================================================================================


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q


              [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                      OF THE SECURITIES EXCHANGE ACT OF 1934

                                       or

              [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                      OF THE SECURITIES EXCHANGE ACT OF 1934


For the quarter ended: October 31, 2001        Commission file number: 001-07763



                               MET-PRO CORPORATION
             (Exact name of registrant as specified in its charter)


               Delaware                                   23-1683282
    (State or other jurisdiction of                    (I.R.S. Employer
     incorporation or organization)                   Identification No.)


     160 Cassell Road, P.O. Box 144
       Harleysville, Pennsylvania                            19438
(Address of principal executive offices)                   (Zip Code)


       Registrant's telephone number, including area code: (215) 723-6751



     Indicate  by check mark  whether the  Registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during the  preceding  12 months and (2) has been  subject to such  filing
requirements for the past 90 days.  Yes  X  No
                                        ---    ---

     The number of shares  outstanding  of the  Registrant's  common  stock (par
value $.10 per share) is 6,080,106 (as of October 31, 2001).


================================================================================

<PAGE>
                                             MET-PRO CORPORATION


                                                    INDEX



PART I - FINANCIAL INFORMATION
<TABLE>
<CAPTION>

  Item 1.    Financial Statements
<S>                                                                                                       <C>

       Consolidated balance sheet as of
             October 31, 2001 and January 31, 2001.......................................................  2
       Consolidated statement of operations for the nine-month and three-month
             periods ended October 31, 2001 and 2000.....................................................  3
       Consolidated statement of stockholders' equity for the
             nine-month periods ended October 31, 2001 and 2000..........................................  4
       Consolidated statement of cash flows for the nine-month
             periods ended October 31, 2001 and 2000.....................................................  5
       Notes to consolidated financial statements........................................................  6
       Report of independent accountants.................................................................  9

  Item 2.    Management's Discussion and Analysis of the Financial Condition
             and Results of Operations................................................................... 10


PART II - OTHER INFORMATION

  Item 1.    Legal Proceedings........................................................................... 14

  Item 2.    Changes in Securities and Use of Proceeds................................................... 14

  Item 3.    Defaults Upon Senior Securities............................................................. 14

  Item 4.    Submissions of Matters to a Vote of Security Holders........................................ 14

  Item 5.    Other Information........................................................................... 14

  Item 6.    Exhibits and Reports on Form 8-K

             (a) Exhibits Required by Item 601 of Regulation S-K......................................... 14
             (b) Reports on Form 8-K..................................................................... 14


SIGNATURES............................................................................................... 15
</TABLE>











                                      -1-
<PAGE>
                                               MET-PRO CORPORATION

                                           CONSOLIDATED BALANCE SHEET

                                                  (unaudited)

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements
<TABLE>
<CAPTION>

                                                                               October 31,          January 31,
ASSETS                                                                            2001                 2001
----------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>                  <C>
Current assets
      Cash and cash equivalents                                                $10,316,035           $8,510,045
      Accounts receivable, net of allowance for doubtful
         accounts of approximately $238,000 and
         $218,000, respectively                                                 11,445,923           14,208,689
      Inventories - Note 3                                                      14,220,332           13,085,969
      Prepaid expenses, deposits and other current assets                          931,788              958,722
      Deferred income taxes                                                        648,834              648,834
----------------------------------------------------------------------------------------------------------------
            Total current assets                                                37,562,912           37,412,259

Property, plant and equipment, net                                              12,572,418           13,009,247
Costs in excess of net assets of businesses acquired, net                       17,904,693           18,276,472
Other assets                                                                       389,392              453,363
----------------------------------------------------------------------------------------------------------------
            Total assets                                                       $68,429,415          $69,151,341
================================================================================================================

LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------------------------------------------------------------------------------
Current liabilities
      Current portion of long-term debt                                         $1,220,036           $1,833,014
      Accounts payable                                                           3,500,122            4,284,687
      Accrued salaries, wages and expenses                                       4,741,598            5,704,372
      Payroll and other taxes payable                                               71,104                8,808
      Dividend payable                                                             516,809              517,669
      Customers' advances                                                          443,897              609,445
----------------------------------------------------------------------------------------------------------------
            Total current liabilities                                           10,493,566           12,957,995

Long-term debt                                                                   7,200,000            8,100,000
Other non-current liabilities                                                      565,704              499,395
Deferred income taxes                                                              511,204              532,585
----------------------------------------------------------------------------------------------------------------
            Total liabilities                                                   18,770,474           22,089,975
----------------------------------------------------------------------------------------------------------------

