----

**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-K/A**

**Amendment      No. 1**

**[      X ] ANNUAL 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**

**MET-PRO      CORPORATION**

| **Pennsylvania**                                        |   | **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)          |

|                                                    |   | **Name                of each exchange on** |
|---------------------------------------------------------|--------|---------------------------------------------|
| **Title                of each class**                  |   | **which                registered**         |
| Common                Shares, par value $0.10 per share |   | New                York Stock Exchange      |

| Common                Shares, par value $0.10 per share |   |   |
|---------------------------------------------------------|--------|--------|
| (Title                of Class)                         |   |   |

| Indicate                  by check mark if the registrant is a well-known seasoned issuer,                  as                  defined in Rule 405 of the Securities Act. Yes [    ] No [                  X ]                                                                                                                                                                                                                                                                                                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Indicate                  by check mark if the registrant is not required to file reports                  pursuant                  to Section 13 or Section 15(d) of the Exchange Act. Yes                  [    ] No [ X ]                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 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 (or for such shorter period that                  the                  Registrant was required to file such reports), and (2) has been                  subject to                  such filing requirements for the past 90 days. Yes [ X ] No [                     ] |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Indicate                  by check mark if disclosure of delinquent filers pursuant to Item                  405 of                  Regulation S-K is not contained herein, and will not be contained,                  to the                  best of the Registrant’s knowledge, in definitive proxy or information                  statements incorporated by reference in Part III of the Form 10-K/A                  or any                  amendment to this Form 10-K/A. [ X ]                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Indicate                  by check mark whether the registrant is a large accelerated filer,                  an                  accelerated filer or a non-accelerated filer. See definition of                  “accelerated filer and large accelerated filer” in Rule 12b-2 under the                  Exchange Act. Large accelerated filer [                     ] Accelerated filer [ X ] Non-accelerated filer [                     ]                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Indicate                  by check mark whether the Registrant is a shell company (as defined                  in                  Rule 12b-2 of the Exchange Act). Yes [    ] No [ X                  ]                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| State                  the aggregate market value                  of the voting and non-voting common equity held by non-affiliates                  computed                  by reference to the price at which the common equity was last sold,                  or the                  average of the bid and asked price of such common equity, as of                  the last                  business day of the registrant’s most recently completed second fiscal                  quarter: $123,110,289.                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| The                  number of Registrant’s outstanding Common Shares was 11,204,577 as of                  April 13, 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                     |

**DOCUMENTS      INCORPORATED BY REFERENCE**

|                                                                                                                                        | **Form                10-K/A** |
|----------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|
|                                                                                                                                   | **Part                Number** |
| Portions                of Registrant’s Definitive Proxy Statement filed pursuant to Regulation                14A in connection |                           |
| with                Registrant’s Annual Meeting of Shareholders to be held on June 7,                2006                   | III                            |

----

Index

----

**Explanatory      Note**

Index

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**FORM      10-K/A**

**Index**

|                          |   | Page   |
|-------------------------------|--------|--------|
|                          |   |   |
| **PART                    I** |   |   |

|   | Item                      1.  | Business                                                                                      | 1  |
|--------|-------------------------------|-----------------------------------------------------------------------------------------------|----|
|   |                          | Executive                      Officers of the                      Registrant                | 6  |
|   | Item                      1A. | Risk                      Factors                                                             | 7  |
|   | Item                      1B. | Unresolved                      Staff                      Comments                           | 9  |
|   | Item                      2.  | Properties                                                                                    | 10 |
|   | Item                      3.  | Legal                      Proceedings                                                        | 11 |
|   | Item                      4.  | Submission                      of Matters to a Vote of Security                      Holders | 11 |

|                           |   |   |   |
|--------------------------------|--------|--------|--------|
| **PART                    II** |   |   |

|   | Item                    5.  | Market                    for the Registrant’s Common Equity, Related                    Shareholder Matters and Issuer                    Purchases of Equity                    Securities  | 12     |
|--------|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   | Item                    6.  | Selected                    Financial Data                                                                                                                                                               | 14     |
|   | Item                    7.  | Management’s                    Discussion and Analysis of Financial                    Condition and Results of Operations                                                                        | 15     |
|   |                   | Forward-Looking                    Statements; Factors That May                    Affect Future Results                                                                                                      | 21     |
|   | Item                    7A. | Quantitative                    and Qualitative Disclosure About Market                    Risks                                                                                                              | 21     |
|   | Item                    8.  | Financial                    Statements and Supplementary                    Data                                                                                                                             | 22     |
|   | Item                    9.  | Changes                    in and Disagreements with Accountants on                    Accounting and Financial Disclosure                                                                                    | 49     |
|   | Item                    9A. | Controls                    and Procedures                                                                                                                                                                    | 49     |
|   | Item                    9B. | Other                    Information                                                                                                                                                                          | 50     |
|   |                        |                                                                                                                                                                                                          |   |

| **PART                    III** |   |   |
|---------------------------------|--------|--------|

|   | Item                      10. | Directors                      and Executive Officers of the                      Registrant                                             | 50     |
|--------|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   | Item                      11. | Executive                      Compensation                                                                                              | 50     |
|   | Item                      12. | Security                      Ownership of Certain Beneficial Owners and                      Management and Related Stockholder Matters | 50     |
|   | Item                      13. | Certain                      Relationships and Related                      Transactions                                                 | 50     |
|   | Item                      14. | Principal                      Accountant Fees and                      Services                                                         | 51     |
|   |                          |                                                                                                                                     |   |

| **PART                    IV** |   |   |
|--------------------------------|--------|--------|

|   | Item                    15. | Exhibits                    and Financial Statement                    Schedules | 51 |
|--------|-----------------------------|----------------------------------------------------------------------------------|----|

|           |   |   |   |
|----------------|--------|--------|--------|
| **SIGNATURES** |   | 54     |

Index

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|  **FACTORS                    THAT MAY AFFECT FUTURE RESULTS** Met-Pro’s                      prospects are subject to certain uncertainties and risks. This                      Annual                      Report on Form 10-K/A also contains certain forward-looking                      statements                      within the meaning of the Federal securities laws. Met-Pro’s future                      results may differ materially from its current results and                      actual results                      could differ materially from those projected in the forward-looking                      statements, perhaps for reasons described in “Risk Factors”, and perhaps                      for other unanticipated reasons. *Readers                      should pay particular attention to the considerations described                      in the                      section of this report entitled “Management’s Discussion and Analysis of                      Financial Condition and Results of Operations - Forward-Looking                      Statements; Factors That May Affect Future Results.”*Readers                      should also carefully review the risk factors identified in                      this Annual                      Report and in other documents Met-Pro files from time to time                      with the                      Securities and Exchange                      Commission. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**PART            I**

**Item      1.   *****Business      (Restated):***

*General:*

*www.met-pro.com*
*.*

*www.met-pro.com*
* *
*www.met-pro.com*

*Products,      Services and Markets:*

Index

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*Product      Recovery/Pollution Control Equipment Reporting Segment:*

*Fluid      Handling Equipment Reporting Segment:*

Index

----

*Filtration      and Purification Segment*

*United      States Sales versus Foreign Sales:*

** **

|                                     | **                  Percentage of Net Sales**                   |
|------------------------------------------|---------------------------------------------------------------------------|
|                                     | **                    Fiscal Year Ended January 31,** |
|                                     | **2006**                                                                  |   | **2005** |   | **2004** |   |
| United                States   | 75.3                                                                      | % | 78.6 | % | 82.6 | % |
| Foreign                                  | 24.7                                                                      | % | 21.4 | % | 17.4 | % |
| Net                Sales                 | 100.0                                                                     | % | 100.0 | % | 100.0 | % |

Index

----

*Customers:*

*Seasonality:*

*Competition:*

*Research      and Development:*

*Patents      and Trademarks:*

*Regulatory      Matters:*

Index

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*Backlog:*

*Raw      Materials:*

*Employees:*

*Foreign      Operations:*

*New      York Stock Exchange and Securities and Exchange Commission      Certifications:*

Index

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*Executive        Officers of the        Registrant:*

Index

----

**Item        1A. *****Risk        Factors:***

| ***We                sell our products in highly competitive markets, which puts pressure                on                our profit margins and limits our ability to maintain or increase                the                market share of our                products.*** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ***If                we fail to comply with the requirements of Section 404 of the                Sarbanes-Oxley Act of 2002, our business prospects and stock valuation                could be adversely                affected.*** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ***We                are party to asbestos-containing product litigation that could adversely                affect our financial condition, results of operations and cash                flows.*** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Index

----

| ***If                we are unable to obtain raw materials at favorable prices, our operating                margins and results of operations will be adversely                affected.*** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ***Significant                changes in pension fund investment performance or assumptions relating                to                pension costs may have a material effect on the valuation of our                obligations under our defined benefit pension plans, the funded status                of                these plans and our pension                expense.*** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ***We                may incur material costs as a result of product liability and warranty                claims, which could adversely affect our financial condition, results                of                operations and cash                flows.*** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Natural      or man-made disasters could negatively affect our business.***

***We      plan to expand the international distribution and manufacturing of our products,      which will subject us to additional business risks.***

| ·   | export                and import restrictions, tax consequences and other trade barriers, |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | currency                fluctuations, |
|--------------------|---------------------------------------|

| ·   | greater                difficulty in accounts receivable collections, |
|--------------------|-----------------------------------------------------------------------|

| ·   | economic                and political instability, |
|--------------------|----------------------------------------------------|

| ·   | foreign                exchange controls that prohibit payment in U.S. dollars, and |
|--------------------|-------------------------------------------------------------------------------------|

| ·   | increased                complexity and costs of managing and staffing international operations. |
|--------------------|--------------------------------------------------------------------------------------------------|

Index

----

***Our      products could infringe the intellectual property rights of others and we may      be      exposed to costly litigation.***

***Our      ability to operate our Company effectively could be impaired if we fail to      attract and retain key personnel.***

***If      our goodwill or indefinite-lived intangible assets become impaired, we may      be      required to record a significant charge to earnings.***

