2014

Met-Pro Corporation Announces Fourth Quarter and Fiscal Year End Financial Results -- Record Fiscal 2013 Net Sales of $110 Million, Up 10% Over Fiscal 2012

-- Fiscal 2013 Earnings Per Share Increase 15% to $0.55

HARLEYSVILLE, Pa., March 21, 2013 /PRNewswire/ -- Met-Pro Corporation (NYSE: MPR) today announced the Company's financial results for the fourth quarter and fiscal year ended January 31, 2013.

Net sales for the fiscal year ended January 31, 2013 were a record $109.9 million, up 10% from $100.2 million in fiscal 2012. Net income for fiscal 2013 totaled $8.0 million, or $0.55 per share, increases of 13% and 15%, respectively, compared with net income of $7.1 million, or $0.48 per share, for fiscal 2012.

Net sales for the fourth quarter ended January 31, 2013 were $27.0 million compared with net sales of $28.4 million for the same quarter last year, a decrease of 5%. Net income for the fourth quarter of fiscal 2013 totaled $2.4 million, or $0.16 per share, increases of 11% and 7%, respectively, compared with net income of $2.1 million, or $0.15 per share, for the same period last year.

New orders for the fiscal year ended January 31, 2013 were $106.2 million compared with $110.9 million for the prior fiscal year, down 4%.

New orders for the fourth quarter totaled $23.2 million, an 18% decrease compared with $28.3 million for the fourth quarter last year, reflecting both Met-Pro's quarterly variability from receipt of new orders and the hesitation in releasing capital orders that characterized the last few months of the year. As a result, the Company's backlog of orders totaled $24.9 million as of January 31, 2013, compared with $28.4 million as of the same point last year, a decrease of 12%. 

"The global strength of the Met-Pro brands and a more strategic sales and marketing effort enabled us to improve our penetration of targeted growth markets and increase net sales at a double-digit rate to record levels in fiscal 2013," commented Raymond J. De Hont, Met-Pro's Chief Executive Officer and President. "Fiscal year earnings increased for the third consecutive year, as our sales and marketing strategy together with the productivity and efficiency enhancements implemented within our organization continued to gradually translate into improved overall financial performance. In the fourth quarter, gross margins were up while total selling, general and administrative expenses as a percentage of sales were down, indicative of the continued, steady progress being achieved within our operations. We are pleased with the fiscal 2013 results and the progress we have made in improving our overall financial performance. Our pipeline of potential opportunities allows us to remain optimistic regarding our full year fiscal 2014 prospects."  

On December 20, 2012, the Company's Board of Directors declared a quarterly dividend of $0.0725 per share, representing a 2% increase compared to the dividend for the same quarter a year ago. The dividend was paid on March 15, 2013 to shareholders of record at the close of business on March 1, 2013. This is the twenty-second consecutive year that Met-Pro Corporation has paid a cash dividend.

Mr. De Hont and Neal E. Murphy, Vice President of Finance and Chief Financial Officer, will hold a conference call for investors today, March 21, 2013, 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/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 Number 877-818-7738 or the International Dial-In Number 706-643-9333 (Conference ID 13646242) 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 4, 2013. To access the taped replay, call the US/Canada Dial-In Number 855-859-2056 or the International Dial-In Number 404-537-3406 and enter Conference ID 13646242.

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. You should carefully consider the factors discussed in Part I, "Item 1A Risk Factors" in our Annual Report on Form 10-K for the year ended January 31, 2013 as filed with the Securities and Exchange Commission.

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:



Neal E. Murphy

Joseph Hassett, SVP


Vice President of Finance, CFO

Gregory FCA Communications


215-723-6751

610-228-2110




 


Met-Pro Corporation and Subsidiaries
Consolidated Statements of Income



Three Months Ended
January 31,

   Fiscal Years Ended
   January 31,


2013

2012

2013

2012

Net sales

$26,976,263

$28,397,015

$109,941,922

$100,161,392

Cost of goods sold

17,502,385

18,558,042

72,154,899

64,792,385

Gross profit

9,473,878

9,838,973

37,787,023

35,369,007

 

Operating expenses

    Selling





2,657,725

3,232,916

11,818,299

12,017,123

    General and administrative

3,355,086

3,323,454

14,090,913

12,760,600

Total selling, general and administrative

6,012,811

6,556,370

25,909,212

24,777,723

Income from operations

3,461,067

3,282,603

11,877,811

10,591,284






Interest expense

(40,338)

(45,319)

(166,206)

(191,181)

Other income

38,294

44,560

154,076

434,207

Income before taxes

3,459,023

3,281,844

11,865,681

10,834,310






Provision for taxes

1,083,232

1,132,770

3,820,458

3,700,609






Net income

$2,375,791

$2,149,074

$8,045,223

$7,133,701






Basic earnings per share

$.16

$.15

$.55

$.49

Diluted earnings per share

$.16

$.15

$.55

$.48






Average common shares outstanding:





    Basic shares

14,684,220

14,660,673

14,685,038

14,662,055

    Diluted shares

14,734,811

14,776,606

14,738,035

14,774,692

 


