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


                       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: July 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 6,153,275 (as of July 31, 2001).

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


<PAGE>
                               MET-PRO CORPORATION


                                      INDEX


PART I - FINANCIAL INFORMATION
<TABLE>
<CAPTION>

   Item 1.    Financial Statements

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

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


PART II - OTHER INFORMATION

   Item 1.    Legal Proceedings.............................................................................. 13

   Item 2.    Changes in Securities and Use of Proceeds...................................................... 13

   Item 3.    Defaults Upon Senior Securities................................................................ 13

   Item 4.    Submissions of Matters to a Vote of Security Holders........................................... 13

   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>

                                                                                 July 31,            January 31,
ASSETS                                                                             2001                 2001
----------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>                  <C>
Current assets
     Cash and cash equivalents                                                  $8,609,876           $8,510,045
     Accounts receivable, net of allowance for doubtful
         accounts of approximately $269,000 and
         $218,000, respectively                                                 13,459,230           14,208,689
     Inventories - Note 3                                                       14,050,983           13,085,969
     Prepaid expenses, deposits and other current assets                         1,305,026              958,722
     Deferred income taxes                                                         648,834              648,834
----------------------------------------------------------------------------------------------------------------
               Total current assets                                             38,073,949           37,412,259

Property, plant and equipment, net                                              13,211,051           13,009,247
Costs in excess of net assets of businesses acquired, net                       18,028,619           18,276,472
Other assets                                                                       409,162              453,363
----------------------------------------------------------------------------------------------------------------
               Total assets                                                    $69,722,781          $69,151,341
================================================================================================================

LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------------------------------------------------------------------------------
Current liabilities
     Current portion of long-term debt                                          $1,424,985           $1,833,014
     Accounts payable                                                            4,281,157            4,284,687
     Accrued salaries, wages and expenses                                        4,836,128            5,704,372
     Payroll and other taxes payable                                                33,764                8,808
     Dividend payable                                                              523,010              517,669
     Customers' advances                                                           544,694              609,445
----------------------------------------------------------------------------------------------------------------
               Total current liabilities                                        11,643,738           12,957,995

Long-term debt                                                                   7,500,000            8,100,000
Other non-current liabilities                                                      543,601              499,395
Deferred income taxes                                                              518,323              532,585
----------------------------------------------------------------------------------------------------------------
               Total liabilities                                                20,205,662           22,089,975
----------------------------------------------------------------------------------------------------------------

Stockholders' equity
      Common stock, $.10 par value; 18,000,000 shares
          authorized, 7,213,068 and 7,206,583 shares issued,
          of which 1,059,793 and 1,116,428 shares were reacquired
          and held in treasury at the respective dates                             721,307              720,658
      Additional paid-in capital                                                 7,808,481            8,139,799
      Retained earnings                                                         54,326,793           51,880,800
      Accumulated other comprehensive loss                                        (663,754)            (491,163)
      Treasury stock, at cost                                                  (12,675,708)         (13,188,728)
----------------------------------------------------------------------------------------------------------------
               Total stockholders' equity                                       49,517,119           47,061,366
----------------------------------------------------------------------------------------------------------------
               Total liabilities and stockholders' equity                      $69,722,781          $69,151,341
================================================================================================================
</TABLE>
See accompanying notes to consolidated financial statements.

                                      -2-
<PAGE>
                              MET-PRO CORPORATION

                      CONSOLIDATED STATEMENT OF OPERATIONS

                                   (unaudited)

<TABLE>
<CAPTION>
                                                     Six Months Ended                              Three Months Ended
                                                          July 31,                                      July 31,
                                              2001                   2000                      2001                  2000
-----------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>                    <C>                       <C>                   <C>
Net sales                                 $37,927,825            $40,509,159               $20,371,781           $20,258,228

Cost of goods sold                         24,581,365             26,589,021                13,442,979            13,115,646
-----------------------------------------------------------------------------------------------------------------------------
Gross profit                               13,346,460             13,920,138                 6,928,802             7,142,582

