8-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported):   March 17, 2011

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

Pennsylvania	001-07763	23-1683282
(State or other jurisdiction of	(Commission File Number)	(I.R.S. Employer
incorporation or organization)		Identification No.)

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

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On March 17, 2011, Met-Pro Corporation ("Met-Pro", the "Registrant" or the "Company") reported its results of operations for the fourth quarter and fiscal year ended January 31, 2011.  A copy of the press release issued by the Company is furnished herewith as Exhibit 99.1.

In addition, the Company held a teleconference call on March 17, 2011 during which members of management discussed the Company's financial performance for the fourth quarter and fiscal year ended January 31, 2011 and other matters relating to its business.  A copy of the teleconference transcript is furnished herewith as Exhibit 99.2.

Item 9.01.  Financial Statements and Exhibits.

A copy of the press release dated March 17, 2011, reporting the results of operations for the fourth quarter and fiscal year ended January 31, 2011, is furnished herewith as Exhibit 99.1.

In addition, a copy of the transcript from the Company's teleconference held on March 17, 2011, to discuss its results of operations for the fourth quarter and fiscal year ended January 31, 2011, is furnished herewith as Exhibit 99.2.

The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth by specific reference in such filing.

SIGNATURE

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

Date:  March 18, 2011	MET-PRO CORPORATION
	By: /s/ Raymond J. De Hont
	Raymond J. De Hont,
	Chairman, Chief Executive Officer and President

Exhibit Index

Exhibit	Description
99.1	Press release issued by Met-Pro Corporation to report its results of operations for the fourth quarter and fiscal year ended January 31, 2011.
99.2	Transcript of conference call held March 17, 2011 to discuss results of operations for the fourth quarter and fiscal year ended January 31, 2011.

EX-99.1

Date:	March 17, 2011
For Release:	Immediate
Contact:	Investor Contact:
	Gary J. Morgan,	Joseph Hassett, SVP
	Senior Vice President of Finance, CFO	Gregory FCA Communications
	215-723-6751	610-228-2110

Met-Pro Corporation Announces

 Fourth Quarter and Fiscal Year End Financial Results

●    Net Income up 37% Versus Last Year’s Fourth Quarter

Harleysville, PA, March 17, 2011 – Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation (NYSE: MPR), today announced the Company’s financial results for the fourth quarter and fiscal year ended January 31, 2011.

Net sales for the fourth quarter ended January 31, 2011 were up 20% to $23.8 million compared with $19.8 million for the fourth quarter last year. Net income totaled $1.8 million and diluted earnings per share were $0.12 for the fourth quarter, compared with net income of $1.3 million and diluted earnings per share of $0.09 for the same period last year, increases of 37% and 33%, respectively.

New order bookings for the fourth quarter were up 15% to $20.7 million compared with $18.0 million for the fourth quarter last year.

“I am pleased to report a good finish to fiscal year 2011, with strong top and bottom line growth in the quarter as well as solid new bookings sustaining our momentum heading into the new fiscal year,” stated De Hont. “The performance of our Product Recovery/Pollution Control Technologies and Fluid Handling Technologies reporting segments, each of which achieved better than 20% revenue growth in the quarter, are not only signs of an emerging recovery across our various markets, but more importantly illustrates the success of our sales and marketing strategy, including currently investing in additional sales staff to provide future sales growth.”

Net sales for the fiscal year ended January 31, 2011 were up 11% to $88.9 million compared with $80.1 million for the same period last year. Net income totaled $6.1 million and diluted earnings per share were $0.42 for the fiscal year ended January 31, 2011 compared with net income of $4.4 million and diluted earnings per share of $0.30 for the same period last year, increases of 38% and 40%, respectively.”

New order bookings for the fiscal year ended January 31, 2011 were up 10% to $89.9 million compared with $81.8 million for the prior fiscal year.

The Company’s cash balance increased to $32.4 million as of January 31, 2011. This increase resulted from $8.6 million of cash flows generated from operating activities, which was offset by increasing the dividend payment to shareholders, acquiring assets including patents and technology of Bio-Reaction Industries LLC, fully funding capital projects and continuing the ongoing research and development projects.

“During the fiscal year ended January 31, 2011, we continued to sustain gross margins and operating margins at the highest levels of the past few years despite rising commodity prices by increasingly leveraging the efficiency and cost reduction initiatives implemented throughout the organization,” added De Hont. “As a result, we enter the new year with an extremely strong balance sheet and continue to anticipate strong cash flows from operating activities, which will allow us to support investments to further enhance efficiency initiatives, develop exciting new products, and expand into new growth markets. We remain confident that Met-Pro is ideally positioned to leverage our strong financial position to capitalize on the continuing global economic recovery in which there is rising demand for our extensive portfolio of energy-efficient, environmentally-friendly and productivity enhancing solutions and products.”

