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Met-Pro Corp. Release date: August 21, 2009
Harleysville, PA, August 21, 2009 - 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, 2009.
Net sales for the second quarter ended July 31, 2009 were $20.9 million compared with net sales of $28.1 million for the same quarter last year. Net income totaled $1.2 million and earnings were $0.08 per diluted share for the second quarter, compared with net income of $2.7 million and earnings of $0.18 per diluted share for the second quarter of last year.
"The second quarter again demonstrated the resiliency of our business model, as we sustained gross margins and improved operating efficiencies to generate profits and cash despite one of the most challenging quarters in our history," stated De Hont. "It is important to note that while credit markets remain tight, our cash position is at record levels. Our overall results, however, continued to reflect weakness in our large project and industrial markets, where demand seems to be lagging general economic conditions despite resurgence of quotation activity, especially in municipal markets where the Federal stimulus program is beginning to take effect. In the second quarter of this year, we also absorbed additional pension, health benefits and stock compensation expenses that were higher than last year. Our efficiency initiatives, including global sourcing, more effective logistics, and lean manufacturing, as well as the ability of our flexible manufacturing strategy to quickly adjust costs to match our level of business activity enabled us to achieve 34% gross margins in the second quarter, consistent with the same quarter a year ago, despite revenue levels being down more than 20%."
During the first half of the current fiscal year, the Company generated $10.1 million in cash flow from operating activities, increasing the July 31, 2009 cash position to a record $29.2 million. As a result, the Company's balance sheet remains very strong.
De Hont added, "Economic conditions are still posing a challenge, as evidenced by the continuing effect the global slowdown has had on our markets. In the second quarter, bookings were $19.4 million compared with $25.7 million for the same quarter last year. The first half of this year has been one of the weakest in recent memory. We are very conscious of the uncertainty that remains in the markets we serve, and continue to focus on maintaining a very strong financial position, increasing operating efficiency, sustaining profitability, and generating positive cash flow. We remain committed to intelligently investing in our business to achieve these objectives regardless of economic conditions and firmly believe by doing so we will increase our competitive advantage once market growth returns."
Net sales for the six months ended July 31, 2009 were $40.5 million compared with $50.8 million for the same period last year. Net income for the first half ended July 31, 2009 totaled $2.1 million compared with $4.6 million for the same period last year. For the first half ended July 31, 2009, earnings were $0.15 per fully diluted share compared with earnings of $0.30 per fully diluted share for last year's first half.
On June 3, 2009, the Company declared a quarterly dividend of $0.06 per share payable September 11, 2009 to shareholders of record at the close of business on August 28, 2009. The current quarterly dividend represents a 9.1% increase over the same period last year. This is the thirty-fourth 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, August 21, 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 22593763) at 10:55 AM (Eastern) on August 21, 2009. A taped replay of the conference call will be available within two hours of the conclusion of the call and until September 5, 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 22593763.
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.
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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