Met-Pro Corporation announced today that it received an order for one of its regenerative thermal oxidation (RTO) systems. Industrial companies use this product to treat volatile organic compounds (VOCs) and other atmospheric pollutants. The order will provide $500,000 in revenues for Met-Pro (MPR).
Met-Pro Corporation reported net income of $1.2 million, or $0.08 per share, in its second fiscal quarter. The companyâ€™s balance sheet is unlevered and ended the quarter with $29.2 million in cash, and debt of $3.8 million.
Raymond J. De Hont, the CEO of Met-Pro Corporation said, â€œThe second quarter again demonstrated the resiliency of our business model, as we sustained gross margins and improved operating efficiencies to generate profits and cash despite one of the most challenging quarters in our history.â€
Met-Pro Corporation manufactures products used for pollution control, product recovery, filtration and fluid handling applications. The companyâ€™s sales in fiscal 2009 were distributed as follows:
Pollution control/product recovery â€“ 48.3%
Filtration â€“ 29.4%
Fluid handling â€“ 22.3%
The company has tried to diversify its sales outside the U.S., and now has 25% of its sales classified as international.