Met-Pro Corporation Announces Fourth Quarter and Fiscal Year End Financial Results

HARLEYSVILLE, Pa., March 17, 2011 /PRNewswire/ -- Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation (NYSE: MPR), today announced the Company's financial results for the fourth quarter and fiscal year ended January 31, 2011.

Net sales for the fourth quarter ended January 31, 2011 were up 20% to $23.8 million compared with $19.8 million for the fourth quarter last year. Net income totaled $1.8 million and diluted earnings per share were $0.12 for the fourth quarter, compared with net income of $1.3 million and diluted earnings per share of $0.09 for the same period last year, increases of 37% and 33%, respectively.

New order bookings for the fourth quarter were up 15% to $20.7 million compared with $18.0 million for the fourth quarter last year.

"I am pleased to report a good finish to fiscal year 2011, with strong top and bottom line growth in the quarter as well as solid new bookings sustaining our momentum heading into the new fiscal year," stated De Hont. "The performance of our Product Recovery/Pollution Control Technologies and Fluid Handling Technologies reporting segments, each of which achieved better than 20% revenue growth in the quarter, are not only signs of an emerging recovery across our various markets, but more importantly illustrates the success of our sales and marketing strategy, including currently investing in additional sales staff to provide future sales growth."  

Net sales for the fiscal year ended January 31, 2011 were up 11% to $88.9 million compared with $80.1 million for the same period last year. Net income totaled $6.1 million and diluted earnings per share were $0.42 for the fiscal year ended January 31, 2011 compared with net income of $4.4 million and diluted earnings per share of $0.30 for the same period last year, increases of 38% and 40%, respectively."

New order bookings for the fiscal year ended January 31, 2011 were up 10% to $89.9 million compared with $81.8 million for the prior fiscal year.

The Company's cash balance increased to $32.4 million as of January 31, 2011. This increase resulted from $8.6 million of cash flows generated from operating activities, which was offset by increasing the dividend payment to shareholders, acquiring assets including patents and technology of Bio-Reaction Industries LLC, fully funding capital projects and continuing the ongoing research and development projects.  

"During the fiscal year ended January 31, 2011, we continued to sustain gross margins and operating margins at the highest levels of the past few years despite rising commodity prices by increasingly leveraging the efficiency and cost reduction initiatives implemented throughout the organization," added De Hont. "As a result, we enter the new year with an extremely strong balance sheet and continue to anticipate strong cash flows from operating activities, which will allow us to support investments to further enhance efficiency initiatives, develop exciting new products, and expand into new growth markets. We remain confident that Met-Pro is ideally positioned to leverage our strong financial position to capitalize on the continuing global economic recovery in which there is rising demand for our extensive portfolio of energy-efficient, environmentally-friendly and productivity enhancing solutions and products."  

The Board of Directors increased the quarterly dividend by 10% from $0.06 to $0.066 per share in the third quarter. This equates to $0.264 per share on an annualized basis. On January 5, 2011, the Company's Board of Directors declared a quarterly dividend of $0.066 per share payable on March 17, 2011 to shareholders of record at the close of business on March 3, 2011. This is the thirty-sixth 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 17, 2011, 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 47210381) 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 March 31, 2011. 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 47210381.

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