Met-Pro Corporation Announces Fourth Quarter and Fiscal Year End Financial Results - Net Sales Up 19% Versus Last Year's Fourth Quarter

- Earnings Per Share Up 25% Versus Last Year's Fourth Quarter

- New Orders Up 37% Versus Last Year's Fourth Quarter

HARLEYSVILLE, Pa., March 22, 2012 /PRNewswire/ -- Met-Pro Corporation (NYSE: MPR) today announced the Company's financial results for the fourth quarter and fiscal year ended January 31, 2012.

Net sales for the fourth quarter ended January 31, 2012 were $28.4 million, an increase of 19% compared with net sales of $23.8 million for the same quarter last year. Net income totaled $2.1 million and diluted earnings per share were $0.15 for the fourth quarter, increases of 22% and 25%, respectively, compared with net income of $1.8 million and diluted earnings per share of $0.12 for the same period last year.

New orders for the fourth quarter totaled $28.3 million, a 37% increase compared with the $20.7 million for the fourth quarter last year. As a result, the Company's backlog of orders totaled $28.4 million as of January 31, 2012, an increase of 57% compared with $18.1 million as of the same point last year.

Net sales for the fiscal year ended January 31, 2012 increased 13% to $100.2 million compared with $88.9 million for the same period last year. Net income totaled $7.1 million and diluted earnings per share were $0.48 for the fiscal year ended January 31, 2012 compared with net income of $6.1 million and diluted earnings per share of $0.42 for the same period last year, increases of 16% and 14%, respectively.

New orders for the fiscal year ended January 31, 2012 were up 23% to $110.9 million compared with $89.9 million for the prior fiscal year.

"We are pleased to announce strong earnings, revenues and new orders for the current quarter and for the full fiscal year," said Raymond J. De Hont, Chairman and Chief Executive Officer. "Our continuing investments to bolster global organic growth and our ongoing strategic focus on providing engineered solutions across the markets we serve continue to gain traction resulting in solid top line and bottom line growth. New orders over the past year, which included bookings in South America, Russia, Singapore and China, offer clear evidence of our expanding international growth. With our strong balance sheet, expanding global presence and commitment to executing our global solutions strategy, we are well positioned to continue to deliver attractive returns to our shareholders."  

On December 16, 2011, the Company's Board of Directors declared a quarterly dividend of $0.071 per share, representing an 8% increase compared to the dividend for the same quarter a year ago.  The dividend was paid on March 16, 2012 to shareholders of record at the close of business on March 2, 2012. This is the thirty-seventh 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 22, 2012, 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 website at www.met-pro.com/news/news-releases 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 58107658) 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 April 5, 2012. To access the taped replay, call the US/Canada Dial-In # 855-859-2056 or the International Dial-In # 404-537-3406 and enter conference ID 58107658.

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.

Contact:

Investor Contact:



Raymond J. De Hont

Joseph Hassett, SVP


Chairman and Chief Executive Officer

Gregory FCA Communications


215-723-6751

610-228-2110



Met-Pro Corporation
Consolidated Statements of Income



Three Months Ended
January 31,

Fiscal Years Ended
January 31,


2012

2011

2012

2011

Net sales

$28,397,015

$23,766,789

$100,161,392

$88,865,426

Cost of goods sold

18,558,042

15,108,416

64,792,385

56,587,326

Gross profit

9,838,973

8,658,373

35,369,007

32,278,100


Operating expenses





 Selling

3,232,916

3,125,232

12,017,123

11,674,270

 General and administrative

3,323,454

3,154,792

12,760,600

11,633,509


6,556,370

6,280,024

24,777,723

23,307,779

Income from operations

3,282,603

2,378,349

10,591,284

8,970,321






Interest expense

(45,319)

(52,583)

(191,181)

(212,470)

Other income

44,560

153,212

434,207

362,046

Income before taxes

3,281,844

2,478,978

10,834,310

9,119,897






Provision for taxes

1,132,770

722,853

3,700,609

2,980,765






Net income

$2,149,074

$1,756,125

$7,133,701

$6,139,132






Basic earnings per share

$.15

$.12

$.49

$.42

Diluted earnings per share

$.15

$.12

$.48

$.42






Average common shares outstanding:





