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




                       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: April 30, 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 6,099,364 (as of April 30, 2001).

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

<PAGE>


                                      INDEX


<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION

  Item 1.       Financial Statements
<S>      <C>                                                                                                   <C>
         Consolidated balance sheet as of
                April 30, 2001 and January 31, 2001...........................................................  2
         Consolidated statement of operations for the three-month
                periods ended April 30, 2001 and 2000.........................................................  3
         Consolidated statement of stockholders' equity for the
                three-month periods ended April 30, 2001 and 2000.............................................  4
         Consolidated statement of cash flows for the three-month
                periods ended April 30, 2001 and 2000.........................................................  5
         Notes to consolidated financial statements...........................................................  6
         Report of independent accountants....................................................................  8

  Item 2.        Management's Discussion and Analysis of Financial Condition
                 and Results of Operations....................................................................  9


PART II - OTHER INFORMATION

  Item 1.        Legal Proceedings............................................................................ 12

  Item 2.        Changes in Securities and Use of Proceeds.................................................... 12

  Item 3.        Defaults Upon Senior Securities.............................................................. 12

  Item 4.        Submission of Matters to a Vote of Security Holders.......................................... 12

  Item 5.        Other Information............................................................................ 12

  Item 6.        Exhibits and Reports on Form 8-K

                 (a) Exhibits Required by Item 601 of Regulation S-K.......................................... 12
                 (b) Reports on Form 8-K...................................................................... 12


SIGNATURES.................................................................................................... 13
</TABLE>

                                      -1-
<PAGE>
                               MET-PRO CORPORATION

                           CONSOLIDATED BALANCE SHEET

                                   (unaudited)

PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements
<TABLE>
<CAPTION>

                                                                               April 30,           January 31,
ASSETS                                                                           2001                 2001
--------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                  <C>
Current assets
   Cash and cash equivalents                                                  $9,492,386           $8,510,045
   Accounts receivable, net of allowance for doubtful
     Accounts of approximately $241,000 and
     $218,000, respectively                                                   12,927,884           14,208,689
   Inventories - Note 3                                                       14,417,415           13,085,969
   Prepaid expenses, deposits and other current assets                         1,089,584              958,722
   Deferred income taxes                                                         648,834              648,834
--------------------------------------------------------------------------------------------------------------
        Total current assets                                                  38,576,103           37,412,259

Property, plant and equipment, net                                            12,919,975           13,009,247
Costs in excess of net assets of businesses acquired, net                     18,152,546           18,276,472
Other assets                                                                     428,038              453,363
--------------------------------------------------------------------------------------------------------------
        Total assets                                                         $70,076,662          $69,151,341
==============================================================================================================

LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------------------------------------------------------------------------------
Current liabilities
   Current portion of long-term debt                                          $1,629,307           $1,833,014
   Accounts payable                                                            4,444,919            4,284,687
   Accrued salaries, wages and expenses                                        5,375,624            5,704,372
   Payroll and other taxes payable                                                53,402                8,808
   Dividend payable                                                              518,446              517,669
   Customers' advances                                                         1,066,087              609,445
--------------------------------------------------------------------------------------------------------------
       Total current liabilities                                              13,087,785           12,957,995

Long-term debt                                                                 7,800,000            8,100,000
Other non-current liabilities                                                    521,498              499,395
Deferred income taxes                                                            525,450              532,585
--------------------------------------------------------------------------------------------------------------
       Total liabilities                                                      21,934,733           22,089,975
--------------------------------------------------------------------------------------------------------------

Stockholders' equity
   Common stock, $.10 par value; 18,000,000 shares
     authorized, 7,209,929 and 7,206,583 shares issued,
     of which 1,110,565 and 1,116,428 shares were reacquired
     and held in treasury at the respective dates                                720,992              720,658
   Additional paid-in capital                                                  8,137,011            8,139,799
   Retained earnings                                                          52,997,576           51,880,800
   Accumulated other comprehensive loss                                         (594,135)            (491,163)
   Treasury stock, at cost                                                   (13,119,515)         (13,188,728)
--------------------------------------------------------------------------------------------------------------
       Total stockholders' equity                                             48,141,929           47,061,366
--------------------------------------------------------------------------------------------------------------
       Total liabilities and stockholders' equity                            $70,076,662          $69,151,341
==============================================================================================================
</TABLE>

See accompanying notes to consolidated financial statements.