Stockholders' equity
      Common stock, $.10 par value; 18,000,000 shares
         authorized, 7,216,099 and 7,206,583 shares issued,
         of which 1,135,993 and 1,116,428 shares were reacquired
         and held in treasury at the respective dates                              721,610              720,658
      Additional paid-in capital                                                 7,845,163            8,139,799
      Retained earnings                                                         55,165,291           51,880,800
      Accumulated other comprehensive loss                                        (588,891)            (491,163)
      Treasury stock, at cost                                                  (13,484,232)         (13,188,728)
----------------------------------------------------------------------------------------------------------------
            Total stockholders' equity                                          49,658,941           47,061,366
----------------------------------------------------------------------------------------------------------------
            Total liabilities and stockholders' equity                         $68,429,415          $69,151,341
================================================================================================================
</TABLE>
See accompanying notes to consolidated financial statements.

                                      -2-
<PAGE>
                                                    MET-PRO CORPORATION

                                           CONSOLIDATED STATEMENT OF OPERATIONS

                                                        (unaudited)

<TABLE>
<CAPTION>
                                                  Nine Months Ended                               Three Months Ended
                                                     October 31,                                      October 31,

                                            2001                    2000                       2001                2000
----------------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                     <C>                        <C>                 <C>
Net sales                                $54,291,770             $61,767,172                $16,363,945         $21,258,013
Cost of goods sold                        35,587,902              40,654,436                 11,006,537          14,065,415
----------------------------------------------------------------------------------------------------------------------------
Gross profit                              18,703,868              21,112,736                  5,357,408           7,192,598

Operating expenses
   Selling                                 5,433,301               5,469,811                  1,755,385           1,780,777
   General and administrative              5,928,874               6,449,342                  1,855,828           2,154,300
----------------------------------------------------------------------------------------------------------------------------
                                          11,362,175              11,919,153                  3,611,213           3,935,077
----------------------------------------------------------------------------------------------------------------------------
Income from operations                     7,341,693               9,193,583                  1,746,195           3,257,521

Interest expense                            (431,367)               (534,376)                  (140,370)           (173,695)
Other income, net                            723,466                 369,224                    528,547             143,340
----------------------------------------------------------------------------------------------------------------------------
Income before taxes                        7,633,792               9,028,431                  2,134,372           3,227,166

Provision for taxes                        2,786,333               3,327,649                    779,047           1,210,187
----------------------------------------------------------------------------------------------------------------------------
Net income                                $4,847,459              $5,700,782                 $1,355,325          $2,016,979
============================================================================================================================

Earnings per share, basic (1)                   $.79                    $.92                       $.22                $.33

Earnings per share, diluted (2)                 $.79                    $.92                       $.22                $.33

Cash dividend per share - declared (3)         $.255                    $.24                      $.085                $.08

Cash dividend per share - paid (3)             $.255                    $.24                      $.085                $.08
============================================================================================================================
</TABLE>


     (1)  Basic earnings per share are based upon the weighted average number of
          shares  outstanding  of  6,118,139  and  6,173,505  in the  nine-month
          periods ended October 31, 2001 and 2000,  respectively,  and 6,123,346
          and 6,185,487 in three-month  periods ended October 31, 2001 and 2000,
          respectively.

     (2)  Diluted earnings per share are based on the weighted average number of
          shares  outstanding  of  6,155,894  and  6,189,773  in the  nine-month
          periods ended October 31, 2001 and 2000,  respectively,  and 6,165,022
          and  6,200,884 in the  three-month  periods ended October 31, 2001 and
          2000, respectively.

     (3)  The Board of Directors declared quarterly dividends of $.085 per share
          payable  on  March 9,  2001,  June 8,  2001,  September  10,  2001 and
          December 10, 2001 to  stockholders  of record as of February 23, 2001,
          May 25, 2001,  August 31, 2001 and  November  30, 2001,  respectively.
          Quarterly  dividends  of $.08 per share  were paid on March 10,  2000,
          June 9, 2000 and  September 11, 2000 to  stockholders  of record as of
          February 25, 2000, May 26, 2000 and August 28, 2000, respectively.

See accompanying notes to consolidated financial statements.




