Met-Pro Corporation Announces Fourth Quarter and Fiscal Year End Financial Results
- Net Sales Up 19% Versus Last Year's Fourth Quarter
- Earnings Per Share Up 25% Versus Last Year's Fourth Quarter
- New Orders Up 37% Versus Last Year's Fourth Quarter
HARLEYSVILLE, Pa., March 22, 2012 /PRNewswire/ -- Met-Pro Corporation (NYSE: MPR) today announced the Company's financial results for the fourth quarter and fiscal year ended January 31, 2012.
Net sales for the fourth quarter ended January 31, 2012 were $28.4 million, an increase of 19% compared with net sales of $23.8 million for the same quarter last year. Net income totaled $2.1 million and diluted earnings per share were $0.15 for the fourth quarter, increases of 22% and 25%, respectively, compared with net income of $1.8 million and diluted earnings per share of $0.12 for the same period last year.
New orders for the fourth quarter totaled $28.3 million, a 37% increase compared with the $20.7 million for the fourth quarter last year. As a result, the Company's backlog of orders totaled $28.4 million as of January 31, 2012, an increase of 57% compared with $18.1 million as of the same point last year.
Net sales for the fiscal year ended January 31, 2012 increased 13% to $100.2 million compared with $88.9 million for the same period last year. Net income totaled $7.1 million and diluted earnings per share were $0.48 for the fiscal year ended January 31, 2012 compared with net income of $6.1 million and diluted earnings per share of $0.42 for the same period last year, increases of 16% and 14%, respectively.
New orders for the fiscal year ended January 31, 2012 were up 23% to $110.9 million compared with $89.9 million for the prior fiscal year.
"We are pleased to announce strong earnings, revenues and new orders for the current quarter and for the full fiscal year," said Raymond J. De Hont, Chairman and Chief Executive Officer. "Our continuing investments to bolster global organic growth and our ongoing strategic focus on providing engineered solutions across the markets we serve continue to gain traction resulting in solid top line and bottom line growth. New orders over the past year, which included bookings in South America, Russia, Singapore and China, offer clear evidence of our expanding international growth. With our strong balance sheet, expanding global presence and commitment to executing our global solutions strategy, we are well positioned to continue to deliver attractive returns to our shareholders."
On December 16, 2011, the Company's Board of Directors declared a quarterly dividend of $0.071 per share, representing an 8% increase compared to the dividend for the same quarter a year ago. The dividend was paid on March 16, 2012 to shareholders of record at the close of business on March 2, 2012. This is the thirty-seventh 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, March 22, 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 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 58107658) 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 April 5, 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 58107658.
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. |
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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: |
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Raymond J. De Hont |
Joseph Hassett, SVP |
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Chairman and Chief Executive Officer |
Gregory FCA Communications |
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215-723-6751 |
610-228-2110 |
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Met-Pro Corporation |
|||||
Three Months Ended |
Fiscal Years Ended |
||||
2012 |
2011 |
2012 |
2011 |
||
Net sales |
$28,397,015 |
$23,766,789 |
$100,161,392 |
$88,865,426 |
|
Cost of goods sold |
18,558,042 |
