Met-Pro Corporation Announces First Quarter Financial Results
HARLEYSVILLE, Pa., June 7, 2012 /PRNewswire/ -- Met-Pro Corporation (NYSE: MPR) today announced the Company's financial results for the first quarter ended April 30, 2012.
Net sales were $25.2 million, the highest first quarter net sales in the Company's history, a 7.6% increase from $23.4 million for the same quarter last year. Net income totaled $1.3 million and diluted earnings per share were $0.09 compared with net income of $1.4 million and diluted earnings per share of $0.10 for the same period last year. Current year results included one-time costs of approximately $0.7 million incurred in connection with the transition to a new Chief Financial Officer, which had an after-tax impact of $0.3 million or $0.02 cents per diluted share.
Bookings for the first quarter were up 5.8% to $27.0 million compared with $25.5 million for the first quarter last year. The Company's backlog of orders as of April 30, 2012 was $30.5 million compared with $20.1 million last year. Substantially all of the April 30, 2012 backlog is expected to be shipped during the current fiscal year.
"We are pleased with our continued upward progression in sales and bookings from the prior year as well as with our gross margin improvement to 35.5% from 34.4% when compared with last year's first quarter," stated Raymond J. De Hont, Chairman and Chief Executive Officer. "Our global engineered solutions strategy and the market building investments that we have made are continuing to gain traction, positioning us to drive growth in shareholder value over the longer term and, together with our order backlog and global proposal activity, allowing us to remain optimistic for the current fiscal year."
On March 16, 2012, the Company paid a quarterly dividend of $0.071 per share to shareholders of record at the close of business on March 2, 2012. In addition, the Board of Directors, at their meeting on April 2, 2012, declared a quarterly dividend of $0.071 per share payable June 15, 2012 to shareholders of record at the close of business on June 1, 2012. This is the twenty-first 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, June 7, 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 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 # 877-818-7738 or the International Dial-In # 706-643-9333 (conference ID 78865636) 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 June 21, 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 78865636.
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/A for the year ended January 31, 2012 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 (unaudited)
|
||||
| Three Months Ended |
||||
| 2012 |
2011 |
|||
| Net sales |
$25,207,061 |
$23,429,903 |
||
| Cost of goods sold |
16,256,535 |
15,371,698 |
||
| Gross profit |
8,950,526 |
8,058,205 |
||
| Operating expenses Selling |
||||
| 3,059,581 |
2,916,126 |
|||
| General and administrative |
4,144,089 |
3,059,103 |
||
| Total selling, general and administrative |
7,203,670 |
5,975,229 |
||
| Income from operations |
1,746,856 |
2,082,976 |
||
| Interest expense |
(42,535) |
(48,801) |
||
| Other income |
45,925 |
105,986 |
||
| Income before taxes |
1,750,246 |
2,140,161 |
||
| Provision for taxes |
491,548 |
727,654 |
||
| Net income |
$1,258,698 |
$1,412,507 |
||
| Basic earnings per share |
$.09 |
$.10 |
||
| Diluted earnings per share |
$.09 |
$.10 |
||
| Average common shares outstanding: |
||||
| Basic shares |
14,678,628 |
14,659,117 |
||
| Diluted shares |
14,744,826 |
14,841,720 |
||
| Met-Pro Corporation and Subsidiaries
|
||
| April 30, |
January 31, |
|
| Assets |
(unaudited) |
|
| Current assets |
||
| Cash and cash equivalents |
$33,718,966 |
$34,581,394 |
| Short-term investments |
1,019,315 |
764,061 |
| Accounts receivable, net of allowance for |
||
| doubtful accounts of approximately |
||
| $452,000 and $491,000, respectively |
15,273,701 |
17,373,121 |
| Inventories |
19,239,814 |
17,847,143 |
| Prepaid expenses, deposits and other current assets |
1,531,508 |
1,683,486 |
| Deferred income taxes |
186,742 |
186,329 |
| Total current assets |
70,970,046 |
72,435,534 |
| Property, plant and equipment, net |
19,368,319 |
19,322,436 |
| Goodwill |
20,798,913 |
20,798,913 |
| Other assets |
2,718,549 |
2,952,332 |
| Total assets |
$113,855,827 |
$115,509,215 |
| Liabilities and shareholders' equity |
||
| Current liabilities |
||
| Current portion of debt |
$366,232 |
$657,216 |
| Accounts payable |
6,658,848 |
7,684,739 |