                                      -3-
<PAGE>
                                                MET-PRO CORPORATION

                                  CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

                                                    (unaudited)

<TABLE>
<CAPTION>
                                                                              Accumulated
                                                  Additional                     Other
                                       Common      Paid-in     Retained      Comprehensive       Treasury
                                        Stock      Capital     Earnings          (Loss)            Stock           Total
----------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>         <C>          <C>              <C>              <C>             <C>
Balances, January 31, 2001           $720,658    $8,139,799   $51,880,800      ($491,163)       ($13,188,728)   $47,061,366

Comprehensive income:
   Net income                                                   4,847,459
   Foreign currency translation                                                  (97,728)
       Total comprehensive income                                                                                 4,749,731

Dividends paid, $.17  per share                                (1,046,159)                                       (1,046,159)
Dividends declared, $.085 per share                              (516,809)                                         (516,809)

Proceeds from issuance of
   common stock under dividend
   reinvestment plan (9,516
   shares)                                952       111,042                                                         111,994

Stock option transactions                          (405,678)                                       1,497,931      1,092,253

Purchase of 145,590 shares of
    treasury stock                                                                                (1,793,435)    (1,793,435)
----------------------------------------------------------------------------------------------------------------------------
Balances, October 31, 2001           $721,610    $7,845,163   $55,165,291      ($588,891)       ($13,484,232)   $49,658,941
============================================================================================================================
</TABLE>


<TABLE>
<CAPTION>
                                                                              Accumulated
                                                  Additional                     Other
                                       Common      Paid-in     Retained      Comprehensive       Treasury
                                        Stock      Capital     Earnings          (Loss)            Stock           Total
----------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>         <C>          <C>              <C>              <C>             <C>
Balances, January 31, 2000           $718,919    $7,973,873   $46,087,476      ($403,993)       ($10,169,942)   $44,206,333

Comprehensive income:
   Net income                                                   5,700,782
   Foreign currency translation                                                 (275,647)
       Total comprehensive income                                                                                 5,425,135

Dividends paid, $.16 per share                                   (975,849)                                         (975,849)
Dividends declared, $.08 per share                               (486,879)                                         (486,879)

Proceeds from issuance of
   common stock under dividend
   reinvestment plan (13,155
   shares)                              1,316       122,325                                                         123,641

Purchase of 318,412 shares of
   treasury stock                                                                                 (3,018,127)    (3,018,127)
----------------------------------------------------------------------------------------------------------------------------
Balances, October 31, 2000           $720,235    $8,096,198   $50,325,530      ($679,640)       ($13,188,069)   $45,274,254
============================================================================================================================
</TABLE>
See accompanying notes to consolidated financial statements.

                                      -4-
<PAGE>
                                               MET-PRO CORPORATION

                                      CONSOLIDATED STATEMENT OF CASH FLOWS

                                                  (unaudited)

<TABLE>
<CAPTION>

                                                                                      Nine Months Ended
                                                                                          October 31,
                                                                                  2001                  2000
-----------------------------------------------------------------------------------------------------------------
                                  INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
<S>                                                                             <C>                   <C>

Cash flows from operating activities
   Net Income                                                                   $4,847,459            $5,700,782
   Adjustments to reconcile net income to net
       cash provided by operating activities:
     Depreciation and amortization                                               1,531,771             1,673,515
     Deferred income taxes                                                         (21,374)              (21,374)
     (Gain) loss on sale of property and equipment, net                           (468,380)                9,584
     Allowance for doubtful accounts                                                19,345                32,562
     (Increase) decrease in operating assets
       Accounts receivable                                                       2,699,142               287,722
       Inventories                                                              (1,158,100)             (145,353)
       Prepaid expenses and other current assets                                    97,559               176,945
       Other assets                                                                 (6,069)              (59,209)
     Increase (decrease) in operating liabilities
       Accounts payable, accrued expenses and taxes                             (1,750,633)            1,040,400
       Customers' advances                                                        (165,548)             (476,781)
       Other non-current liabilities                                                66,310                62,748
-----------------------------------------------------------------------------------------------------------------
     Net cash provided by operating activities                                   5,691,482             8,281,541
-----------------------------------------------------------------------------------------------------------------

Cash flows from investing activities
   Proceeds from sales of property and equipment                                 1,090,941                 2,000
   Acquisitions of property and equipment                                       (1,291,302)             (784,322)
-----------------------------------------------------------------------------------------------------------------
     Net cash (used in) investing activities                                      (200,361)             (782,322)
-----------------------------------------------------------------------------------------------------------------


Cash flows from financing activities
   Reduction of debt                                                            (1,512,978)           (1,505,834)
   Exercise of stock options                                                     1,092,253                    --
   Payment of dividends                                                         (1,451,834)           (1,363,507)
   Purchase of treasury shares                                                  (1,793,435)           (3,018,127)
-----------------------------------------------------------------------------------------------------------------
        Net cash (used in) financing activities                                 (3,665,994)           (5,887,468)
-----------------------------------------------------------------------------------------------------------------
Effect of exchange rate changes on cash                                            (19,137)              (42,726)
-----------------------------------------------------------------------------------------------------------------


Net increase in cash and cash equivalents                                        1,805,990             1,569,025

Cash and cash equivalents at February 1                                          8,510,045             6,331,556
-----------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at October 31                                        $10,316,035            $7,900,581
=================================================================================================================
</TABLE>
See accompanying notes to consolidated financial statements.

