EX-99 3 mpr082003pr.htm 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:   August 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 Second Quarter Ended 7/31/2003

• Quarter Earnings Per Share Increase 9% Over First Quarter
• First Half Net Income Increases 11% Over Last Year
• Year-to-Date Bookings Increase 14% Over Last Year
• Backlog of Orders Increase 18% Over Same Period Last Year

 

 

Harleysville, PA, August 20 - Raymond J. De Hont, President and Chief Executive Officer of Met-Pro Corporation (NYSE - MPR), today announced that second quarter sales were $18.6 million compared to $18.3 million for the same period last year. First half sales totaled $35.6 million compared to $34.5 million for the same period last year.

   
 

Net income for the second quarter ended July 31, 2003 totaled $1.6 million compared to $1.4 million for the same period last year, or an increase of 9%. For the first half, net income totaled $2.9 million compared to $2.6 million, an increase of 11%.

   
 

For the second quarter, both basic and diluted earnings per share were up $.02 to $.25, an increase of 9% over the $.23 earned during the second quarter of last year. For the first half, both basic earnings per share and diluted earnings per share were $.47 compared to $.43 earned during last year's first half.

   
 

Bookings of new orders for the first half ended July 31,2003 totaled $38.8 million compared to $33.9 million for the same period last year, an increase of 14%.

   
 

In making this announcement De Hont stated that, "we are pleased with our second quarter performance in the face of a difficult economy. Met-Pro ends the second quarter with a backlog of orders totaling $20.0 million compared to $17.0 million for the same period of last year, an increase of 18%. A high percentage of this backlog is scheduled to be shipped during the current fiscal year."

   
 

De Hont also stated that, "we all continue to hear predictions that the third and fourth quarters will see increased business activity and we are hopeful that this will be the case. Regardless of the level of activity presented to us by the economy, Met-Pro's strong backlog and increased quotation activity give us optimism about our prospects for the third quarter and the full fiscal year."

   
 

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    Six Months Ended  
    July 31,    July 31,  
    2003    2002   2003    2002  
   
                   
  Net sales $18,626,209    $18,278,083   $35,628,478   $34,471,963  
  Cost of goods sold  11,977,741    12,101,609   22,745,043    22,766,658  
 
  Gross profit  6,648,468   6,176,474     12,883,435   11,705,305  
                   
  Operating expenses                
       Selling 1,891,418   1,868,673   3,810,466   3,643,497  
       General and administrative  2,337,171    2,023,639    4,555,488    3,847,768  
 
                   
  Income from operations  2,419,879    2,284,162    4,517,481    4,214,040  
                   
  Interest expense  (111,719

)

(129,749

)

(227,797

)

(250,743

)

  Other income, net  67,657    53,012    131,720    119,330  
 
  Income before taxes 2,375,817   2,207,425   4,421,404   4,082,627  
                   
  Provision for taxes  807,778    774,259    1,503,277    1,449,333  
 
  Net income  $1,568,039    $1,433,166   $2,918,127    $2,633,294  
 
                   
  Basic earnings per share  $.25    $.23    $.47    $.43  
  Diluted earnings per share  $.25    $.23    $.47    $.43  
 
                   
 

Average common shares outstanding:

               
       Basic shares  6,216,369   6,131,136   6,216,369   6,146,130  
       Diluted shares  6,258,689   6,181,889    6,262,786    6,193,553  
 
                   

Condensed Consolidated Balance Sheet
(unaudited)

   

July 31,

 

January 31,

   

2003

 

2003

   
  Assets      
      Current assets  $44,222,897  

$40,631,745

      Property, plant and equipment, net 11,754,640   11,950,422
      Costs in excess of net assets of      
          business acquired, net 20,798,913   20,798,913
      Other assets 341,995   373,591
 
          Total assets $77,118,445   $73,754,671
         
  Liabilities and stockholders’ equity      
      Current liabilities  $12,105,900   $9,750, 309
      Long-term debt  6,091,965   7,111,995
      Other liabilities  882,142   846,482
 
          Total liabilities 19,080,007   17,708,786
         
  Stockholders’ equity 58,038,438   56,045,885
 
          Total liabilities and stockholders’ equity  $77,118,445   $73,754,671
 


Continued Page 3



   
 

Met-Pro Corporation/Page 3

Met-Pro Corporation
Consolidated Business Segment Data
(unaudited)

   

Six Months Ended July 31,

   

2003

 

2002

   
  Net sales      
      Product recovery/pollution control equipment $23,758,091   $22,568,507
      Fluid handling equipment 11,870,387   11,903,456
 
   

$35,628,478

  $34,471,963
 
         
  Income from operations      
      Product recovery/pollution control equipment $3,192,833   $2,707,279
      Fluid handling equipment 1,324,648   1,506,761
 
    $4,517,481   $4,214,040
 
         
         
   

 July 30,

 

January 31,

   

2003

 

2003

   
  Identifiable assets      
      Product recovery/pollution control equipment $41,888,221   $41,396,626
      Fluid handling equipment 19,025,091   18,417,187
 
   

60,913,312

  59,813,813
      Corporate

16,205,133

  13,940,858
 
    $77,118,445   $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