Met-Pro Corporation Announces Second Quarter Financial Results

HARLEYSVILLE, Pa., Aug. 26 /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 second quarter ended July 31, 2010.

Net sales for the second quarter ended July 31, 2010 were $21.4 million compared with net sales of $20.9 million for the same quarter last year. Net income totaled $1.6 million and diluted earnings per share were $0.11 for the second quarter, compared with net income of $1.2 million and diluted earnings per share of $0.08 for the same period last year, increases of 31% and 38%, respectively.

New order bookings for the second quarter were up 14% to $22.1 million compared with $19.4 million for the second quarter last year. As a result, the Company's backlog of orders as of July 31, 2010 totaled $17.7 million compared with $13.1 million last year, an increase of 35%. Substantially all of the July 31, 2010 backlog is expected to be shipped during the current fiscal year.

"Demand for Met-Pro's products continues to remain strong as evidenced by the 14% increase in second quarter new order bookings, which followed a 17% increase in new order bookings during the first quarter ended April 30, 2010," stated De Hont. "We are encouraged that the increase in new order bookings both in the second quarter and year-to-date was achieved without the benefit of any material contribution from large projects, the timing of which remains unpredictable.  Large project quotation activity, however, remains steady adding to an already significant pipeline of opportunities. We are also encouraged by the improvement in gross margin during the second quarter, 37% versus 34% for last year's second quarter, as well as the improvement in income from operations as a percentage of sales, 11% versus 8% for last year's second quarter. The continued strength in new order bookings, together with our steady quotation activity and the underlying fundamental strength of our business, gives us continued optimism about our future prospects."  

Net sales for the six months ended July 31, 2010 were $43.7 million compared with $40.5 million for the same period last year, an increase of 8%. Net income for the first half ended July 31, 2010 totaled $3.0 million compared with $2.1 million for the same period last year, an increase of 39%. For the first half ended July 31, 2010, earnings were $0.20 per fully diluted share compared with earnings of $0.15 per fully diluted share for last year's first half, an increase of 33%.

Cash flows from operating activities for the six months ended July 31, 2010 totaled $5.2 million, which increased the Company's cash position at July 31, 2010 to a record $34.2 million. This cash balance, though underperforming in today's investment market, provides for acquisition opportunities as well as continued shareholder dividends.

On June 11, 2010, the Company paid a quarterly dividend of $0.06 per share to shareholders of record at the close of business on May 28, 2010. In addition, the Board of Directors, at their meeting on June 2, 2010, declared a quarterly dividend of $0.06 per share payable September 15, 2010 to shareholders of record at the close of business on September 1, 2010. This is the thirty-fifth 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, August 26, 2010, 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 89900484) 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 September 9, 2010. 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 89900484.

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 and fluid handling solutions. The Company's diverse and synergistic solutions and products address the world's growing need to meet more stringent emission regulations, reduce energy consumption and employ green technology. Through its global sales organization, internationally recognized brands, and operations in the United States, Canada, 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