-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Bm+iACI5PRBft/P3XIDiZzmeRYQVWzy51uLVCWqHz78G04oKJ1Oz/NLtmHL0ZOGq uqG8oHtmTsiB985P5NQK4A== 0000065201-98-000001.txt : 19980528 0000065201-98-000001.hdr.sgml : 19980528 ACCESSION NUMBER: 0000065201-98-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980430 FILED AS OF DATE: 19980527 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MET PRO CORP CENTRAL INDEX KEY: 0000065201 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564] IRS NUMBER: 231683282 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-07763 FILM NUMBER: 98632083 BUSINESS ADDRESS: STREET 1: P O BOX 144 STREET 2: 160 CASSELL RD CITY: HARLEYSVILLE STATE: PA ZIP: 19438 BUSINESS PHONE: 2157236751 MAIL ADDRESS: STREET 1: 160 CASSELL ROAD STREET 2: BOX 144 CITY: HARLEYSVILLE STATE: PA ZIP: 19438 FORMER COMPANY: FORMER CONFORMED NAME: MET PRO WATER TREATMENT CORP DATE OF NAME CHANGE: 19740924 FORMER COMPANY: FORMER CONFORMED NAME: MET PRO INC DATE OF NAME CHANGE: 19661026 10-Q 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended: April 30, 1998 Commission file number 001-07763 MET-PRO CORPORATION (Exact name of registrant as specified in its charter) Delaware 23-1683282 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 160 Cassell Road, P.O. Box 144 Harleysville, Pennsylvania 19438 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (215) 723-6751 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- The number of shares outstanding of the Registrant's common stock (par value $0.10 per share) is 6,996,298 (as of April 30, 1998). ================================================================================ MET-PRO CORPORATION INDEX PART I - FINANCIAL INFORMATION
Item 1. Financial Statements Condensed consolidated balance sheet as of April 30, 1998 and January 31, 1998......................................................... 2 Condensed consolidated statement of operations for the three-month periods ended April 30, 1998 and 1997....................................................... 3 Condensed consolidated statement of stockholders' equity for the three-month periods ended April 30, 1998 and 1997........................................... 4 Condensed consolidated statement of cash flows for the three-month periods ended April 30, 1998 and 1997....................................................... 5 Notes to condensed consolidated financial statements................................................. 6 Report on review by independent accountants.......................................................... 8 Item 2. Management's discussion and analysis of financial condition and results of operations................................................................... 9 PART II - OTHER INFORMATION Item 6(b). Reports on Form 8-K......................................................................... 12 SIGNATURES.................................................................................................... 12
-1- MET-PRO CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (unaudited) PART I - FINANCIAL INFORMATION Item 1. Financial Statements
April 30, January 31, ASSETS 1998 1998 - ------------------------------------------------------------------------------------------------------------------------ Current assets Cash and cash equivalents $ 9,780,565 $11,253,380 Accounts receivable, net of allowance for doubtful accounts of approximately $268,000 and $280,000, respectively 10,128,804 10,664,310 Notes receivable, ESOT -- 200,000 Inventories - Note 3 13,059,777 12,210,749 Prepaid expenses, deposits and other current assets 982,567 723,965 Deferred income taxes 1,014,856 1,014,856 - ------------------------------------------------------------------------------------------------------------------------ Total current assets 34,966,569 36,067,260 Property, plant and equipment, net 13,783,213 13,787,596 Costs in excess of net assets of businesses acquired, net 7,257,982 7,198,915 Other assets 1,159,756 930,469 - ------------------------------------------------------------------------------------------------------------------------ Total assets $57,167,520 $57,984,240 ======================================================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------------------------------------------------------------------------------------------ Current liabilities Current portion of long-term debt $ 1,093,932 $ 1,441,964 Accounts payable 3,207,803 2,648,943 Accrued salaries, wages and expenses 6,845,671 6,523,442 Payroll and other taxes payable 19,832 5,746 Customers' advances 125,379 647,450 - ------------------------------------------------------------------------------------------------------------------------ Total current liabilities 11,292,617 11,267,545 Long-term debt 2,042,813 2,242,047 Other non-current liabilities 268,988 249,037 Deferred income taxes 377,701 384,782 - ------------------------------------------------------------------------------------------------------------------------ Total liabilities 13,982,119 14,143,411 - ------------------------------------------------------------------------------------------------------------------------ Stockholders' equity Common stock, $.10 par value; 18,000,000 shares authorized, 7,138,625 shares issued at both dates, of which 142,327 and 145,152 shares were reacquired and held in treasury at the respective dates 713,862 713,862 Additional paid-in capital 7,509,362 7,868,357 Retained earnings 37,304,847 37,667,872 Accumulated other comprehensive income (178,282) (219,015) Treasury stock, at cost (2,164,388) (2,190,247) - ------------------------------------------------------------------------------------------------------------------------ Net stockholders' equity 43,185,401 43,840,829 - ------------------------------------------------------------------------------------------------------------------------ Total liabilities and stockholders' equity $57,167,520 $57,984,240 ========================================================================================================================
