HARLEYSVILLE, Pa., Sept. 1, 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
second quarter ended July 31,
2011.
Net sales for the second quarter ended July 31, 2011 were $23.1
million, an increase of 8% compared with net sales of
$21.4 million for the same quarter
last year. Net income for the second quarter ended July 31, 2011 totaled $1.5
million or per diluted share of $0.10, compared with net income of $1.6 million or per diluted share of $0.11 for the same period last year. In the
second quarter of 2011, the Company incurred a one-time expense in
the Product Recovery/Pollution Control Technologies reporting
segment of approximately $300,000 or
$0.013 per diluted earnings per share
resulting from a voluntary retirement program.
New order bookings for the second quarter were the highest
quarterly bookings in the Company's history, totaling $29.5 million, a 33% increase when compared with
$22.1 million for the second quarter
last year. As a result, the Company's backlog of orders totaled
$26.3 million as of July 31, 2011, an increase of 49% when compared
with $17.7 million last year.
"Though earnings were essentially flat, we are encouraged by our
second quarter performance with regard to revenue growth and more
importantly our record new order bookings, which were generated
despite a still unpredictable economy," stated De Hont. "The
improvement in large project new order bookings, which was led by
our Product Recovery/Pollution Control Technologies reporting
segment, is not only a sign of an emerging recovery across our
various markets, but more importantly illustrates the effect of our
long-term growth strategy, including investing in additional sales
staff to drive sales growth. The momentum in new order
booking activity, together with our solid backlog and steady
quotation activity, gives us continued optimism about our future
prospects."
Net sales for the six months ended July
31, 2011 were $46.5 million
compared with $43.7 million for the
same period last year, an increase of 6%. Net income for the first
half ended July 31, 2011, totaled
$2.9 million compared with
$3.0 million for the same period last
year. For both the first half ended July 31, 2011 and 2010, earnings were
$0.20 per fully diluted share. New
order bookings for the six months ended July
31, 2011 were up 24% to $55.1
million compared with $44.3
million for the same period last year.
The Company's balance sheet remains very strong with
approximately $30.0 million cash on
hand.
On June 15, 2011, the Company paid
a quarterly dividend of $0.066 per
share to shareholders of record at the close of business on
June 1, 2011. In addition, the Board
of Directors, at their meeting on June 1,
2011, declared a quarterly dividend of $0.066 per share payable September 15, 2011 to shareholders of record at
the close of business on September 1,
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, September 1, 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 88919844) 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
September 15, 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
88919844.
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, fluid handling and filtration solutions. The
Company's diverse and synergistic solutions and products address
the world's growing need for clean air and water, reduced energy
consumption and improved operating efficiencies. Through its global
sales organization, internationally recognized brands, and
operations in North America,
South America, 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.
Met-Pro
Corporation
Consolidated Statements of
Income
(unaudited)
|
|
|
Three Months
Ended
July 31,
|
Six Months
Ended
