August 21, 2001 — HARLEYSVILLE, PA — William L. Kacin, Chairman and Chief Executive Officer of Met-Pro Corporation, recently announced that second quarter sales were $20.4 million compared to $20.3 million for the same period last year and 16 percent higher than the first quarter of this year. First half sales totaled $37.9 million compared to $40.5 million for the same period last year.
Kacin noted that, “the record bookings that we reported for the first quarter served as a solid base for strong second quarter shipments. Considering the state of the business environment, we were quite pleased with our second quarter performance, which was the second highest for any second quarter in the Company’s history.”
For the second quarter, both basic and diluted earnings per share were up $.03 to $.30, an increase of 11 percent over the $.27 earned during the first quarter of this year and slightly lower than the $.31 earned during the same period of last year. For the first half, both basic earnings per share and diluted earnings per share were $.57 compared to $.59 earned during last year’s first half.
Net income for the second quarter ended July 31, 2001 totaled $1.9 million, which was slightly lower than the same period last year.
“We all continue to hear predictions that the third and fourth quarters will see increased business activity and we are cautiously optimistic that this will be the case. Regardless of the level of activity presented to us by the economy, we continue to have confidence in the ability of our employees and our products to deliver results of which we can be proud,” Kacin said.
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.