Operating expenses
   Selling                                  3,677,916              3,689,034                 1,834,209             1,877,455
   General and administrative               4,073,046              4,295,042                 2,160,159             2,177,998
-----------------------------------------------------------------------------------------------------------------------------
                                            7,750,962              7,984,076                 3,994,368             4,055,453
-----------------------------------------------------------------------------------------------------------------------------
Income from operations                      5,595,498              5,936,062                 2,934,434             3,087,129

Interest expense                             (290,997)              (360,681)                 (139,928)             (175,850)
Other income, net                             194,919                225,884                   108,542               128,909
-----------------------------------------------------------------------------------------------------------------------------
Income before taxes                         5,499,420              5,801,265                 2,903,048             3,040,188
Provision for taxes                         2,007,286              2,117,462                 1,046,629             1,109,669
-----------------------------------------------------------------------------------------------------------------------------
Net income                                 $3,492,134             $3,683,803                $1,856,419            $1,930,519
=============================================================================================================================

Earnings per share, basic (1)                    $.57                   $.59                      $.30                  $.31

Earnings per share, diluted (2)                  $.57                   $.59                      $.30                  $.31

Cash dividend per share - declared (3)           $.17                   $.16                     $.085                  $.08

Cash dividend per share - paid (3)               $.17                   $.16                     $.085                  $.08
=============================================================================================================================
</TABLE>


     (1)  Basic earnings per share are based upon the weighted average number of
          shares outstanding of 6,124,960 and 6,217,327 in the six-month periods
          ended  July  31,  2001  and  2000,  respectively,  and  6,118,371  and
          6,248,061  in  three-month  periods  ended  July 31,  2001  and  2000,
          respectively.

     (2)  Diluted earnings per share are based on the weighted average number of
          shares outstanding of 6,174,866 and 6,230,215 in the six-month periods
          ended  July  31,  2001  and  2000,  respectively,  and  6,170,706  and
          6,259,884  in the  three-month  periods  ended July 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 and  September  10,  2001 to
          stockholders  of record as of  February  23,  2001,  May 25,  2001 and
          August 31, 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     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                                                              3,492,134
   Foreign currency translation                                                           (172,591)
       Total comprehensive income                                                                                         3,319,543

Dividends paid, $.085 per share                                             (523,131)                                      (523,131)
Dividends declared, $.085 per share                                         (523,010)                                      (523,010)

Proceeds from issuance of
   common stock under dividend
   reinvestment plan (6,485
   shares)                                        649         74,360                                                         75,009

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


Purchase of 69,390 shares of
    treasury stock                                                                                         (984,911)       (984,911)
------------------------------------------------------------------------------------------------------------------------------------

Balances, July 31, 2001                      $721,307     $7,808,481     $54,326,793     ($663,754)    ($12,675,708)    $49,517,119
====================================================================================================================================


                                                                                       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                                                              3,683,803
   Foreign currency translation                                                           (103,790)
       Total comprehensive income                                                                                         3,580,013

Dividends paid, $.08 per share                                              (489,000)                                      (489,000)
Dividends declared, $.08 per share                                          (486,849)                                      (486,849)

Proceeds from issuance of
   common stock under dividend
   reinvestment plan (8,779
   shares)                                        878         79,230                                                         80,108

Purchase of 314,412 shares of
   treasury stock                                                                                        (2,978,555)     (2,978,555)
------------------------------------------------------------------------------------------------------------------------------------

Balances, July 31, 2000                      $719,797     $8,053,103     $48,795,430     ($507,783)    ($13,148,497)    $43,912,050
====================================================================================================================================
</TABLE>
See accompanying notes to consolidated financial statements.