See accompanying notes to condensed consolidated financial statements. -2-
MET-PRO CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) Three Months Ended April 30, 1998 1997 - ---------------------------------------------------------------------------------------------------------------------------------- Net sales $14,940,888 $14,912,736 Cost of goods sold 9,237,989 9,220,276 - ---------------------------------------------------------------------------------------------------------------------------------- Gross profit 5,702,899 5,692,460 - ---------------------------------------------------------------------------------------------------------------------------------- Operating expenses Selling 1,407,457 1,387,587 General and administrative 1,637,410 1,701,440 - ---------------------------------------------------------------------------------------------------------------------------------- 3,044,867 3,089,027 - ---------------------------------------------------------------------------------------------------------------------------------- Income from operations 2,658,032 2,603,433 Other income, net 190,397 177,496 - ---------------------------------------------------------------------------------------------------------------------------------- Income before taxes 2,848,429 2,780,929 Provision for taxes 1,110,885 1,084,562 - ---------------------------------------------------------------------------------------------------------------------------------- Net income $ 1,737,544 $ 1,696,367 ================================================================================================================================== Earnings per share, basic (1) $ .25 $ .24 Earnings per share, diluted (2) $ .25 $ .24 Cash dividend per share - declared (3) $ .30 $ .27 Cash dividend per share - paid (3) $ .30 $ .27 ==================================================================================================================================
(1) Basic earnings per share are based upon the weighted average number of common shares outstanding of 7,009,023 on April 30, 1998 and 7,055,665 on April 30, 1997. (2) Diluted earnings per share are based upon the weighted average number of common shares outstanding of 7,071,478 on April 30, 1998 and 7,149,331 on April 30, 1997. (3) On February 23, 1998, the Company declared a $.30 per share cash dividend payable on April 24, 1998 to shareholders of record on April 10, 1998. On February 24, 1997, the Company declared a cash dividend of $.27 per share payable on April 25, 1997 to shareholders of record on April 11, 1997. See accompanying notes to condensed consolidated financial statements. -3-
MET-PRO CORPORATION CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) Accumulated Additional Other Common Paid-in Retained Comprehensive Treasury Stock Capital Earnings Income/(Loss) Stock Total - ------------------------------------------------------------------------------------------------------------------------- Balances, January 31, 1998 $713,862 $7,868,357 $37,667,872 ($219,015) ($2,190,247) $43,840,829 Comprehensive income: Net income 1,737,544 Foreign currency translation 40,733 Total comprehensive income 1,778,277 Dividends paid, $.30 per share (2,100,569) (2,100,569) Stock option transactions (358,995) 720,315 361,320 Purchase of 44,800 shares of (694,456) (694,456) treasury stock - ------------------------------------------------------------------------------------------------------------------------- Balances, April 30, 1998 $713,862 $7,509,362 $37,304,847 ($178,282) ($2,164,388) $43,185,401 ========================================================================================================================= Accumulated Additional Other Common Paid-in Retained Comprehensive Treasury Stock Capital Earnings Income/(Loss) Stock Total - ------------------------------------------------------------------------------------------------------------------------- Balances, January 31, 1997 $713,862 $8,260,289 $32,467,223 $ 19,121 ($1,107,569) $40,352,926 Comprehensive income: Net income 1,696,367 Foreign currency translation (108,257) Total comprehensive income 1,588,110 Dividends paid, $.27 per share (1,915,832) (1,915,832) Stock option transactions (434,732) 897,752 463,020 Purchase of 22,600 shares of (305,918) (305,918) treasury stock - ------------------------------------------------------------------------------------------------------------------------- Balances, April 30, 1997 $713,862 $7,825,557 $32,247,758 ($89,136) ($515,735) $40,182,306 =========================================================================================================================
See accompanying notes to condensed consolidated financial statements. -4-