                                                -2-
<PAGE>
                               MET-PRO CORPORATION

                      CONSOLIDATED STATEMENT OF OPERATIONS

                                   (unaudited)

<TABLE>
<CAPTION>

                                                                                    Three Months Ended
                                                                                         April 30,

                                                                                 2001                 2000
--------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                  <C>
Net sales                                                                    $17,556,044          $20,250,931
Cost of goods sold                                                            11,138,386           13,473,375
--------------------------------------------------------------------------------------------------------------
Gross profit                                                                   6,417,658            6,777,556
--------------------------------------------------------------------------------------------------------------

Operating expenses
  Selling                                                                      1,843,707            1,811,579
  General and administrative                                                   1,912,887            2,117,044
--------------------------------------------------------------------------------------------------------------
                                                                               3,756,594            3,928,623
--------------------------------------------------------------------------------------------------------------

Income from operations                                                         2,661,064            2,848,933

Interest expense                                                                (151,069)            (184,831)
Other income, net                                                                 86,377               96,975
--------------------------------------------------------------------------------------------------------------
Income before taxes                                                            2,596,372            2,761,077

Provision for taxes                                                              960,657            1,007,793
--------------------------------------------------------------------------------------------------------------
Net income                                                                    $1,635,715           $1,753,284
==============================================================================================================
Earnings per share, basic (1)                                                       $.27                 $.28

Earnings per share, diluted(2)                                                      $.27                 $.28

Cash dividend per share - declared (3)                                             $.085                $.080

Cash dividend per share - paid (3)                                                 $.085                $.080
==============================================================================================================
</TABLE>

     (1)  Basic earnings per share are based upon the weighted average number of
          shares of Common Stock  outstanding of 6,098,250 and 6,331,713 for the
          three-month periods ended April 30, 2001 and 2000, respectively.

     (2)  Diluted  earnings per share are based upon the weighted average number
          of shares of Common Stock  outstanding  of 6,157,844 and 6,334,057 for
          the three-month periods ended April 30, 2001 and 2000, respectively.

     (3)  The Board of Directors declared quarterly dividends of $.085 per share
          payable on March 9, 2001 and June 8, 2001 to stockholders of record as
          of February 23, 2001 and May 25, 2001. Quarterly dividends of $.08 per
          share were payable on March 10, 2000 and June 9, 2000 to  stockholders
          of record as of February 25, 2000 and May 26, 2000.

See accompanying notes to consolidated financial statements.


                                                -3-
<PAGE>
<TABLE>
<CAPTION>
                                                       MET-PRO CORPORATION

                                          CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                                                            (unaudited)

                                                                                        Accumulated
                                                          Additional                       Other
                                               Common      Paid-in        Retained     Comprehensive     Treasury
                                               Stock       Capital        Earnings     Income/(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                                                              1,635,715
   Foreign currency translation                                                           (102,972)
     Total comprehensive income                                                                                           1,532,743

Dividends declared, $.085 per                                               (518,939)                                      (518,939)
   share

Proceeds from issuance of
   common stock under dividend
   reinvestment plan (3,346
   shares)                                        334         38,072                                                         38,406

Stock option transactions                                    (40,860)                                        70,860          30,000

Purchase of 137 shares of
   treasury stock                                                                                            (1,647)        (1,647)
------------------------------------------------------------------------------------------------------------------------------------

Balances, April 30, 2001                     $720,992     $8,137,011     $52,997,576     ($594,135)    ($13,119,515)    $48,141,929
====================================================================================================================================


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

Comprehensive income:
   Net income                                                              1,753,284
   Foreign currency translation                                                           (127,305)
     Total comprehensive income                                                                                           1,625,979

Dividends declared, $.08 per share                                          (500,880)                                      (500,880)

Proceeds from issuance of
   common stock under dividend
   reinvestment plan (3,875
   shares)                                        388        36,560                                                          36,948

Purchase of 91,912 shares of
   treasury stock                                                                                          (969,653)       (969,653)
------------------------------------------------------------------------------------------------------------------------------------

Balances, April 30, 2000                     $719,307    $8,010,433      $47,339,880     ($531,298)    ($11,139,595)    $44,398,727
====================================================================================================================================
</TABLE>

See accompanying notes to consolidated financial statements.