                                      -4-
<PAGE>
                              MET-PRO CORPORATION

                      CONSOLIDATED STATEMENT OF CASH FLOWS

                                   (unaudited)

<TABLE>
<CAPTION>
                                                                                     Six Months Ended
                                                                                          July 31,
                                                                                 2001                 2000
--------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                  <C>
                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

Cash flows from operating activities
   Net Income                                                                 $3,492,134           $3,683,803
   Adjustments to reconcile net income to net
          cash provided by operating activities:
       Depreciation and amortization                                           1,022,172            1,109,145
       Deferred income taxes                                                     (14,250)             (14,249)
       (Gain) loss on sale of property and equipment, net                         (9,254)               5,963
       Allowance for doubtful accounts                                            50,946              (35,167)
       (Increase) decrease in operating assets
          Accounts receivable                                                    633,640              (37,552)
          Inventories                                                         (1,025,646)             113,833
          Prepaid expenses and other current assets                             (275,073)             362,324
          Other assets                                                            (4,344)              34,422
        Increase (decrease) in operating liabilities
          Accounts payable, accrued expenses and taxes                          (891,814)              37,843
          Customers' advances                                                    (64,751)             539,278
          Other non-current liabilities                                           44,206               41,832
--------------------------------------------------------------------------------------------------------------
        Net cash provided by operating activities                              2,957,966            5,841,475
--------------------------------------------------------------------------------------------------------------

Cash flows from investing activities
   Proceeds from sales of property and equipment                                  66,171                2,000
   Acquisitions of property and equipment                                     (1,018,332)            (408,949)
--------------------------------------------------------------------------------------------------------------
        Net cash (used in) investing activities                                 (952,161)            (406,949)
--------------------------------------------------------------------------------------------------------------

Cash flows from financing activities
   Reduction of debt                                                          (1,008,029)          (1,003,317)
   Exercise of stock options                                                   1,092,253                   --
   Payment of dividends                                                         (965,791)            (920,191)
   Purchase of treasury shares                                                  (984,911)          (2,978,555)
--------------------------------------------------------------------------------------------------------------
        Net cash (used in) financing activities                               (1,866,478)          (4,902,063)
--------------------------------------------------------------------------------------------------------------

Effect of exchange rate changes on cash                                          (39,496)             (15,603)
--------------------------------------------------------------------------------------------------------------

Net increase in cash and cash equivalents                                         99,831              516,860

Cash and cash equivalents at February 1                                        8,510,045            6,331,556
--------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at July 31                                          $8,609,876           $6,848,416
==============================================================================================================
</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
July 31, 2001 and the results of operations  for the  six-month and  three-month
periods ended July 31, 2001 and 2000,  and changes in  stockholders'  equity and
cash flows for the six-month  periods then ended.  The results of operations for
the  six-month  and  three-month  periods  ended July 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:


                                                     July 31,      January 31,
                                                       2001           2001
                                                  -------------  -------------
Raw materials                                       $8,343,930     $7,770,874
Work in progress                                     1,689,860      1,573,802
Finished goods                                       4,017,193      3,741,293
                                                  -------------  -------------
                                                   $14,050,983    $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:


                                                    Six Months Ended July 31,
                                                       2001           2000
                                                  -------------  -------------
Cash paid during the period for:
     Interest                                         $293,585       $230,042
     Income taxes                                   $1,958,655     $1,586,183




                                      -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>
                                                                           Six Months Ended July 31,
                                                                           2001                 2000
                                                                       ---------------------------------
<S>                                                                    <C>                  <C>
  Net sales
     Product recovery/pollution control equipment                      $24,204,834          $25,940,266
     Fluid handling equipment                                           13,722,991           14,568,893
                                                                       ------------         ------------
                                                                       $37,927,825          $40,509,159
                                                                       ============         ============

  Income from operations
     Product recovery/pollution control equipment                       $3,209,024           $3,257,483
     Fluid handling equipment                                            2,386,474            2,678,579
                                                                        -----------         ------------
                                                                        $5,595,498           $5,936,062
                                                                        ===========         ============


                                                                          July 31,          January 31,
                                                                           2001                 2000
                                                                       ---------------------------------
 Identifiable assets
     Product recovery/pollution control equipment                      $41,298,389          $40,274,449
     Fluid handling equipment                                           18,903,957           18,785,577
                                                                       ------------         ------------
                                                                        60,202,346           59,060,026
     Corporate                                                           9,520,435           10,091,315
                                                                       ------------         ------------
                                                                       $69,722,781          $69,151,341
                                                                       ============         ============
</TABLE>



NOTE 6 - 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) establishing specific
criteria 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. As a result,
amortization of existing goodwill will cease as of January 31, 2002.