Continued Page 2

Met-Pro Corporation/Page 2

The Board of Directors increased the quarterly dividend by 10% from $0.06 to $0.066 per share in the third quarter. This equates to $0.264 per share on an annualized basis. On January 5, 2011, the Company’s Board of Directors declared a quarterly dividend of $0.066 per share payable on March 17, 2011 to shareholders of record at the close of business on March 3, 2011. This is the thirty-sixth consecutive year that Met-Pro Corporation has paid either a cash or stock dividend.

Mr. De Hont and Gary J. Morgan, Senior Vice President of Finance and Chief Financial Officer, will hold a conference call for investors today, March 17, 2011, at 11:00 AM (Eastern). Met-Pro’s earnings release and the accompanying financial supplement, which includes significant financial information to be discussed during the conference call, will be available on Met-Pro’s Investor Relations website at www.met-pro.com/html/invrel.htm prior to the beginning of the conference call.

Interested persons who wish to hear the live webcast should go to the Met-Pro Corporation website prior to the starting time to register, download and install any necessary audio software.

You may also participate by calling the US/Canada Dial-In # 877-818-7738 or the International Dial-In # 706-643-9333 (conference ID 47210381) at 10:55 AM (Eastern) today. A taped replay of the conference call will be available within two hours of the conclusion of the call and until March 31, 2011. To access the taped replay, call the US/Canada Dial-In # 800-642-1687 or the International Dial-In # 706-645-9291 and enter conference ID 47210381.

About Met-Pro

Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, is a leading niche-oriented global provider of product recovery, pollution control and fluid handling solutions. The Company’s diverse and synergistic solutions and products address the world’s growing need to meet more stringent emission regulations, reduce energy consumption and employ green technology. Through its global sales organization, internationally recognized brands, and operations in the United States, Canada, Europe and The People's Republic of China, Met-Pro’s solutions, products and systems are sold to a well-diversified cross-section of customers and markets around the world. For more information, please visit www.met-pro.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this news release, and other materials filed or to be filed with the Securities and Exchange Commission (as well as information included in oral or other written statements made or to be made by the Company), contain statements that are forward-looking. Such statements may relate to plans for future expansion, business development activities, capital spending, financing, the effects of regulation and competition, or anticipated sales or earnings results. Such information involves risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to, those relating to, the cancellation or delay of purchase orders and shipments, product development activities, goodwill impairment, computer systems implementation, dependence on existing management, the continuation of effective cost and quality control measures, retention of customers, global economic and market conditions, and changes in federal or state laws.

Met-Pro common shares are traded on the New York Stock Exchange, symbol MPR.

To obtain an Annual Report or additional information on the Company, please call 215-723-6751 and ask for the Investor Relations Department, or visit the Company’s website at www.met-pro.com.

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Met-Pro Corporation/Page 3

Met-Pro Corporation

Consolidated Statements of Income

	Three Months Ended				Fiscal Year Ended
	January 31,				January 31,
	2011		2010		2011	2010
Net sales	$23,766,789		$19,798,121		$88,865,426	$80,132,493
Cost of goods sold	15,108,416		13,217,027		56,587,326	52,755,941
Gross profit	8,658,373		6,581,094		32,278,100	27,376,552
Operating expenses
Selling	3,125,232		2,326,140		11,674,270	9,741,528
General and administrative	3,154,792		2,522,511		11,633,509	11,122,469
	6,280,024		4,848,651		23,307,779	20,863,997
Income from operations	2,378,349		1,732,443		8,970,321	6,512,555
Interest expense	(52,583	)	(57,694	)	(212,470)	(224,143	)
Other income, net	153,212		121,736		362,046	260,177
Income before taxes	2,478,978		1,796,485		9,119,897	6,548,589
Provision for taxes	722,853		516,821		2,980,765	2,108,778
Net income	$1,756,125		$1,279,664		$6,139,132	$4,439,811
Basic earnings per share	$.12		$.09		$.42	$.30
Diluted earnings per share	$.12		$.09		$.42	$.30
Average common shares outstanding:
Basic shares	14,626,398		14,601,259		14,629,215	14,602,276
Diluted shares	14,753,975		14,676,349		14,758,659	14,675,735

