<PAGE>
================================================================================



                       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, 1997         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, 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 $0.10 per share) is 7,055,273 (as of October 31, 1997).



================================================================================
<PAGE>




 
                                                       MET-PRO CORPORATION
   


                                                              INDEX


PART I - FINANCIAL INFORMATION
<TABLE>
<CAPTION>

  Item 1. Financial Statements

<S>      <C>                                                                                                   <C>
          Condensed consolidated balance sheet as of
                  October 31, 1997 and January 31, 1997.......................................................  2
          Condensed consolidated statement of operations for the three-month
                  and nine-month periods ended October 31, 1997 and October 31, 1996..........................  3
          Condensed consolidated statement of cash flows for the nine-month
                  periods ended October 31, 1997 and 1996.....................................................  4
          Notes to condensed consolidated financial statements................................................  5
          Report on review by independent accountants.........................................................  7

  Item 2. Management's discussion and analysis of financial condition
                  and results of operations...................................................................  8


PART II - OTHER INFORMATION

  Item 6(b).  Reports on Form 8-K............................................................................. 12

SIGNATURES.................................................................................................... 12

</TABLE>

























                                                        -1-


<PAGE>


                                                MET-PRO CORPORATION

                                       CONDENSED CONSOLIDATED BALANCE SHEET

                                                    (unaudited)
 
PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements
<TABLE>
<CAPTION>
 

                                                                               October 31,                  January 31,
ASSETS                                                                            1997                         1997
-----------------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>                          <C>    
Current assets
    Cash and cash equivalents                                                  $10,781,018                  $ 9,070,976
    Accounts receivable, net of allowance for doubtful
       accounts of approximately $272,000 and
       $233,000, respectively                                                   10,643,629                   10,570,528
    Notes receivable-ESOT                                                          200,000                      400,000
    Inventories                                                                 12,569,441                   10,597,813
    Prepaid expenses, deposits and other current assets                            828,058                      571,226
    Deferred income taxes                                                          913,103                      878,003
-----------------------------------------------------------------------------------------------------------------------
           Total current assets                                                 35,935,249                   32,088,546

Property, plant and equipment, net                                              13,868,363                   14,346,995
Costs in excess of net assets of businesses acquired, net                        7,244,628                    7,502,470
Other assets                                                                     1,645,034                    2,141,380
-----------------------------------------------------------------------------------------------------------------------
          Total assets                                                         $58,693,274                  $56,079,391
=======================================================================================================================

LIABILITIES AND STOCKHOLDERS' EQUITY
-----------------------------------------------------------------------------------------------------------------------
Current liabilities
    Current portion of long-term debt                                          $ 1,390,667                  $ 1,585,087
    Accounts payable                                                             2,842,347                    2,996,065
    Accrued salaries, wages and expenses                                         7,326,713                    6,424,709
    Payroll and other taxes payable                                                 16,318                       19,685
    Customers' advances                                                            625,460                      348,569
-----------------------------------------------------------------------------------------------------------------------
          Total current liabilities                                             12,201,505                   11,374,115

Long-term debt                                                                   2,690,148                    3,683,419
Other non-current liabilities                                                      230,010                      172,941
Deferred income taxes                                                              383,353                      495,990
-----------------------------------------------------------------------------------------------------------------------
          Total liabilities                                                     15,505,016                   15,726,465
-----------------------------------------------------------------------------------------------------------------------

Stockholders' equity
    Common stock, $.10 par value; 18,000,000 shares
       authorized, 7,138,625 shares issued, at both dates,
       of which 83,352 and 95,189 shares were reacquired
       and held in treasury at the respective dates                                713,862                      713,862
    Additional paid-in capital                                                   7,871,337                    8,260,289
    Retained earnings                                                           35,896,852                   32,467,223
    Cumulative translation adjustment                                             (103,439)                      19,121
    Treasury stock, at cost                                                     (1,190,354)                  (1,107,569)
-----------------------------------------------------------------------------------------------------------------------
          Net stockholders' equity                                              43,188,258                   40,352,926
-----------------------------------------------------------------------------------------------------------------------
          Total liabilities and stockholders' equity                           $58,693,274                  $56,079,391
=======================================================================================================================
</TABLE>

See accompanying notes to condensed consolidated financial statements.