***Changes      in accounting may affect our reported earnings.***

***Additional      Risks to the Company.***

*Forward-Looking      Statements; Factors That May Affect Future Results *

**Item      1B.   *****Unresolved      Staff Comments:***

Index

----

**Item        2.  *****Properties:***

| **          ****Name** | **        ****Structure** |   | **  ****Property/Location**             | **Status** |
|--------------------------------------------------------------------------|-------------------------------------------------------------------|--------|---------------------------------------------------|------------|
| Executive                Offices,                                        | 73,000                square foot, cement                         |   | 17                acres in Harleysville,          | Owned      |
| International                Division,                                   | building,                with finestone facing                    |   | Pennsylvania                                      |       |
| and                Strobic Air Corporation                               |                                                              |   |                                              |       |
|                                                                     |                                                              |   |                                              |       |
| Sethco                and Fybroc Divisions                               | 93,500                square foot, cement                         |   | 8                acres in Telford,                | Owned(1)   |
|                                                                     | building                with brick facing                         |   | Pennsylvania                                      |       |
|                                                                     |                                                              |   |                                              |       |
| Keystone                Filter Division                                  | 31,000                square foot, cement                         |   | 2.3                acres in Hatfield,             | Owned      |
|                                                                     | block                building                                     |   | Pennsylvania                                      |       |
|                                                                     |                                                              |   |                                              |       |
| Systems                Division                                          | 3,375                square foot,                                 |   | Kulpsville,                Pennsylvania           | Leased(2)  |
|                                                                     | brick                building                                     |   |                                              |       |
|                                                                     |                                                              |   |                                              |       |
| Dean                Pump Division                                        | 66,000                square foot, metal                          |   | 17.1                acres in                      | Owned      |
|                                                                     | building                                                          |   | Indianapolis,                Indiana              |       |
|                                                                     |                                                              |   |                                              |       |
| Duall                Division                                            | 63,000                square foot, metal                          |   | 7                acres in Owosso,                 | Owned      |
| and                Mefiag Division                                       | and                masonry building                               |   | Michigan                                          |       |
|                                                                     |                                                              |   |                                              |       |
| Pristine                Water Solutions Inc.                             | 22,000                square foot, cement                         |   | 2.55                acres in                      | Owned      |
|                                                                     | block                building                                     |   | Waukegan,                Illinois                 |       |
|                                                                     |                                                              |   |                                              |       |
|                                                                     | 600                square foot                                    |   | Minot,                North Dakota                | Leased(3)  |
|                                                                     | warehouse                facility                                 |   |                                              |       |
|                                                                     |                                                              |   |                                              |       |
| Flex-Kleen                Division                                       | 13,760                square foot, brick                          |   | Itasca,                Illinois                   | Leased(4)  |
|                                                                     | building                                                          |   |                                              |       |
|                                                                     |                                                              |   |                                              |       |
|                                                                     | 37,320                square foot, metal                          |   | Sharpsburg,                North Carolina         | Leased(5)  |
|                                                                     | building                                                          |   |                                              |       |
|                                                                     |                                                              |   |                                              |       |
| Mefiag                B.V.                                               | 34,000                square foot, metal                          |   | 1.1                acres in                       | Owned      |
|                                                                     | and                masonry building                               |   | Heerenveen,                The Netherlands        |       |
|                                                                     |                                                              |   |                                              |       |
|                                                                     | Vacant                land                                        |   | 3                acres in                         | Owned      |
|                                                                     |                                                              |   | Heerenveen,                The Netherlands        |       |
|                                                                     |                                                              |   |                                              |       |
| Mefiag                (Guangzhou) Filter                                 | 11,000                square foot cement                          |   | Guangzhou,                People’s Republic | Leased(6)  |
| Systems                Ltd.                                              | building                                                          |   | of                China                           |       |
|                                                                     |                                                              |   |                                              |       |
| Flex-Kleen                Canada Inc.                                    | 3,187                square foot, masonry                         |   | Barrie,                Ontario, Canada            | Leased(7)  |
|                                                                     | building                                                          |   |                                              |       |

| (1) | We                are in the midst of completing a 47,000 square foot addition to this                facility; the reference to 93,500 square feet includes this                addition.      |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Systems                Division’s lease for the Sales and Engineering facility in Kulpsville,                Pennsylvania is on a month to month basis.                                   |
| (3) | Pristine                Water Solutions Inc.’s lease for the warehouse in Minot, North Dakota is                on a month to month basis.                                                |
| (4) | Flex-Kleen                Division’s lease for the operation in Itasca, Illinois expires on December                31, 2007.                                                             |
| (5) | Flex-Kleen                Division’s lease for the warehouse in Sharpsburg, North Carolina is on a                month to month basis.                                                   |
| (6) | Mefiag                (Guangzhou) Filter Systems Ltd’s lease for the operation in Guangzhou,                People’s Republic of China expires on December 31,                2006. |
| (7) | Flex-Kleen                Canada Inc.’s lease for the sales and warehouse facility in Barrie,                Ontario, Canada expires on February 28,                2007.                 |

Index

----

**Item        3.   *****Legal        Proceedings:***

*Certain      of the statements made in this Item 3 (and elsewhere in this Report) are“forward-looking” statements which are subject to the considerations set forth      in “Forward-Looking Statements; Factors That May Affect Future Results” located      in the Management’s Discussion and Analysis of Financial Condition and Results      of Operations section of this Report, and we refer you to these      considerations.*

**Item      4.  *****Submission      of Matters to a Vote of Security Holders:***

Index

----

**PART        II**

**Item      5.*****Market      for the Registrant’s Common Equity, Related Shareholder Matters and Issuer      Purchases of Equity Securities:***

*Market      Information*

|                                                           |      | **Quarter                ended** |     |
|----------------------------------------------------------------|-----------|----------------------------------|----------|
| **Year                ended January 31, 2006**                 | **April** |                             | **July** |   | **October** |   | **January** |
|                                                           |      |                             |     |   |   |   |   |
| **Price                range of common shares:**               |      |                             |     |   |   |   |   |
| **                    High**               | $10.49    |                             | $11.48   |   | $11.95 |   | $13.10 |
| **                    Low**                | 9.75      |                             | 9.76     |   | 10.59 |   | 11.60 |
| **                    Cash dividend paid** | .0581     |                             | .0581    |   | .0581 |   | .0625 |
|                                                           |      |                             |     |   |   |   |   |
| **Year                ended January 31, 2005**                 | **April** |                             | **July** |   | **October** |   | **January** |
|                                                           |      |                             |     |   |   |   |   |
| **Price                range of common shares:**               |      |                             |     |   |   |   |   |
| **                    High**               | $13.31    |                             | $13.03   |   | $11.45 |   | $10.54 |
| **                    Low**                | 11.25     |                             | 10.51    |   | 9.49 |   | 9.62 |
| **                    Cash dividend paid** | .0544     |                             | .0544    |   | .0544 |   | .0581 |

*Holders*

*Stock      Split*

*Dividends*

*Securities      Authorized For Issuance Under Equity Compensation Plans. *

|                                                        |                                    |                                    | **Number                of Securities**     |
|-------------------------------------------------------------|-----------------------------------------|-----------------------------------------|---------------------------------------------|
|                                                        |                                    |                                    | **Remaining                Available**      |
|                                                        | **Number                of Securities** |                                    | **For                Future Issuance**      |
|                                                        | **to                be Issued Upon**    | **Weighted-Average**                    | **Under                Equity**             |
|                                                        | **Exercise                of**          | **Exercise                Price of**    | **Compensation                Plans**       |
|                                                        | **Outstanding                Options,** | **Outstanding                Options,** | **(Excluding                Securities**    |
| **Plan                Category**                            | **Warrants                and Rights**  | **Warrants                and Rights**  | **Reflected                in Column (A))** |
|                                                        | **(A)**                                 | **(B)**                                 | **(C)**                                     |
| Equity                compensation plans approved by        |                                    |                                    |                                        |   |   |   |
|                     security holders    | 810,742                                 |                                    | $9.44                                       |   | 1,026,403 |   |
| Equity                compensation plans not approved       |                                    |                                    |                                        |   |   |   |
|                     by security holders | -                                       |                                    | -                                           |   | - |   |

Index

----

*Stock        Repurchases.*

**Issuer      Purchases of**

**Equity      Securities**

| **Period**                          |   | **Total****Number                of****Shares****Purchased** |  **                 (1)** | **Average****Price                Paid****Per                Share** |   | **Total****Number                of****Shares****Purchased****As                Part of****Publicly****Announced****Plans                or****Programs** |   | **Maximum****Number                of****Shares****That                May****Yet                Be****Purchased****Under                the****Plan                or****Programs** |           **                 (2)** |
|-------------------------------------|--------|--------------------------------------------------------------|-------------------------------------|----------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|
| February                1-28, 2005  |   | 0                                                            |                                | $                -                                                   |   | 0                                                                                                                                                         |   | 283,466                                                                                                                                                                              |                                                                                      |
| March                1-31, 2005     |   | 0                                                            |                                | -                                                                    |   | 0                                                                                                                                                         |   | 283,466                                                                                                                                                                              |                                                                                      |
| April                1-30, 2005     |   | 0                                                            |                                | -                                                                    |   | 0                                                                                                                                                         |   | 283,466                                                                                                                                                                              |                                                                                      |
| May                1-31, 2005       |   | 0                                                            |                                | -                                                                    |   | 0                                                                                                                                                         |   | 283,466                                                                                                                                                                              |                                                                                      |
| June                1-30, 2005      |   | 0                                                            |                                | -                                                                    |   | 0                                                                                                                                                         |   | 283,466                                                                                                                                                                              |                                                                                      |
| July                1-31, 2005      |   | 0                                                            |                                | -                                                                    |   | 0                                                                                                                                                         |   | 283,466                                                                                                                                                                              |                                                                                      |
| August                1-31, 2005    |   | 12,548                                                       |                                | 11.17                                                                |   | 12,548                                                                                                                                                    |   | 270,918                                                                                                                                                                              |                                                                                      |
| September                1-30, 2005 |   | 0                                                            |                                | -                                                                    |   | 0                                                                                                                                                         |   | 270,918                                                                                                                                                                              |                                                                                      |
| October                1-31, 2005   |   | 0                                                            |                                | -                                                                    |   | 0                                                                                                                                                         |   | 270,918                                                                                                                                                                              |                                                                                      |
| November                1-30, 2005  |   | 0                                                            |                                | -                                                                    |   | 0                                                                                                                                                         |   | 270,918                                                                                                                                                                              |                                                                                      |
| December                1-31, 2005  |   | 0                                                            |                                | -                                                                    |   | 0                                                                                                                                                         |   | 270,918                                                                                                                                                                              |                                                                                      |
| January                1-31, 2006   |   | 0                                                            |                                | -                                                                    |   | 0                                                                                                                                                         |   | 270,918                                                                                                                                                                              |                                                                                      |
| Total                               |   | 12,548                                                       |                                | $11.17                                                               |   | 12,548                                                                                                                                                    |   | 270,918                                                                                                                                                                              |                                                                                      |

|   | (1) | These                amounts consist of shares we purchased from a former non-employee                Director                and an employee who both elected to pay the exercise price of certain                stock options upon exercise by delivering to us (and, thus, selling)                Met-Pro Common Shares in accordance with the terms of our equity                incentive                plans that were previously approved by our shareholders and disclosed                in                our proxy statements. We purchased these shares at their fair market                value, as determined by reference to the average of the high and                low price                of our Common Shares on the day after the option exercise. The Company                expects to continue to repurchase shares in this manner, but is not                obligated to do so. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (2) | On                December 15, 2000, our Board of Directors authorized a Common Share                repurchase program that was publicly announced on December 19, 2000,                for                up to 533,333 (adjusted for stock splits) shares. The program has                no fixed                expiration date. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Index

----

**Item        6.   *****Selected        Financial Data (Restated):***

|                                                           |                                         | **Years                ended January 31,**             |                                         |
|----------------------------------------------------------------|----------------------------------------------|--------------------------------------------------------|----------------------------------------------|
|                                                           | **2006      ** | **2005                     ** | **2004      ** | **2003      ** | **2002                     ** |
|                                                           |                                         |                                                   |                                         |   |   |
| **Selected                Operating Statement Data**           |                                         |                                                   |                                         |   |   |
| Net                sales                                       | $85,116,100                                  | $72,116,289                                            | $75,058,929                                  | $69,619,382 | $70,088,446 |
| Income                from operations (Restated)               | 9,662,604                                    | 7,384,115                                              | 9,850,090                                    | 9,160,234 | 9,924,820 |
| Net                income                                      | 7,313,284                                    | 4,814,679                                              | 6,346,579                                    | 5,888,379 | 6,189,317 |
| Earnings                per share, basic (a)                   | .65                                          | .43                                                    | .57                                          | .54 | .57 |
| Earnings                per share, diluted (a)                 | .65                                          | .43                                                    | .57                                          | .53 | .57 |
|                                                           |                                         |                                                   |                                         |   |   |
| **Selected                Balance Sheet Data**                 |                                         |                                                   |                                         |   |   |
| Current                assets                                  | $54,004,947                                  | $50,270,495                                            | $48,173,429                                  | $40,631,745 | $37,411,679 |
| Current                liabilities                             | 17,142,747                                   | 13,867,892                                             | 14,229,463                                   | 9,750,309 | 10,151,149 |
| Working                capital                                 | 36,862,200                                   | 36,402,603                                             | 33,943,966                                   | 30,881,436 | 27,260,530 |
| Current                ratio                                   | 3.2                                          | 3.6                                                    | 3.4                                          | 4.2 | 3.7 |
| Total                assets                                    | 89,662,925                                   | 82,924,066                                             | 81,135,557                                   | 73,754,671 | 68,070,192 |
| Long-term                obligations                           | 2,723,586                                    | 4,039,068                                              | 5,447,869                                    | 7,111,995 | 7,125,195 |
| Total                shareholders’ equity                | 67,538,238                                   | 63,165,191                                             | 60,270,734                                   | 56,045,885 | 50,279,394 |
| Total                capitalization                            | 70,261,824                                   | 67,204,259                                             | 65,718,603                                   | 63,157,880 | 57,404,589 |
| Return                on average total assets, %               | 8.5                                          | 5.9                                                    | 8.2                                          | 8.3 | 9.0 |
| Return                on average shareholders’ equity, % | 11.2                                         | 7.8                                                    | 10.9                                         | 11.1 | 12.7 |
|                                                           |                                         |                                                   |                                         |   |   |
| **Other                Financial Data**                        |                                         |                                                   |                                         |   |   |
| Net                cash flows from operating activities        | $4,441,414                                   | $8,545,521                                             | $8,232,851                                   | $5,831,186 | $8,301,567 |
| Capital                expenditures                            | 4,151,253                                    | 1,193,767                                              | 952,812                                      | 752,125 | 1,631,356 |
| Shareholders’                equity per share (a)        | 6.03                                         | 5.66                                                   | 5.43                                         | 5.07 | 4.65 |
| Cash                dividends paid per share (a)               | .237                                         | .221                                                   | .206                                         | .194 | .191 |
| Average                common shares, basic (a)                | 11,188,657                                   | 11,145,843                                             | 11,063,557                                   | 10,985,988 | 10,860,695 |
| Average                common shares, diluted (a)              | 11,333,612                                   | 11,284,007                                             | 11,197,675                                   | 11,060,437 | 10,922,377 |
| Common                shares outstanding (a)                   | 11,197,110                                   | 11,157,389                                             | 11,097,703                                   | 11,051,323 | 10,814,528 |

| (a) | All                references to per share amounts, average common shares and shares                outstanding have been restated to reflect the effect of the four-for-three                stock split effective November 15,                2005. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Index