Continued Page 4

Met-Pro Corporation/Page 4

Met-Pro Corporation

Consolidated Balance Sheets

	January 31, 2011		January 31, 2010
Assets
Current assets
Cash and cash equivalents	$32,400,814		$30,662,104
Short-term investments	497,155		725,004
Accounts receivable, net of allowance for
doubtful accounts of approximately $444,000 and
$204,000, respectively	15,311,322		14,011,950
Inventories	15,474,430		16,136,521
Prepaid expenses, deposits and other current assets	1,578,176		1,709,664
Deferred income taxes	84,155		–
Total current assets	65,346,052		63,245,243
Property, plant and equipment, net	19,863,031		19,860,751
Goodwill	20,798,913		20,798,913
Other assets	2,038,332		703,452
Total assets	$108,046,328		$104,608,359
Liabilities and shareholders’ equity
Current liabilities
Current portion of long-term debt	$532,540		$534,251
Accounts payable	4,864,724		4,297,936
Accrued salaries, wages and benefits	1,650,314		1,020,383
Other accrued expenses	2,286,043		2,405,308
Dividend payable	967,445		876,279
Customers’ advances	907,107		882,637
Deferred income taxes	–		181,253
Total current liabilities	11,208,173		10,198,047
Long-term debt	3,011,988		3,536,755
Accrued pension retirement benefits	6,553,262		8,127,412
Other non-current liabilities	54,195		51,998
Deferred income taxes	2,745,786		1,716,563
Total liabilities	23,573,404		23,630,775
Shareholders’ equity
Common shares, $.10 par value; 36,000,000 shares
authorized, 15,928,679 shares issued, of which
1,270,417 and 1,311,664 shares were reacquired
and held in treasury at the respective dates	1,592,868		1,592,868
Additional paid-in capital	3,448,249		2,988,950
Retained earnings	93,113,247		90,662,820
Accumulated other comprehensive loss	(3,201,767	)	(3,679,641	)
Treasury shares, at cost	(10,479,673	)	(10,587,413	)
Total shareholders’ equity	84,472,924		80,977,584
Total liabilities and shareholders’ equity	$108,046,328		$104,608,359

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Met-Pro Corporation/Page 5

Met-Pro Corporation

Consolidated Business Segment Data

	Three Months Ended			Fiscal Year Ended
	January 31,			January 31,
	2011		2010	2011	2010
Net sales
Product Recovery/Pollution Control Technologies	$11,502,070		$8,999,225	$41,426,858	$35,899,630
Fluid Handling Technologies	7,417,933		6,036,695	27,488,559	24,527,998
Mefiag Filtration Technologies	2,475,663		2,545,181	9,897,038	9,526,908
Filtration/Purification Technologies	2,371,123		2,217,020	10,052,971	10,177,957
	$23,766,789		$19,798,121	$88,865,426	$80,132,493
Income (loss) from operations
Product Recovery/Pollution Control Technologies	$563,624		$313,684	$2,046,716	$1,924,005
Fluid Handling Technologies	1,760,066		1,215,678	5,926,592	4,325,853
Mefiag Filtration Technologies	(57,553	)	76,486	401,695	(34,886	)
Filtration/Purification Technologies	112,212		126,595	595,318	297,583
	$2,378,349		$1,732,443	$8,970,321	$6,512,555
				January 31,	January 31,
				2011	2010
Identifiable Assets
Product Recovery/Pollution Control Technologies				$34,003,251	$34,466,168
Fluid Handling Technologies				18,114,257	18,068,428
Mefiag Filtration Technologies				12,814,143	12,257,281
Filtration/Purification Technologies				8,369,385	8,257,837
				73,301,036	73,049,714
Corporate				34,745,292	31,558,645
				$108,046,328	$104,608,359

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Met-Pro Corporation

Consolidated Statements of Cash Flows

	Years Ended January 31,
	2011		2010
Cash flows from operating activities
Net income	$6,139,132		$4,439,811
Adjustments to reconcile net income to net   cash provided by operating activities:
Depreciation and amortization	1,824,685		1,931,512
Deferred income taxes	439,069		406,754
(Gain) loss on sales of property and equipment, net	8,231		(20,585	)
Stock-based compensation	645,891		645,967
Allowance for doubtful accounts	240,133		37,189
Changes in operating assets and liabilities:
Accounts receivable	(1,464,863	)	6,409,090
Inventories	676,071		4,280,330
Prepaid expenses, deposits and other assets	(243,598	)	(9,904	)
Accounts payable and accrued expenses	977,454		(2,551,921	)
Customers’ advances	22,004		524,678
Other non-current liabilities	(666,704	)	(447,208	)
Net cash provided by operating activities	8,597,505		15,645,713
Cash flows from investing activities
Proceeds from sales of property and equipment	36,387		40,318
Acquisitions of property and equipment	(1,665,949	)	(2,133,807	)
Purchase of investments	(745,218	)	(1,445,004	)
Proceeds of maturities of investments	725,004		720,000
Payment for acquisition of business	(955,268	)	–
Net cash (used in) investing activities	(2,605,044	)	(2,818,493	)
Cash flows from financing activities
Proceeds from new borrowings	189,074		485,336
Reduction of debt	(717,134	)	(926,497	)
Exercise of stock options	780,834		225,584
Payment of dividends	(3,597,539	)	(3,504,026	)
Purchase of treasury shares	(935,631	)	(251,612	)
Net cash (used in) financing activities	(4,280,396	)	(3,971,215	)
Effect of exchange rate changes on cash	26,645		56,446
Net increase in cash and cash equivalents	1,738,710		8,912,451
Cash and cash equivalents at beginning of year	30,662,104		21,749,653
Cash and cash equivalents at end of year	$32,400,814		$30,662,104

