|
Other non-current
liabilities
|
54,195
|
51,998
|
|
Deferred income taxes
|
2,745,786
|
1,716,563
|
|
Total
liabilities
|
23,573,404
|
23,630,775
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
Common shares, $.10 par value;
36,000,000 shares
|
|
|
|
authorized, 15,928,679
shares issued, of which
|
|
|
|
1,270,417 and 1,311,664
shares were reacquired
|
|
|
|
and held in treasury at
the respective dates
|
1,592,868
|
1,592,868
|
|
Additional paid-in
capital
|
3,448,249
|
2,988,950
|
|
Retained earnings
|
93,113,247
|
90,662,820
|
|
Accumulated other comprehensive
loss
|
(3,201,767)
|
(3,679,641)
|
|
Treasury shares, at
cost
|
(10,479,673)
|
(10,587,413)
|
|
Total
shareholders' equity
|
84,472,924
|
80,977,584
|
|
Total
liabilities and shareholders' equity
|
$108,046,328
|
$104,608,359
|
|
|
|
|
|
|
Met-Pro
Corporation
Consolidated
Business Segment Data
|
|
|
Three Months
Ended
January 31,
|
Fiscal Year
Ended
January 31,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Net sales
|
|
|
|
|
|
Product Recovery/Pollution
Control Technologies
|
$11,502,070
|
$8,999,225
|
$41,426,858
|
$35,899,630
|
|
Fluid Handling
Technologies
|
7,417,933
|
6,036,695
|
27,488,559
|
24,527,998
|
|
Mefiag Filtration
Technologies
|
2,475,663
|
2,545,181
|
9,897,038
|
9,526,908
|
|
Filtration/Purification
Technologies
|
2,371,123
|
2,217,020
|
10,052,971
|
10,177,957
|
|
|
$23,766,789
|
$19,798,121
|
$88,865,426
|
$80,132,493
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
Product Recovery/Pollution
Control Technologies
|
$563,624
|
$313,684
|
$2,046,716
|
$1,924,005
|
|
Fluid Handling
Technologies
|
1,760,066
|
1,215,678
|
5,926,592
|
4,325,853
|
|
Mefiag Filtration
Technologies
|
(57,553)
|
76,486
|
401,695
|
(34,886)
|
|
Filtration/Purification
Technologies
|
112,212
|
126,595
|
595,318
|
297,583
|
|
|
$2,378,349
|
$1,732,443
|
$8,970,321
|
$6,512,555
|
|
|
|
|
|
|
|
|
|
|
January
31,
2011
|
January
31,
2010
|
|
Identifiable
Assets
|
|
|
|
|
|
Product Recovery/Pollution
Control Technologies
|
|
|
$34,003,251
|
$34,466,168
|
|
Fluid Handling
Technologies
|
|
|
18,114,257
|
18,068,428
|
|
Mefiag Filtration
Technologies
|
|
|
12,814,143
|
12,257,281
|
|
Filtration/Purification
Technologies
|
|
|
8,369,385
|
8,257,837
|
|
|
|
|
73,301,036
|
73,049,714
|
|
Corporate
|
|
|
34,745,292
|
31,558,645
|
|
|
|
|
$108,046,328
|
$104,608,359
|
|
|
|
|
|
|
|
|
Met-Pro
Corporation
Consolidated
Statements of Cash Flows
|
|
|
Years Ended
January 31,
|
|
2011
|
2010
|
|
Cash flows from operating
activities
|
|
|
|
Net income
|
$6,139,132
|
$4,439,811
|
|
Adjustments to reconcile net
income to net
cash provided by
operating activities:
|
|
|
|
Depreciation and
amortization
|
1,824,685
|
1,931,512
|
|
Deferred income
taxes
|
439,069
|
406,754
|
|
(Gain) loss on sales of
property and equipment, net
|
8,231
|
(20,585)
|
|
Stock-based
compensation
|
645,891
|
645,967
|
|
Allowance for doubtful
accounts
|
240,133
|
37,189
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(1,464,863)
|
6,409,090
|
|
Inventories
|
676,071
|
4,280,330
|
|
Prepaid
expenses, deposits and other assets
|
(243,598)
|
(9,904)
|
|
Accounts
payable and accrued expenses
|
977,454
|
(2,551,921)
|
|
Customers'
advances
|
22,004
|
524,678
|
|
Other
non-current liabilities
|
(666,704)
|
(447,208)
|
|
|
|
|
|
Net cash
provided by operating activities
|
8,597,505
|
15,645,713
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
Proceeds from sales of property
and equipment
|
36,387
|
40,318
|
|
Acquisitions of property and
equipment
|
(1,665,949)
|
(2,133,807)
|
|
Purchase of
investments
|
(745,218)
|
(1,445,004)
|
|
Proceeds of maturities of
investments
|
725,004
|
720,000
|
|
Payment for acquisition of
business
|
(955,268)
|
–
|
|
|
|
|
|
Net cash
(used in) investing activities
|
(2,605,044)
|
(2,818,493)
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
Proceeds from new
borrowings
|
189,074
|
485,336
|
|
Reduction of debt
|
(717,134)
|
(926,497)
|
|
Exercise of stock
options
|
780,834
|
225,584
|
|
Payment of dividends
|
(3,597,539)
|
(3,504,026)
|
|
Purchase of treasury
shares
|
(935,631)
|
(251,612)
|
|
|
|
|
|
Net cash
(used in) financing activities
|
(4,280,396)
|
(3,971,215)
|
|
Effect of exchange rate changes
on cash
|
26,645
|
56,446
|
|
|
|
|
|
Net increase in cash and cash
equivalents
|
1,738,710
|
8,912,451
|
|
|
|
|
|
Cash and cash equivalents at
beginning of year
|
30,662,104
|
21,749,653
|
|
|
|
|
|
Cash and cash equivalents at end
of year
|
$32,400,814
|
$30,662,104
|
|
|
|
|
|
|
SOURCE Met-Pro Corporation