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>
                              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 July  31,  2001  and the
related consolidated statements of operations, for the six-month and three-month
periods ended July 31, 2001 and 2000 and stockholders' equity and cash flows for
the six-month  periods ended July 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
August 16, 2001



                                      -8-
<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 six 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>
                                              Six Months Ended                         Three Months Ended
                                                   July 31,                                  July 31,

                                          2001                2000                 2001                   2000
   --------------------------------------------------------------------------------------------------------------
<S>                                       <C>                 <C>                  <C>                    <C>
   Net sales                              100.0%              100.0%               100.0%                 100.0%
   Cost of goods sold                      64.8%               65.6%                66.0%                  64.7%
   --------------------------------------------------------------------------------------------------------------
   Gross profit                            35.2%               34.4%                34.0%                  35.3%

   Selling                                  9.7%                9.1%                 9.0%                   9.3%
   General and administrative              10.7%               10.6%                10.6%                  10.7%
   --------------------------------------------------------------------------------------------------------------
   Income from operations                  14.8%               14.7%                14.4%                  15.3%

   Interest expense                         (.8%)               (.9%)                (.7%)                  (.9%)
   Other income, net                         .5%                 .5%                  .5%                    .6%
   --------------------------------------------------------------------------------------------------------------
   Income before taxes                     14.5%               14.3%                14.2%                  15.0%
   Provision for taxes                      5.3%                5.2%                 5.1%                   5.5%
   --------------------------------------------------------------------------------------------------------------
   Net income                               9.2%                9.1%                 9.1%                   9.5%
   ==============================================================================================================
</TABLE>

Six Months Ended July 31, 2001 vs Six Months Ended July 31, 2000

Net sales for the six-month period ended July 31, 2001 were $37,927,825 compared
to  $40,509,159  for the  six-month  period  ended July 31,  2000, a decrease of
$2,581,334 or 6.3%. Sales in the Product  Recovery/Pollution  Control  Equipment
segment were  $24,204,834  or $1,735,432  lower than the six-month  period ended
July 31, 2000 due to lower demand for our product recovery  equipment.  Sales in
the Fluid Handling Equipment segment were $13,722,991 or $845,902 lower compared
to the six-month  period ended July 31, 2000 due  primarily to decreased  demand
for our specialty pump equipment.  We believe that the decreased  demand in both
business segments is attributed to a slowing economy.

Backlog at July 31, 2001  totaled  $9,947,194  compared to  $14,268,534  for the
period ended July 31,  2000.  In  addition,  at July 31,  2001,  the Company had
$4,052,676  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 $3,323,362 at the period ended July 31, 2000.

Net income for the six-month period ended July 31, 2001 was $3,492,134  compared
to  $3,683,803  for the  six-month  period  ended July 31,  2000,  a decrease of
$191,669 or 5.2%. 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  six-month  period ended July 31, 2001 was 35.2% versus
34.4%  for the same  period  in the  prior  year  due to  higher  gross  margins
experienced in the Product Recovery/Pollution Control Equipment segment.

Selling  expense  decreased  $11,118 during the six-month  period ended July 31,
2001 compared to the same period last year.  Selling  expense as a percentage of
net sales was 9.7% for the six-month period ended July 31, 2001 compared to 9.1%
for the six-month period ended July 31, 2000.






                                      -9-
<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 $4,073,046 for the six-month period ended
July 31, 2001 compared to  $4,295,042  for the same period last year, a decrease
of $221,996. General and administrative expense as a percentage of net sales was
10.7% for the  six-month  period  ended July 31, 2001  compared to 10.6% for the
same period last year.

Interest  expense was  $290,997  for the  six-month  period  ended July 31, 2001
compared  to $360,681  for the same  period in the prior year,  or a decrease of
$69,684. The reduction is the result of reduced borrowings.

Other income,  net,  decreased  $30,965 for the six-month  period ended July 31,
2001 compared to the six-month periods ended July 31, 2000.

