HARLEYSVILLE, Pa., Nov. 20 /PRNewswire-FirstCall/ -- 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, 2009.

Net sales for the third quarter ended October 31, 2009 were $19.8 million compared with net sales of $28.0 million for the same quarter last year. For the third quarter, the Company reported net income of $1.0 million, or $0.07 per diluted share, compared with net income of $3.0 million, or $0.20 per diluted share, for the third quarter of last year.

"Results in the quarter reflect the lagging effect on both net sales and earnings from the slowdown in global economic activity that began last year," stated De Hont. "Reflecting some improvement in our markets, new orders in the third quarter were $25.5 million, our best quarterly bookings since the third quarter of last year and up 31% sequentially from our second quarter. The recovery in new orders is being led by an improvement in large project bookings within our Product Recovery/Pollution Control Technologies segment, which totaled $5.5 million in the third quarter, the highest quarterly large project bookings since the quarter ended January 31, 2007. With end markets improving, we believe our wide breadth of high-quality comprehensive solutions that meet the increasing demand for a cleaner, more energy efficient environment will enable us to continue to increase our share of this growing global market."

During the first nine months of the current fiscal year, the Company generated a record $14.8 million in cash flow from operating activities, resulting in a record $32.3 million cash position on October 31, 2009.

Net sales for the nine months ended October 31, 2009 were $60.3 million compared with $78.8 million for the same period last year. Net income for the nine months ended October 31, 2009 totaled $3.2 million compared with $7.6 million for the same period last year. For the nine months ended October 31, 2009, earnings were $0.22 per diluted share compared with earnings of $0.50 per diluted share for last year's first nine months.

"We are encouraged by our solid third quarter bookings, the second sequential quarter of increasing new orders, and especially our recent success in closing several large projects," added De Hont. "While these new orders are signs of an improvement in the markets we serve, the lack of any significant global economic growth represents a challenge to capital spending, necessitating continued caution regarding the strength of any recovery in the near term. With record cash, our balance sheet remains extremely strong. We continue to focus on increasing our operating efficiencies, which has allowed us to effectively compete for new business while achieving 34% gross margins for the first nine months, consistent with the same period a year ago despite lower revenue levels. The underlying fundamental strength of our business leaves us well positioned to create long-term sustainable growth and value for our shareholders."

On October 21, 2009, the Company declared a quarterly dividend of $0.06 per share payable December 11, 2009 to shareholders of record at the close of business on November 27, 2009. This is the thirty-fifth consecutive year the Company has paid 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, November 20, 2009, 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 .

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 39891810) at 10:55 AM (Eastern) today, November 20, 2009. A taped replay of the conference call will be available within two hours of the conclusion of the call and until December 4, 2009. 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 39891810.

About Met-Pro

Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, was recently recognized as one of "America's Fastest Growing Small Companies" by Fortune Small Business magazine. In 2008, the Company was also named one of America's "200 Best Small Companies" by Forbes magazine for the third year in a row. Through its business units in the United States, Canada, Europe and The People's Republic of China, a wide range of products and services is offered for industrial, commercial, municipal and residential markets worldwide. These include product recovery and pollution control technologies for purification of air and liquids; fluid handling technologies for corrosive, abrasive and high temperature liquids; Mefiag filtration technologies for harsh, corrosive liquid filtration applications; and filtration and purification technologies which include proprietary water treatment chemicals and filter products for air and liquid filtration. 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 Statement of Income
                                         (unaudited)


                                Three Months Ended         Nine Months Ended
                                    October 31,               October 31,
                                2009           2008        2009        2008
                                ----           ----        ----        ----
    Net sales              $19,807,781    $27,979,483 $60,334,372 $78,781,675
    Cost of goods sold      13,131,244     17,734,396  39,538,914  51,311,316
                            ----------     ----------  ----------  ----------
    Gross profit             6,676,537     10,245,087  20,795,458  27,470,359
    Operating expenses
      Selling                2,366,455      3,139,258   7,415,388   8,111,853
      General and
       administrative        2,771,681      2,949,983   8,599,958   8,501,240
                             ---------      ---------   ---------   ---------
    Income from operations   1,538,401      4,155,846   4,780,112  10,857,266