| Accrued salaries, wages and benefits |
1,664,358 |
1,827,603 |
| Other accrued expenses |
2,701,824 |
2,357,929 |
| Dividend payable |
1,043,373 |
1,042,297 |
| Customers' advances |
2,196,911 |
3,232,600 |
| Total current liabilities |
14,631,546 |
16,802,384 |
| Long-term debt |
2,575,564 |
2,687,971 |
| Accrued pension retirement benefits |
10,680,616 |
10,618,047 |
| Other non-current liabilities |
56,941 |
56,391 |
| Deferred income taxes |
1,322,781 |
1,522,451 |
| Total liabilities |
29,267,448 |
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 |
||
| 1,250,051 shares were reacquired and held in |
||
| treasury at both dates |
1,592,868 |
1,592,868 |
| Additional paid-in capital |
4,500,136 |
4,058,735 |
| Retained earnings |
96,444,203 |
96,228,764 |
| Accumulated other comprehensive loss |
(7,609,315) |
(7,718,883) |
| Treasury shares, at cost |
(10,339,513) |
(10,339,513) |
| Total shareholders' equity |
84,588,379 |
83,821,971 |
| Total liabilities and shareholders' equity |
$113,855,827 |
$115,509,215 |
| Met-Pro Corporation and Subsidiaries (unaudited)
|
||
| Three Months Ended April 30, |
||
| 2012 |
2011 |
|
| Net sales |
||
| Product Recovery/Pollution Control Technologies |
$10,500,840 |
$8,331,972 |
| Fluid Handling Technologies |
9,400,199 |
9,553,104 |
| Mefiag Filtration Technologies |
2,852,166 |
3,139,917 |
| Filtration/Purification Technologies |
2,453,856 |
2,404,910 |
| $25,207,061 |
$23,429,903 |
|
| Income (loss) from operations |
||
| Product Recovery/Pollution Control Technologies |
($443,062) |
($480,285) |
| Fluid Handling Technologies |
2,384,370 |
2,240,696 |
| Mefiag Filtration Technologies |
(72,088) |
221,472 |
| Filtration/Purification Technologies |
(122,364) |
101,093 |
| $1,746,856 |
$2,082,976 |
|
|
April 30, 2012 |
January 31, 2012 |
|
| Identifiable assets |
||
| Product Recovery/Pollution Control Technologies |
$34,977,794 |
$36,444,763 |
| Fluid Handling Technologies |
19,136,649 |
19,290,035 |
| Mefiag Filtration Technologies |
15,086,547 |
14,017,572 |
| Filtration/Purification Technologies |
8,985,779 |
8,368,652 |
| 78,186,769 |
78,121,022 |
|
| Corporate |
35,669,058 |
37,388,193 |
| $113,855,827 |
$115,509,215 |
|
| Met-Pro Corporation and Subsidiaries Consolidated Statements of Cash Flows (unaudited)
|
|||||
| Three Months Ended April 30, |
|||||
| 2012 |
2011 |
||||
| Cash flows from operating activities |
|||||
| Net income |
$1,258,698 |
$1,412,507 |
|||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|||||
| Depreciation and amortization |
487,599 |
481,932 |
|||
| Stock-based compensation |
441,401 |
179,826 |
|||
| Deferred income taxes |
(209,278) |
(606) |
|||
| Loss on sales of property and equipment, net |
1,080 |
– |
|||
| Allowance for doubtful accounts |
(38,862) |
19,215 |
|||
| Change in operating assets and liabilities: |
|||||
| Accounts receivable |
2,171,197 |
(1,636,920) |
|||
| Inventories |
(1,361,633) |
(388,008) |
|||
| Prepaid expenses, deposits and other assets |
123,755 |
(38,705) |
|||
| Accounts payable and accrued expenses |
(862,836) |
687,771 |
|||
| Customers' advances |
(1,036,453) |
(52,906) |
|||
| Accrued pension retirement benefits |
62,569 |
(2,776,476) |
|||
| Other non-current liabilities |
549 |
549 |
|||
| Net cash provided by (used in) operating activities |
1,037,786 |
(2,111,821) |
|||
| Cash flows from investing activities |
|||||
| Acquisitions of property and equipment |
(474,884) |
(235,679) |
|||
| Purchase of investments |
(763,264) |
– |
|||
| Proceeds from maturities of investments |
756,073 |
– |
|||
| Net cash used in investing activities |
(482,075) |
(235,679) |
|||
| Cash flows from financing activities |
|||||
| Proceeds from new borrowings |
– |
407,731 |
|||
| Repayment of debt |
(387,451) |
(123,023) |
|||
| Exercises of stock options |
– |
42,800 |
|||
| Payment of dividends |
(1,042,183) |
(967,445) |
|||
| Purchases of treasury shares |
– |
(42,800) |
|||
| Net cash used in financing activities |
(1,429,634) |
(682,737) |
|||
| Effect of exchange rate changes on cash |
11,495 |
(4,268) |
|||
| Net decrease in cash and cash equivalents |
(862,428) |
(3,034,505) |
|||
| Cash and cash equivalents at February 1 |
34,581,394 |
32,400,814 |
|||
| Cash and cash equivalents at April 30 |
$33,718,966 |
$29,366,309 |
|||
| Supplemental disclosure of cash flow information: |
|||||
| Cash paid for interest |
$43,436 |
$49,030 |
|||
| Cash paid for income taxes |
370,703 |
228,584 |
|||
SOURCE Met-Pro Corporation
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