The effective  tax rate for the  six-month  periods ended July 31, 2000 and 2001
was 36.5%.


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

Net  sales for the  three-month  period  ended  July 31,  2001 were  $20,371,781
compared to  $20,258,228  for the  three-month  period ended July 31,  2000,  an
increase of $113,553. Sales in the Product  Recovery/Pollution Control Equipment
segment were  $13,843,124 or $952,241 higher than the  three-month  period ended
July 31, 2000. Sales in the Fluid Handling  Equipment segment were $6,528,657 or
$838,688 lower compared to the three-month period ended July 31, 2000.

Net  income  for the  three-month  period  ended  July 31,  2001 was  $1,856,419
compared  to  $1,930,519  for the  three-month  period  ended July 31,  2000,  a
decrease of $74,100 or 3.8%.  The decrease in net income is related to the lower
sales volume in the Fluid Handling  Equipment segment for the three-month period
ended July 31, 2001.

The gross  margin  for the  three-month  period  ended  July 31,  2001 was 34.0%
compared to 35.3% for the same period  last year.  The  decrease is due to lower
sales experienced in the Fluid Handling Equipment segment.

Selling expenses  decreased $43,246 during the three-month period ended July 31,
2001  compared  to the same  period  last year.  As a  percentage  of net sales,
selling expense decreased to 9.0% for the three-month period ended July 31, 2001
from 9.3% for the three-month period ended July 31, 2000.

General and  administrative  expense was $2,160,159 for the  three-month  period
ended July 31, 2001 compared to $2,177,998 for the three-month period ended July
31,  2000,  a decrease of $17,839.  General and  administrative  expense for the
three-month period ended July 31, 2001 was 10.6% of net sales, compared to 10.7%
of net sales for the same period last year.

Interest  expense was  $139,928 for the  three-month  period ended July 31, 2001
compared  to $175,850  for the same  period in the prior year,  or a decrease of
20.4%.

Other income,  net,  decreased $20,367 for the three-month period ended July 31,
2001 compared to the three-month period ended July 31, 2000.

The effective tax rate for the three-month  period ended July 31, 2001 was 36.1%
compared to 36.5% for the three-month period ended July 31, 2000.


Liquidity:

The  Company's  cash and  cash  equivalents  were  $8,609,876  on July 31,  2001
compared to  $8,510,045  on January  31,  2001,  an  increase  of $99,831.  This
increase is the net result of the following occurring during this six-month

                                      -10-
<PAGE>

                              MET-PRO CORPORATION


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

period:  cash flows  provided by operating  activities of  $2,957,966,  proceeds
received from the exercise of stock  options  totaling  $1,092,253  and proceeds
received from the sale of equipment amounting to $66,171,  offset by the payment
of quarterly cash  dividends  amounting to $965,791 (net of $75,009 of dividends
utilized by stockholders  for stock  purchases  under the Dividend  Reinvestment
Plan),  payments on long-term debt totalling  $1,008,029,  purchases of treasury
stock amounting to $984,911,  investment in property and equipment  amounting to
$1,018,332  and exchange rate changes of $39,496.  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 $13,459,230 on July 31, 2001 compared to
$14,208,689 on January 31, 2001,  which  represents a decrease of $749,459.  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 $14,050,983 on July 31, 2001 compared to $13,085,969 on January
31, 2001, an increase of $965,014.  Inventory balances fluctuate  depending upon
market demand, the size and timing of orders, and varying lead times required.

Current  liabilities  amounted  to  $11,643,738  on July 31,  2001  compared  to
$12,957,995  on January 31,  2001,  a decrease  of  $1,314,257.  A reduction  in
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
presently foresees no change in this situation in the immediate future.


Capital Resources and Requirements:

Cash flows provided by operating  activities for the six-month period ended July
31, 2001  amounted to  $2,957,966,  compared with  $5,841,475  for the six-month
period  ended July 31,  2000, a decrease of  $2,883,509.  This  decrease in cash
flows  from  operating  activities  was  due  principally  to  the  increase  in
inventories  and prepaid  expenses  and a decrease in accrued  expenses  for the
period ended July 31, 2001.