    Interest expense           (58,994)       (51,182)   (166,449)   (179,948)
    Other income, net           61,689         77,838     138,441     376,768
                                ------         ------     -------     -------
    Income before taxes      1,541,096      4,182,502   4,752,104  11,054,086

    Provision for taxes        516,266      1,171,136   1,591,957   3,414,114
                               -------      ---------   ---------   ---------

    Net income              $1,024,830     $3,011,366  $3,160,147  $7,639,972
                            ----------     ----------  ----------  ----------

    Basic earnings per
     share                        $.07           $.20        $.22        $.51
    Diluted earnings
     per share                    $.07           $.20        $.22        $.50
                                  ----           ----        ----        ----

    Average common shares
     outstanding:
      Basic shares          14,600,109     15,042,572  14,600,109  15,013,042
      Diluted shares        14,676,525     15,402,764  14,676,297  15,359,048
                            ----------     ----------  ----------  ----------

                                     Met-Pro Corporation
                                 Consolidated Balance Sheet


                                                October 31,       January 31,
                                                    2009             2009
                                                    ----             ----
    Assets                                       (unaudited)
    Current assets
      Cash and cash equivalents                  $32,285,796      $21,749,653
      Accounts receivable, net of allowance
       for doubtful accounts of approximately
       $268,000 and $167,000, respectively        13,537,023       20,177,672
      Inventories                                 16,681,236       20,236,865
      Prepaid expenses, deposits and other
       current assets                              1,474,154        1,997,542
                                                   ---------        ---------
        Total current assets                      63,978,209       64,161,732

    Property, plant and equipment, net            20,240,188       19,389,597
    Costs in excess of net assets of
     businesses acquired, net                     20,798,913       20,798,913
    Other assets                                     697,687          402,062
                                                     -------          -------
        Total assets                            $105,714,997     $104,752,304
                                                ------------     ------------


    Liabilities and shareholders' equity
    Current liabilities
      Current portion of long-term debt             $984,301         $746,042
      Accounts payable                             4,584,270        5,464,629
      Accrued salaries, wages and expenses         4,376,192        4,546,199
      Dividend payable                               876,007          876,007
      Customers' advances                            655,599          356,008
      Deferred income taxes                          250,782          250,782
                                                     -------          -------
        Total current liabilities                 11,727,151       12,239,667

    Long-term debt                                 3,730,580        3,753,228
    Other non-current liabilities                  8,501,119        8,855,912
    Deferred income taxes                          1,149,876        1,126,016
                                                   ---------        ---------
        Total liabilities                         25,108,726       25,974,823
                                                  ----------       ----------

    Shareholders' equity
      Common shares, $.10 par value; 36,000,000
       shares authorized, 15,928,679 shares issued,
       of which 1,328,570 shares were reacquired
       and held in treasury at the respective
       dates                                       1,592,868        1,592,868
      Additional paid-in capital                   2,959,818        2,465,193
      Retained earnings                           90,259,436       89,727,308
      Accumulated other comprehensive loss        (3,522,256)      (4,324,293)
      Treasury shares, at cost                   (10,683,595)     (10,683,595)
                                                  -----------      -----------
        Total shareholders' equity                80,606,271       78,777,481
                                                  ----------       ----------
        Total liabilities and shareholders'
         equity                                 $105,714,997     $104,752,304
                                                 ------------    ------------

                                     Met-Pro Corporation
                             Consolidated Business Segment Data
                                         (unaudited)


                               Three Months Ended      Nine Months Ended
                                   October 31,            October 31,
                                2009       2008        2009          2008
                                ----       ----        ----          ----
    Net sales
      Product
      recovery/pollution
       control technologies $9,012,363 $13,863,654  $26,900,405   $37,554,600
      Fluid handling
       technologies          5,781,338   8,213,799   18,491,303    23,070,719
      Mefiag filtration
       technologies          2,502,795   2,809,550    6,981,727     9,114,722