----

**Item        7.  *****Management’s        Discussion and Analysis of Financial Condition and Results of Operations        (Restated):***

*Results      of Operations:*

|                                                       |     | **Years                ended January 31,** |     |   |
|------------------------------------------------------------|----------|--------------------------------------------|----------|--------|
|                                                       | **2006** |                                       | **2005** |   | **2004** |   |
|                                                       |     |                                       |     |   |   |   |
| Net                sales                                   | 100.0    | %                                          | 100.0    | %      | 100.0 | % |
| Cost                of goods sold                          | 68.7     | %                                          | 68.6     | %      | 64.5 | % |
|                                                       |     |                                       |     |   |   |   |
| Gross                profit                                | 31.3     | %                                          | 31.4     | %      | 35.5 | % |
|                                                       |     |                                       |     |   |   |   |
| Selling,                general and administrative expense | 20.0     | %                                          | 21.0     | %      | 20.7 | % |
| Patent                litigation                           | -        |                                       | .2       | %      | 1.7 | % |
|                                                       |     |                                       |     |   |   |   |
| Income                from operations                      | 11.3     | %                                          | 10.2     | %      | 13.1 | % |
|                                                       |     |                                       |     |   |   |   |
| Interest                expense                            | (.3      | %)                                         | (.5      | %)     | (.6 | %) |
| Other                income, net                           | .8       | %                                          | .4       | %      | .3 | % |
|                                                       |     |                                       |     |   |   |   |
| Income                before taxes                         | 11.8     | %                                          | 10.1     | %      | 12.8 | % |
|                                                       |     |                                       |     |   |   |   |
| Provision                for taxes                         | 3.2      | %                                          | 3.4      | %      | 4.4 | % |
|                                                       |     |                                       |     |   |   |   |
| Net                income                                  | 8.6      | %                                          | 6.7      | %      | 8.4 | % |

** **

*FYE      2006 vs FYE 2005:*

Index

----

*FYE      2005 vs FYE 2004:*

Index

----

*Liquidity:*

Index

----

*Capital      Resources:*

Index

----

*Off-Balance      Sheet Arrangements:*

*Contractual      Obligations:*

| **Payments                Due By****Period** |   | **Long-Term****Debt** |   | **Purchase****Obligations** |   | **Operating****Leases** |   | **Total                Contractual****Cash                Obligations** |
|----------------------------------------------|--------|-----------------------|--------|-----------------------------|--------|-------------------------|--------|-------------------------------------------------------------------------|
| Less                than 1 Year              |   | $1,689,413            |   | $7,199,182                  |   | $175,999                |   | $9,064,594                                                              |
| 1                -                3 Years    |   | 2,649,706             |   | -                           |   | 108,733                 |   | 2,758,439                                                               |
| 3                -                5 Years    |   | 21,493                |   | -                           |   | -                       |   | 21,493                                                                  |
| More                than 5 Years             |   | 33,334                |   | -                           |   | -                       |   | 33,334                                                                  |
| Total                                        |   | $4,393,946            |   | $7,199,182                  |   | $284,732                |   | $11,877,860                                                             |

*Recent      Accounting Pronouncements:*

Index

----

*Critical      Accounting Policies and Estimates:*

Index

----

*Forward-Looking        Statements; Factors That May Affect Future        Results:*

| ·                     | the                write-down of costs in excess of net assets of businesses acquired                (goodwill), as a result of the determination that the acquired business                is                impaired. Our Flex-Kleen business unit, which initially performed                well                after being acquired by Met-Pro, thereafter had several years of                declining                performance which we attributed primarily to a general weakness in                its                served markets, followed by improved performance in the fiscal years                ended                January 31, 2006 and 2005. During the fiscal year ended January 31,                2006,                we performed an impairment analysis of the $11.1 million of goodwill                that                the Company carries for Flex-Kleen and concluded that no impairment                had                occurred. Flex-Kleen’s performance needs to continue to improve in order                for us not to be required to write-off some or all of its                goodwill; |
|----------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| ·      | material                changes in available technology; |
|--------------------------------------|----------------------------------------------------------|

| ·      | adverse                developments in the asbestos cases that have been filed against the                Company, including without limitation the exhaustion of insurance                coverage, the imposition of punitive damages or other adverse developments                in the availability of insurance                coverage; |
|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | changes                in accounting rules promulgated by regulatory agencies, including                the SEC,                which could result in an impact on                earnings; |
|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | the                cost of compliance with Sarbanes-Oxley and other applicable legal                and                listing requirements, and the unanticipated possibility that Met-Pro                may                not meet these requirements; |
|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | unexpected                results in our product development                activities; |
|--------------------------------------|-----------------------------------------------------------------------------------------|

| ·      | loss                of key customers; |
|--------------------------------------|---------------------------------------|

| ·      | changes                in product mix and the cost of materials, with effect on                margins; |
|--------------------------------------|---------------------------------------------------------------------------------------------------------|

| ·      | changes                in our existing management; |
|--------------------------------------|----------------------------------------------------|

| ·      | exchange                rate fluctuations; |
|--------------------------------------|--------------------------------------------|

| ·      | changes                in federal laws, state laws and                regulations; |
|--------------------------------------|------------------------------------------------------------------------------------|

| ·      | lower                than anticipated return on investments in the Company’s defined benefit                plans, which could affect the amount of the Company’s pension                liabilities; |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | the                assertion of litigation claims that the Company’s products, including                products produced by companies acquired by the Company, infringe                third                party patents or have caused injury, loss or                damage; |
|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | the                effect of acquisitions and other strategic                ventures; |
|--------------------------------------|----------------------------------------------------------------------------------------|

| ·      | failure                to properly quote and/or execute customer orders, including                misspecifications, design, engineering or production                errors; |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | the                cancellation or delay of purchase orders or                shipments; |
|--------------------------------------|------------------------------------------------------------------------------------------|

| ·      | losses                related to international sales;                and/or |
|--------------------------------------|-----------------------------------------------------------------------------|

| ·      | failure                in execution of acquisition                strategy. |
|--------------------------------------|-----------------------------------------------------------------------------|

**Item      7A.  *****Quantitative      and Qualitative Disclosure About Market Risks:***

Index

----

**Item        8.  *****Financial        Statements and Supplementary Data:***

|   |                                                                            |   |
|--------|---------------------------------------------------------------------------------|--------|
|   | Index              to Consolidated Financial Statements and Supplementary Data: |   |
|   |                                                                            |   |
|   |                                                                            |   |
|   |                                                                            | Page   |
|   | Consolidated                Financial Statements:                               |   |

|                               | Management’s                Report on Internal Control                Over Financial Reporting | 23     |
|------------------------------------|------------------------------------------------------------------------------------------------------|--------|
|                               | Reports                of Independent Registered Public                Accounting Firm               | 24     |
|                               | Consolidated                Statement of                Operations                              | 26     |
|                               | Consolidated                Balance Sheet                                                            | 27     |
|                               | Consolidated                Statement of Cash Flows                                                  | 28     |
|                               | Consolidated                Statement of                Shareholders’ Equity                   | 29     |
|                               | Consolidated                Business Segment Data                                               | 30     |
|                               | Notes                to Consolidated Financial                Statements                             | 31     |
|                               |                                                                                                 |   |
| Supplementary                Data: |                                                                                                 |
|                               | Quarterly                Financial                Data                                               | 49     |

Index

----

**MANAGEMENT’S        REPORT ON INTERNAL CONTROL OVER FINANCIAL        REPORTING**

*Internal      Control-Integrated Framework *

|   | /s/              Raymond J. De Hont                |
|--------|----------------------------------------------------|
|   | Raymond              J. De Hont                    |
|   | President              and Chief Executive Officer |
|   |                                               |
|   | /s/              Gary J. Morgan                    |
|   | Gary              J. Morgan                        |
|   | Chief              Financial Officer               |

Index

----

**REPORT        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING        FIRM**

**.**

*Internal      Control-Integrated Framework*

|                                                                     | /s/                Margolis & Company P.C. |
|--------------------------------------------------------------------------|------------------------------------------------|
|                                                                     |                                           |
| Bala                Cynwyd, Pennsylvania                                 |                                           |
| February 24,                2006, except for Notes 1, 10, 11 and 12 |                                           |
| for                  which the date is November 30, 2006            |                                           |

Index

----

**REPORT        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING        FIRM**

*Management’s      Report on Internal Control Over Financial Reporting*
*Internal      Control-Integrated Framework*

*Internal      Control-Integrated Framework*
*Internal      Control-Integrated Framework*

|                                                                                                                                                                                                                                                              | /s/                Margolis & Company P.C. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------|
|                                                                                                                                                                                                                                                              |                                           |
| Bala                  Cynwyd, PennsylvaniaFebruary 24,                  2006, except for Paragraph 6 ofManagement’s                  Report on Internal Control Over Financial Reporting,for                  which the date is November 30, 2006 |                                           |