                                                          -2-
<PAGE>

                                                MET-PRO CORPORATION

                                  CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

                                                    (unaudited)


<TABLE>
<CAPTION>

                                                                    Nine Months Ended                    Three Months Ended
                                                                       October 31,                           October 31,
                                                                 1997               1996               1997               1996
--------------------------------------------------------------------------------------------------------------------------------- 
<S>                                                          <C>                <C>                <C>                <C>        
Net sales                                                    $47,044,874        $44,747,320        $16,265,312        $16,255,744

Cost of goods sold                                            29,819,916         29,340,193         10,395,355         10,824,634
---------------------------------------------------------------------------------------------------------------------------------

Gross profit                                                  17,224,958         15,407,127          5,869,957          5,431,110
---------------------------------------------------------------------------------------------------------------------------------

Operating expenses

    Selling                                                    4,154,327          3,751,998          1,376,222          1,245,748
    
    General and administrative                                 5,064,864          5,025,147          1,647,870          2,073,969
---------------------------------------------------------------------------------------------------------------------------------
                                                               9,219,191          8,777,145          3,024,092          3,319,717
---------------------------------------------------------------------------------------------------------------------------------

Income from operations                                         8,005,767          6,629,982          2,845,865          2,111,393

Other income, net                                                757,283            718,545            202,214            479,352
---------------------------------------------------------------------------------------------------------------------------------

Income before taxes on income                                  8,763,050          7,348,527          3,048,079          2,590,745

Provision for taxes on income                                  3,417,589          2,902,667          1,188,750          1,023,343
---------------------------------------------------------------------------------------------------------------------------------

Net income                                                   $ 5,345,461        $ 4,445,860        $ 1,859,329        $ 1,567,402
=================================================================================================================================

Earnings per share, primary and fully diluted (1)            $       .75        $       .63        $       .26        $       .22

Cash dividend per share - declared (2)                       $       .27        $       .22        $        --        $        --

Cash dividend per share - paid (2)                           $       .27        $       .22        $        --        $        --
=================================================================================================================================
</TABLE>



(1)       Based on weighted average number of common stock and common stock
          equivalents outstanding during each nine-month period (adjusted for 
          the 3-for-2 stock split completed on July 8, 1996). The weighted
          average number of common shares outstanding was 7,158,798 and
          7,068,753 in the nine-month periods ended October 31, 1997 and 1996,
          respectively, and 7,158,934 and 7,133,756 in the three-month periods
          ended October 31, 1997 and 1996, respectively.

(2)       The Company declared a cash dividend of $.22 per share (adjusted for 
          stock split) on February 26, 1996 payable on April 26, 1996 to share-
          holders of record on April 12, 1996. On February 24, 1997, the company
          also declared a $.27 per share cash dividend payable on April 25, 1997
          to shareholders of record on April 11, 1997.


See accompanying notes to condensed consolidated financial statements.





                                                            -3-


<PAGE>


                                                MET-PRO CORPORATION

                                  CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

                                                   (unaudited)

<TABLE>
<CAPTION>
                                                                                          Nine Months Ended
                                                                                             October 31,
                                                                                  1997                         1996
------------------------------------------------------------------------------------------------------------------------
                                   INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

<S>                                                                            <C>                         <C>
Net cash provided by operating activities                                      $ 5,824,959                 $  5,259,664
-----------------------------------------------------------------------------------------------------------------------

Cash flows from investing activities
    Proceeds from sale of property and equipment                                  681,819                    1,147,183
    Acquisitions of property and equipment                                     (1,052,544)                  (1,526,928)
    Payment for purchase of Strobic Air Corporation,
      net of cash acquired                                                             --                  (3,529,338)
-----------------------------------------------------------------------------------------------------------------------
      Net cash (used in) investing activities                                    (370,725)                  (3,909,083)
-----------------------------------------------------------------------------------------------------------------------