     Filtration/purification
     technologies            2,511,285   3,092,480    7,960,937     9,041,634
                             ---------   ---------    ---------     ---------
                           $19,807,781 $27,979,483  $60,334,372   $78,781,675
                           ----------- -----------  -----------   -----------

    Income (loss) from operations
      Product recovery/
      pollution control
      technologies            $561,966  $1,853,682   $1,610,321    $4,444,955
      Fluid handling
       technologies            833,094   1,785,470    3,110,175     5,022,442
      Mefiag filtration
       technologies             47,062     188,082     (111,372)      525,984

     Filtration/purification
     technologies               96,279     328,612      170,988       863,885
                                ------     -------      -------       -------
                            $1,538,401  $4,155,846   $4,780,112   $10,857,266
                            ----------  ----------   ----------   -----------

                                                    October 31,   January 31,
                                                        2009          2009
                                                        ----          ----
    Identifiable Assets
      Product recovery/pollution
     control technologies                           $33,928,381   $39,623,284
      Fluid handling technologies                    18,749,392    22,056,812
      Mefiag filtration technologies                 12,013,591    11,410,677

     Filtration/purification technologies             8,408,003     9,369,905
                                                      ---------     ---------
                                                     73,099,367    82,460,678
      Corporate                                      32,615,630    22,291,626
      ---------                                      ----------    ----------
                                                   $105,714,997  $104,752,304
                                                   ------------  ------------

                                     Met-Pro Corporation
                          Consolidated Statement of Cash Flows
                                       (unaudited)


                                                Nine Months Ended October 31,
                                                    2009              2008
                                                    ----              ----
            Increase (Decrease) in Cash and
              Cash Equivalents
    Cash flows from operating activities
      Net income                                 $3,160,147        $7,639,972
     Adjustments to reconcile net income to net
      cash provided by operating activities:
       Depreciation and amortization              1,458,401         1,441,242
       Deferred income taxes                         (1,792)            1,147
       (Gain) on sale of property and
         equipment, net                             (13,695)          (18,174)
     Stock-based compensation                       494,625           324,153
       Allowance for doubtful accounts              101,492            26,580
     (Increase) decrease in operating assets:
          Accounts receivable                     6,910,662          (590,531)
          Inventories                             3,832,976          (167,617)
          Prepaid expenses, deposits and
           other assets                             251,165           461,085
     Increase (decrease) in operating liabilities:
          Accounts payable and accrued expenses  (1,385,430)         (988,259)
          Customers' advances                       298,448            86,744
          Other non-current liabilities            (354,793)         (432,747)

         Net cash provided by operating
          activities                             14,752,206         7,783,595
                                                 ----------         ---------

    Cash flows from investing activities
     Proceeds from sale of property
      and equipment                                  20,382            20,785
     Acquisitions of property and equipment      (1,826,975)       (1,368,841)

         Net cash used in investing activities   (1,806,593)       (1,348,056)
                                                 ----------        ----------

    Cash flows from financing activities
     Proceeds from new borrowing                    485,336                 -
     Reduction of debt                             (373,336)       (1,272,597)
     Exercise of stock options                            -         1,912,398
     Payment of dividends                        (2,628,020)       (2,483,956)
     Acquisition of treasury stock                        -        (7,694,333)

         Net cash used in financing activities   (2,516,020)       (9,538,488)
                                                  ----------        ----------
    Effect of exchange rate changes on cash         106,550            28,445
                                                    -------            ------

    Net increase in cash and cash equivalents    10,536,143        (3,074,504)

    Cash and cash equivalents at February 1      21,749,653        21,906,877

    Cash and cash equivalents at October 31     $32,285,796       $18,832,373
                                                -----------       -----------

    Contact:
    Investor Contact:
    Gary J. Morgan
    Senior Vice President of Finance, CFO
    215-723-6751

    Joseph Hassett, VP
    Gregory FCA Communications
    610-228-2110

SOURCE Met-Pro Corporation

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