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Thinkpad Pollution control equipment manufacturer, Met-Pro Corporation, earnings were cut in half in the first quarter as a result of orders being rescheduled by customers.
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Laptop Computer May 24, 2004 (AXcess News) Harleysville PA - Pollution control equipment manufacturer, Met-Pro Corporation (NYSE: MPR), earnings were cut in half in the first quarter as a result of orders being rescheduled by customers.
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Desktop Computer Sales for the first quarter ended April 30, 2004 were $15.6 million compared to $17.0 million for the same period last year. Net income for the first quarter totaled $.8 million compared to $1.4 million for the same period last year.
Notebooks The decrease in sales was due primarily to customers rescheduling several large projects into the second and third quarters of this fiscal year. The decrease in net income was due primarily to the lower sales volume and lower gross margins resulting from product mix in the Company's Product Recovery/Pollution Control Equipment segment.
Lenovo For the first quarter, both basic and diluted earnings per share were $.10 per share compared to $.16 per share earned during the first quarter of last year.
Hard Drive Met-Pro's bookings of new orders for the first quarter were the second highest of any first quarter in the Company's history totaling $20.3 million compared to $18.7 million for the same period last year.
Travelstar The Company's booked backlog at the end of the first quarter was $11.9 million compared to $8.9 million for the same period last year. A high percentage of this backlog is scheduled to be shipped during the second and third quarters of this fiscal year.Advertisement
Gateway Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro, said in a statement released Thursday that, "The lower sales and related earnings, although disappointing, were primarily due to the timing of our customers' schedules on several large projects which we had expected to ship in the first quarter."De Hont gave insight into the company's second and third quarters saying that, "The high volume of booked orders in the first quarter combined with our strong booked backlog and steady quotation activity provide a positive outlook for the second quarter and full fiscal year."In the previous quarter the Company paid a quarterly dividend of $.0725 per share. On April 5, 2004, Met_Pro declared a quarterly dividend of $.0725 per share payable on June 9, 2004.
Laptop Parts This represents a 7.4% increase over the corresponding dividends paid during the same periods last year, and is the twenty-ninth consecutive year the Company has paid a cash or stock dividend.
Software Investors, disappointed with the company's results, began dumping shares Thursday when the company released its first quarter results. MPR opened Thursday at $16.80 and closed Friday at $16.28, a $0.52 loss or 3.06%, in two days.
Hard Drives Met-Pro Corporation manufactures and sells product recovery and pollution control equipment for purification of air and liquids and fluid handling equipment for corrosive, abrasive and high temperature liquids. With ten divisions and five subsidiaries, the company, established in 1966, provides products to residential, commercial, industrial and municipal markets.
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