Index

----

**MET-PRO          CORPORATION**

**CONSOLIDATED      STATEMENT OF OPERATIONS      (RESTATED)**

|                                                     |   | **Years                ended January 31,** |   |
|----------------------------------------------------------|--------|--------------------------------------------|--------|
|                                                     |   | **2006     **     |   | **2005     ** |   | **2004     ** |   |
| **Net                sales**                             |   | $85,116,100                                |   | $72,116,289 |   | $75,058,929 |   |
| Cost                of goods sold                        |   | 58,441,441                                 |   | 49,441,456 |   | 48,406,090 |   |
| Gross                profit                              |   | 26,674,659                                 |   | 22,674,833 |   | 26,652,839 |   |
|                                                     |   |                                       |   |   |   |   |   |
| **Operating                expenses**                    |   |                                       |   |   |   |   |   |
|                  Selling                            |   | 7,864,833                                  |   | 7,537,508 |   | 7,662,594 |   |
|                  General and administrative         |   | 9,147,222                                  |   | 7,617,918 |   | 7,847,913 |   |
|                  Patent litigation                  |   | -                                          |   | 135,292 |   | 1,292,242 |   |
|                                                     |   | 17,012,055                                 |   | 15,290,718 |   | 16,802,749 |   |
| Income                from operations                    |   | 9,662,604                                  |   | 7,384,115 |   | 9,850,090 |   |
|                                                     |   |                                       |   |   |   |   |   |
| Interest                expense                          |   | (269,488                                   | )      | (371,345 | ) | (441,704 | ) |
| Other                income, net                         |   | 629,035                                    |   | 282,200 |   | 207,642 |   |
| Income                before taxes                       |   | 10,022,151                                 |   | 7,294,970 |   | 9,616,028 |   |
|                                                     |   |                                       |   |   |   |   |   |
| Provision                for taxes                       |   | 2,708,867                                  |   | 2,480,291 |   | 3,269,449 |   |
| **Net                income**                            |   | $7,313,284                                 |   | $4,814,679 |   | $6,346,579 |   |
|                                                     |   |                                       |   |   |   |   |   |
| **Earnings                per share**                    |   |                                       |   |   |   |   |   |
|                  Basic (adjusted for stock split)   |   | $.65                                       |   | $.43 |   | $.57 |   |
|                  Diluted (adjusted for stock split) |   | $.65                                       |   | $.43 |   | $.57 |   |
|                                                     |   |                                       |   |   |   |   |   |
| **Average                number of common and**          |   |                                       |   |   |   |   |   |
| **common                equivalent shares outstanding**  |   |                                       |   |   |   |   |   |
|                  Basic (adjusted for stock split)   |   | 11,188,657                                 |   | 11,145,843 |   | 11,063,557 |   |
|                  Diluted (adjusted for stock split) |   | 11,333,612                                 |   | 11,284,007 |   | 11,197,675 |   |

Index

----

**MET-PRO            CORPORATION**

**CONSOLIDATED      BALANCE SHEET**

|                                                                                                                                                     | **                      January 31,** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|--------|
| **ASSETS**                                                                                                                                               | **2006     **                    |   | **2005     ** |   |
| Current                  assets                                                                                                                          |                                                      |   |   |   |
|                      Cash and cash equivalents                                                                                            | $17,683,305                                               |   | $20,889,476 |   |
|                      Accounts receivable, net of allowance for                                                                            |                                                      |   |   |   |
|                          doubtful accounts of approximately                                                           |                                                      |   |   |   |
|                          $247,000 and $213,000, respectively                                                          | 17,909,727                                                |   | 13,637,599 |   |
|                      Inventories                                                                                                          | 16,438,481                                                |   | 13,843,171 |   |
|                      Prepaid expenses, deposits and other current assets                                                                  | 1,381,900                                                 |   | 1,250,098 |   |
|                      Deferred                  income taxes                                                                               | 591,534                                                   |   | 650,151 |   |
|                                      Total current assets | 54,004,947                                                |   | 50,270,495 |   |
|                                                                                                                                                     |                                                      |   |   |   |
| Property,                  plant and equipment, net                                                                                                      | 13,838,221                                                |   | 11,287,253 |   |
| Costs                  in excess of net assets of businesses acquired, net                                                                               | 20,798,913                                                |   | 20,798,913 |   |
| Other                  assets                                                                                                                            | 1,020,844                                                 |   | 567,405 |   |
|                                      **Total assets**     | $89,662,925                                               |   | $82,924,066 |   |

|                                                                                                                                                                                  |        |   |        |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|--------|-------------|--------|
|                                                                                                                                                                                  |        |   |        |   |
| **LIABILITIES                AND SHAREHOLDERS’ EQUITY**                                                                                                                         |        |   |        |   |
| Current                liabilities                                                                                                                                                    |        |   |        |   |
|                    Current portion of long-term debt                                                                                                                   | $1,689,413  |   | $1,500,910  |   |
|                    Accounts payable                                                                                                                                    | 5,900,281   |   | 5,028,074   |   |
|                    Accrued salaries, wages and expenses                                                                                                                | 7,150,142   |   | 5,397,195   |   |
|                    Dividend payable                                                                                                                                    | 699,819     |   | 648,381     |   |
|                    Customers’ advances                                                                                                                           | 1,703,092   |   | 1,293,332   |   |
|                                    Total current liabilities                           | 17,142,747  |   | 13,867,892  |   |
|                                                                                                                                                                                  |        |   |        |   |
| Long-term                debt                                                                                                                                                         | 2,723,586   |   | 4,039,068   |   |
| Other                non-current liabilities                                                                                                                                          | 43,211      |   | 41,015      |   |
| Deferred                income taxes                                                                                                                                                  | 2,215,143   |   | 1,810,900   |   |
|                                    Total liabilities                                   | 22,124,687  |   | 19,758,875  |   |
| Commitments                                                                                                                                                                           |        |   |        |   |
| Shareholders’                equity                                                                                                                                             |        |   |        |   |
|                    Common shares, $.10 par value; 18,000,000 shares                                                                                                    |        |   |        |   |
|                        authorized, 12,846,608 shares issued,                                                                                       |        |   |        |   |
|                        of which 1,649,498 and 1,689,219 shares were reacquired                                                                     |        |   |        |   |
|                        and held in treasury at the respective dates                                                                                | 1,284,661   |   | 963,496     |   |
|                    Additional paid-in capital                                                                                                                          | 7,564,180   |   | 7,930,646   |   |
|                    Retained earnings                                                                                                                                   | 70,645,717  |   | 66,032,446  |   |
|                    Accumulated other comprehensive income/(loss)                                                                                                       | (321,821    | )      | 100,635     |   |
|                    Treasury shares, at cost                                                                                                                            | (11,634,499 | )      | (11,862,032 | )      |
|                                    Total shareholders’ equity                    | 67,538,238  |   | 63,165,191  |   |
|                                    **Total liabilities and shareholders’equity** | $89,662,925 |   | $82,924,066 |   |

Index

----

**MET-PRO          CORPORATION**

**CONSOLIDATED      STATEMENT OF CASH FLOWS**

|   | **Years                ended January                31,                         ** |   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   | **2006     **                                                                                                                                                                          |   | **2005     ** |   | **2004     ** |   |

**INCREASE      (DECREASE) IN CASH AND CASH EQUIVALENTS**

| **Cash                flows from operating activities**                 |        |   |        |   |        |         |
|-------------------------------------------------------------------------|-------------|--------|-------------|--------|-------------|--------------|
| Net                income                                               | $7,313,284  |   | $4,814,679  |   | $6,346,579  |         |
| Adjustments                to reconcile net income to net               |        |   |        |   |        |         |
| cash                provided by operating activities:                   |        |   |        |   |        |         |
| Depreciation                and amortization                            | 1,486,340   |   | 1,491,894   |   | 1,571,482   |         |
| Deferred                income taxes                                    | 610,593     |   | 511,225     |   | 471,652     |         |
| (Gain)                loss on sales of property and equipment, net      | 13,131      |   | (6,358      | )      | 24,906      |    |
| Allowance                for doubtful accounts                          | 34,002      |   | 4,823       |   | (55,077     | )            |
| (Increase)                decrease in operating assets                  |        |   |        |   |        |         |
| Accounts                receivable                                      | (4,428,817  | )      | 3,080,432   |   | (4,156,402  | )            |
| Inventories                                                             | (2,657,517  | )      | (1,008,533  | )      | 766,704     |         |
| Prepaid                expenses, deposits and other current assets      | (141,097    | )      | (31,363     | )      | (214,988    | )            |
| Other                assets                                             | (484,162    | )      | 48,833      |   | (336,490    | )            |
| Increase                (decrease) in operating liabilities             |        |   |        |   |        |         |
| Accounts                payable and accrued expenses                    | 2,283,700   |   | (1,176,126  | )      | 3,352,279   |         |
| Customers’                advances                                | 409,760     |   | 813,818     |   | 460,009     |         |
| Other                non-current liabilities                            | 2,197       |   | 2,197       |   | 2,197       |         |
| **Net                cash provided by operating activities**            | 4,441,414   |   | 8,545,521   |   | 8,232,851   |         |
|                                                                    |        |   |        |   |        |         |
| **Cash                flows from investing activities**                 |        |   |        |   |        |         |
| Proceeds                from sale of property and equipment             | 31,565      |   | 18,965      |   | -           |         |
| Acquisitions                of property and equipment                   | (4,151,253  | )      | (1,193,767  | )      | (952,812    | )            |
| **Net                cash (used in) investing activities**              | (4,119,688  | )      | (1,174,802  | )      | (952,812    | )            |
|                                                                    |        |   |        |   |        |         |
| **Cash                flows from financing activities**                 |        |   |        |   |        |         |
| Proceeds                from new borrowings                             | 793,947     |   | -           |   | -           |         |
| Reduction                of debt                                        | (1,800,910  | )      | (1,233,866  | )      | (1,536,927  | )            |
| Exercise                of stock options                                | 324,281     |   | 698,685     |   | 884,339     |         |
| Payment                of dividends                                     | (2,648,576  | )      | (2,464,033  | )      | (2,280,833  | )            |
| Purchase                of treasury shares                              | (140,135    | )      | (538,499    | )      | (893,570    | )            |
| Payment                of cash in lieu of fractional shares             | (1,914      | )      | -           |   | (1,421      | )            |
| **Net                cash (used in) financing activities**              | (3,473,307  | )      | (3,537,713  | )      | (3,828,412  | )            |
| Effect                of exchange rate changes on cash                  | (54,590     | )      | 60,217      |   | 115,259     |         |
| **Net                increase (decrease) in cash and cash equivalents** | (3,206,171  | )      | 3,893,223   |   | 3,566,886   |         |
|                                                                    |        |   |        |   |        |         |
| Cash                and cash equivalents at beginning of year           | 20,889,476  |   | 16,996,253  |   | 13,429,367  |         |
| **Cash                and cash equivalents at end of year**             | $17,683,305 |   | $20,889,476 |   | $16,996,253 |         |