                                      -5-
<PAGE>
                              MET-PRO CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



NOTE 1 - PRINCIPLES OF CONSOLIDATION

The  consolidated   financial   statements   include  the  accounts  of  Met-Pro
Corporation  and  its  wholly-owned   subsidiaries,   Strobic  Air  Corporation,
Flex-Kleen  Canada  Inc.,  and  Mefiag  B.V.  (collectively   "Met-Pro"  or  the
"Company").  All significant  intercompany  accounts and transactions  have been
eliminated in consolidation.



NOTE 2 - BASIS OF PRESENTATION

In the opinion of management,  the accompanying  unaudited financial  statements
contain all adjustments necessary to present fairly the financial position as of
October  31,  2001  and  the  results  of  operations  for  the  nine-month  and
three-month   periods  ended   October  31,  2001  and  2000,   and  changes  in
stockholders'  equity and cash flows for the nine-month  periods then ended. The
results of operations for the nine-month and  three-month  periods ended October
31, 2001 and 2000 are not  necessarily  indicative of the results to be expected
for the full year. These  consolidated  financial  statements  should be read in
conjunction with the audited consolidated financial statements and notes thereto
contained in the Company's Annual Report on Form 10-K for the year ended January
31, 2001.



NOTE 3 - INVENTORIES

Inventories consisted of the following:

                                                     October 31,    January 31,
                                                        2001           2001
                                                   --------------  -------------

Raw materials                                         $8,444,496     $7,770,874
Work in progress                                       1,710,228      1,573,802
Finished goods                                         4,065,608      3,741,293
                                                   --------------  -------------
                                                     $14,220,332    $13,085,969
                                                   ==============  =============


NOTE 4 - SUPPLEMENTAL CASH FLOW INFORMATION

Net cash flow from operating  activities  reflect cash payments for interest and
income taxes as follows:


                                                         Nine Months Ended
                                                            October 31,
                                                        2001           2000
                                                   -------------- --------------
Cash paid during the period for:
     Interest                                           $434,209       $620,652
     Income taxes                                     $2,683,556     $2,595,536



                                      -6-
<PAGE>
                              MET-PRO CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



NOTE 5 - OTHER INCOME, NET

Other income, net was comprised of the following:

<TABLE>
<CAPTION>
                                                         Nine Months Ended                  Three Months Ended
                                                            October 31,                        October 31,
                                                        2001            2000               2001           2000
                                                   ------------------------------     ---------------------------
<S>                                                   <C>             <C>                <C>            <C>
 Gain/(loss) on sale of property
       and equipment                                  $468,380         ($9,584)          $459,126        ($3,621)
 Other, primarily interest income                      255,086         378,808             69,421        146,961
                                                   ------------------------------     ---------------------------
                                                      $723,466        $369,224           $528,547       $143,340
                                                   ==============================     ===========================
</TABLE>



NOTE 6 - BUSINESS SEGMENT DATA

The Company's  operations are conducted in two business segments as follows: the
manufacture and sale of product  recovery/pollution  control equipment,  and the
manufacture and sale of fluid handling equipment.

No  significant  intercompany  revenue is realized by either  business  segment.
Interest  income and expense are not  included in the measure of segment  profit
reviewed by  management.  Income  taxes are also not  included in the measure of
segment operating profit reviewed by management.


Financial information by business segment is shown below:


<TABLE>
<CAPTION>
                                                               Nine Months Ended October 31,
                                                               2001                     2000
                                                            -------------------------------------
<S>                                                         <C>                      <C>
  Net sales
     Product recovery/pollution control equipment           $34,388,322              $39,616,215
     Fluid handling equipment                                19,903,448               22,150,957
                                                            ------------             ------------
                                                            $54,291,770              $61,767,172
                                                            ============             ============

  Income from operations
     Product recovery/pollution control equipment            $3,958,801               $5,325,510
     Fluid handling equipment                                 3,382,892                3,868,073
                                                            ------------             ------------
                                                             $7,341,693               $9,193,583
                                                            ============             ============


                                                            October 31,              January 31,
                                                               2001                     2001
                                                            -------------------------------------
  Identifiable assets
     Product recovery/pollution control equipment           $38,587,805              $40,274,449
     Fluid handling equipment                                18,727,330               18,785,577
                                                            ------------             ------------
                                                             57,315,135               59,060,026
     Corporate                                               11,114,280               10,091,315
                                                            ------------             ------------
                                                            $68,429,415              $69,151,341
                                                            ============             ============
</TABLE>