July 31,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Net sales
|
$23,089,343
|
$21,436,886
|
$46,519,246
|
$43,713,963
|
|
Cost of goods sold
|
14,952,362
|
13,593,734
|
30,324,060
|
27,889,272
|
|
Gross profit
|
8,136,981
|
7,843,152
|
16,195,186
|
15,824,691
|
|
Operating
expenses
Selling
|
|
|
|
|
|
2,924,062
|
2,766,920
|
5,840,188
|
5,699,817
|
|
General and
administrative
|
2,990,426
|
2,769,202
|
6,049,529
|
5,714,804
|
|
|
5,914,488
|
5,536,122
|
11,889,717
|
11,414,621
|
|
Income from
operations
|
2,222,493
|
2,307,030
|
4,305,469
|
4,410,070
|
|
|
|
|
|
|
|
Interest expense
|
(49,908)
|
(27,176)
|
(98,709)
|
(109,686)
|
|
Other income, net
|
85,344
|
72,765
|
191,330
|
190,233
|
|
Income before taxes
|
2,257,929
|
2,352,619
|
4,398,090
|
4,490,617
|
|
|
|
|
|
|
|
Provision for taxes
|
767,695
|
799,889
|
1,495,349
|
1,526,809
|
|
|
|
|
|
|
|
Net income
|
$1,490,234
|
$1,552,730
|
$2,902,741
|
$2,963,808
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$.10
|
$.11
|
$.20
|
$.20
|
|
Diluted earnings per
share
|
$.10
|
$.11
|
$.20
|
$.20
|
|
|
|
|
|
|
|
Average common shares
outstanding:
|
|
|
|
|
|
Basic shares
|
14,659,281
|
14,619,443
|
14,659,331
|
14,619,614
|
|
Diluted shares
|
14,833,239
|
14,702,134
|
14,824,680
|
14,709,756
|
|
|
|
|
|
|
|
|
|
|
Met-Pro
Corporation
Consolidated Balance
Sheets
|
|
|
July
31,
2011
|
January
31,
2011
|
|
Assets
|
(unaudited)
|
|
|
Current assets
|
|
|
|
Cash and cash
equivalents
|
$29,721,241
|
$32,400,814
|
|
Short-term
investments
|
764,061
|
497,155
|
|
Accounts receivable, net of
allowance for
|
|
|
|
doubtful accounts of
approximately
|
|
|
|
$502,000 and $444,000,
respectively
|
16,747,749
|
15,311,322
|
|
Inventories
|
16,978,928
|
15,474,430
|
|
Prepaid expenses, deposits and
other current assets
|
1,548,145
|
1,578,176
|
|
Deferred income taxes
|
84,920
|
84,155
|
|
Total
current assets
|
65,845,044
|
65,346,052
|
|
|
|
|
|
Property, plant and equipment,
net
|
20,037,462
|
19,863,031
|
|
Goodwill
|
20,798,913
|
20,798,913
|
|
Other assets
|
2,445,066
|
2,038,332
|
|
Total assets
|
$109,126,485
|
$108,046,328
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
Current liabilities
|
|
|
|
Current portion of
debt
|
$779,635
|
$532,540
|
|
Accounts payable
|
6,953,702
|
4,864,724
|
|
Accrued salaries, wages and
benefits
|
1,325,244
|
1,650,314
|
|
Other accrued
expenses
|
2,245,854
|
2,286,043
|
|
Dividend payable
|
967,530
|
967,445
|
|
Customers' advances
|
1,281,454
|
907,107
|
|
Total
current liabilities
|
13,553,419
|
11,208,173
|
|
|
|
|
|
Long-term debt
|
2,868,339
|
3,011,988
|
|
Accrued pension retirement
benefits
|
3,801,474
|
6,553,262
|
|
Other non-current
liabilities
|
55,293
|
54,195
|
|
Deferred income taxes
|
2,728,515
|
2,745,786
|
|
Total
liabilities
|
23,007,040
|
23,573,404
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
Common shares, $.10 par value;
36,000,000 shares
|
|
|
|
authorized, 15,928,679
shares issued, of which
|
|
|
|
1,269,134 and 1,270,417
shares were reacquired
|
|
|
|
and held in treasury at
the respective dates
|
1,592,868
|
1,592,868
|
|
Additional paid-in
capital
|
3,809,401
|
3,448,249
|
|
Retained earnings
|
94,080,929
|
93,113,247
|
|
Accumulated other comprehensive
loss
|
(2,882,580)
|
(3,201,767)
|
|
Treasury shares, at
cost
|
(10,481,173)
|
(10,479,673)
|
|
Total
shareholders' equity
|
86,119,445
|
84,472,924
|
|
Total
liabilities and shareholders' equity
|
$109,126,485
|
$108,046,328
|
|
|
|
|
|
|
Met-Pro
Corporation
Consolidated Business Segment
Data
(unaudited)
|
|
|
Three Months
Ended
July 31,
|
Six Months
Ended
July 31,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Net sales
|
|
|
|
|
|
Product Recovery/Pollution
Control Technologies
|