Cash flows used in investing  activities for the six-month period ended July 31,
2001 amounted to $952,161, compared with $406,949 for the six-month period ended
July 31, 2000. The Company's  investing  activities  principally  consist of the
acquisitions of property, plant and equipment in the two operating segments.

Financing  activities  for the  six-month  period  ended July 31, 2001  utilized
$1,866,478  of available  resources  compared to  $4,902,063  for the  six-month
period  ended July 31, 2000.  The 2001  activity is the result of the payment of
quarterly  cash  dividends  amounting  to $965,791  (net of $75,009 of dividends
utilized for stock purchases under the Dividend Reinvestment Plan), reduction of
long-term debt totaling $1,008,029,  and the purchase of treasury stock totaling
$984,911, offset by proceeds received by the exercise of stock options amounting
to $1,092,253.

The Company paid $1,008,029 of scheduled debt during the six-month  period ended
July 31,  2001.  The  percentage  of  long-term  debt to equity at July 31, 2001
decreased to 15.1% 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, and September 10, 2001 to stockholders of record
as of February 23, 2001, May 25, 2001, and August 31, 2001, respectively.


                                      -11-
<PAGE>

                              MET-PRO CORPORATION


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

During the six-month period ended July 31, 2001 the Company  repurchased a total
of 69,390  shares  under the 350,000  share  repurchase  program  authorized  on
February 21, 2000,  at a cost of  $984,911,  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,  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.





                                      -12-
<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

The annual meeting of the Company's  stockholders  was held on June 20, 2001. At
that  meeting,  three  proposals  were  submitted  to a vote  of  the  Company's
stockholders.  Proposal 1 was a proposal to elect two Directors (with William L.
Kacin and  Nicholas  DeBenedictis  being the  nominees)  to serve until the 2004
Annual  Meeting of  Stockholders.  Proposal 2 was to approve the adoption of the
Met-Pro  Corporation Year 2001 Equity  Incentive Plan.  Proposal 3 was to ratify
the  selection  of  Margolis & Company  P.C.  as  independent  certified  public
accountants for the Company's fiscal year ending January 31, 2002.

At the close of business on the record date for the meeting (which was April 30,
2001),  there were 6,099,365 shares of common stock  outstanding and entitled to
be  voted  at  the  meeting.   Holders  of  5,731,333  shares  of  common  stock
(representing  a like number of votes) were  present at the  meeting,  either in
person or by proxy.

The  following  table  sets  forth  the  results  of the  voting  on each of the
proposals:

<TABLE>
<CAPTION>

                                                                                          Number of Votes

Proposals                                                              For           Against         Abstain         Unvoted
-------------------------------------------------------------------------------------------------------------------------------
<S>                                                                  <C>              <C>             <C>           <C>
Proposal 1 - Election of Directors
                   William L. Kacin                                  5,416,897         314,436              --              --
                   Nicholas DeBenedictis                             5,515,431         215,902              --              --
-------------------------------------------------------------------------------------------------------------------------------
Proposal 2 - Adoption of Met-Pro Corporation Year 2001
                 Equity Incentive Plan                               3,167,293         467,861         156,241       1,939,938
-------------------------------------------------------------------------------------------------------------------------------
Proposal 3 - Selection of Margolis
                 & Company P.C.                                      5,626,528          40,780          20,972          43,053
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Consequently, all proposals were adopted by the stockholders.

                                      -13-
<PAGE>
                              MET-PRO CORPORATION



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  six-month  period
          ended July 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)




August 30, 2001                     /s/ William L. Kacin
                                    --------------------------------------------
                                    William L. Kacin,
                                    Chairman, President and
                                    Chief Executive Officer




August 30, 2001                     /s/ Gary J. Morgan
                                    --------------------------------------------
                                    Gary J. Morgan,
                                    Vice President  of  Finance,
                                    Secretary and Treasurer, Chief
                                    Financial Officer, Chief Accounting
                                    Officer and Director











                                      -15-