                                      -4-
<PAGE>
                               MET-PRO CORPORATION

                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                                    Three Months Ended
                                                                                         April 30,
                                                                                 2001                 2000
--------------------------------------------------------------------------------------------------------------
                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
<S>                                                                          <C>                  <C>
Cash flows from operating activities
   Net Income                                                                 $1,635,715           $1,753,284
   Adjustments to reconcile net income to net
         cash provided by operating activities:
      Depreciation and amortization                                              517,082              521,675
      Deferred income taxes                                                       (7,125)              (7,124)
      (Gain) loss on sale of property and equipment, net                          (9,102)               3,201
      Allowance for doubtful accounts                                             22,486                7,092
      (Increase) decrease in operating assets
           net of acquisitions
         Accounts receivable                                                   1,198,312           (1,118,328)
         Inventories                                                          (1,381,544)            (306,839)
         Prepaid expenses and other current assets                               (59,548)             326,143
         Other assets                                                             (1,725)              40,388
       Increase (decrease) in operating liabilities
           net of acquisitions
         Accounts payable, accrued expenses and taxes                           (139,745)             975,242
         Customers' advances                                                     457,600             (140,240)
         Other non-current liabilities                                            22,103               20,916
--------------------------------------------------------------------------------------------------------------
         Net cash provided by operating activities                             2,254,509            2,075,410
--------------------------------------------------------------------------------------------------------------

Cash flows from investing activities
   Proceeds from sale of property and equipment                                   49,350                2,000
   Acquisitions of property and equipment                                       (341,507)            (161,383)
--------------------------------------------------------------------------------------------------------------
         Net cash (used in) investing activities                                (292,157)            (159,383)
--------------------------------------------------------------------------------------------------------------

Cash flows from financing activities
   Reduction of debt                                                            (503,708)            (501,376)
   Exercise of stock options                                                      30,000                   --
   Payment of dividends                                                         (479,756)            (470,974)
   Purchase of treasury shares                                                    (1,647)            (969,653)
--------------------------------------------------------------------------------------------------------------
          Net cash (used in) financing activities                               (955,111)          (1,942,003)
--------------------------------------------------------------------------------------------------------------

Effect of exchange rate changes on cash                                          (24,900)             (20,715)
--------------------------------------------------------------------------------------------------------------

Net increase (decrease) in cash and cash equivalents                             982,341              (46,691)

Cash and cash equivalents at February 1                                        8,510,045            6,331,556
--------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at April 30                                         $9,492,386           $6,284,865
==============================================================================================================
</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
April 30, 2001 and the results of operations,  changes in  stockholders'  equity
and cash flows for the  three-month  periods ended April 30, 2001 and 2000.  The
results of operations  for the  three-month  period ended April 30, 2001 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:

                                                     April 30,     January 31,
                                                       2001           2001
                                                  -------------  -------------
Raw materials                                       $8,561,530     $7,770,874
Work in progress                                     1,733,930      1,573,802
Finished goods                                       4,121,955      3,741,293
                                                  -------------  -------------
                                                   $14,417,415    $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:

                                                  Three Months Ended April 30,

                                                       2001           2000
                                                  -------------  -------------
Cash paid during the period for:
     Interest                                         $152,480       $206,909
     Income taxes                                      192,697        137,010






                                      -6-
<PAGE>

                               MET-PRO CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




NOTE 5 - 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>
                                                                                 Three Months Ended April 30,
                                                                                 2001                 2000
                                                                           -----------------------------------
<S>                                                                    <C>                       <C>
Net sales
   Product recovery/pollution control equipment                              $10,361,710          $13,049,383
   Fluid handling equipment                                                    7,194,334            7,201,548
                                                                            -------------        -------------
                                                                             $17,556,044          $20,250,931
                                                                            =============        =============

Income from operations
   Product recovery/pollution control equipment                              $1,271,277            $1,489,485
   Fluid handling equipment                                                   1,389,787             1,359,448
                                                                           -------------         -------------
                                                                             $2,661,064            $2,848,933
                                                                           =============         =============