MET-PRO CORPORATION CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) Three Months Ended April 30, 1998 1997 - ----------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Net cash provided by operating activities $ 2,231,312 $ 2,726,808 - ----------------------------------------------------------------------------------------------------------------------- Cash flows from investing activities Proceeds from sale of property and equipment -- 11,139 Acquisitions of property and equipment (321,994) (255,240) Acquisitions of other intangibles (404,998) -- - ----------------------------------------------------------------------------------------------------------------------- Net cash (used in) investing activities (726,992) (244,101) - ----------------------------------------------------------------------------------------------------------------------- Cash flows from financing activities Reduction of debt (547,266) (395,456) Exercise of stock options 361,320 430,425 Payment of dividends (2,100,569) (1,915,832) Purchase of treasury shares (694,456) (305,918) - ----------------------------------------------------------------------------------------------------------------------- Net cash (used in) financing activities (2,980,971) (2,186,781) - ----------------------------------------------------------------------------------------------------------------------- Effect of exchange rate changes on cash 3,836 (16,045) - ----------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents (1,472,815) 279,881 Cash and cash equivalents at February 1 11,253,380 9,070,976 - ----------------------------------------------------------------------------------------------------------------------- Cash and cash equivalents at April 30 $ 9,780,565 $ 9,350,857 ======================================================================================================================= SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the period for: Interest $ 83,748 $ 87,527 Income taxes $ 422,640 $ 427,565 =======================================================================================================================
See accompanying notes to condensed consolidated financial statements. -5- MET-PRO CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements include the accounts of Met-Pro Corporation and its wholly owned subsidiaries ("Met-Pro" or the "Company"), Strobic Air Corporation and Mefiag B.V. All significant intercompany accounts and transactions have been eliminated in consolidation. NOTE 2 - BASIS OF PRESENTATION In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments necessary to present fairly the financial position as of April 30, 1998 and the results of operations for the three-month periods ended April 30, 1998 and 1997, the statement of stockholder's equity and the statement of cash flows for the three-month periods then ended. The results of operations for the three-month period ended April 30, 1998 are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended January 31, 1998. In June 1997, the Financial Accounting Standards Board (the "FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 130, "Reporting Comprehensive Income". The Company has adopted SFAS No. 130 in the three-months ended April 30, 1998. This standard expands or modifies disclosures and has no impact on the Company's consolidated results of operations, financial position or cash flows. In June 1997, the FASB issued SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information". SFAS No. 131 establishes standards for the way public business enterprises report information about segments in annual and interim financial reports issued to shareholders. It also establishes standards for related disclosures about products and services, geographic areas and major customers. SFAS No. 131 is effective for financial statements for fiscal years beginning after December 15, 1997. Financial statement disclosures for prior periods are required to be restated. Met-Pro is in the process of evaluating the disclosure requirements. The adoption of SFAS No. 131 will have no impact on Met-Pro's consolidated results of operations, financial position or cash flows. In February 1998, the FASB issued SFAS No. 132, "Employer's Disclosures about Pensions and Other Postretirement Benefits". SFAS No. 132 establishes standards for the disclosures of pension and other postretirement benefit plans. It does not change the measurement and recognition standards for those plans, but does revise and replace the prior disclosure requirements. SFAS No. 132 is effective for fiscal years beginning after December 15, 1997. Financial statement disclosures for prior periods are required to be restated. Met-Pro is in the process of evaluating the disclosure requirements. The adoption of SFAS No. 132 will have no impact on Met-Pro's consolidated results of operations, financial position or cash flows. -6- MET-PRO CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 3 - INVENTORIES Inventories consisted of the following: April 30, January 31, 1998 1998 ----------- ----------- Raw material $ 5,955,258 $ 5,570,663 Work in process 2,141,804 2,001,618 Finished goods 4,962,715 4,638,468 ----------- ----------- $13,059,777 $12,210,749 =========== =========== NOTE 4 - ACCOUNTANTS' 10-Q REVIEW Margolis & Company P.C., the Company's auditors, has performed a limited review of the financial information included herein. Their report on such review accompanies this filing. -7- REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Directors Met-Pro Corporation and its Wholly Owned Subsidiaries Harleysville, Pennsylvania We have reviewed the accompanying condensed consolidated balance sheet of Met-Pro Corporation and its wholly owned subsidiaries as of April 30, 1998 and the related condensed consolidated statements of operations, stockholders' equity and cash flows for the three-month periods ended April 30, 1998 and 1997. These financial statements are the responsibility of the Company's management. We conducted our reviews in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our