                                      -7-

<PAGE>
                              MET-PRO CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



NOTE 7 - NEW ACCOUNTING STANDARDS

In June 2001, the Financial  Accounting Standards Board ("FASB") issued FASB No.
141, "Business  Combinations",  and FASB No. 142, "Goodwill and Other Intangible
Assets".  FASB No. 141, which is effective for business  combinations  completed
after June 30, 2001,  requires among other things,  that (1) the purchase method
of accounting be used for all business  combinations,  (2) specific  criteria be
established  for the recognition of intangible  assets  separately from goodwill
and (3) additional  information  about acquired  intangible  assets be provided.
FASB No. 142, which will become  effective for the Company  prospectively  as of
February 1, 2002, primarily addresses the accounting for goodwill and intangible
assets  subsequent  to their  acquisition.  Among other things it requires  that
goodwill not be amortized for financial statement purposes;  instead, management
will be required to test goodwill for  impairment at least  annually.  While the
company  is  still  analyzing  the  effect  of  FASB  No.  142 on the  financial
statements,  a preliminary  estimate of the annual  amortization of goodwill and
indefinite-lived  intangible  assets  that will cease in the fiscal  year ending
January 31, 2003 is approximately $0.5 million.



NOTE 8 - ACCOUNTANTS' 10-Q REVIEW

Margolis & Company P.C., the Company's independent accountants,  has performed a
limited review of the financial  information  included  herein.  Their report on
such review accompanies this filing.













                                      -8-
<PAGE>
                               MET-PRO CORPORATION




To the Board of Directors
Met-Pro Corporation
Harleysville, Pennsylvania

We  have  reviewed  the  accompanying  consolidated  balance  sheet  of  Met-Pro
Corporation  and its  wholly-owned  subsidiaries  as of October 31, 2001 and the
related consolidated statements of operations for the nine-month and three-month
periods ended October 31, 2001 and 2000 and stockholders'  equity and cash flows
for the  nine-month  periods  ended October 31, 2001 and 2000.  These  financial
statements are the responsibility of the Company's management.

We  conducted  our  reviews in  accordance  with  standards  established  by the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial  information consists principally of applying analytical procedures to
financial  data and making  inquiries of persons  responsible  for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the  expression  of an opinion  regarding the  financial  statements  taken as a
whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should
be made to the accompanying  consolidated financial statements for them to be in
conformity with generally accepted accounting principles.

We have  previously  audited,  in accordance  with generally  accepted  auditing
standards, the consolidated balance sheet as of January 31, 2001 and the related
consolidated statements of operations,  stockholders' equity, and cash flows for
the year then ended (not presented herein); and in our report dated February 22,
2001, we expressed an unqualified opinion on those financial statements.  In our
opinion,  the information  set forth in the  accompanying  consolidated  balance
sheet as of January 31, 2001 is fairly  stated,  in all  material  respects,  in
relation to the balance sheet from which it has been derived.





                                                    /s/ Margolis & Company P.C.
                                                    ----------------------------
                                                    Certified Public Accountants




Bala Cynwyd, Pennsylvania
November 16, 2001



                                      -9-
<PAGE>
                              MET-PRO CORPORATION



Item 2.  Management's  Discussion  and Analysis of the  Financial  Condition and
         Results of Operations

Results of Operations:

The following table sets forth, for the nine and three-month  periods indicated,
certain financial information derived from the Company's  consolidated statement
of operations expressed as a percentage of net sales.


<TABLE>
<CAPTION>

                                             Nine Months Ended                        Three Months Ended
                                                October 31,                               October 31,

                                          2001                2000                 2001                2000
   -----------------------------------------------------------------------------------------------------------
<S>                                      <C>                 <C>                  <C>                  <C>
   Net sales                             100.0%              100.0%               100.0%               100.0%
   Cost of goods sold                     65.6%               65.8%                67.3%                66.2%
   -----------------------------------------------------------------------------------------------------------
   Gross profit                           34.4%               34.2%                32.7%                33.8%

   Selling                                10.0%                8.9%                10.7%                 8.4%
   General and administrative             10.9%               10.4%                11.3%                10.1%
   -----------------------------------------------------------------------------------------------------------
   Income from operations                 13.5%               14.9%                10.7%                15.3%

   Interest expense                        (.8%)               (.9%)                (.9%)                (.8%)
   Other income, net                       1.3%                 .6%                 3.2%                  .7%
   -----------------------------------------------------------------------------------------------------------
   Income before taxes                    14.0%               14.6%                13.0%                15.2%
   Provision for taxes                     5.1%                5.4%                 4.7%                 5.7%
   -----------------------------------------------------------------------------------------------------------
   Net income                              8.9%                9.2%                 8.3%                 9.5%
   -----------------------------------------------------------------------------------------------------------
</TABLE>