Cash flows from financing activities
    Proceeds from new borrowings                                                       --                    3,500,000
    Reduction of debt                                                          (1,187,691)                  (1,447,645)
    Exercise of stock options                                                     512,145                      235,838
    Payment of dividends                                                       (1,915,832)                  (1,530,693)
    Purchase of treasury shares                                                (1,106,476)                  (1,346,747)
    Cash in lieu of fractional shares                                                  --                       (2,685)
-----------------------------------------------------------------------------------------------------------------------
      Net cash (used in) financing activities                                  (3,697,854)                    (591,932)
-----------------------------------------------------------------------------------------------------------------------

Effect of exchange rate changes on cash                                           (46,338)                      (2,411)
-----------------------------------------------------------------------------------------------------------------------

Net increase in cash and cash equivalents                                       1,710,042                      756,238

Cash and cash equivalents at February 1                                         9,070,976                    7,415,375
-----------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at October 31                                      $ 10,781,018                  $ 8,171,613
=======================================================================================================================




                                                SUPPLEMENTAL CASH FLOW INFORMATION
                                                                      
Cash paid during the period for:

   Interest                                                                   $   245,541                  $   128,503
   Income taxes                                                               $ 3,271,657                  $ 2,719,529
=======================================================================================================================

</TABLE>












See accompanying notes to condensed consolidated financial statements.


                                        -4-

<PAGE>

                               MET-PRO CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1 - BASIS OF PRESENTATION

In the opinion of management,  the accompanying  unaudited  condensed  financial
statements  contain all  adjustments  necessary to present  fairly the financial
position as of October 31,  1997 and the  results of  operations  for the three-
month and  nine-month  periods ended October 31, 1997 and 1996 and the statement
of cash flows for the nine-month  periods then ended.  The results of operations
for the  three-month  and  nine-month  periods  ended  October  31, 1997 are not
necessarily indicative of the results to be expected for the full year.

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

Certain information and footnote  disclosures normally included in the financial
statements prepared in accordance with generally accepted accounting  principles
have been condensed or omitted. It is suggested that these financial  statements
should be read in  conjunction  with the financial  statements and notes thereto
included in the  Company's  Annual  Report on Form 10-K filed for the year ended
January 31, 1997.



NOTE 2 - PRO-FORMA INFORMATION

In connection with the Company's acquisition of Strobic Air in September,  1996,
the pro-forma  results of operations for the nine-month period ended October 31,
1996 would have been as follows, if the acquisition had been made as of February
1, 1996:



Net sales                                            $47,954,457
Income before taxes on income                          7,599,951
Net income                                             4,564,341


Earnings per share                                   $       .65



NOTE 3 - INVENTORIES

Inventories were comprised of the following:

 
                                            October 31,              January 31,
                                               1997                     1997    
                                            -----------              -----------
    Raw material                            $ 5,674,248              $ 4,784,192
    Work in progress                          2,034,246                1,715,157
    Finished goods                            4,860,947                4,098,464
                                            -----------              -----------
                                            $12,569,441              $10,597,813
                                            ===========              ===========










                                       -5-
<PAGE>



                               MET-PRO CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS




NOTE 4 - IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS

In February 1997, the Financial  Accounting  Standards Board issued Statement of
Financial Accounting Standard (SFAS) No. 128, "Earnings Per Share". SFAS No. 128
will be adopted by the  Company as  required  in the fourth  quarter of the year
ended January 31, 1998.  Upon adoption of SFAS No. 128, the Company will present
basic  earnings  per share and diluted  earnings per share.  Basic  earnings per
share  will  be  computed  based  on  the  weighted  average  number  of  shares
outstanding during the period. Diluted earnings per share will be computed based
on the weighted average number of shares outstanding during the period increased
by the effect of dilutive  stock  options using the treasury  stock method.  The
application  of SFAS No. 128 will not have an impact on  reported  earnings  per
share for the  three-month  and  nine-month  periods  ended October 31, 1997 and
1996.

In June 1997,  the  Financial  Accounting  Standards  Board issued  Statement of
Financial Accounting Standard (SFAS) No. 130, "Reporting  Comprehensive Income".
Upon adoption of SFAS No. 130 for the year ended  January 31, 1999,  the Company
will present as part of its annual financial  statements,  a separate  financial
statement to include all components of comprehensive income.

