Met-Pro Corporation announces first quarter results, $22M net sales
From today's SEC Live filings digest:
Met-Pro Corporation (MPR) announced its first quarter financial results, with $22.0M in net sales, down from $25.2M this same quarter last year. Net income this quarter was $200K, or $0.02 earnings per share, a significant decrease from last year’s $1.3M net income and $0.09 earnings per share. On April 22nd, Met-Pro entered an agreement to be acquired by CECO Environmental Corporation in a deal valued at $210M. While the company has not enjoyed as much revenue and profit as previous quarters, it has improved its gross profit margins by 1.4% from last year. Met-Pro President and CEO Raymond De Hont commented that the acquisition agreement made with CECO will greatly facilitate the company’s growth and profitability and he believes future prospects for the company remain bright.