Nine Months Ended October 31, 2001 vs Nine Months Ended October 31, 2000

Net sales for the  nine-month  period  ended  October 31, 2001 were  $54,291,770
compared to  $61,767,172  for the  nine-month  period ended  October 31, 2000, a
decrease of $7,475,402 or 12.1%. Sales in the Product Recovery/Pollution Control
Equipment  segment were  $34,388,322  or  $5,227,893  lower than the  nine-month
period ended October 31, 2000.  Sales in the Fluid  Handling  Equipment  segment
were  $19,903,448 or $2,247,509  lower  compared to the nine-month  period ended
October 31. We believe that the decreased  demand in both  business  segments is
attributed to a slowing economy.

Backlog at October 31, 2001  totaled  $10,951,097  compared  to  $11,358,413  at
October 31, 2000. In addition,  at October 31, 2001,  the Company had $4,003,234
of  orders  which  are  not  included  in  our  backlog  due  to  the  Company's
long-standing  policy of not including these orders in backlog until engineering
drawings are approved, compared to $4,245,571 at October 31, 2000.

Net income for the  nine-month  period  ended  October 31,  2001 was  $4,847,459
compared to  $5,700,782  for the  nine-month  period  ended  October 31, 2000, a
decrease of $853,323 or 15.0%. The decrease in net income is principally related
to the lower sales in both of the Company's business segments during the period.

The gross  margin for the  nine-month  period  ended  October 31, 2001 was 34.4%
versus 34.2% for the same period in the prior year.

Selling expense decreased $36,510 during the nine-month period ended October 31,
2001 compared to the same period last year.  Selling  expense as a percentage of
net sales was 10.0% for the nine-month period ended October 31, 2001 compared to
8.9% for the nine-month period ended October 31, 2000.



                                      -10-
<PAGE>
                              MET-PRO CORPORATION


Item 2.  Management's  Discussion  and Analysis of the  Financial  Condition and
         Results of Operations continued...

General and  administrative  expense was $5,928,874  for the  nine-month  period
ended October 31, 2001  compared to $6,449,342  for the same period last year, a
decrease of $520,468.  General and administrative expense as a percentage of net
sales was 10.9% for the  nine-month  period ended  October 31, 2001  compared to
10.4% for the same period last year.  This  reduction  is related to the overall
reduction  in  compensation  expense  and  amortization   expenses  for  certain
intangible assets which are fully amortized.

Interest  expense was $431,367 for the nine-month  period ended October 31, 2001
compared  to  $534,376  for the same  period in the prior  year,  a decrease  of
$103,009.  The  reduction  is the  result  of lower  principal  balances  on the
scheduled repayment of debt.

Other income,  net,  totaling $723,466 at October 31, 2001 consisted of interest
income on short-term investments and a $468,380 net gain on the sale of property
and  equipment.  In  September  2001,  the Company sold  property and  equipment
associated with the Systems Division's operations in West Chester,  Pennsylvania
resulting in the majority of this gain.  These  operations  were  relocated to a
leased facility in Towamencin,  Pennsylvania.  Other income, net, of $369,224 at
October  31,  2000  consisted   primarily  of  interest   income  on  short-term
investments.

The  effective  tax rate for the  nine-month  period ended  October 31, 2001 was
36.5% compared to 36.9% for the nine-month period ended October 31, 2000.


Three Months Ended October 31, 2001 vs Three Months Ended October 31, 2000

Net sales for the  three-month  period ended  October 31, 2001 were  $16,363,945
compared to  $21,258,013  for the  three-month  period ended October 31, 2000, a
decrease  of  $4,894,068.   Sales  in  the  Product  Recovery/Pollution  Control
Equipment  segment were  $10,183,488  or $3,492,461  lower than the  three-month
period ended October 31, 2000.  Sales in the Fluid  Handling  Equipment  segment
were  $6,180,457 or $1,401,607  lower compared to the  three-month  period ended
October 31, 2000.

Net income for the  three-month  period  ended  October 31, 2001 was  $1,355,325
compared to  $2,016,979  for the  three-month  period ended  October 31, 2000, a
decrease  of  $661,654  or 32.8%.  The  decrease in net income is related to the
lower sales volume in both the Product  Recovery/Pollution Control Equipment and
Fluid Handling  Equipment  segments for the three-month period ended October 31,
2001.

The gross margin for the  three-month  period  ended  October 31, 2001 was 32.7%
compared  to 33.8% for the same  period  last year.  The  decrease is related to
lower gross margins in the Product  Recovery/Pollution Control Equipment segment
for the three-month period ended October 31, 2001.

