Met-Pro Corporation (Met-Pro), a US based company manufactures and sells product recovery and pollution control equipment for purification of air and liquids, has reported net sales $103.4 million for the fiscal 2009, compared with the net sales of $106.9 million in the previous year-end. It has also reported a net income of $9.9 million, or $0.65 per share for the fiscal 2009, compared with the net income of $11.9 million, or $0.78 per share in the previous year-end.
Net sales for the fourth quarter ended January 31, 2009 were $24.6 million compared with record quarterly net sales of $29.3 million for the fourth quarter last year. Net income in the fourth quarter totaled $2.2 million compared with a record quarterly net income of $3.2 million for the same quarter last year. For the fourth quarter, the Company reported earnings of $0.15 per fully diluted share compared with $0.21 per fully diluted share for the fourth quarter of last year. In addition, the Company generated $4.4 million in cash flow from operating activities in the fourth quarter and finished the year with a cash balance of $21.7 million.
Despite the current global economic environment, this quarter’s sales and earnings were the second best fourth quarter results in the Company’s history and non-project revenues, including recurring demand for parts and consumables, remained strong throughout the fiscal year, said De Hont. During fiscal 2009, our efficiency initiatives, including facility consolidations, global sourcing, and more effective logistics, continued to generate cost improvements helping us expand margins, generate record cash flow from operating activities, and increase full year earnings compared with the prior year excluding a gain on real estate. The global economic slowdown, however, did impact our business, particularly in our Product Recovery/Pollution Control Technologies segment, where the timeframe between quotation and order for large projects continued to increase. The overall decrease in fourth quarter and fiscal year 2009 revenues was almost entirely due to the resultant decrease in large project activity in the current fiscal year.
Fortunately, we enter the new year with an extremely strong balance sheet and continue to anticipate strong cash flows from operating activities, which will allow us to support investments to further enhance efficiency initiatives, develop exciting new products, and expand into new growth markets. While there will be short-term disruptions, over the long term, we believe the diversity of our products and end markets, together with our international brand recognition, new product development capabilities, improving operating efficiencies and strong balance sheet, leave us well positioned to capitalize on the worldwide trend towards a cleaner environment, lower energy consumption, and improved process performance.
For the fiscal year ended January 31, 2009, net income totaled $9.9 million, or $0.65 per fully diluted share, compared with $11.9 million, or $0.78 per fully diluted share, for the same period last year, which included a $2.2 million ($0.15 per fully diluted share) gain from a real estate sale. Excluding the gain from the real estate sale in fiscal 2008, both the net income and fully diluted earnings per share for the fiscal year ended January 31, 2009 were the highest in the Company’s history.
Met-Pro’s bookings of new orders for the fourth quarter were $19.0 million compared with $21.2 million for the same quarter last year, which included a $3.4 million project. Bookings of new orders for the fiscal year ended January 31, 2009 were $101.8 million compared with $93.4 million for the same period last year.