$9,625,898
|
$9,707,182
|
$17,957,870
|
$20,720,407
|
|
Fluid Handling
Technologies
|
7,407,151
|
6,508,959
|
16,960,255
|
13,039,530
|
|
Mefiag Filtration
Technologies
|
3,204,384
|
2,508,470
|
6,344,301
|
4,942,719
|
|
Filtration/Purification
Technologies
|
2,851,910
|
2,712,275
|
5,256,820
|
5,011,307
|
|
|
$23,089,343
|
$21,436,886
|
$46,519,246
|
$43,713,963
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
Product Recovery/Pollution
Control Technologies
|
($49,043)
|
$642,236
|
($529,328)
|
$1,158,397
|
|
Fluid Handling
Technologies
|
1,901,703
|
1,314,468
|
4,142,399
|
2,603,264
|
|
Mefiag Filtration
Technologies
|
169,078
|
163,446
|
390,550
|
369,965
|
|
Filtration/Purification
Technologies
|
200,755
|
186,880
|
301,848
|
278,444
|
|
|
$2,222,493
|
$2,307,030
|
$4,305,469
|
$4,410,070
|
|
|
|
|
|
|
|
|
|
|
July
31,
2011
|
January
31,
2011
|
|
|
|
|
|
|
|
Identifiable
assets
|
|
|
|
|
|
Product Recovery/Pollution
Control Technologies
|
|
|
$33,815,944
|
$34,003,251
|
|
Fluid Handling
Technologies
|
|
|
19,300,127
|
18,114,257
|
|
Mefiag Filtration
Technologies
|
|
|
14,943,245
|
12,814,143
|
|
Filtration/Purification
Technologies
|
|
|
8,403,782
|
8,369,385
|
|
|
|
|
76,463,098
|
73,301,036
|
|
Corporate
|
|
|
32,663,387
|
34,745,292
|
|
|
|
|
$109,126,485
|
$108,046,328
|
|
|
|
|
|
|
|
|
Met-Pro
Corporation
Consolidated
Statements of Cash Flows
(unaudited)
|
|
|
Six Months
Ended July 31,
|
|
2011
|
2010
|
|
Cash flows from operating
activities
|
|
|
|
Net income
|
$2,902,741
|
$2,963,808
|
|
Adjustments to reconcile net
income to net
cash provided by
operating activities:
|
|
|
|
Depreciation and
amortization
|
955,777
|
882,993
|
|
Deferred income
taxes
|
(1,212)
|
(1,203)
|
|
(Gain)/loss on sale of
property and equipment, net
|
(27,496)
|
668
|
|
Stock-based
compensation
|
359,652
|
322,944
|
|
Allowance for doubtful
accounts
|
57,456
|
(29,709)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts receivable
|
(1,357,446)
|
(875,673)
|
|
Inventories
|
(1,379,911)
|
1,151,115
|
|
Prepaid expenses, deposits and other
assets
|
(162,928)
|
282,742
|
|
Accounts payable and accrued
expenses
|
1,650,817
|
1,063,414
|
|
Customers' advances
|
372,567
|
(237,335)
|
|
Accrued pension retirement
benefits
|
(2,751,787)
|
(166,385)
|
|
Other non-current liabilities
|
1,098
|
(165,287)
|
|
|
|
|
|
Net cash provided by
operating activities
|
619,328
|
5,192,092
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
Proceeds from sale of property
and equipment
|
33,990
|
–
|
|
Acquisitions of property and
equipment
|
(918,049)
|
(527,064)
|
|
Purchase of
investments
|
(1,010,534)
|
(497,155)
|
|
Proceeds from maturities of
investments
|
497,155
|
240,893
|
|
|
|
|
|
Net cash used in investing
activities
|
(1,397,438)
|
(783,326)
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
Proceeds from new
borrowings
|
407,759
|
189,074
|
|
Reduction of debt
|
(385,819)
|
(263,430)
|
|
Exercise of stock
options
|
42,800
|
252,924
|
|
Payment of dividends
|
(1,934,975)
|
(1,754,220)
|
|
Purchase of treasury
shares
|
(42,800)
|
(266,847)
|
|
|
|
|
|
Net cash used in financing
activities
|
(1,913,035)
|
(1,842,499)
|
|
Effect of exchange rate changes
on cash
|
11,572
|
14,506
|
|
|
|
|
|
Net (decrease) increase in cash
and cash equivalents
|
(2,679,573)
|
2,580,773
|
|
|
|
|
|
Cash and cash equivalents at
February 1
|
32,400,814
|
30,662,104
|
|
|
|
|
|
Cash and cash equivalents at
July 31
|
$29,721,241
|
$33,242,877
|
|
|
|
|
|
|
|
|
|
|
Contact:
|
Investor Contact:
|
|
|
|
Gary J. Morgan,
|
Joseph Hassett, SVP
|
|
|
Senior Vice President of
Finance, CFO
|
Gregory FCA
Communications
|
|
|
215-723-6751
|
610-228-2110
|
|
|
|
|
|
|
|
|
SOURCE Met-Pro Corporation