HARLEYSVILLE, Pa., Nov. 20 /PRNewswire-FirstCall/ -- Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation (NYSE: MPR), today announced the Company's financial results for the third quarter ended October 31, 2009.
Net sales for the third quarter ended October 31, 2009 were $19.8 million compared with net sales of $28.0 million for the same quarter last year. For the third quarter, the Company reported net income of $1.0 million, or $0.07 per diluted share, compared with net income of $3.0 million, or $0.20 per diluted share, for the third quarter of last year.
"Results in the quarter reflect the lagging effect on both net sales and earnings from the slowdown in global economic activity that began last year," stated De Hont. "Reflecting some improvement in our markets, new orders in the third quarter were $25.5 million, our best quarterly bookings since the third quarter of last year and up 31% sequentially from our second quarter. The recovery in new orders is being led by an improvement in large project bookings within our Product Recovery/Pollution Control Technologies segment, which totaled $5.5 million in the third quarter, the highest quarterly large project bookings since the quarter ended January 31, 2007. With end markets improving, we believe our wide breadth of high-quality comprehensive solutions that meet the increasing demand for a cleaner, more energy efficient environment will enable us to continue to increase our share of this growing global market."
During the first nine months of the current fiscal year, the Company generated a record $14.8 million in cash flow from operating activities, resulting in a record $32.3 million cash position on October 31, 2009.Net sales for the nine months ended October 31, 2009 were $60.3 million compared with $78.8 million for the same period last year. Net income for the nine months ended October 31, 2009 totaled $3.2 million compared with $7.6 million for the same period last year. For the nine months ended October 31, 2009, earnings were $0.22 per diluted share compared with earnings of $0.50 per diluted share for last year's first nine months.