The company reported net sales for the second quarter at $21.4 million compared with net sales of $20.9 million for the same quarter last year. Net income increased 31 percent to $1.6 million and diluted earnings per share were $0.11 for the second quarter, compared with net income of $1.2 million and diluted earnings per share of $0.08 for the second quarter of 2009.
Met-Pro said new order bookings for the second quarter increased 14 percent to $22.1 million compared with $19.4 million for the second quarter last year, resulting in a 35 percent increase in backlog of orders at $17.7 million compared with $13.1 million last year. The company expects to ship backlog orders as of July 31, 2010, during the current fiscal year.
Gross margin for the second quarter of 2010 was 37 percent versus 34 percent for the second quarter of 2009.
“We are encouraged that the increase in new order bookings both in the second quarter and year-to-date was achieved without the benefit of any material contribution from large projects, the timing of which remains unpredictable. Large project quotation activity, however, remains steady adding to an already significant pipeline of opportunities,” Raymond J. De Hont, chairman and CEO of Met-Pro stated in the press release.
De Hont also said the solid new order bookings and the company’s underlying fundamental strength of business fuels optimism about its future prospects.
Net sales for the six months ended July 31, 2010, were $43.7 million, up 8 percent from the $40.5 million reported for the same period last year. Net income for the first half ended July 31, 2010, increased 39 percent to $3.0 million compared with $2.1 million for the same period last year.
For more information visit www.met-pro.com