Index

----

**MET-PRO          CORPORATION**

**CONSOLIDATED      STATEMENT OF SHAREHOLDERS’EQUITY**

|                                                                                                          | **Common****Shares** | **Additional                    Paid-in  ****    ****Capital      ** | **Retained  ****Earnings ** |        | **Accumulated****Other                  Comprehensive Income/(Loss)** | **Treasury   ****Shares     ** |   | **Total**    |   |
|---------------------------------------------------------------------------------------------------------------|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|-------------|-----------------------------------------------------------------------|------------------------------------------------------------------------|--------|--------------|--------|
| Balances,                  January 31, 2003                                                                   | $722,630             | $8,196,782                                                                                                                                 |                                       | $59,705,267 |                                                                  | ($541,959                                                              | )      | ($12,036,835 | )      | $56,045,885 |   |
|                                                                                                          |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
| Comprehensive                  income:                                                                        |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
|                     Net income                                                                      | -                    | -                                                                                                                                          |                                       | 6,346,579   |                                                                  | -                                                                      |   | -            |   |   |   |
|                     Cumulative translation adjustment                                               | -                    | -                                                                                                                                          |                                       | -           |                                                                  | 449,074                                                                |   | -            |   |   |   |
|                     Interest rate swap, net of tax of ($51,447)                                     | -                    | -                                                                                                                                          |                                       | -           |                                                                  | 78,812                                                                 |   | -            |   |   |   |
|                     Minimum pension liability adjustment,                                           |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
|                        net of tax of $157,492                                        | -                    | -                                                                                                                                          |                                       | -           |                                                                  | (314,543                                                               | )      | -            |   |   |   |
|                             Total comprehensive income      |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   | 6,559,922 |   |
|                                                                                                          |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
| Stock                  split four-for-three                                                                   | 240,866              | (240,866                                                                                                                                   | )                                          | -           |                                                                  | -                                                                      |   | -            |   | - |   |
| Cash                  in lieu of fractional shares                                                            | -                    | (1,421                                                                                                                                     | )                                          | -           |                                                                  | -                                                                      |   | -            |   | (1,421 | ) |
| Dividends                  paid, $.1519 per share                                                             | -                    | -                                                                                                                                          |                                       | (1,721,666  | )                                                                     | -                                                                      |   | -            |   | (1,721,666 | ) |
| Dividend                  declared, $.0544 per share                                                          | -                    | -                                                                                                                                          |                                       | (602,755    | )                                                                     | -                                                                      |   | -            |   | (602,755 | ) |
| Stock                  option transactions                                                                    | -                    | 964                                                                                                                                        |                                       | -           |                                                                  | -                                                                      |   | 883,375      |   | 884,339 |   |
| Purchase                  of 83,307 treasury shares                                                           | -                    | -                                                                                                                                          |                                       | -           |                                                                  | -                                                                      |   | (893,570     | )      | (893,570 | ) |
| Balances,                  January 31, 2004                                                                   | 963,496              | 7,955,459                                                                                                                                  |                                       | 63,727,425  |                                                                  | (328,616                                                               | )      | (12,047,030  | )      | 60,270,734 |   |
|                                                                                                          |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
| Comprehensive                  income:                                                                        |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
|                     Net income                                                                      | -                    | -                                                                                                                                          |                                       | 4,814,679   |                                                                  | -                                                                      |   | -            |   |   |   |
|                     Cumulative translation adjustment                                               | -                    | -                                                                                                                                          |                                       | -           |                                                                  | 224,890                                                                |   | -            |   |   |   |
|                     Interest rate swap, net of tax of ($70,683)                                     | -                    | -                                                                                                                                          |                                       | -           |                                                                  | 137,208                                                                |   | -            |   |   |   |
|                     Minimum pension liability adjustment,                                           |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
|                        net of tax of ($34,594)                                       | -                    | -                                                                                                                                          |                                       | -           |                                                                  | 67,153                                                                 |   | -            |   |   |   |
|            Total                  comprehensive income |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   | 5,243,930 |   |
|                                                                                                          |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
| Dividends                  paid, $.1631 per share                                                             | -                    | -                                                                                                                                          |                                       | (1,861,277  | )                                                                     | -                                                                      |   | -            |   | (1,861,277 | ) |
| Dividend                  declared, $.0581 per share                                                          | -                    | -                                                                                                                                          |                                       | (648,381    | )                                                                     | -                                                                      |   | -            |   | (648,381 | ) |
| Stock                  option transactions                                                                    | -                    | (24,813                                                                                                                                    | )                                          | -           |                                                                  | -                                                                      |   | 723,498      |   | 698,685 |   |
| Purchase                  of 43,841 treasury shares                                                           | -                    | -                                                                                                                                          |                                       | -           |                                                                  | -                                                                      |   | (538,500     | )      | (538,500 | ) |
| Balances,                  January 31, 2005                                                                   | 963,496              | 7,930,646                                                                                                                                  |                                       | 66,032,446  |                                                                  | 100,635                                                                |   | (11,862,032  | )      | 63,165,191 |   |
|                                                                                                          |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
| Comprehensive                  income:                                                                        |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
|                     Net income                                                                      | -                    | -                                                                                                                                          |                                       | 7,313,284   |                                                                  | -                                                                      |   | -            |   |   |   |
|                     Cumulative translation adjustment                                               | -                    | -                                                                                                                                          |                                       | -           |                                                                  | (168,362                                                               | )      | -            |   |   |   |
|                     Interest rate swap, net of tax of ($40,614)                                     | -                    | -                                                                                                                                          |                                       | -           |                                                                  | 79,400                                                                 |   | -            |   |   |   |
|                     Minimum pension liability adjustment,                                           |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
|                        net of tax of $188,347                                        | -                    | -                                                                                                                                          |                                       | -           |                                                                  | (333,494                                                               | )      | -            |   |   |   |
|                             Total comprehensive income      |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   | 6,890,828 |   |
|                                                                                                          |                 |                                                                                                                                       |                                       |        |                                                                  |                                                                   |   |         |   |   |   |
| Stock                  split four-for-three                                                                   | 321,165              | (321,165                                                                                                                                   | )                                          | -           |                                                                  | -                                                                      |   | -            |   | - |   |
| Cash                  in lieu of fractional shares                                                            | -                    | (1,914                                                                                                                                     | )                                          | -           |                                                                  | -                                                                      |   | -            |   | (1,914 | ) |
| Dividends                  paid, $.1788 per share                                                             | -                    | -                                                                                                                                          |                                       | (2,000,194  | )                                                                     | -                                                                      |   | -            |   | (2,000,194 | ) |
| Dividend                  declared, $.0625 per share                                                          | -                    | -                                                                                                                                          |                                       | (699,819    | )                                                                     | -                                                                      |   | -            |   | (699,819 | ) |
| Stock                  option transactions                                                                    | -                    | (43,387                                                                                                                                    | )                                          | -           |                                                                  | -                                                                      |   | 367,668      |   | 324,281 |   |
| Purchase                  of 12,548 treasury shares                                                           | -                    | -                                                                                                                                          |                                       | -           |                                                                  | -                                                                      |   | (140,135     | )      | (140,135 | ) |
| **Balances,                  January 31, 2006**                                                               | $1,284,661           | $7,564,180                                                                                                                                 |                                       | $70,645,717 |                                                                  | ($321,821                                                              | )      | ($11,634,499 | )      | $67,538,238 |   |

Index

----

**MET-PRO          CORPORATION**

**CONSOLIDATED      BUSINESS SEGMENT DATA      (RESTATED)**

|                                                        | **Years                ended January                31,              ** |
|-------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|                                                        | **2006     **                                                                                                        | **2005     ** | **2004     ** |
| **Net                sales to unaffiliated customers**      |                                                                                                                                          |   |   |
| Product                recovery/pollution control equipment | $42,563,591                                                                                                                                   | $31,380,986 | $39,585,913 |
| Fluid                handling equipment                     | 23,533,933                                                                                                                                    | 22,892,843 | 18,761,162 |
| Filtration                and purification                  | 19,018,576                                                                                                                                    | 17,842,460 | 16,711,854 |
|                                                        | $85,116,100                                                                                                                                   | $72,116,289 | $75,058,929 |
| **Includes                foreign sales of:**               |                                                                                                                                          |   |   |
| Product                recovery/pollution control equipment | $7,601,248                                                                                                                                    | $4,420,913 | $4,827,907 |
| Fluid                handling equipment                     | 5,794,645                                                                                                                                     | 4,834,934 | 2,845,294 |
| Filtration                and purification                  | 7,614,056                                                                                                                                     | 6,196,282 | 5,372,432 |
|                                                        | $21,009,949                                                                                                                                   | $15,452,129 | $13,045,633 |
|                                                        |                                                                                                                                          |   |   |
| **Income                from operations**                   |                                                                                                                                          |   |   |
| Product                recovery/pollution control equipment | $4,119,242                                                                                                                                    | $1,626,727 | $5,855,072 |
| Fluid                handling equipment                     | 3,540,428                                                                                                                                     | 3,357,645 | 1,774,915 |
| Filtration                and purification                  | 2,002,934                                                                                                                                     | 2,399,743 | 2,220,103 |
|                                                        | $9,662,604                                                                                                                                    | $7,384,115 | $9,850,090 |
|                                                        |                                                                                                                                          |   |   |
| **Depreciation                and amortization expense**    |                                                                                                                                          |   |   |
| Product                recovery/pollution control equipment | $480,173                                                                                                                                      | $486,214 | $543,928 |
| Fluid                handling equipment                     | 578,861                                                                                                                                       | 586,272 | 601,440 |
| Filtration                and purification                  | 427,306                                                                                                                                       | 419,408 | 426,114 |
|                                                        | $1,486,340                                                                                                                                    | $1,491,894 | $1,571,482 |
|                                                        |                                                                                                                                          |   |   |
| **Capital                expenditures**                     |                                                                                                                                          |   |   |
| Product                recovery/pollution control equipment | $250,327                                                                                                                                      | $315,644 | $326,413 |
| Fluid                handling equipment                     | 1,446,380                                                                                                                                     | 313,287 | 221,620 |
| Filtration                and purification                  | 349,443                                                                                                                                       | 431,848 | 204,684 |
|                                                        | 2,046,150                                                                                                                                     | 1,060,779 | 752,717 |
| Corporate                                                   | 2,105,103                                                                                                                                     | 132,988 | 200,095 |
|                                                        | $4,151,253                                                                                                                                    | $1,193,767 | $952,812 |
|                                                        |                                                                                                                                          |   |   |
| **Identifiable                assets at January 31**        |                                                                                                                                          |   |   |
| Product                recovery/pollution control equipment | $34,173,031                                                                                                                                   | $30,361,707 | $33,312,418 |
| Fluid                handling equipment                     | 17,008,765                                                                                                                                    | 15,358,949 | 15,393,009 |
| Filtration                and purification                  | 17,653,316                                                                                                                                    | 15,618,157 | 15,221,699 |
|                                                        | 68,835,112                                                                                                                                    | 61,338,813 | 63,927,126 |
| Corporate                                                   | 20,827,813                                                                                                                                    | 21,585,253 | 17,208,431 |
|                                                        | $89,662,925                                                                                                                                   | $82,924,066 | $81,135,557 |

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND      2004**

| **NOTE                1:** | ** NATURE                OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING                POLICIES** |
|----------------------------|-------------------------------------------------------------------------------------------------------------|
|                       | ** (RESTATED)**                                                                                        |

*Restatements: *

*”*

*Reclassification:*

*Nature      of operations:*

*Basis      of presentation:*

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

*Use      of estimates:*

*Foreign      currency translation:*

*Inventories:*

*Property,      plant and equipment:*

*Costs      in excess of net assets of businesses acquired (Restated):*

** **

|   | **Product                Recovery/**                                    |                                  |                              |                                          |
|--------|-------------------------------------------------------------------------|---------------------------------------|-----------------------------------|-----------------------------------------------|
|   | **Pollution                Control **                              | **Fluid                Handling**     | **Filtration                and** |                                          |
|   | **Equipment                       ** | **Equipment    ** | **Purification **            | **Total      ** |

| Balance                as of February 1, 2005      | $15,706,667 | $11,542 | $5,080,704 | $20,798,913 |
|----------------------------------------------------|-------------|---------|------------|-------------|
| Goodwill                acquired during the period | -           | -       | -          | -           |
| Balance                as of January 31, 2006      | $15,706,667 | $11,542 | $5,080,704 | $20,798,913 |

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

*Revenue      recognition:*

*Advertising*

*Research      and development:*

*Earnings      per share:*

*Dividends*

*Stock      splits*

*Stock      options:*

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

|                                          | **2006     ** | **2005     ** | **2004     ** |   |
|-----------------------------------------------|----------------------------------------|----------------------------------------|----------------------------------------|--------|
|                                          |                                   |                                   |                                   |   |
| Net                income:                    |                                   |                                   |                                   |   |
|                    As reported | $7,313,284                             | $4,814,679                             | $6,346,579                             |   |
|                    Pro forma   | 7,005,204                              | 4,404,760                              | 6,182,008                              |   |
| Basic                earnings per share:      |                                   |                                   |                                   |   |
|                    As reported | $.65                                   | $.43                                   | $.57                                   |   |
|                    Pro forma   | .63                                    | .40                                    | .56                                    |   |
| Diluted                earnings per share:    |                                   |                                   |                                   |   |
|                    As reported | $.65                                   | $.43                                   | $.57                                   |   |
|                    Pro forma   | .62                                    | .39                                    | .55                                    |   |

*Concentrations      of credit risk:*

*Supplemental      cash flow information:*

|                                                                                                                               | **2006                 ** | **2005                 ** | **2004  ** |
|------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------|----------------------|
| Cash                paid during the year for:                                                                                      |                           |                           |                 |
|                                  Interest     | $263,433                       | $327,776                       | $395,494             |
|                                  Income taxes | 2,009,523                      | 2,132,030                      | 2,883,534            |

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

*Recent      accounting pronouncements:*

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

| **NOTE              2:** | ** FAIR              VALUE OF FINANCIAL INSTRUMENTS** |
|--------------------------|------------------------------------------------------------|

