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 |