COMPANY WATCH

April 2013 Filtration Industry Analyst11

Met-Pro Corp, USA

Key Figures (US$ million)Fourth quarter ended 31.1

2013 2012

Net Sales 27.0 28.4Of Which:Mefiag Filtration Technologies 3.6 3.3Filtration/Purification Technologies 2.3 2.4

Cost of Goods Sold 17.5 18.6

Gross Profit 9.5 9.8

Operating Expenses 6.0 6.6

Income from Operations 3.5 3.3Of Which:Mefiag Filtration Technologies 0.4 0.3Filtration/Purification Technologies (0.03) 0.03

Net Income 2.4 2.1

Year ended 31.1 2013 2012

Net Sales 109.9 100.2Of Which:Mefiag Filtration Technologies 13.0 12.9Filtration/Purification Technologies 10.2 10.4

Cost of Goods Sold 72.2 64.8

Gross Profit 37.8 35.4

Operating Expenses 25.9 24.8

Income from Operations 11.9 10.6Of Which:Mefiag Filtration Technologies 0.8 0.8Filtration/Purification Technologies 0.1 0.4

Net Income 8.0 7.1

COMMENTMet-Pro has posted fourth quarter 2013 sales of US$27.0 million, down 5.2% on a year earlier. Net income for the period rose 10.5% to US$2.4 million.

Despite the revenue decline in the final period, Met-Pro’s sales for the year were up 9.8% to a record US$109.9 million on the 2012 comparator, while net income rose 12.8% to US$8.0 million.

“The global strength of the Met-Pro brands and a more strategic sales and marketing effort enabled us to improve our penetration

of targeted growth markets,” Raymond De Hont, Met-Pro’s CEO and president, said. “Fiscal year earnings increased for the third consecutive year, as our sales and marketing strategy together with the productivity and efficiency enhancements implemented within our organization continued to gradually translate into improved overall financial performance.”

De Hont added that Met-Pro was optimistic on its prospects for fiscal 2014. ■www.met-pro.com

PMFG Inc, USA

Key Figures (US$ million)Second quarter ended

29.12.2012 31.12.2011

Revenues 31.5 37.7Of Which:Process Products 28.5 32.7

Cost of Goods Sold 19.9 25.2

Gross Profit 11.5 12.5

Operating Expenses 10.7 11.5

Operating Income/(Loss) 0.9 1.0Of Which:Process Products 4.7 5.5

Net Earnings/(Loss) 0.6 0.0

Six months ended 29.12.2012 31.12.2011

Revenues 64.4 66.8Of Which:Process Products 57.2 56.9

Cost of Goods Sold 41.5 45.6

Gross Profit 22.9 21.2

Operating Expenses 21.6 21.4

Operating Income/(Loss) 1.3 (0.2)Of Which:Process Products 10.1 8.9

Net Earnings/(Loss) 0.6 (1.1)

COMMENTPMFG has posted second quarter fiscal 2013 revenues of US$31.5 million, down 16.6% on a year earlier. Net income, however, increased significantly to reach US$0.6 million.

In the company’s Process Products segment revenues were down 12.8% to US$28.5 million, attributed to customer-driven delays in delivering its backlog. Segment operating income decreased 14.8% to US$4.7 million compared with the fiscal 2012 equivalent, partially offset by and improvement in relative gross margin. The latter figure was positively impacted by product and geographical mix in the quarter.

“Our investment in incremental sales resources in China focused on driving growth in the Process Products segment is expected to create significant opportunities for us in the future,” PMFG’s CEO, Peter Burlage, said. “The demand for Process Products in the Asia-Pacific region resulting from the investment of natural gas infrastructure combined with a re-start of the China nuclear energy program make the Asia-Pacific region critical to our future growth.”

Burlage added that the increased focus on air quality within China should also allow PMFG to expand its product offerings within the region. ■www.pmfginc.com