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Met-Pro Corp. Release date: November 20, 2008
Harleysville, PA, November 20, 2008 - 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, 2008.
Net sales for the third quarter ended October 31, 2008 were $28.0 million compared with record high net sales of $30.1 million for the third quarter last year, which benefitted from $4.4 million of net sales associated with the largest order in the Company's history. Net income in the third quarter totaled $3.0 million compared with net income of $3.1 million for the same quarter last year. For the third quarter, the Company reported earnings of $0.20 per fully diluted share which was equivalent to the fully diluted per share earnings for the third quarter of last year.
Met-Pro's bookings of new orders for the third quarter were the highest of any quarter in the Company's history, totaling $29.1 million compared with $23.5 million for the same quarter last year, an increase of 23%.
"Global demand for Met-Pro's products remained strong as evidenced by our record third quarter booking performance," said De Hont. "Our performance demonstrates our ability to deliver solid results while adjusting to difficult economic realities. It is representative of the widening global recognition of the various Met-Pro brands and our ability to respond to the rising worldwide demand for a cleaner environment, lower energy consumption, and improved process performance. The Company remains financially strong and is continuing to make progress on its operating efficiency initiatives while still investing in its business. While we remain cautious about the global economic environment, we believe the diversity of our products and end markets, together with our growing international brand recognition and improving operating efficiencies, leave us well positioned for the future."
Net sales for the nine months ended October 31, 2008 were a record $78.8 million compared with $77.6 million for the same period last year, which benefitted from $7.4 million of net sales associated with the largest order in the Company's history. Net income for the nine months ended October 31, 2008 totaled $7.6 million compared with $8.7 million for the same period last year, which included a $2.2 million gain from a property sale. Excluding the gain from the prior year's property sale, net income for the nine months ended October 31, 2008 was up 18% from a year ago and was the highest first nine months net income in the Company's history. For the nine months ended October 31, 2008, earnings were $0.50 per fully diluted share compared with earnings of $0.57 per fully diluted share for the same period last year, which included the gain from the property sale. Excluding the gain from the prior year's property sale, earnings per fully diluted share for the nine months ended October 31, 2008 were up 19% from the comparable period last year, and were the highest first nine month earnings per fully diluted share in the Company's history.
Met-Pro's bookings of new orders for the nine months ended October 31, 2008 were the highest for any first nine months in the Company's history, totaling $82.8 million compared with $72.2 million for the same period last year, an increase of 15%.
At their November 3, 2008 meeting, the Board of Directors authorized a 9.1% increase in the quarterly dividend. The new quarterly dividend of $0.06 per share will be payable December 10, 2008 to shareholders of record at the close of business on November 26, 2008. This is the thirty-fourth consecutive year the Company 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, November 20, 2008, 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 73088899) at 10:55 AM (Eastern) on today. A taped replay of the conference call will be available within two hours of the conclusion of the call and until December 4, 2008. 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 73088899.
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included at the end of this press release is a reconciliation of these non-GAAP financial measures with their most directly comparable financial measures calculated in accordance with generally accepted accounting principles as well as certain Regulation G disclosures.
About Met-Pro
Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, was recently recognized, for the third consecutive year, as one of America's "200 Best Small Companies" by Forbes magazine. The Company was also named earlier this year as one of the world's "Top Small to Midsize Manufacturers" by Start-It magazine for the second 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 are 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.
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.
Company Information:
Name: Met-Pro Corp.
Address: 160 Cassell Rd., P.O. Box 144
City: Harleysville
State: PA
ZIP: 19438 0144
Country: USA
Phone: 215-723-6751
FAX: 215-723-6758
http://www.met-pro.com
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