*Cash      and cash equivalents:*

*Debt:*

** **

|                           | **January                31,             ** |
|--------------------------------|--------------------------------------------------------------------------------------------------------------|
|                           | **2006     **                                                                       | **2005     ** |
| Fair                value      | $4,412,956                                                                                                   | $5,545,754 |
| Carrying                amount | 4,412,999                                                                                                    | 5,539,978 |

| **NOTE              3:** | ** INVENTORIES** |
|--------------------------|-----------------------|

|                           | **January                31,                ** |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
|                           | **2006     **                                                                                         | **2005     ** |
| Raw                materials   | $9,116,168                                                                                                                     | $7,965,553 |
| Work                in process | 2,334,589                                                                                                                      | 1,682,391 |
| Finished                goods  | 4,987,724                                                                                                                      | 4,195,227 |
|                           | $16,438,481                                                                                                                    | $13,843,171 |

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

**       **
| **NOTE              4:** | ** PROPERTY,              PLANT AND EQUIPMENT** |
|--------------------------|------------------------------------------------------|

|                                         | **January                31,                                ** |
|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|
|                                         | **2006     **                                                                                                         | **2005     ** |
| Land                                         | $2,117,169                                                                                                                                     | $2,155,104 |
| Buildings                and improvements    | 11,524,857                                                                                                                                     | 11,396,731 |
| Machinery                and equipment       | 11,362,610                                                                                                                                     | 11,999,576 |
| Furniture                and fixtures        | 3,737,475                                                                                                                                      | 4,707,416 |
| Automotive                equipment          | 1,317,282                                                                                                                                      | 1,289,731 |
| Construction                in progress      | 3,210,341                                                                                                                                      | 179,804 |
|                                         | 33,269,734                                                                                                                                     | 31,728,362 |
| Less                accumulated depreciation | 19,431,513                                                                                                                                     | 20,441,109 |
|                                         | $13,838,221                                                                                                                                    | $11,287,253 |

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

| **NOTE              5:** | ** DEBT** |
|--------------------------|----------------|

*Short-term      debt:*

*Long-term      debt:*

|                                                    | **January                31,                 ** |
|---------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|
|                                                    | **2006     **                                                                                               | **2005     ** |
| Note                payable, bank, payable in           |                                                                                                                                 |   |
| quarterly                installments of $300,000,      |                                                                                                                                 |   |
| plus                interest at a fixed rate swap of    |                                                                                                                                 |   |
| 5.98%,                maturing October, 2008.           | $3,600,000                                                                                                                           | $4,800,000 |
|                                                    |                                                                                                                                 |   |
| Note                payable, bank, payable in           |                                                                                                                                 |   |
| quarterly                installments of $30,380        |                                                                                                                                 |   |
| (25,000                Euro), plus interest at a        |                                                                                                                                 |   |
| fixed                rate of 3.82%, maturing            |                                                                                                                                 |   |
| January,                2016.                           | 379,387                                                                                                                              | - |
|                                                    |                                                                                                                                 |   |
| Line                of credit, $364,559 (300,000 Euro), |                                                                                                                                 |   |
| payable                in full April, 2006, plus        |                                                                                                                                 |   |
| interest                at a rate of 70 basis points    |                                                                                                                                 |   |
| over                the thirty day EURIBOR rate         |                                                                                                                                 |   |
| (effective                interest rate of 3.09% at     |                                                                                                                                 |   |
| January                31, 2006).                       | 364,559                                                                                                                              | **-** |
|                                                    |                                                                                                                                 |   |
| Bond                payable, bank, payable in           |                                                                                                                                 |   |
| quarterly                installments of $833,          |                                                                                                                                 |   |
| plus                interest at a fixed rate swap       |                                                                                                                                 |   |
| of                4.71%, maturing April, 2021.          | 50,000                                                                                                                               | **-** |
|                                                    |                                                                                                                                 |   |
| Notes                payable, payable in annual         |                                                                                                                                 |   |
| installments                of $300,000, plus           |                                                                                                                                 |   |
| interest                at a fixed rate of 4.75%.       |                                                                                                                                 |   |
| The                note was repaid in May, 2005.        | -                                                                                                                                    | 600,000 |
|                                                    |                                                                                                                                 |   |
| Equipment                note, payable in monthly       |                                                                                                                                 |   |
| installments                ranging from $455 to        |                                                                                                                                 |   |
| $1,074,                no interest. The note was        |                                                                                                                                 |   |
| repaid                in March, 2005.                   | -                                                                                                                                    | 910 |
|                                                    | 4,393,946                                                                                                                            | 5,400,910 |
| Less                current portion                     | 1,689,413                                                                                                                            | 1,500,910 |
|                                                    | 2,704,533                                                                                                                            | 3,900,000 |
| Fair                market value of interest rate       |                                                                                                                                 |   |
| swap                liability                           | 19,053                                                                                                                               | 139,068 |
| Long-term                portion                        | $2,723,586                                                                                                                           | $4,039,068 |

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

| **Year                Ending** |       |   |
|--------------------------------|------------|--------|
| **January                31,** |       |   |
| 2007                           | $1,689,413 |   |
| 2008                           | 1,324,853  |   |
| 2009                           | 1,324,853  |   |
| 2010                           | 18,160     |   |
| 2011                           | 3,333      |   |
| Thereafter                     | 33,334     |   |
|                           | $4,393,946 |   |

| **NOTE              6:** | ** SHAREHOLDERS’              EQUITY** |
|--------------------------|---------------------------------------------------|

| **NOTE              7:** | ** INCOME              TAXES** |
|--------------------------|-------------------------------------|

|     | **2006     ** | **2005     ** | **2004     ** |
|----------|----------------------------------------|----------------------------------------|----------------------------------------|
| Current  |                                   |                                   |                                   |
| Federal  | $1,601,149                             | $1,501,388                             | $2,331,231                             |
| State    | 236,709                                | 240,048                                | 242,078                                |
| Foreign  | 260,416                                | 227,630                                | 224,488                                |
|     | 2,098,274                              | 1,969,066                              | 2,797,797                              |
| Deferred | 610,593                                | 511,225                                | 471,652                                |
|     | $2,708,867                             | $2,480,291                             | $3,269,449                             |

** **

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

|                                                 | **2006   ** |   | **2005   ** |   |
|------------------------------------------------------|----------------------------|--------|----------------------------|--------|
| Deferred                tax assets                   |                       |   |                       |   |
| Inventory                cost capitalization         | $140,115                   |   | $130,509                   |   |
| Pension                cost                          | 863,819                    |   | 888,398                    |   |
| Non-compete                agreements                | 238,386                    |   | 283,707                    |   |
| Other                                                | 197,635                    |   | 243,859                    |   |
| Total                deferred tax assets             | 1,439,955                  |   | 1,546,473                  |   |
|                                                 |                       |   |                       |   |
| Deferred                tax liabilities              |                       |   |                       |   |
| Accelerated                depreciation              | 628,737                    |   | 652,942                    |   |
| Inventory                - Dean Pump Division        | 344,071                    |   | 334,241                    |   |
| Prepaid                Expenses                      | 211,556                    |   | 189,547                    |   |
| Goodwill                                             | 1,879,200                  |   | 1,530,492                  |   |
| Total                deferred tax liabilities        | 3,063,564                  |   | 2,707,222                  |   |
| Net                deferred tax assets/(liabilities) | ($1,623,609                | )      | ($1,160,749                | )      |

** **

| **2006** | **2005** | **2004** |   |   |
|----------|----------|----------|--------|--------|

| Computed                  expected       |       |   |   |   |       |   |   |   |             |   |   |   |
|------------------------------------------|------------|--------|--------|--------|------------|--------|--------|--------|------------------|--------|--------|--------|
| tax                  expense (federal)   | $3,407,531 |   | 34.0   | %      | $2,480,291 |   | 34.0   | %      | $3,269,449       |   | 34.0   | %      |
| State                  income taxes,     |       |   |   |   |       |   |   |   |             |   |   |   |
| net                  of federal          |       |   |   |   |       |   |   |   |             |   |   |   |
| income                  tax benefit      | 156,228    |   | 1.5    |   | 158,432    |   | 2.2    |   | 177,415          |   | 1.8    |   |
| Research                  and            |       |   |   |   |       |   |   |   |             |   |   |   |
| development                  tax credits | (591,517   | )      | (5.9   | )      | -          |   | -      |   | -                |   | -      |   |
| Other                                    | (263,375   | )      | (2.6   | )      | (158,432   | )      | (2.2   | )      | (177,415         | )      | (1.8   | )      |
| Effective                  income taxes  | $2,708,867 |   | 27.0   | %      | $2,480,291 |   | 34.0   | %      | $3,269,449  |   | 34.0   | %      |

| **NOTE              8:** | ** LEASES              AND OTHER COMMITMENTS** |
|--------------------------|-----------------------------------------------------|

| 2007 | $175,999 |
|------|----------|
| 2008 | 108,733  |

Index

----

**MET-PRO            CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

| **NOTE              9:** | ** EMPLOYEE              BENEFIT PLANS** |
|--------------------------|-----------------------------------------------|

*Pension      Plans:*

|                                          | **2006   ** |   | **2005   ** |   | **2004   ** |   |
|-----------------------------------------------|----------------------------|--------|----------------------------|--------|----------------------------|--------|
| Service                cost - benefits earned |                       |   |                       |   |                       |   |
| during                the period              | $620,064                   |   | $629,673                   |   | $549,886                   |   |
| Interest                cost on projected     |                       |   |                       |   |                       |   |
| benefit                obligation             | 1,029,984                  |   | 1,002,086                  |   | 916,844                    |   |
| Expected                return on assets      | (1,027,598                 | )      | (996,546                   | )      | (946,473                   | )      |
| Amortization                                  | 118,306                    |   | 86,147                     |   | 91,995                     |   |
|                                          | $740,756                   |   | $721,360                   |   | $612,252                   |   |

Index

----

**MET-PRO            CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

|                                                               |   | **2006    ** |   | **2005    ** |   |
|--------------------------------------------------------------------|--------|----------------------------------|--------|----------------------------------|--------|
|                                                               |   |                             |   |                             |   |
| Change                in benefit obligation:                       |   |                             |   |                             |   |
| Benefit                obligation at beginning of year             |   | $16,804,683                      |   | $16,378,077                      |   |
| Service                cost                                        |   | 620,064                          |   | 629,673                          |   |
| Interest                cost                                       |   | 1,029,984                        |   | 1,002,086                        |   |
| Amendments                                                         |   | 52,045                           |   | -                                |   |
| Actuarial                (gain) loss                               |   | 1,415,687                        |   | (350,580                         | )      |
| Benefits                paid                                       |   | (890,784                         | )      | (854,573                         | )      |
| Benefit                obligation at end of year                   |   | $19,031,679                      |   | $16,804,683                      |   |
|                                                               |   |                             |   |                             |   |
| Change                in plan assets:                              |   |                             |   |                             |   |
| Fair                value of plan assets at beginning of year      |   | $12,052,579                      |   | $11,676,238                      |   |
| Actual                gain on plan assets                          |   | 1,028,733                        |   | 904,456                          |   |
| Employer                contribution                               |   | 1,917,458                        |   | 326,458                          |   |
| Benefits                paid                                       |   | (890,784                         | )      | (854,573                         | )      |
| Fair                value of plan assets at end of year            |   | $14,107,986                      |   | $12,052,579                      |   |
|                                                               |   |                             |   |                             |   |
| Funded                status                                       |   | ($4,923,693                      | )      | ($4,752,104                      | )      |
| Unrecognized                actuarial loss                         |   | 2,957,626                        |   | 1,570,711                        |   |
| Unrecognized                transition (asset)                     |   | (81,375                          | )      | (91,890                          | )      |
| Unrecognized                prior service costs                    |   | 691,484                          |   | 740,623                          |   |
| Contribution                after measurement date                 |   | -                                |   | 514,854                          |   |
| Net                amount recognized                               |   | ($1,355,958                      | )      | ($2,017,806                      | )      |
|                                                               |   |                             |   |                             |   |
| Amounts                recognized in the balance sheet consist of: |   |                             |   |                             |   |
| Accrued                benefit liability                           |   | ($3,138,948                      | )      | ($3,358,837                      | )      |
| Intangible                assets                                   |   | 690,887                          |   | 255,915                          |   |
| Accumulated                other comprehensive loss                |   | 1,092,103                        |   | 570,262                          |   |
| Contributions                after measurement date                |   | -                                |   | 514,854                          |   |
| Net                amount recognized                               |   | ($1,355,958                      | )      | ($2,017,806                      | )      |

|                                      | **2006**                             | **2005**                             | **2004**                             |
|-------------------------------------------|--------------------------------------|--------------------------------------|--------------------------------------|
| Discount                rate              | 5.75%                                | 6.25%                                | 6.25%                                |
| Expected                long-term rate of |                                 |                                 |                                 |
| return                on assets           | 8.50%                                | 9.00%                                | 9.00%                                |
| Rate                of increase in        |                                 |                                 |                                 |
| compensation                levels        | 3%                for One Year       | 3%                for Two Years      | 3%                for Three Years    |
| (where                applicable)         | Then                4.50% Thereafter | Then                4.50% Thereafter | Then                4.50% Thereafter |