Selling expenses  decreased $25,392 during the three-month  period ended October
31, 2001  compared to the same period last year.  As a percentage  of net sales,
selling expense increased to 10.7% for the three-month  period ended October 31,
2001 from 8.4% for the three-month period ended October 31, 2000.

General and  administrative  expense was $1,855,828 for the  three-month  period
ended October 31, 2001 compared to $2,154,300 for the  three-month  period ended
October 31, 2000, a decrease of $298,472. General and administrative expense for
the three-month  period ended October 31, 2001 was 11.3% of net sales,  compared
to 10.1% of net sales for the same period last year.

Interest expense was $140,370 for the three-month  period ended October 31, 2001
compared to $173,695 for the same period in the prior year, a decrease of 19.2%.

Other income, net, totaling $528,547 for the three months ended October 31, 2001
consisted of interest  income on short-term  investments and a $459,126 net gain
on the sale of property and  equipment  associated  with the Systems  Division's
operations in West Chester, Pennsylvania. Other income, net, of $143,340 for the
three months ended October 31, 2000  consisted  primarily of interest  income on
short-term investments.

                                      -11-
<PAGE>
                              MET-PRO CORPORATION


Item 2.  Management's  Discussion  and Analysis of the  Financial  Condition and
         Results of Operations continued...

The  effective  tax rate for the  three-month  period ended October 31, 2001 was
36.5% compared to 37.5% for the three-month period ended October 31, 2000.

Liquidity:

The Company's  cash and cash  equivalents  were  $10,316,035 on October 31, 2001
compared to  $8,510,045  on January 31, 2001,  an increase of  $1,805,990.  This
increase is the net result of the  following  occurring  during this  nine-month
period:  cash flows  provided by operating  activities of  $5,691,482,  proceeds
received from the exercise of stock  options  totaling  $1,092,253  and proceeds
received from the sale of property and equipment amounting to $1,090,941, offset
by the payment of  quarterly  cash  dividends  amounting to  $1,451,834  (net of
$111,994 of dividends  utilized by  stockholders  for stock  purchases under the
Dividend  Reinvestment Plan),  payments on long-term debt totalling  $1,512,978,
purchases of treasury stock amounting to $1,793,435,  investment in property and
equipment  amounting to  $1,291,302  and exchange  rate changes of $19,137.  The
Company's cash flows from  operating  activities are influenced by the timing of
shipments and negotiated standard payment terms,  including retention associated
with major projects.

Accounts  receivable  (net) amounted to $11,445,923 on October 31, 2001 compared
to  $14,208,689  on January 31, 2001, a decrease of  $2,762,766.  The timing and
size  of  shipments  and  retainage  on  contracts,  especially  in the  Product
Recovery/Pollution Control Equipment segment combined with lower sales, resulted
in this decrease.

Inventories  were  $14,220,332  on October 31, 2001 compared to  $13,085,969  on
January 31,  2001,  an  increase of  $1,134,363.  Inventory  balances  fluctuate
depending  upon market demand,  the size and timing of orders,  and varying lead
times required.

Current  liabilities  amounted to  $10,493,566  on October 31, 2001  compared to
$12,957,995  on January 31,  2001,  a decrease  of  $2,464,429.  A reduction  in
accounts  payable and accrued  expenses,  current  portion of long-term debt and
customer advances accounted for the decrease.

The  Company  has  consistently  maintained  a high  current  ratio  and has not
utilized  either  the  domestic  line of  credit or the  foreign  line of credit
totalling $5.0 million,  which are available for working capital purposes.  Cash
flows, in general,  have exceeded the current needs of the Company.  The Company
anticipates no change in this situation in the immediate future.


Capital Resources and Requirements:

Cash flows  provided by operating  activities  for the  nine-month  period ended
October 31, 2001  amounted  to  $5,691,482,  compared  with  $8,281,541  for the
nine-month  period  ended  October  31,  2000,  a decrease of  $2,590,059.  This
decrease in cash flows from  operating  activities  was due  principally  to the
increase in  inventories  and a decrease in net income and accrued  expenses for
the period ended October 31, 2001, offset by an increase in accounts  receivable
collections.

Cash flows used in investing  activities for the nine-month period ended October
31, 2001 amounted to $200,361,  compared with $782,322 for the nine-month period
ended October 31, 2000.  The Company's  investing  activities for the nine-month
period  ended  October 31, 2001  consisted of the  acquisitions  of property and
equipment in both business  segments,  offset by proceeds received from the sale
of property and equipment  associated with the Systems Division's  operations in
West  Chester,  Pennsylvania.  The Company  continues to invest in machinery and
equipment,  tooling,  patterns and molds to improve  efficiency and maintain our
position in the markets in which we serve.