                                                                              April 30,            January 31,
                                                                                2001                  2001
                                                                           -----------------------------------
Identifiable asset
   Product recovery/pollution control equipment                             $40,860,857           $40,274,449
   Fluid handling equipment                                                  19,677,500            18,785,577
                                                                           -------------         -------------
                                                                             60,538,357            59,060,026
     Corporate                                                                9,538,305            10,091,315
                                                                           -------------         -------------
                                                                            $70,076,662           $69,151,341
                                                                           =============         =============
</TABLE>



NOTE 6 - EMPLOYEE BENEFIT PLAN

Effective  April 1, 1999, the Company  implemented a 401(k) profit sharing plan.
Substantially  all employees of the Company in the United States are eligible to
participate  in the  plan  following  completion  of one  year  of  service  and
attaining age 21.  Pursuant to this plan,  employees can contribute up to 15% of
their  compensation  to the plan. The Company will match, in the form of Met-Pro
common stock, up to 50% of the employee contribution up to 4% of compensation.


NOTE 7 - 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.

                                      -7-
<PAGE>


                        REPORT OF INDEPENDENT ACCOUNTANTS



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 April  30,  2001 and the
related  consolidated  statements of operations,  stockholders'  equity and cash
flows for the three-month periods ended April 30, 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
May 16, 2001


                                      -8-
<PAGE>
                               MET-PRO CORPORATION


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


Results of Operations:

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

<TABLE>
<CAPTION>

                                                              Three Months Ended
                                                                   April 30,
                                                         2001                    2000
           ------------------------------------------------------------------------------
<S>                                                      <C>                     <C>
           Net sales                                     100.0%                  100.0%
           Cost of goods sold                             63.4%                   66.5%
           -----------------------------------------------------------------------------
           Gross profit                                   36.6%                   33.5%

           Selling                                        10.5%                    8.9%
           General and administrative                     10.9%                   10.5%
           -----------------------------------------------------------------------------
           Income from operations                         15.2%                   14.1%

           Interest expense                                (.9%)                   (.9%)
           Other income, net                                .5%                     .4%
           -----------------------------------------------------------------------------
           Income before taxes                            14.8%                   13.6%
           Provision for taxes                             5.5%                    4.9%
           -----------------------------------------------------------------------------
           Net income                                      9.3%                    8.7%
           -----------------------------------------------------------------------------
</TABLE>



Three Months Ended April 30, 2001 vs Three Months Ended April 30, 2000

Net sales for the  three-month  period  ended  April 30,  2001 were  $17,556,044
compared to  $20,250,931  for the  three-month  period  ended April 30,  2000, a
decrease of $2,694,887 or 13.3%. Sales in the Product Recovery/Pollution Control
Equipment  segment were  $10,361,710 or 20.6% lower than the three-month  period
April 30, 2000 due to lower demand for our product recovery equipment.  Sales in
the Fluid Handling  Equipment segment were $7,194,334 or slightly lower than the
three-month period ended April 30, 2000.

Backlog at April 30, 2001 totaled  $13,540,476  or 18.9% higher than the backlog
of orders on hand at April 30, 2000. In addition,  the Company had $4,280,236 of
orders that 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.

Net  income for the  three-month  period  ended  April 30,  2001 was  $1,635,715
compared to  $1,753,284  for the  three-month  period  ended April 30,  2000,  a
decrease of $117,569 or 6.7%. The decrease in net income is related to the lower
sales in the Product  Recovery/Pollution  Control Equipment  segment,  offset by
higher gross margins in the Fluid Handling Equipment segment.

The gross  margin for the  three-month  period  ended  April 30,  2001 was 36.6%
versus 33.5% for the same period in the prior year due to higher  gross  margins
experienced  in  the  Fluid  Handling  Equipment  segment.  The  Fluid  Handling
Equipment  segment  represented  41.0% of the Company's sales in the three-month
period ended April 30, 2001 compared to 35.6% for the  three-month  period ended
April 30, 2000.

Selling expense increased $32,128 during the three-month  period ended April 30,
2001 compared to the same period last year.  Selling  expense as a percentage of
net sales was 10.5% for the three-month period ended April 30, 2001, compared to
8.9% for the three-month period ended April 30, 2000.