In June 1997,  the  Financial  Accounting  Standards  Board issued  Statement of
Financial Accounting Standard (SFAS) No. 131,  "Disclosures about Segments of an
Enterprise and Related  Information".  The new statement is effective for fiscal
years beginning after December 15, 1997. The Company is currently evaluating its
options for  disclosure  under this  standard and will  implement  the statement
during its fiscal year ending January 31, 1999.

























                                       -6-

<PAGE>


                        REPORT OF INDEPENDENT ACCOUNTANTS





To the Board of Directors
Met-Pro Corporation and its Wholly Owned Subsidiaries
Harleysville, Pennsylvania

We have  reviewed  the  accompanying  condensed  consolidated  balance  sheet of
Met-Pro Corporation and its wholly owned subsidiaries as of October 31, 1997 and
the related condensed consolidated  statements of operations for the three-month
and  nine-month  periods  ended October 31, 1997 and 1996 and cash flows for the
nine-month  periods ended October 31, 1997 and 1996. 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 condensed 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 balance sheet as of January 31, 1997 and the related  statements
of operations, stockholders' equity, and cash flows for the year then ended (not
presented  herein);  and in our report dated  February 28, 1997, we expressed an
unqualified  opinion  on  those  financial  statements.   In  our  opinion,  the
information set forth in the accompanying  condensed  consolidated balance sheet
as of January 31, 1997 is fairly stated, in all material  respects,  in relation
to the balance sheet from which it has been derived.




 
                                             Certified Public Accountants


Bala Cynwyd, Pennsylvania
November 13, 1997
















                                       -7-

<PAGE>


                               MET-PRO CORPORATION



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


Results of Operations:

    Nine-months Ended October 31, 1997 vs Nine-months Ended October 31, 1996.

Net sales for the  nine-month  period  ended  October 31, 1997 were  $47,044,874
compared to  $44,747,320  for the  nine-month  period ended October 31, 1996, an
increase of $2,297,554 or 5.1%.  This  increase was  principally  related to the
impact of the Strobic Air  Corporation  ("Strobic  Air")  acquisition  which was
effective  July 31,  1996.  The length of time  required  to  design,  engineer,
manufacture  and ship product,  especially in the Pollution  Control Systems and
Allied Equipment segment of our business,  combined with contract  requirements,
will cause shipments to vary from quarter to quarter.

The backlog at October 31, 1997 was 24.2% higher  compared to the backlog at the
beginning  of the fiscal  year.  Bookings of new orders were 6.1% higher for the
nine-month  period ended October 31, 1997 than for the  nine-month  period ended
October 31, 1996.

Net income for the  nine-month  period  ended  October 31,  1997 was  $5,345,461
compared to  $4,445,860  for the  nine-month  period ended  October 31, 1996, an
increase of $899,601 or 20.2%.  The  increase in net income is related to higher
sales volume of  $2,297,554  for the  nine-month  period ended October 31, 1997,
plus the  improvement  in the gross  margin,  and the impact of the  Strobic Air
acquisition.

The gross  margin for the  nine-month  period  ended  October 31, 1997 was 36.6%
compared to 34.4% for the same period last year.  The  improvement  in the gross
margin of 2.2% can be  attributed  to a  combination  of  capacity  utilization,
product mix and production efficiencies in both business segments.

Selling expense  increased  $402,329 during the nine-month  period ended October
31,  1997  compared  to the same  period  last  year.  This is due to  increased
staffing levels and higher  advertising costs which are required to position our
diversified  businesses  for future  growth,  plus the impact of the Strobic Air
acquisition.  Selling  expense  as a  percentage  of  sales  was  8.8%  for  the
nine-month  period ended  October 31, 1997  compared to 8.4% for the  nine-month
period ended October 31, 1996.

General and  administrative  expense was $5,064,864  for the  nine-month  period
ended October 31, 1997 compared to $5,025,147  for the same period last year, an
increase of $39,717. General and administrative expense as a percentage of sales
decreased to 10.8% for the  nine-month  period ended October 31, 1997 from 11.2%
for the same period last year.

Other income, net, increased $38,738 for the nine-month period ended October 31,
1997 compared to the  nine-month  period ended October 31, 1996, due to interest
earned on higher cash balances.

The  effective  tax rate for the  nine-month  period ended  October 31, 1997 was
39.0%  compared to 39.5% for the  nine-month  period ended October 31, 1996. The
change in the effective tax rate had virtually no effect on earnings per share.