Index

----

**MET-PRO            CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

|                                      | **2006**                             | **2005**                             | **2004**                             |
|-------------------------------------------|--------------------------------------|--------------------------------------|--------------------------------------|
| Discount                rate              | 6.25%                                | 6.25%                                | 7.00%                                |
| Expected                long-term rate of |                                 |                                 |                                 |
| return                on assets           | 8.50%                                | 9.00%                                | 9.00%                                |
| Rate                of increase in        |                                 |                                 |                                 |
| compensation                levels        | 3%                for Two Years      | 3%                for Three Years    | 3%                for Four Years     |
| (where                applicable)         | Then                4.50% Thereafter | Then                4.50% Thereafter | Then                4.50% Thereafter |

|                                              |   | **2005  ** |   | **2004  ** |
|---------------------------------------------------|--------|----------------------|--------|----------------------|
| Target                allocation:                 |   |                 |   |                 |
| Equity                securities                  |   | 40-80%               |   | 40-80%               |
| Debt                securities                    |   | 20-60%               |   | 20-60%               |
|                                              |   |                 |   |                 |
| Asset                allocation as of October 31: |   |                 |   |                 |
| Equity                securities                  |   | 75%                  |   | 78%                  |
| Debt                securities                    |   | 25%                  |   | 22%                  |
| Total                                             |   | 100%                 |   | 100%                 |

*Directors’      Benefit Plan:*

*Defined      Contribution Plan:*

Index

----

**MET-PRO            CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

*Employees’      Stock Ownership Trust:*

*Stock      Option Plans:*

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

| **1997                Plan**                             | **2006                 ** |   | **2005                 ** |   | **2004                 ** |
|----------------------------------------------------------|--------------------------------|--------|--------------------------------|--------|--------------------------------|
| Options                outstanding, beginning            | 260,368                        |   | 342,509                        |   | 463,223                        |
| Grants                                                   | -                              |   | 11,907                         |   | 16,000                         |
| Exercises                                                | 47,291                         |   | 94,048                         |   | 123,914                        |
| Cancellations                                            | -                              |   | -                              |   | 12,800                         |
| Options                outstanding, ending               | 213,077                        |   | 260,368                        |   | 342,509                        |
|                                                     |                           |   |                           |   |                           |
| Options                price range at January 31         | $5.4844                        |   | $5.4844                        |   | $5.4844                        |
|                                                     | to         |   | to         |   | to         |
|                                                     | $12.8588                       |   | $12.8588                       |   | $7.3969                        |
|                                                     |                           |   |                           |   |                           |
| Options                exercisable at January 31         | 213,077                        |   | 243,780                        |   | 337,161                        |
| Options                available for grant at January 31 | 0                              |   | 0                              |   | 11,907                         |

| **2001                Plan**                             | **2006                   ** |   | **2005                 ** |   | **2004                 ** |
|----------------------------------------------------------|----------------------------------|--------|--------------------------------|--------|--------------------------------|
| Options                outstanding, beginning            | 266,126                          |   | 133,284                        |   | -                              |
| Grants                                                   | 344,340                          |   | 144,101                        |   | 144,542                        |
| Exercises                                                | 4,977                            |   | 9,480                          |   | 5,925                          |
| Cancellations                                            | 7,824                            |   | 1,779                          |   | 5,333                          |
| Options                outstanding, ending               | 597,665                          |   | 266,126                        |   | 133,284                        |
|                                                     |                             |   |                           |   |                           |
| Options                price range at January 31         | $7.3575                          |   | $7.3575                        |   | $7.3575                        |
|                                                     | to           |   | to         |   | to         |
|                                                     | $12.8588                         |   | $12.8588                       |   | $7.3998                        |
|                                                     |                             |   |                           |   |                           |
| Options                exercisable at January 31         | 424,545                          |   | 128,715                        |   | 86,867                         |
| Options                available for grant at January 31 | 4,182                            |   | 340,698                        |   | 483,020                        |

| **2005                Plan**                             | **2006                 ** |   |   |   |   |
|----------------------------------------------------------|--------------------------------|--------|--------|--------|--------|
| Options                outstanding, beginning            | -                              |   |   |   |   |
| Grants                                                   | -                              |   |   |   |   |
| Exercises                                                | -                              |   |   |   |   |
| Cancellations                                            | -                              |   |   |   |   |
| Options                outstanding, ending               | -                              |   |   |   |   |
|                                                     |                           |   |   |   |   |
| Options                exercisable at January 31         | -                              |   |   |   |   |
| Options                available for grant at January 31 | 666,666                        |   |   |   |   |

|                                          | **2006                   ** |   | **2005                 ** |   | **2004                 ** |
|-----------------------------------------------|----------------------------------|--------|--------------------------------|--------|--------------------------------|
| Options                outstanding, beginning | $8.6994                          |   | $6.9060                        |   | $6.7332                        |
| Grants                                        | $10.9835                         |   | $12.8588                       |   | $7.3590                        |
| Exercises                                     | $6.2043                          |   | $6.7488                        |   | $6.8111                        |
| Cancellations                                 | $11.1080                         |   | $7.3575                        |   | $7.2116                        |
| Options                outstanding, ending    | $9.4379                          |   | $8.6994                        |   | $6.9060                        |

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

| **NOTE              10:** | ** OTHER              INCOME, NET (RESTATED)** |
|---------------------------|-----------------------------------------------------|

|                                                | **2006  ** |   | **2005  ** |   | **2004  ** |   |
|-----------------------------------------------------|----------------------|--------|----------------------|--------|----------------------|--------|
| Interest                income                      | $602,282             |   | $276,118             |   | $231,948             |   |
| Other                miscellaneous income/(expense) | 26,753               |   | 6,082                |   | (24,306              | )      |
|                                                | $629,035             |   | $282,200             |   | $207,642             |   |

| **NOTE              11:** | ** BUSINESS              SEGMENT DATA (RESTATED)** |
|---------------------------|---------------------------------------------------------|

*”*

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**
**(Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

| **NOTE              12:** | ** GEOGRAPHIC              INFORMATION (RESTATED)** |
|---------------------------|----------------------------------------------------------|

|                                              | **2006     ** |   | **2005     ** |   | **2004      ** |
|---------------------------------------------------|----------------------------------------|--------|----------------------------------------|--------|----------------------------------------------|
| Net                sales:                         |                                   |   |                                   |   |                                         |
| United                States                      | $64,106,151                            |   | $56,664,160                            |   | $62,013,296                                  |
| Foreign                                           | 21,009,949                             |   | 15,452,129                             |   | 13,045,633                                   |
|                                              | $85,116,100                            |   | $72,116,289                            |   | $75,058,929                                  |
|                                              |                                   |   |                                   |   |                                         |
| Income                from operations (Restated): |                                   |   |                                   |   |                                         |
| United                States                      | $7,112,573                             |   | $5,731,250                             |   | $7,900,294                                   |
| Foreign                                           | 2,550,031                              |   | 1,652,865                              |   | 1,949,796                                    |
|                                              | $9,662,604                             |   | $7,384,115                             |   | $9,850,090                                   |
|                                              |                                   |   |                                   |   |                                         |
| Total                assets:                      |                                   |   |                                   |   |                                         |
| United                States                      | $79,886,681                            |   | $75,391,281                            |   | $74,940,833                                  |
| Foreign                                           | 9,776,244                              |   | 7,532,785                              |   | 6,194,724                                    |
|                                              | $89,662,925                            |   | $82,924,066                            |   | $81,135,557                                  |

Index

----

**MET-PRO          CORPORATION**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**
**(Continued)**

**FOR      THE YEARS ENDED JANUARY 31, 2006, 2005 AND 2004**

| **NOTE              13:** | ** CONTINGENCIES** |
|---------------------------|-------------------------|

Index

----

**QUARTERLY        FINANCIAL DATA        (Unaudited)**

|     |                                           |   |                                  |   |                                |   | **Earnings**                  | **Earnings**                  |
|----------|------------------------------------------------|--------|---------------------------------------|--------|-------------------------------------|--------|-------------------------------|-------------------------------|
|     |                                           |   |                                  |   |                                |   | **Per                Share,** | **Per                Share,** |
| **2005** | **Net                Sales   ** |   | **Gross                Profit ** |   | **Net                Income ** |   | **Basic**                     | **Diluted**                   |

| First                Quarter  | $15,634,646 |   | $5,062,432 |   | $814,249  |   | $.07 |   | $.07 |   |
|-------------------------------|-------------|--------|------------|--------|-----------|--------|------|--------|------|--------|
| Second                Quarter | 20,350,024  |   | 6,401,163  |   | 1,610,417 |   | .14  |   | .14  |   |
| Third                Quarter  | 17,406,160  |   | 5,340,793  |   | 979,671   |   | .09  |   | .09  |   |
| Fourth                Quarter | 18,725,459  |   | 5,870,445  |   | 1,410,342 |   | .13  |   | .12  |   |

|     |                                           |   |                                  |   |                                |   |                          |                          |
|----------|------------------------------------------------|--------|---------------------------------------|--------|-------------------------------------|--------|-------------------------------|-------------------------------|
|     |                                           |   |                                  |   |                                |   |                          |                          |
|     |                                           |   |                                  |   |                                |   | **Earnings**                  | **Earnings**                  |
|     |                                           |   |                                  |   |                                |   | **Per                Share,** | **Per                Share,** |
| **2006** | **Net                Sales   ** |   | **Gross                Profit ** |   | **Net                Income ** |   | **Basic**                     | **Diluted**                   |

| First                Quarter  | $17,927,612 |   | $5,954,275 |   | $1,318,218 |   | $.12 |   | $.12 |         |
|-------------------------------|-------------|--------|------------|--------|------------|--------|------|--------|------|--------------|
| Second                Quarter | 22,646,520  |   | 7,062,723  |   | 1,956,549  |   | .18  |   | .17  |    |
| Third                Quarter  | 21,918,792  |   | 6,713,264  |   | 1,882,022  |   | .17  |   | .17  |         |
| Fourth                Quarter | 22,623,176  |   | 6,944,397  |   | 2,156,495  |   | .19  |   | .19  |         |

** **
** **
** **

**Item      9.  *****Changes      in and Disagreements with Accountants on Accounting and Financial      Disclosure:***

**Item      9A.*****        Controls and Procedures (Restated):***

Index

----

**Item        9B.  *****Other        Information:***

**PART      III**

**Item      10.  *****Directors      and Executive Officers of the Registrant*****:**

* *
*www.met-pro.com*

*www.met-pro.com*
*,      *

**Item      11.  *****Executive      Compensation*****:**

**Item      12.** ** *****Security      Ownership of Certain Beneficial Owners and Management and Related Stockholder      Matters:***