                                      -9-

<PAGE>
                               MET-PRO CORPORATION


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


General and  administrative  expense was $1,912,887 for the  three-month  period
ended April 30, 2001  compared to  $2,117,044  for the same period last year,  a
decrease of $204,157.  General and administrative expense as a percentage of net
sales was 10.9% for the  three-month  period  ended April 30,  2001  compared to
10.5% for the same period last year.

Interest  expense was $151,069 for the  three-month  period ended April 30, 2001
compared  to $184,831  for the same  period in the prior year,  or a decrease of
$33,762.

Other income,  net, decreased $10,598 for the three-month period ended April 30,
2001 compared to the three-month  period ended April 30, 2000 principally as the
result of currency translation adjustments.

The effective tax rate for the three-month period ended April 30, 2001 was 37.0%
compared to 36.5% for the three-month period ended April 30, 2000.


Liquidity:

The  Company's  cash and cash  equivalents  were  $9,492,386  on April 30,  2001
compared to  $8,510,045  on January 31,  2001,  an  increase of  $982,341.  This
increase is the net result of the  positive  cash flows  provided  by  operating
activities  of  $2,254,509,  proceeds  received  from the sale of  property  and
equipment  amounting  to  $49,350,  and  proceeds of $30,000  received  from the
exercise of stock  options,  offset by payment of the  quarterly  cash  dividend
amounting to $479,756  (net of $38,406 of dividends  returned to the Company for
stock purchases  under the Dividend  Reinvestment  Plan),  payments on long-term
debt totalling  $503,708,  purchases of treasury stock amounting to $1,647,  and
investment in property and equipment  amounting to $341,507.  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 $12,927,884 on April 30, 2001 compared to
$14,208,689 on January 31, 2001, which represents a decrease of $1,280,805.  The
timing and size of shipments  and  retainage  on  contracts,  especially  in the
Product  Recovery/Pollution  Control Equipment segment,  will influence accounts
receivable balances at any point in time.

Inventories  were  $14,417,415  on April 30,  2001  compared to  $13,085,969  on
January 31,  2001,  an  increase of  $1,331,446.  Inventory  balances  fluctuate
depending  upon market demand,  the size and timing of orders,  and varying lead
times required.

Current  liabilities  amounted  to  $13,087,785  on April 30,  2001  compared to
$12,957,995 on January 31, 2001, an increase of $129,790.  Customer advances and
accounts payable,  offset by the reduction in accrued expenses and other current
liabilities, accounted for the increase.

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
presently foresees no change in this situation in the immediate future.


Capital Resources and Requirements:

Cash flows provided by operating  activities during the three-month period ended
April  30,  2001,  amounted  to  $2,254,509  compared  with  $2,075,410  in  the
three-month period ended April 30, 2000, an increase of $179,099.

Cash flows used in  investing  activities  during the  three-month  period ended
April 30, 2001 amounted to $292,157  compared with $159,383 for the  three-month
period ended April 30, 2000.  The  Company's  investing  activities  principally
represent the acquisitions of property, plant and equipment in the two operating
segments.

                                      -10-
<PAGE>
                               MET-PRO CORPORATION

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


Financing activities during the three-month period ended April 30, 2001 utilized
$955,111 of  available  resources  compared to  $1,942,003  for the  three-month
period  ended  April 30,  2000.  The  $986,892  decrease  in cash  flows used in
financing   activities  is  primarily   due  to  $968,006   reduction  in  stock
repurchases.  The 2001  activity is the result of the  payment of the  quarterly
cash dividend amounting to $479,756 (net of $38,406 of dividends returned to the
Company for stock purchases under the Dividend Reinvestment Plan),  reduction of
long-term debt totalling $503,708, plus the purchase of treasury stock totalling
$1,647,  offset by the  proceeds  from the exercise of stock  options  totalling
$30,000.

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

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,  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.


                                      -11-
<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.   Submission 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 for the  three-month  period
         ended April 30, 2001.











                                      -12-
<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)




June 5, 2001                                 /s/ William L. Kacin
                                             -----------------------------------
                                             William L. Kacin,
                                             Chairman, President and
                                             Chief Executive Officer




June 5, 2001                                 /s/ Gary J. Morgan
                                             -----------------------------------
                                             Gary J. Morgan,
                                             Vice President - Finance,
                                             Secretary and Treasurer, Chief
                                             Financial Officer, Chief Accounting
                                             Officer and Director




                                      -13-
<PAGE>