reviews, we are not aware of any material modifications that should be made to the accompanying condensed consolidated financial statements for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the balance sheet as of January 31, 1998 and the related statements of operations, stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 19, 1998, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of January 31, 1998 is fairly stated, in all material respects, in relation to the balance sheet from which it has been derived. Certified Public Accountants Bala Cynwyd, Pennsylvania May 13, 1998 -8- MET-PRO CORPORATION Item 2. Management's Discussion and Analysis of the Financial Condition and Results of Operations Results of Operations: Three Months Ended April 30, 1998 vs Three Months Ended April 30, 1997 Net sales for the three-month period ended April 30, 1998 were $14,940,888 compared to $14,912,736 for the three-month period ended April 30, 1997, an increase of $28,152. The length of time required to design, engineer, manufacture and ship products, especially in the Pollution Control Systems and Allied Equipment segment of our business, combined with contract requirements, will cause shipments to vary from quarter to quarter. The backlog of $5,712,487 at April 30, 1998 was 7.0% lower compared to the backlog at the beginning of the fiscal year. Bookings of new orders were 15.9% lower for the three-month period ended April 30, 1998 than for the three-month period ended April 30, 1997. This does not include an additional $5,841,652 of orders in house at April 30, 1998 which, according to our longstanding policy, are not included in the backlog until, as engineered products, complete drawings have been approved. Net income for the three-month period ended April 30, 1998 was $1,737,544 compared to $1,696,367 for the three-month period ended April 30, 1997, an increase of $41,177 or 2.4%. The increase in net income is related to the higher sales volume and continuing cost controls for the three-month period ended April 30, 1998. The gross margin for the three-month period ended April 30, 1998 was the same as the prior year at 38.2%. The constant gross margin can be attributed to continued production efficiencies in both business segments. Selling expense increased $19,870 during the three-month period ended April 30, 1998 compared to the same period last year. Selling expense as a percentage of net sales was 9.4% for the three-month period ended April 30, 1998, a slight increase compared to the three-month period ended April 30, 1997. General and administrative expense was $1,637,410 for the three-month period ended April 30, 1998 compared to $1,701,440 for the same period last year, a decrease of $64,030. The Company's continued focus on cost controls enables it to decrease overall general and administrative expenses. General and administrative expense as a percentage of net sales decreased to 11.0% for the three-month period ended April 30, 1998 from 11.4% for the same period last year. Other income, net, increased $12,901 for the three-month period ended April 30, 1998 compared to the three-month period ended April 30, 1997, due to interest earned on higher cash balances. The effective tax rate for the three-month periods ended April 30, 1998 and April 30, 1997 was 39.0%. -9- MET-PRO CORPORATION Item 2. Management's Discussion and Analysis of the Financial Condition and Results of Operations continued... Liquidity: The Company's cash and cash equivalents was $9,780,565 on April 30, 1998 compared to $11,253,380 on January 31, 1998, a decrease of $1,472,815. This decrease is the net result of positive cash flow provided by operating activities of $2,231,312, proceeds received from the exercise of stock options of $361,320, offset by payment of the annual cash dividend amounting to $2,100,569, payments on long-term debt totalling $547,266, purchase of treasury stock amounting to $694,456, acquisition of other intangibles amounting to $404,998 and investment in property and equipment amounting to $321,994. The Company's cash flows from operating activities are influenced by the timing of shipments and negotiated standard payment terms, including retention associated with major projects. Accounts receivable (net) amounted to $10,128,804 on April 30, 1998 compared to $10,664,310 on January 31, 1998, which represents a decrease of $535,506. The timing and size of shipments and retainage on contracts, especially in the Pollution Control Systems and Allied Equipment segment will influence accounts receivable balances at any point in time. Inventories were $13,059,777 on April 30, 1998 compared to $12,210,749 on January 31, 1998, an increase of $849,028. Inventory balances fluctuate depending upon market demand, the size and timing of orders and long lead times required. Current liabilities amounted to $11,292,617 on April 30, 1998 compared to $11,267,545 on January 31, 1998, an increase of $25,072. Accounts payable, accrued expenses, and payroll and other taxes payable, offset by the reduction in the current portion of long-term debt, accounted for the slight increase. The Company has consistently maintained a high current ratio and has not utilized either the domestic line of credit or the foreign line of credit totalling $5.0 million, which are available for working capital purposes. Funds, in general, have exceeded the current needs of the Company. The Company presently foresees no immediate or future change in this situation. Capital Resources and Requirements: Cash flows provided by operating activities during the three-month period ended April 30, 1998 amounted