Met-Pro Corporation Announces Second Quarter Financial Results
160 Cassell Rd., P.O. Box 144
Harleysville, PA, 19438 0144
Press release date: September 6, 2012
Net Sales Grow 21%, Orders Growth Leads to 29% Backlog Increase
Harleysville, PA, - Met-Pro Corporation (NYSE: MPR-News) today announced the Company's financial results for the second quarter ended July 31, 2012. Net sales for the second quarter ended July 31, 2012 were $28.0 million, an increase of 21% compared with net sales of $23.1 million for the same quarter last year. Net income for the second quarter ended July 31, 2012 was $1.6 million, or $0.11 per diluted share, compared with net income of $1.5 million, or $0.10 per diluted share, for the same period last year.
New orders for the second quarter were $31.5 million, a 7% increase when compared with $29.5 million for the second quarter last year. As a result, the Company's backlog of orders increased by $3.5 million for the quarter and totaled $33.9 million as of July 31, 2012, an increase of 29% when compared with $26.3 million at the same point last year. The vast majority of the July 31, 2012 backlog is expected to be shipped during the current fiscal year.
"The significant increase in revenues and growth in bookings and backlog in the quarter are strong indicators that our marketing strategy has been effective in increasing share in our targeted end markets," stated Raymond J. De Hont, Chairman and Chief Executive Officer. "Each of our business segments contributed to the strong top line growth, with three of our business segments generating operating profits that led to a 10% increase in earnings in the quarter compared with the same period a year ago. Somewhat offsetting these achievements were results in our Product Recovery/Pollution Control Technologies segment, wherein weaker margins on a small number of contracts led to a decrease in both segment and consolidated gross margins in the quarter. We are encouraged by our success penetrating new markets and expanding our customer base. By continuing to strengthen our organization, we will be able to more effectively leverage this increasing market success to improve returns. The strong interest in our products, together with our solid backlog, allows us to remain optimistic about our future prospects."
Net sales for the six months ended July 31, 2012 were $53.2 million compared with $46.5 million for the same period last year, an increase of 14%. Net income for the first half ended July 31, 2012 totaled $2.9 million, or $0.20 per fully diluted share, both essentially unchanged from the first half of last fiscal year. New order bookings for the six months ended July 31, 2012 were up 6% to $58.5 million compared with $55.1 million for the same period last year.
On June 15, 2012, the Company paid a quarterly dividend of $0.071 per share to shareholders of record at the close of business on June 1, 2012. In addition, the Board of Directors, at their meeting on June 6, 2012, declared a quarterly dividend of $0.071 per share payable September 14, 2012 to shareholders of record at the close of business on August 31, 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, September 6, 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 17040712) 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 20, 2012. 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 17040712.
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.
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.