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 |
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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. | |
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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 | ||
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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 |