    Three-months Ended October 31, 1997 vs Three-months Ended October 31, 1996.

Net sales for the  three-month  period ended  October 31, 1997 were  $16,265,312
compared to $16,255,744  for the  three-month  period ended October 31, 1996, an
increase of $9,568.




                                       -8-

<PAGE>

                               MET-PRO CORPORATION



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


Net income for the  three-month  period  ended  October 31, 1997 was  $1,859,329
compared to  $1,567,402  for the  three-month  period ended October 31, 1996, an
increase of $291,927 or 18.6%.  The increase is related to slightly higher sales
and the improvement in gross margin.

The gross margin for the  three-month  period  ended  October 31, 1997 was 36.1%
compared to 33.4% for the same period last year.  The  improvement  in the gross
margin can be  attributed  to a combination  of improved  capacity  utilization,
product mix, and production efficiencies in both business segments.

Selling expenses  increased $130,474 during the three-month period ended October
31,  1997  compared  to the same  period  last  year.  This is due to  increased
staffing  levels  and  higher   advertising   costs  required  to  position  our
diversified  businesses for future growth. As a percentage of net sales, selling
expense increased to 8.5% for the three-month period ended October 31, 1997 from
7.7% for the three-month period ended October 31, 1996.

General and administrative  expense was $1,647,870 during the three-month period
ended October  31,1997  compared to  $2,073,969  during the  three-month  period
October 31, 1996, a decrease of $426,099.  A sign- on bonus of $350,000 was paid
to a  management  representative  under a  three-year  contract,  as part of the
Strobic Air acquisition  during the  three-month  period ended October 31, 1996.
Excluding  this  transaction,   general  and  administrative   expense  for  the
three-month  period  ended  October 31, 1997  declined to 10.1% of the net sales
compared to 10.6% for the same period last year.

Other income, net was $202,214 for the three-month period ended October 31, 1997
compared  to $479,352 for  the  three-month  period  ended October  31, 1996,  a
decrease of $277,138. The decrease  results principally from the net gain on the
sale of an idle property recorded  in the three-month period  October 31,  1996,
offset by the interest earned on higher cash balances for the three-month period
October 31, 1997.

The  effective  tax rate  for the  three-month  period  ended October  31,  1997
was 39.0%  compared  to 39.5% for the same period last year. The differential in
the effective tax rate had virtually no effect on earnings per share.

Liquidity:

The Company's  cash and cash  equivalents  was  $10,781,018  on October 31, 1997
compared to  $9,070,976  on January 31, 1997,  an increase of  $1,710,042.  This
increase  is the  net  result  of  positive  cash  flow  provided  by  operating
activities  totalling  $5,824,959,  proceeds received from the exercise of stock
options of $512,145,  proceeds  received from the sale of property and equipment
of  $681,819,  offset by  payment  of the  annual  cash  dividend  amounting  to
$1,915,832,  payments  on  long-term  debt  totalling  $1,187,691,  purchase  of
treasury stock amounting to $1,106,476, and investment in property and equipment
amounting to $1,052,544.  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.










                                       -9-

<PAGE>


                               MET-PRO CORPORATION


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

Accounts receivable (net) amounted to $10,643,629 on October 31, 1997 compared
to $10,570,528 on January 31, 1997, which represents an increase of $73,101. The
timing  and  size  of shipments, and  retainage on contracts,  especially in the
Pollution Control Systems and Allied Equipment segment, will influence accounts
receivable balances at any point in time.

Inventories  were  $12,569,441  on October 31, 1997 compared to  $10,597,813  on
January 31,  1997,  an  increase of  $1,971,628.  Inventory  balances  fluctuate
depending upon market demand,  the size and timing of orders and long lead times
required,  which is especially true in the Pollution  Control Systems and Allied
Equipment segment of the business.

Current  liabilities  amounted to  $12,201,505  on October 31, 1997  compared to
$11,374,115 on January 31, 1997, an increase of $827,390.  Accrued  expenses and
customer progress payments accounted for $1,178,895 of the increase, offset by a
decrease in accounts payable,  current portion of long-term debt and payroll and
other taxes payable amounted to $351,505.