Met-Pro Corporation and Subsidiaries
Consolidated Balance Sheets



January 31,
2013

January 31,
2012

Assets



Current assets



    Cash and cash equivalents

$33,305,908

$34,581,394

    Short-term investments

1,022,266

764,061

    Accounts receivable, net of allowance for doubtful



      accounts of $288,102 and $491,138, respectively

19,094,589

17,373,121

    Inventories

17,870,720

17,847,143

    Prepaid expenses, deposits and other current assets

1,848,049

1,683,486

    Deferred income taxes

1,043

186,329

        Total current assets

73,142,575

72,435,534




Property, plant and equipment, net

19,499,593

19,322,436

Goodwill

20,798,913

20,798,913

Other assets

2,814,100

2,952,332

        Total assets  

$116,255,181

$115,509,215







Liabilities and shareholders' equity



Current liabilities



    Current portion of debt

$369,622

$657,216

    Accounts payable

6,081,691

7,684,739

    Accrued salaries, wages and benefits

1,775,438

1,827,603

    Other accrued expenses

2,780,051

2,357,929

    Dividend payable

1,068,862

1,042,297

    Customers' advances

1,397,553

3,232,600

        Total current liabilities

13,473,217

16,802,384




Long-term debt

2,269,885

2,687,971

Accrued pension retirement benefits

9,652,313

10,618,047

Other non-current liabilities

58,589

56,391

Deferred income taxes

2,118,801

1,522,451

        Total liabilities

27,572,805

31,687,244

Commitments and contingencies



Shareholders' equity



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



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



      1,231,824 and 1,250,051 shares were reacquired



      and held in treasury

1,592,868

1,592,868

    Additional paid-in capital

4,899,188

4,058,735

    Retained earnings

100,054,279

96,228,764

    Accumulated other comprehensive loss

(7,613,536)

(7,718,883)

    Treasury shares, at cost

(10,250,423)

(10,339,513)

        Total shareholders' equity

88,682,376

83,821,971

        Total liabilities and shareholders' equity  

$116,255,181

$115,509,215

 


Met-Pro Corporation and Subsidiaries
Consolidated Business Segment Data



Three Months Ended
January 31,

    Fiscal Years Ended
    January 31,


2013

2012

2013

2012

Net sales





    Product Recovery/Pollution Control Technologies

$11,762,106

$13,716,876

$49,061,038

$43,568,042

    Fluid Handling Technologies

9,343,964

8,956,997

37,693,475

33,264,149

    Mefiag Filtration Technologies

3,563,496

3,314,685

12,975,840

12,945,610

    Filtration/Purification Technologies

2,306,697

2,408,457

10,211,569

10,383,591


$26,976,263

$28,397,015

$109,941,922

$100,161,392






Income (loss) from operations

    Product Recovery/Pollution Control Technologies

$1,012,368

$663,688

$1,033,954

$1,198,674

    Fluid Handling Technologies

2,094,842

2,330,691

9,959,229

8,220,768

    Mefiag Filtration Technologies

386,594

263,014

805,932

780,586

    Filtration/Purification Technologies

(32,737)

25,210

78,696

391,256


$3,461,067

$3,282,603

$11,877,811

$10,591,284









 January 31,
 2013

January 31,
2012

Identifiable assets





    Product Recovery/Pollution Control Technologies



$37,932,865

$36,444,763

    Fluid Handling Technologies



20,093,881

19,290,035

    Mefiag Filtration Technologies



15,643,078

14,017,572

    Filtration/Purification Technologies



8,011,212

8,368,652




81,681,036

78,121,022

    Corporate



34,574,145

37,388,193




$116,255,181

$115,509,215

 


Met-Pro Corporation and Subsidiaries
Consolidated Statements of Cash Flows




Fiscal Years Ended January 31,


2013

2012

Cash flows from operating activities                              




    Net income


$8,045,223

$7,133,701

    Adjustments to reconcile net income to net

        cash provided by operating activities:




      Depreciation and amortization


2,022,450

1,914,418

      Deferred income taxes


855,679

1,197,654

      Loss on sales of property and equipment, net


2,176

102,386

      Stock-based compensation


903,933

744,306

      Allowance for doubtful accounts


(203,036)

46,986

      Changes in operating assets and liabilities:  




            Accounts receivable


(1,424,056)

(2,173,195)

            Inventories


62,511

(2,450,559)

            Prepaid expenses, deposits and other assets


(476,387)

(350,416)

            Accounts payable and accrued expenses


(1,423,633)

3,116,045

            Customers' advances


(1,835,262)

2,323,603

            Accrued pension retirement benefits


(1,247,317)

(2,647,339)

            Other non-current liabilities


2,197

2,197





            Net cash provided by operating activities


5,284,478

8,959,787





Cash flows from investing activities




    Proceeds from sale of property and equipment


-

33,566

    Acquisitions of property and equipment


(1,997,489)

(2,097,233)

    Purchases of investments


(1,022,266)

(1,010,535)

    Proceeds from maturities of investments


1,258,596

497,155





            Net cash used in investing activities


(1,761,159)

(2,577,047 )





Cash flows from financing activities




    Proceeds from new borrowings


224,336

477,692

    Reduction of debt


(877,645)

(727,399)

    Exercise of stock options


296,108

152,970

    Payment of dividends


(4,193,142)

(3,943,332)

    Purchase of treasury shares


(289,868)

(167,534)





            Net cash used in financing activities


(4,840,211)

(4,207,603)

Effect of exchange rate changes on cash


41,406

5,443





Net (decrease) increase in cash and cash equivalents


(1,275,486)

2,180,580





Cash and cash equivalents at February 1


34,581,394

32,400,814





Cash and cash equivalents at January 31


$33,305,908

$34,581,394






 

SOURCE Met-Pro Corporation



RELATED LINKS
http://www.met-pro.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.