 Basic shares

14,660,673

14,626,398

14,662,055

14,629,215

 Diluted shares

14,776,606

14,753,975

14,774,692

14,758,659




Met-Pro Corporation
Consolidated Balance Sheets



January 31,
2012

January 31,
2011

Assets



Current assets



 Cash and cash equivalents

$34,581,394

$32,400,814

 Short-term investments

764,061

497,155

 Accounts receivable, net of allowance for



  doubtful accounts of approximately



  $491,000 and $444,000, respectively

17,373,121

15,311,322

 Inventories

17,847,143

15,474,430

 Prepaid expenses, deposits and other current assets

1,683,486

1,578,176

 Deferred income taxes

186,329

84,155

    Total current assets

72,435,534

65,346,052




Property, plant and equipment, net

19,322,436

19,290,808

Goodwill

20,798,913

20,798,913

Other assets

2,952,332

2,610,555

    Total assets  

$115,509,215

$108,046,328







Liabilities and shareholders' equity



Current liabilities



 Current portion of debt

$657,216

$532,540

 Accounts payable

7,684,739

4,864,724

 Accrued salaries, wages and benefits

1,827,603

1,650,314

 Other accrued expenses

2,357,929

2,286,043

 Dividend payable

1,042,297

967,445

 Customers' advances

3,232,600

907,107

    Total current liabilities

16,802,384

11,208,173




Long-term debt

2,687,971

3,011,988

Accrued pension retirement benefits

10,618,047

6,553,262

Other non-current liabilities

56,391

54,195

Deferred income taxes

1,522,451

2,745,786

    Total liabilities

31,687,244

23,573,404




Shareholders' equity



 Common shares, $.10 par value; 36,000,000 shares



  authorized, 15,928,679 shares issued, of which



  1,250,051 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

4,058,735

3,448,249

 Retained earnings

96,228,764

93,113,247

 Accumulated other comprehensive loss

(7,718,883)

(3,201,767)

 Treasury shares, at cost

(10,339,513)

(10,479,673)

    Total shareholders' equity

83,821,971

84,472,924

    Total liabilities and shareholders' equity  

$115,509,215

$108,046,328




Met-Pro Corporation
Consolidated Business Segment Data



Three Months Ended
January 31,

Fiscal Years Ended
January 31,


2012

2011

2012

2011

Net sales





 Product Recovery/Pollution Control Technologies

$13,716,876

$11,502,070

$43,568,042

$41,426,858

 Fluid Handling Technologies

8,956,997

7,417,933

33,264,149

27,488,559

 Mefiag Filtration Technologies

3,314,685

2,475,663

12,945,610

9,897,038

 Filtration/Purification Technologies

2,408,457

2,371,123

10,383,591

10,052,971


$28,397,015

$23,766,789

$100,161,392

$88,865,426

Income (loss) from operations





 Product Recovery/Pollution Control Technologies

$663,688

$563,624

$1,198,674

$2,046,716

 Fluid Handling Technologies

2,330,691

1,760,066

8,220,768

5,926,592

 Mefiag Filtration Technologies

263,014

(57,553)

780,586

401,695

 Filtration/Purification Technologies

25,210

112,212

391,256

595,318


$3,282,603

$2,378,349

$10,591,284

$8,970,321









January 31,
2012

January 31,
2011

Identifiable Assets





 Product Recovery/Pollution Control Technologies



$36,444,763

$34,003,251

 Fluid Handling Technologies



19,290,035

18,114,257

 Mefiag Filtration Technologies



14,017,572

12,814,143

 Filtration/Purification Technologies



8,368,652

8,369,385




78,121,022

73,301,036

 Corporate



37,388,193

34,745,292




$115,509,215

$108,046,328




Met-Pro Corporation

Consolidated Statements of Cash Flows




Fiscal Years Ended January 31,



2012

2011

Cash flows from operating activities




 Net income


$7,133,701

$6,139,132

 Adjustments to reconcile net income to net

    cash provided by operating activities:




  Depreciation and amortization


1,914,418

1,824,685

  Deferred income taxes


1,197,654

439,069

  Loss on sales of property and equipment, net


102,386

8,231

  Stock-based compensation


744,306

645,891

  Allowance for doubtful accounts


46,986

240,133

  Changes in operating assets and liabilities:




    Accounts receivable


(2,173,195)

(1,464,863)

    Inventories


(2,450,559)

676,071

    Prepaid expenses, deposits and other assets


(350,416)

(243,598)

    Accounts payable and accrued expenses


3,116,045

977,454

    Customers' advances


2,323,603

22,004

    Accrued pension retirement benefits


(2,647,339)

(668,901)

    Other non-current liabilities


2,197

2,197





      Net cash provided by operating activities


8,959,787

8,597,505





Cash flows from investing activities




 Proceeds from sales of property and equipment


33,566

36,387

 Acquisitions of property and equipment


(2,097,233)

(1,665,949)

 Purchase of investments


(1,010,535)

(745,218)

 Proceeds from maturities of investments


497,155

725,004

 Payment for acquisition of business


(955,268)





      Net cash used in investing activities


(2,577,047)

(2,605,044)





Cash flows from financing activities




 Proceeds from new borrowings


477,692

189,074

 Reduction of debt


(727,399)

(717,134)

 Exercises of stock options


152,970

780,834

 Payments of dividends


(3,943,332)

(3,597,539)

 Purchases of treasury shares


(167,534)

(935,631)





      Net cash used in financing activities


(4,207,603)

(4,280,396)

Effect of exchange rate changes on cash


5,443

26,645





Net increase in cash and cash equivalents


2,180,580

1,738,710





Cash and cash equivalents at beginning of year


32,400,814

30,662,104





Cash and cash equivalents at end of year


$34,581,394

$32,400,814




SOURCE Met-Pro Corporation



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