                                      -12-
<PAGE>
                              MET-PRO CORPORATION


Item 2.  Management's  Discussion  and Analysis of the  Financial  Condition and
         Results of Operations continued...

Financing  activities for the nine-month  period ended October 31, 2001 utilized
$3,665,994  of available  resources  compared to $5,887,468  for the  nine-month
period ended October 31, 2000. The 2001 activity is the result of the payment of
quarterly cash dividends  amounting to $1,451,834  (net of $111,994 of dividends
utilized by stockholders  for stock  purchases  under the Dividend  Reinvestment
Plan),  reduction of long-term  debt  totaling  $1,512,978,  and the purchase of
treasury stock totaling $1,793,435,  offset by proceeds received by the exercise
of stock options amounting to $1,092,253.

The Company paid $1,512,978 of scheduled debt during the nine-month period ended
October 31, 2001. The percentage of long-term debt to equity at October 31, 2001
decreased to 14.5% compared to 17.2% at January 31, 2001.

The Board of Directors declared  quarterly  dividends of $.085 per share payable
on March 9, 2001,  June 8, 2001,  September  10, 2001 and  December  10, 2001 to
stockholders  of record as of February 23, 2001,  May 25, 2001,  August 31, 2001
and November 30, 2001, respectively.

During the nine-month period ended October 31, 2001, the Company had repurchased
a total of 145,590 shares consisting of 96,499 shares under the Stock Repurchase
Program  authorized  on  February  21,  2000 and 49,091  shares  under the Stock
Repurchase  Program  authorized on December 15, 2000,  at a cost of  $1,793,435,
which was charged to stockholders' equity.

Consistent with past practices, the Company intends to continue to invest in new
product  development  programs and to make capital  expenditures  to support the
ongoing  operations  during the coming year. The Company  expects to finance all
capital expenditure requirements through cash flows generated from operations.


Cautionary Statement Concerning Forward-Looking Statements:

In this  Management's  Discussion and Analysis,  and elsewhere in this Quarterly
Report, we have made forward-looking  statements.  These statements are based on
our  estimates  and  assumptions  and are  subject  to risk  and  uncertainties.
Forward-looking  statements  include the information  concerning our possible or
assumed future results of operations.  Forward-looking  statements  also include
those preceded or followed by the words "anticipates",  "believes", "estimates",
"hopes" or other similar expressions.  For those statements, we claim protection
of the safe harbor for all forward-looking  statements  contained in the Private
Securities Litigation Reform Act of 1995.

The following  important  factors,  along with those discussed  elsewhere in our
filings with the Securities and Exchange Commission including without limitation
our Annual Report on Form 10-K for the year ended January 31, 2001, could affect
future  results and could cause those  results to differ  materially  from those
expressed in the forward-looking statements:

o    materially adverse changes in economic  conditions in the markets served by
     us or in significant customers of ours;

o    material changes in available technology;

o    changes  in  our  accounting  rules  promulgated  by  regulatory  agencies,
     including  the  Securities  and  Exchange   Commission  and  the  Financial
     Accounting Standards Board, which could result in an impact on earnings;

o    unexpected results in our product development activities;

o    changes in our existing management;

o    unexpected changes in our execution of customers orders; and

o    changes in federal or state laws.



                                      -13-
<PAGE>
                              MET-PRO CORPORATION



PART II - OTHER INFORMATION


Item 1.   Legal Proceedings

None

Item 2.   Changes in Securities and Use of Proceeds

None

Item 3.   Defaults Upon Senior Securities

None

Item 4.   Submissions of Matters to a Vote of Security Holders

None

Item 5.   Other Information

None

Item 6.   Exhibits and Reports on Form 8-K

          (a)  Exhibits Required by Item 601 of Regulation S-K

          None

          (b)  Reports on Form 8-K

          There were no Reports on Form 8-K filed during the  nine-month  period
          ended October 31, 2001.










                                      -14-
<PAGE>
                              MET-PRO CORPORATION




                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
     registrant  has duly  caused  this report to be signed on its behalf by the
     undersigned thereunto duly authorized.





                                             Met-Pro Corporation
                                             -----------------------------------
                                             (Registrant)




December 4, 2001                             /s/ William L. Kacin
                                             -----------------------------------
                                             William L. Kacin,
                                             Chairman, President and
                                             Chief Executive Officer




December 4, 2001                             /s/ Gary J. Morgan
                                             -----------------------------------
                                             Gary J. Morgan,
                                             Vice President  of  Finance,
                                             Secretary and Treasurer, Chief
                                             Financial Officer, Chief Accounting
                                             Officer and Director




                                      -15-