to $2,231,312 compared with $2,726,808 in the three-month period ended April 30, 1997, a decrease of $495,496. Cash flows used in investing activities during the three-month period ended April 30, 1998 amounted to $726,992 compared with $244,101 for the three-month period ended April 30, 1997. The Company's investing activities principally represent the acquisitions of property, plant and equipment in the two operating segments. During the three-month period ended April 30, 1998, the Company acquired certain assets of a distributor of its Stiles-Kem products, located in the Southeastern United States, for a purchase price of approximately $400,000. The purchase price was allocated to customer lists, covenants not to compete and goodwill. Financing activities during the three-month period ended April 30, 1998 utilized $2,980,971 of available resources compared to $2,186,781 for the three-month period ended April 30, 1997. The 1998 activity is the result of the payment of the annual cash dividend amounting to $2,100,569, reduction of long-term debt totalling $547,266, plus the purchase of treasury stock totalling $694,456, offset by proceeds provided by the exercise of stock options totalling $361,320. -10- MET-PRO CORPORATION Item 2. Management's Discussion and Analysis of the Financial Condition and Results of Operations continued... On February 23, 1998, the Board of Directors declared a $.30 per share annual cash dividend (compared to the $.27 per share cash dividend paid in April, 1997) payable on April 24, 1998 to stockholders of record on April 10, 1998. The dividend paid in April 24, 1998 on the Common Stock represented 29.5% of the prior fiscal year earnings. Consistent with past practices, the Company will continue to invest in new product development programs, and to make capital expenditures to support the on-going operations during the coming year. The Company expects to finance all capital expenditure requirements through cash flows generated from operations. Year 2000 Compliance: During the fiscal year ended January 31, 1998, the Company began to modify its computer software to correctly process dates for the Year 2000. The Company presently believes that the modifications to its existing software are complete. Although the Company does not expect that it will incur material sums prior to the year 2000 in connection with computer software modifications required in connection therewith, no assurances can be given as to this, nor as to whether the Company will not be adversely affected by Year 2000 compliance problems. Cautionary Statement Regarding Forward Looking Statements: As a cautionary note to investors, the Company and its representatives may make oral or written statements from time to time that are "forward-looking statements". This would include information concerning possible or assumed future activities, plans, results of operations of the Company and statements preceded by, followed by or that include the words "believes", "expects", "anticipates", "intends" or similar expressions. For those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. There are a number of important factors which could cause actual results to differ materially from those anticipated. The Company believes that its future operating results will continue to be subject to quarterly variations based upon a wide variety of factors including the cyclical nature of both the business segments and the markets addressed by the Company's products, price erosion, competitive factors, the timing of new product introductions, changes in product mix, the availability and extent of utilization of manufacturing capacity, product obsolescence and the ability to develop and implement new technologies. The Company's operating results could also be impacted by sudden fluctuations in customer requirements, currency exchange rate fluctuations and other economic conditions affecting customer demand and the cost of operations in one or more of the global markets in which the Company does business. As a participant in the pollution control and fluid handling industries, the Company operates in a rapidly changing and highly competitive environment. The Company sells both custom products to customers, and industrial products; accordingly, changes in the conditions or composition of any of the Company's customers may have an impact on the Company. While the Company cannot predict what effect these various factors may have on its financial results, the aggregate effect of these and other factors could result in volatility in the Company's future performance and stock price. -11- MET-PRO CORPORATION PART II - OTHER INFORMATION Item 6(b). Reports on Form 8-K: There were no reports on Form 8-K filed for the three-month period ended April 30, 1998. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Met-Pro Corporation ------------------------------------------- (Registrant) May 27, 1998 /s/ William L. Kacin ------------------------------------------- William L. Kacin, President, Chief Executive Officer and Director May 27, 1998 /s/ Gary J. Morgan ------------------------------------------- Gary J. Morgan, Vice President of Finance, Secretary and Treasurer, Chief Financial Officer, Chief Accounting Officer, and Director -12- EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS JAN-31-1999 APR-30-1998 9,780,565 0 10,128,804 268,130 13,059,777 34,966,569 26,764,413 12,981,200 57,167,520 11,292,617 3,136,745 713,862 0 0 42,471,539 57,167,520 14,940,888 14,940,888 9,237,989 12,282,856 0 0 79,579 2,848,429 1,110,885 0 0 0 0 1,737,544 .25 .25
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