MPR Met-Pro Corp.

HARLEYSVILLE, Pa., Dec. 8, 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 third quarter ended October 31, 2011.

Net sales for the third quarter ended October 31, 2011 were $25.2 million, an increase of 18% compared with net sales of $21.4 million for the same quarter last year. Net income totaled $2.1 million and diluted earnings per share were $0.14 for the third quarter, compared with net income of $1.4 million and diluted earnings per share of $0.10 for the same period last year, increases of 47% and 40%, respectively.

New order bookings for the third quarter totaled $27.5 million, an 11% increase compared with the $24.8 million for the third quarter last year. As a result, the Company's backlog of orders totaled $28.6 million as of October 31, 2011, an increase of 35% when compared with $21.2 million last year.

"Consolidated results in the third quarter reflect strong top and bottom line growth driven by increased new order bookings delivered through our expanded sales and marketing organization," said De Hont. "In particular, we have benefitted from a significant improvement in our large project new order bookings, which have contributed to a strong rebound in our Product Recovery/Pollution Control segment this quarter. We are encouraged by the improvement in gross margin during the third quarter, 37% versus 36% for last year's third quarter, as well as the improvement in income from operations as a percentage of sales, 12% versus 10% for last year's third quarter. Demand for Met-Pro's products remains strong as evidenced by the 11% increase in third quarter new order bookings, which followed a 33% increase in new order bookings during the second quarter ended July 31, 2011. The continued strength in new order bookings, together with our solid backlog and steady quotation activity, gives us continued optimism about our future prospects."                                           

Net sales for the nine months ended October 31, 2011 increased 10% to $71.8 million compared with $65.1 million for the same period last year. Net income totaled $5.0 million and diluted earnings per share were $0.34 for the nine months ended October 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 14% and 13%, respectively.

New order bookings for the nine months ended October 31, 2011 were up 19% to $82.6 million compared with $69.2 million for the same period last year

With the continued growth in operating cash flows and the resulting cumulative cash balance, the Board of Directors, at their meeting on October 19, 2011, increased the quarterly dividend by 8% from $0.066 to $0.071 per share, or $0.284 per share on an annualized basis. The increased dividend will be payable on December 16, 2011 to shareholders of record at the close of business on December 2, 2011.  This is the thirty-seventh consecutive year that Met-Pro Corporation has paid either a cash or stock dividend.  With this increase the Company, by the end of this fiscal year, will have paid approximately $3.9 million in dividends in addition to having elected to contribute $2.9 million to their salary and hourly pension plans during the first quarter to further reduce the unfunded pension liability.   

Mr. De Hont and Gary J. Morgan, Senior Vice President of Finance and Chief Financial Officer, will hold a conference call for investors today, December 8, 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 27178727) 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 December 22, 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 27178727.

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.

SOURCE Met-Pro Corporation