HARLEYSVILLE, PA, Aug. 24, 2004 (PRNewswire-FirstCall) -- Raymond J. De Hont, chairman and CEO of Met-Pro Corp., announced second quarter sales of $20.4 million compared to $18.6 million for the same period last year and $4.7 million higher than the first quarter of this year. First half sales totaled $36.0 million compared to $35.6 million for the same period last year.
Net income for the second quarter ended July 31, 2004 totaled $1.6 million or slightly higher than the same period last year and $0.8 million higher than the first quarter of this year. For the first half, net income totaled $2.4 million compared to $2.9 million during last year's first half.
For the second quarter, both basic and diluted earnings per share were $0.19 per share compared to $0.19 per share for the same period last year and $0.09 higher than the first quarter of this year. For the first half, both basic and diluted earnings per share were $0.29 per share compared to $0.35 per share earned during last year's first half.
"Met-Pro's first half earnings were adversely impacted by a combination of product mix, pricing pressures and higher raw material costs," said De Hont. "Our quotation activity remains high in both operating segments; however, while the net sales and income from operations of our Fluid Handling Segment have increased significantly during the first half, the net sales and income from operations of our Product Recovery/Pollution Control Segment have also been, and continue to be, adversely impacted by the delayed timing of the issuance of customer purchase orders for several larger dollar projects. In an effort to improve our gross margins and profit levels, we continue to review our operations and expenses, and have begun raising prices where feasible."
On June 9, the company paid a quarterly dividend of $.0725 per share to shareholders of record at the close of business on May 28. In addition, the board of directors, at their meeting on June 9, declared a quarterly dividend of $.0725 per share payable on Sept. 9 to shareholders of record at the close of business on Aug. 27. This represents a 7.4% increase over the corresponding dividends paid during the same periods last year.
This dividend represents the thirtieth consecutive year the company has paid either a cash or stock dividend.
About Met-Pro
Met-Pro Corporation, with headquarters in Harleysville, PA, manufactures and sells product recovery/pollution control equipment for purification of air and liquids, and fluid handling equipment for corrosive, abrasive and high temperature liquids. With ten divisions and five wholly-owned subsidiaries, the company, established in 1966, provides products to residential, commercial, industrial and municipal markets that include, but are not limited to, pharmaceuticals, chemicals, petrochemicals, water and aquariums. The company website is at www.met-pro.com
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