EX-99 3 mpr052003pr.htm PRESS RELEASE MAY 20, 2003 May 20, 2003 Press Release
 

Exhibit 99.1

   
160 CASSELL ROAD
BOX 144
HARLEYSVILLE, PA 19438
(215) 723-6751
FAX (215) 723-6758
TRADED: NYSE
SYMBOL: MPR
 

NEWS RELEASE

   
date:   May 20, 2003
for release:   Immediate
contact:   Raymond J. De Hont, President and Chief Executive Officer

 

Met-Pro Corporation Announces Its Sales and Earnings
Results for the First Quarter Ended 4/30/2003

• 5% Sales Increase Over 1st Quarter Last Year
• Quarterly Net Income Increases 12% Over Last Year
• Cash Flows from Operating Activities Increase 160%
• Quarterly Bookings Increase 20% Over Last Year
• Backlog of Orders Increase 22% Over Same Period Last Year

 

 

Harleysville, PA, May 20 - Raymond J. De Hont, President and Chief Executive Officer of Met-Pro Corporation (NYSE - "MPR"), today announced sales and earnings per share for the first quarter ended April 30, 2003.

   
 

Sales for the first quarter were $17.0 million, which was 5% above last year´s first quarter sales of $16.2 million.

   
 

Net income for the first quarter ended April 30, 2003 totaled $1.4 million compared to $1.2 million for the same quarter of last year, an increase of 12%. This increase was due to higher gross margins enjoyed in the Company´s Product Recovery/Pollution Control Equipment segment combined with continuing cost reductions in both segments.

   
 

Basic and diluted earnings per share were up $.02 to $.22, an increase of 10% over the $.20 earned during last year´s first quarter.

   
 

Cash flows from operating activities increased to $2.4 million, a 160% increase over the $0.9 million reported in the first quarter ended April 30, 2002. Cash flows from operating activities per share for the first quarter increased $.24 to $.39, up 160% over the $.15 earned during the first quarter ended April 30, 2002.

   
 

Bookings of new orders for the first quarter ended April 30, 2003 totaled $18.7 million compared to $15.6 million for the same period of last year, or an increase of 20%.

   
 

This increase in bookings resulted in a 22% increase in the backlog of booked and unbooked orders awaiting drawing approval to $17.4 million compared to $14.3 million for the first quarter ended April 30, 2002. A high percentage of this backlog is scheduled to be shipped during the current fiscal year.

   
 

In making this announcement, De Hont stated, “while it is difficult to predict the future of the economy, the first quarter results continue to demonstrate and reinforce our confidence in the ability of our employees and our products to successfully compete during difficult times. As a result of our continuing cost cutting efforts, we are well positioned to deliver higher earnings as our sales increase”.

 

 

Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, is a manufacturer of air and water pollution control systems; fume scrubbers and odor control equipment; fluid handling equipment for corrosive, abrasive and high temperature liquids; filter products for drinking water, industrial and custom applications; wet and dry particulate dust collectors; specialty chemicals for controlling corrosion and reducing lead/copper in public drinking water; and state-of-the-art fans for laboratory and clean room applications.

   
 

Continued Page 2



   
 

Met-Pro Corporation/Page 2

Met-Pro Corporation
Consolidated Statement of Operations
(unaudited)

   

Three Months Ended

   

April 30,

   

2003

 

2002

 
   
  Net sales $17,002,269   $16,193,880  
  Cost of goods sold 10,767,302   10,665,049  
 
  Gross profit 6,234,967   5,528,831  
           
  Operating expenses        
      Selling 1,919,048   1,774,824  
      General and administrative 2,218,317   1,824,129  
 
  Income from operations 2,097,602   1,929,878  
           
  Interest expense (116,078 ) (120,994 )
  Other income, net 64,063   66,318  
 
  Income before taxes 2,045,587   1,875,202  
           
  Provision for taxes 695,499   675,074  
 
  Net income $1,350,088   $1,200,128  
 
           
  Basic earnings per share $.22   $.20  
  Diluted earnings per share $.22   $.20  
 
           
  Average common shares outstanding:        
      Basic shares 6,216,369   6,085,306  
      Diluted shares 6,251,535   6,136,370  
 
   

Condensed Consolidated Balance Sheet
(unaudited)

   

April 30,

 

January 31,

   

2003

 

2003

   
  Assets      
      Current assets $43,545,051   $40,631,745
      Property, plant and equipment, net 11,921,353   11,950,422
      Costs in excess of net assets of business acquired, net 20,798,913   20,798,913
      Other assets 356,530   373,591
 
          Total assets $76,621,847   $73,754,671
         
  Liabilities and stockholders’ equity      
      Current liabilities $11,991,983   $9,750, 309
      Long-term debt 6,826,567   7,111,995
      Other liabilities 841,940   846,482
 
          Total liabilities 19,660,490   17,708,786
         
  Stockholders’ equity 56,961,357   56,045,885
 
          Total liabilities and stockholders’ equity $76,621,847   $73,754,671
 


Continued Page 3



   
 

Met-Pro Corporation/Page 3

Met-Pro Corporation
Consolidated Business Segment Data
(unaudited)

   

Three Months Ended April 30,

   

2003

 

2002

   
  Net sales      
      Product recovery/pollution control equipment $11,451,879   $10,309,621
      Fluid handling equipment 5,550,390   5,884,259
 
    $17,002,269   $16,193,880
 
         
  Income from operations      
      Product recovery/pollution control equipment $1,524,294   $1,243,500
      Fluid handling equipment 573,308   686,378
 
    $2,097,602   $1,929,878
 
         
         
   

 April 30,

 

January 31,

   

2003

 

2003

   
  Identifiable assets      
      Product recovery/pollution control equipment $42,850,571   $41,396,626
      Fluid handling equipment 18,296,013   18,417,187
 
    61,146,584   59,813,813
      Corporate

15,475,263

  13,940,858
 
    $76,621,847   $73,754,671
 

 


 

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press 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) contains 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 of purchase orders, product development activities, 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 stock is 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 Web site at www.met-pro.com.
   
Contact:   Raymond J. De Hont, President and Chief Executive Officer
  215-723-6751, Fax: 215-723-6758
  E-mail:mpr@met-pro.com