**Item      13.   *****Certain      Relationships and Related Transactions:***

Index

----

**Item        14.** ** *****Principal        Accountant Fees and Services:***

**PART      IV**

**Item      15.  *****Exhibits      and Financial Statement Schedules:***

|   | *(a)*  | *Exhibits                and Financial Statements and Schedules:* |
|--------|--------|-------------------------------------------------------------------|
|   |   |                                                              |

|   | (1)    | Financial              Statements and Schedules:                                                                                                                                                                                          |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                      |
|   |   | Financial                statements filed as part of this report are listed in the Index to                Consolidated Financial Statements and Supplementary Data that appears                on                page 22 of this report. |
|   |   |                                                                                                                                                                                                                                      |
|   | (2)    | Exhibits,              including those incorporated by              reference:                                                                                                                                                            |

**  **
**Exhibit      No.**
**                     **
**Description**

|   | (2)(c) | Agreement                and Plan of Merger dated July 31, 2003 by and between Met-Pro Corporation,                a Delaware corporation, and Met-Pro Pennsylvania, Inc., a Pennsylvania                corporation, incorporated by reference to the Company’s Current Report on                Form 8-K filed on August 6, 2003. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3)(f) | Articles                of Incorporation of Met-Pro Corporation, a Pennsylvania corporation                formerly known as Met-Pro Pennsylvania, Inc., incorporated by reference                to                the Company’s Current Report of Form 8-K filed on August 6,                2003. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3)(g) | By-Laws                of Met-Pro Corporation, a Pennsylvania corporation formerly known                as                Met-Pro Pennsylvania, Inc., incorporated by reference to the Company’s                Current Report on Form 8-K filed on August 6,                2003. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Shareholders’                Rights Plan, incorporated by reference to Company’s Current Report on Form                8-K filed on January 6, 2000. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4.2) | The                2005                Equity Incentive Plan, incorporated by reference to Appendix                C to the Definitive Proxy Statement filed with                the SEC on May 14, 2005 for the 2005 Annual Meeting of                Shareholders.* |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(b) | The                1997 Stock Option Plan, incorporated by reference to Company’s                Registration Statement on Form S-8 filed January 16,                1998.* |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(d) | Amendment                No. 1 to the 1997 Stock Option Plan, incorporated by reference to                Company’s Annual Report on Form 10-K filed on May 4,                2001.* |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(f) | Key                Employee Severance Agreement between Met-Pro Corporation and Gary                J.                Morgan, incorporated by reference to Company’s Annual Report on Form 10-K                filed on May 4, 2001.* |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(g) | Key                Employee Severance Agreement between Met-Pro Corporation and Raymond                J. De                Hont, incorporated by reference to Company’s Annual Report on Form 10-K                filed on May 4, 2001.* |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(i) | Amendment                to Key Employee Severance Agreement between Met-Pro Corporation and                Gary                J. Morgan, incorporated by reference to Company’s Annual Report on Form                10-K filed on May 4, 2001.* |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(j) | The                Company’s Director’s Retirement Plan, incorporated by reference to                Company’s Annual Report on Form 10-K filed on May 4,                2001.* |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(k) | Amendment                No. 1 to the Company’s Director’s Retirement Plan, incorporated by                reference to Company’s Annual Report on Form 10-K filed on May 4,                2001.* |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Index

----

**  **
**Exhibit        No.**
**                     **
**Description**

|   | (10)(l) | Amendment                No. 2 to the Company’s Director’s Retirement Plan, incorporated by                reference to Company’s Annual Report on Form 10-K filed on May 4,                2001.* |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(m) | Restoration                Plan, effective February 1, 2000, incorporated by reference to Company’s                Annual Report on Form 10-K filed on May 4,                2001.* |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(n) | Amendment                No. 1 to the Company’s Restoration Plan, incorporated by reference to                Company’s Annual Report on Form 10-K filed on May 4,                2001.* |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(o) | Additional                1% Supplemental Executive Retirement Plan, effective February 1,                2000,                incorporated by reference to Company’s Annual Report on Form 10-K filed on                May 4, 2001.* |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(p) | The                2001 Equity Incentive Plan, incorporated by reference to Company’s                Registration Statement on Form S-8 filed August 22,                2001.* |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (10)(q) | Year              2000 Employee Stock Purchase Plan, incorporated by reference to the              Company’s Registration Statement on Form S-8 filed on June 13, 2000.* |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10)(r) | Salaried                Pension Plan Amended and Restated effective September 1,                2000.* |
|--------|---------|--------------------------------------------------------------------------------------------------------|

|   | (10)(s) | First                Amendment to the Company’s Salaried Pension Plan dated August 15,                2002.* |
|--------|---------|--------------------------------------------------------------------------------------------------------------------|

|   | (10)(t) | Second                Amendment to the Company’s Salaried Pension Plan dated October 23,                2002.* |
|--------|---------|----------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (10)(u) | Amendment              No. 3 to the Company’s Directors’ Retirement Plan dated as of February 24,              2003.* |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (10)(v) | Amendment              No. 1 to the Company’s Additional 1% Supplemental Executive Plan dated as              of March 21, 2003.* |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (10)(w) | Directors              Retirement Plan Trust dated as of February 11,              2000.* |
|--------|---------|-------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (10)(x) | Amendment              No. 1 to the Company’s Directors’ Retirement Plan Trust dated as of              February 24, 2003.* |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (10)(y) | Amendment              No. 2 to the Company’s Directors’ Retirement Plan Trust dated as of              February 24, 2003.* |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (10)(z) | Restoration              and Supplemental Executive Retirement Plan Trust Agreement dated as              of              February 11, 2000.* |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (10)(aa) | Amendment              No. 1 to the Company’s Restoration and Supplemental Executive Retirement              Plan Trust Agreement dated as of February 24,              2003.* |
|--------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (11)  | Statement                Re-computation of Per Share Earnings. See page 26 of Item                8. |
|--------|------------|------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|   | (21) | List                of Subsidiaries of Registrant as of January 31,                2006: |
|--------|------|------------------------------------------------------------------------------------------|

|                                   |                           |                                        |
|----------------------------------------|--------------------------------|---------------------------------------------|
| Corporate                              | Jurisdiction                of | Name                under which Business    |
| Name                                   | Incorporation                  | is                Conducted                 |
| Mefiag                B.V.             | The                Netherlands | Mefiag                B.V., a wholly-       |
|                                   |                           | owned                subsidiary of          |
|                                   |                           | Met-Pro                Corporation          |
|                                   |                           |                                        |
| Flex-Kleen                Canada Inc.  | Ontario,                Canada | Flex-Kleen                Canada Inc.,      |
|                                   |                           | a                wholly-owned subsidiary of |
|                                   |                           | Met-Pro                Corporation          |
|                                   |                           |                                        |
| Strobic                Air Corporation | Delaware                       | Strobic                Air Corporation,     |
|                                   |                           | a                wholly-owned subsidiary of |
|                                   |                           | Met-Pro                Corporation          |

Index

----

**         Exhibit No.**
**                     **
**Description**

| Corporate | Jurisdiction                of | Name                under which Business |
|-----------|--------------------------------|------------------------------------------|
| Name      | Incorporation                  | is                Conducted              |

| MPC                Inc.                            | Delaware                                            | MPC                Inc.,                        |
|----------------------------------------------------|-----------------------------------------------------|-------------------------------------------------|
|                                               |                                                | a                wholly-owned subsidiary of     |
|                                               |                                                | Met-Pro                Corporation              |
|                                               |                                                |                                            |
| Pristine                Water Solutions Inc.  | Delaware                                       | Pristine              Water Solutions Inc.,     |
|                                               |                                                | a              wholly-owned subsidiary of       |
|                                               |                                                | Met-Pro              Corporation                |
|                                               |                                                |                                            |
| Mefiag              (Guangzhou) Filter             | People’s              Republic of China  | Mefiag              (Guangzhou) Filter          |
| Systems                Ltd.              |                                                | Systems              Ltd., a wholly-owned       |
|                                               |                                                | subsidiary                of Met-Pro (Hong      |
|                                               |                                                | Kong)              Company Limited              |
|                                               |                                                |                                            |
| Met-Pro              (Hong Kong)              | Hong              Kong                              | Met-Pro              (Hong Kong) Company        |
| Company                Limited                     |                                                | Limited,              a wholly-owned subsidiary |
|                                               |                                                | of              Met-Pro Corporation             |

|   | (23) | Consent              of Independent Registered Public Accounting              Firm.** |
|--------|------|---------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (31.1) | Certification              of Chief Executive Officer under              Section 302 of the Sarbanes-Oxley Act of              2002.** |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (31.2) | Certification                of Chief Financial Officer under                Section 302 of the Sarbanes-Oxley Act of                2002.** |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (32.1) | Certification                of Chief Executive Officer pursuant                to 18 U.S.C. Section 1350.** |
|--------|--------|--------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (32.2) | Certification                of Chief Financial Officer pursuant                to 18 U.S.C. Section 1350.** |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | (9) | Voting              trust agreements. |
|--------|-----|---------------------------------------|
|   | (12) | Statements              re computation of ratios. |
|--------|------|---------------------------------------------------|
|   | (13) | Annual                report to security holders. |
|--------|------|---------------------------------------------------|
|   | (14) | Code                of ethics. |
|--------|------|--------------------------------|
|   | (16) | Letter              re change in certifying accountant. |
|--------|------|---------------------------------------------------------|
|   | (18) | Letter              re change in accounting principles. |
|--------|------|---------------------------------------------------------|
|   | (22) | Published              report regarding matters submitted to vote of security              holders. |
|--------|------|-----------------------------------------------------------------------------------------------------|
|   | (24) | Power              of attorney. |
|--------|------|---------------------------------|

Index

----

**SIGNATURES**

|   | MET-PRO              CORPORATION |
|--------|----------------------------------|

| December                13, 2006 |  By: | /s/              Raymond J. De Hont          |
|----------------------------------|-----------|----------------------------------------------|
| Date                             |      | Raymond              J. De Hont              |
|                             |      | Chairman,               Chief Executive |
|                             |      | Officer              and President           |

|   | Signature                                     | Title                                           | Date                               |
|--------|-----------------------------------------------|-------------------------------------------------|------------------------------------|
|   |                                          |                                            |                               |
|   |                                          |                                            |                               |
|   | /s/                  Raymond J. De Hont       | Chairman,                                       | December                  13, 2006 |
|   | Raymond                  J. De Hont           | Chief                  Executive Officer        |                               |
|   |                                          | and                  President                  |                               |
|   |                                          |                                            |                               |
|   |                                          |                                            |                               |
|   | /s/                  Gary J. Morgan           | Senior                  Vice President-Finance, | December                  13, 2006 |
|   | Gary                  J. Morgan               | Secretary,                  Treasurer,          |                               |
|   |                                          | Chief                  Financial Officer,       |                               |
|   |                                          | Chief                  Accounting Officer       |                               |
|   |                                          | and                  Director                   |                               |
|   |                                          |                                            |                               |
|   |                                          |                                            |                               |
|   | /s/                  Nicholas DeBenedictis    | Director                                        | December                  13, 2006 |
|   | Nicholas                  DeBenedictis        |                                            |                               |
|   |                                          |                                            |                               |
|   |                                          |                                            |                               |
|   | /s/                  George H. Glatfelter II  | Director                                        | December                  13, 2006 |
|   | George                  H. Glatfelter II      |                                            |                               |
|   |                                          |                                            |                               |
|   |                                          |                                            |                               |
|   | /s/                  William L. Kacin         | Director                                        | December                  13, 2006 |
|   | William                  L. Kacin             |                                            |                               |
|   |                                          |                                            |                               |
|   |                                          |                                            |                               |
|   | /s/                  Alan Lawley              | Director                                        | December                  13, 2006 |
|   | Alan                  Lawley                  |                                            |                               |
|   |                                          |                                            |                               |
|   |                                          |                                            |                               |
|   | /s/                  Michael J. Morris        | Director                                        | December                  13, 2006 |
|   | Michael                  J. Morris            |                                            |                               |
|   |                                          |                                            |                               |
|   |                                          |                                            |                               |
|   | /s/                  Constantine N. Papadakis | Director                                        | December                  13, 2006 |
|   | Constantine                  N. Papadakis     |                                            |                               |

Index

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