15,108,416 |
64,792,385 |
56,587,326 |
|
Gross profit |
9,838,973 |
8,658,373 |
35,369,007 |
32,278,100 |
|
Operating expenses |
|||||
Selling |
3,232,916 |
3,125,232 |
12,017,123 |
11,674,270 |
|
General and administrative |
3,323,454 |
3,154,792 |
12,760,600 |
11,633,509 |
|
6,556,370 |
6,280,024 |
24,777,723 |
23,307,779 |
||
Income from operations |
3,282,603 |
2,378,349 |
10,591,284 |
8,970,321 |
|
Interest expense |
(45,319) |
(52,583) |
(191,181) |
(212,470) |
|
Other income |
44,560 |
153,212 |
434,207 |
362,046 |
|
Income before taxes |
3,281,844 |
2,478,978 |
10,834,310 |
9,119,897 |
|
Provision for taxes |
1,132,770 |
722,853 |
3,700,609 |
2,980,765 |
|
Net income |
$2,149,074 |
$1,756,125 |
$7,133,701 |
$6,139,132 |
|
Basic earnings per share |
$.15 |
$.12 |
$.49 |
$.42 |
|
Diluted earnings per share |
$.15 |
$.12 |
$.48 |
$.42 |
|
Average common shares outstanding: |
|||||
Basic shares |
14,660,673 |
14,626,398 |
14,662,055 |
14,629,215 |
|
Diluted shares |
14,776,606 |
14,753,975 |
14,774,692 |
14,758,659 |
|
Met-Pro Corporation |
|||
January 31, |
January 31, |
||
Assets |
|||
Current assets |
|||
Cash and cash equivalents |
$34,581,394 |
$32,400,814 |
|
Short-term investments |
764,061 |
497,155 |
|
Accounts receivable, net of allowance for |
|||
doubtful accounts of approximately |
|||
$491,000 and $444,000, respectively |
17,373,121 |
15,311,322 |
|
Inventories |
17,847,143 |
15,474,430 |
|
Prepaid expenses, deposits and other current assets |
1,683,486 |
1,578,176 |
|
Deferred income taxes |
186,329 |
84,155 |
|
Total current assets |
72,435,534 |
65,346,052 |
|
Property, plant and equipment, net |
19,322,436 |
19,290,808 |
|
Goodwill |
20,798,913 |
20,798,913 |
|
Other assets |
2,952,332 |
2,610,555 |
|
Total assets |
$115,509,215 |
$108,046,328 |
|
Liabilities and shareholders' equity |
|||
Current liabilities |
|||
Current portion of debt |
$657,216 |
$532,540 |
|
Accounts payable |
7,684,739 |
4,864,724 |
|
Accrued salaries, wages and benefits |
1,827,603 |
1,650,314 |
|
Other accrued expenses |
2,357,929 |
2,286,043 |
|
Dividend payable |
1,042,297 |
967,445 |
|
Customers' advances |
3,232,600 |
907,107 |
|
Total current liabilities |
16,802,384 |
11,208,173 |
|
Long-term debt |
2,687,971 |
3,011,988 |
|
Accrued pension retirement benefits |
10,618,047 |
6,553,262 |
|
Other non-current liabilities |
56,391 |
54,195 |
|
Deferred income taxes |
1,522,451 |
2,745,786 |
|
Total liabilities |
31,687,244 |
23,573,404 |
|
Shareholders' equity |
|||
Common shares, $.10 par value; 36,000,000 shares |
|||
authorized, 15,928,679 shares issued, of which |
|||
1,250,051 and 1,270,417 shares were reacquired |
|||
and held in treasury at the respective dates |
1,592,868 |
1,592,868 |
|
Additional paid-in capital |
4,058,735 |
3,448,249 |
|
Retained earnings |
96,228,764 |
93,113,247 |
|
Accumulated other comprehensive loss |
(7,718,883) |
(3,201,767) |
|
Treasury shares, at cost |
(10,339,513) |
(10,479,673) |
|
Total shareholders' equity |
83,821,971 |
84,472,924 |
|
Total liabilities and shareholders' equity |
$115,509,215 |
$108,046,328 |
|
Met-Pro Corporation |
|||||
Three Months Ended |
Fiscal Years Ended |
||||
2012 |
2011 |
2012 |
2011 |
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Net sales |
|||||
Product Recovery/Pollution Control Technologies |
$13,716,876 |
$11,502,070 |
$43,568,042 |
$41,426,858 |
|
Fluid Handling Technologies |
8,956,997 |
7,417,933 |
33,264,149 |
27,488,559 |
|
Mefiag Filtration Technologies |
3,314,685 |
2,475,663 |
12,945,610 |
9,897,038 |
|
Filtration/Purification Technologies |
2,408,457 |
2,371,123 |
10,383,591 |
10,052,971 |
|
$28,397,015 |
$23,766,789 |
$100,161,392 |
$88,865,426 |
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Income (loss) from operations |
|||||
Product Recovery/Pollution Control Technologies |
$663,688 |
$563,624 |
$1,198,674 |