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. Funds,
in general,  have exceeded the current needs, and the Company presently foresees
no change in this situation.

Capital Resources and Requirements:

Cash flows provided by operating  activities  during the nine-month period ended
October 31, 1997 amounted to $5,824,959 compared to $5,259,664 in the nine-month
period  ended  October  31,  1996,  an  increase of  $565,295.  The  increase is
attributable to higher operating profits in both business  segments,  customers'
advances on projects in progress,  offset by higher  inventory  balances and the
timing of the payment of current obligations.

Cash flows used in  investing  activities  during the  nine-month  period  ended
October 31, 1997 amounted to $370,725  compared to $3,909,083 for the nine-month
period ended  October 31,  1996.  The  Company's  investing  activities  for the
nine-month  period ended October 31, 1997 represent the acquisition of property,
plant and equipment in the combined operations, offset by proceeds received from
the sale of property and equipment  associated with Strobic Air operations which
were consolidated with existing  facilities in Harleysville,  Pennsylvania.  The
cash flows used in investing  activities of $3,909,083 for the nine-month period
ended  October  31,  1996 is due  primarily  to the  acquisition  of Strobic Air
Corporation  which was purchased using $3,529,338 of cash and the acquisition of
property,  plant and equipment amounting to $1,526,928,  offset by proceeds from
the sale of property and equipment amounting to $1,147,183.

Financing  activities  during the  nine-month  period  ended  October  31,  1997
utilized  $3,697,854  of  available  resources  compared  to  $591,932  for  the
nine-month period ended October 31, 1996. The 1997 activity is the result of the
payment of the annual  cash  dividend  amounting  to  $1,915,832,  reduction  of
long-term  debt  totalling  $1,187,691,  plus the  purchase  of  treasury  stock
totalling  $1,106,476,  offset by proceeds  from the  exercise of stock  options
totalling $512,145.

On February  24, 1997,  the Board of Directors  declared a $.27 per share annual
cash dividend (compared to the $.22 per share cash dividend paid in April, 1996,
as adjusted for a 3-for-2 stock split declared on June 5, 1996) payable on April
25, 1997 to  stockholders  of record on April 11, 1997. The dividend paid on the
Common Stock represented 31.4% of the prior fiscal year earnings.





                                      -10-


<PAGE>



                               MET-PRO CORPORATION


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


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


Other Matters:

On August 27, 1997,  the Company  announced  the  initiation  of a 150,000 share
stock  repurchase  program.  The stock  repurchase  program  of  100,000  shares
announced on November 19, 1996 has been completed. The stock repurchase programs
were initiated,  because in management's  view, the current stock price does not
reflect the true stock value.  Purchases  will be made from time to time in open
market  transactions at the prevailing  prices and in accordance with applicable
rules. The Company may discontinue this program at any time.

The Private  Securities  Litigation  Reform Act of 1995 provides a "safe harbor"
for forward-looking  statements.  Certain information  included in this document
and  other  materials  filed or to be filed  with the  Securities  and  Exchange
Commission (as well as information  included in oral or other written statements
made or to be made by the Company) contains statements that are forward-looking.
Such statements may relate to plans for future expansion,  business  development
activities, other capital spending,  financing, or the effects of regulation and
competition.  Such information  involves  important risks and uncertainties that
could significantly  affect anticipated results in the future and,  accordingly,
such results may differ from those expressed in any  forward-looking  statements
made by or on behalf of the Company.  These risks and uncertainties include, but
are not limited to, those relating to product development activities, dependence
on existing  management,  global economic and market conditions,  and changes in
federal or state laws.



























                                      -11-

<PAGE>

                               MET-PRO CORPORATION



PART II - OTHER INFORMATION


Item 6(b).  Reports on Form 8-K

    There were no reports on Form 8-K filed for the nine-month period ended
October 31, 1997.








                                   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)


November 19, 1997              /S/    William L. Kacin                         
                               -------------------------
                               William L. Kacin,
                               President,
                               Chief Executive Officer and Director

 
November 19, 1997              /S/    Gary J. Morgan                           
                               -------------------------
                               Gary J. Morgan,
                               Vice President of Finance,
                               Secretary and Treasurer, Chief
                               Financial Officer and Chief Accounting Officer
 

















                                      -12-