$2,046,716 |
|
Fluid Handling Technologies |
2,330,691 |
1,760,066 |
8,220,768 |
5,926,592 |
|
Mefiag Filtration Technologies |
263,014 |
(57,553) |
780,586 |
401,695 |
|
Filtration/Purification Technologies |
25,210 |
112,212 |
391,256 |
595,318 |
|
$3,282,603 |
$2,378,349 |
$10,591,284 |
$8,970,321 |
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January 31, |
January 31, |
||||
Identifiable Assets |
|||||
Product Recovery/Pollution Control Technologies |
$36,444,763 |
$34,003,251 |
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Fluid Handling Technologies |
19,290,035 |
18,114,257 |
|||
Mefiag Filtration Technologies |
14,017,572 |
12,814,143 |
|||
Filtration/Purification Technologies |
8,368,652 |
8,369,385 |
|||
78,121,022 |
73,301,036 |
||||
Corporate |
37,388,193 |
34,745,292 |
|||
$115,509,215 |
$108,046,328 |
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Met-Pro Corporation Consolidated Statements of Cash Flows |
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Fiscal Years Ended January 31, |
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2012 |
2011 |
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Cash flows from operating activities |
||||
Net income |
$7,133,701 |
$6,139,132 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
||||
Depreciation and amortization |
1,914,418 |
1,824,685 |
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Deferred income taxes |
1,197,654 |
439,069 |
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Loss on sales of property and equipment, net |
102,386 |
8,231 |
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Stock-based compensation |
744,306 |
645,891 |
||
Allowance for doubtful accounts |
46,986 |
240,133 |
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Changes in operating assets and liabilities: |
||||
Accounts receivable |
(2,173,195) |
(1,464,863) |
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Inventories |
(2,450,559) |
676,071 |
||
Prepaid expenses, deposits and other assets |
(350,416) |
(243,598) |
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Accounts payable and accrued expenses |
3,116,045 |
977,454 |
||
Customers' advances |
2,323,603 |
22,004 |
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Accrued pension retirement benefits |
(2,647,339) |
(668,901) |
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Other non-current liabilities |
2,197 |
2,197 |
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Net cash provided by operating activities |
8,959,787 |
8,597,505 |
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Cash flows from investing activities |
||||
Proceeds from sales of property and equipment |
33,566 |
36,387 |
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Acquisitions of property and equipment |
(2,097,233) |
(1,665,949) |
||
Purchase of investments |
(1,010,535) |
(745,218) |
||
Proceeds from maturities of investments |
497,155 |
725,004 |
||
Payment for acquisition of business |
– |
(955,268) |
||
Net cash used in investing activities |
(2,577,047) |
(2,605,044) |
||
Cash flows from financing activities |
||||
Proceeds from new borrowings |
477,692 |
189,074 |
||
Reduction of debt |
(727,399) |
(717,134) |
||
Exercises of stock options |
152,970 |
780,834 |
||
Payments of dividends |
(3,943,332) |
(3,597,539) |
||
Purchases of treasury shares |
(167,534) |
(935,631) |
||
Net cash used in financing activities |
(4,207,603) |
(4,280,396) |
||
Effect of exchange rate changes on cash |
5,443 |
26,645 |
||
Net increase in cash and cash equivalents |
2,180,580 |
1,738,710 |
||
Cash and cash equivalents at beginning of year |
32,400,814 |
30,662,104 |
||
Cash and cash equivalents at end of year |
$34,581,394 |
$32,400,814 |
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SOURCE Met-Pro Corporation
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