###

EX-99.2

MET-PRO CORPORATION

Moderator: Kevin Bittle

03-17-11/11:00 a.m. ET

Confirmation # 47210381

Page 1

MET-PRO CORPORATION

Moderator:   Kevin Bittle

March 17, 2011

11:00 a.m. ET

Operator:	Good morning, my name is (Patrick) and I will be your conference operator today.  At this time, I would like to welcome everyone to the Met-Pro Fourth Quarter and Fiscal Year-End Results conference call.  All lines have been placed on mute to prevent any background noise.  After the speakers' remarks, there will be a question and answer session.
	If you would like to ask a question during this time, simply press star then the number one on your telephone keypad.  If you'd like to withdraw your question, press the pound key.  Thank you.  I would now like to turn the call over to the Manager of Creative Services, Kevin Bittle, to begin the conference.
Kevin Bittle:	Good morning and welcome to Met-Pro Corporation's earnings conference call for the fourth quarter and fiscal year ended January 31, 2011.  My name is Kevin Bittle and I am with the Company's Creative Services Department.  With me on our call this morning are Ray De Hont, our Chairmen, Chief Executive Officer, and President, and Gary Morgan, our Senior Vice President of Finance and Chief Financial Officer.
	Before we begin, I'd like to remind you that any statements made today with regards to our future expectations may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
	Please refer to our (a.m.) report for the fiscal year ended January 31, 2010 that was filed with the SEC for important factors, that among others, could cause our actual results to differ from any results that might be projected, forecasted,

MET-PRO CORPORATION

Moderator: Kevin Bittle

03-17-11/11:00 a.m. ET

Confirmation # 47210381

Page 2

	or estimated in any of our forward-looking statements.  And with that, I will now turn the call over to Ray.  Ray?
Ray De Hont:	Thank you Kevin.  Good morning everyone and welcome again from Harleysville, Pennsylvania.  Earlier this morning we released our financial results for the fourth quarter and fiscal year ended on January 31, 2011.  I hope all of you have had the opportunity to review them.
	In a moment, Gary Morgan will provide more specific comments on the quarter's financial results, but first I'd like to offer my perspective on our performance.  The fourth quarter was a strong finish to a year of renewed growth and improved profitability.  Both net sales and net income growth accelerated in the quarter, up 20 percent and 37 percent respectively when compared with the fourth quarter of last year.
	That's the best quarterly top-line growth achieved this year and the fourth straight quarter where net income and earnings per share were up significantly compared with a year ago quarter.
	As has been the case all year, we also achieved solid results in all key metrics, including new order bookings, gross margins, and operating margins.  The top-line growth was driven by a 28 percent increase in our Product Recovery/ Pollution Control Technologies revenues and a 23 percent increase in our Fluid Handling Technologies revenues.
	These are our two biggest segments and it was encouraging for them to finish the fiscal year on such a high note.  Gross margins continue to run at historic highs thanks to our various productivity and cost initiatives, as well as the leverage achieved through better capacity utilization.  New order bookings for the fourth quarter were up 15 percent compared to the fourth quarter of fiscal 2010.
	Notable in the quarter were separate $500,000 and $900,000 Met-Pro Environmental Air Solutions business unit orders for thermal oxidizers.  After being hit hard by the economic recession, there are signs that our Product Recovery/Pollution Control Technologies customers are gaining in confidence and beginning to once again invest in their businesses.

MET-PRO CORPORATION

Moderator: Kevin Bittle

03-17-11/11:00 a.m. ET

Confirmation # 47210381

Page 3

	In the quarter, we successfully integrated Bio-Reaction Industries, LLC into the Met-Pro organization.  BRI is a pioneer in environmentally friendly air pollution control systems, utilizing state-of-the-art biological technology to eliminate volatile organic compounds, hazardous air pollutants, and odors.  It is expected that this acquisition will be accretive to earnings in the current fiscal year ending January 31, 2012.
	Quotation activity is keeping pace with both improved bookings and revenue growth.  Success across all three of these important metrics suggests our growth strategy including currently investing in additional sales staff to drive future sales growth is gaining traction.  Met-Pro's business development managers, including recent additions in South America and Asia, are uncovering new growth opportunities both domestically and internationally.
	Our dedication to better understanding and anticipating the needs of our markets is opening new doors to opportunities where our wide breadth of products and solutions can help customers reduce costs, improve efficiency, and meet the demands of increasingly stringent environmental regulations.
	On January 5th of this year, our Board of Directors declared 6.6 cents per share dividend payable today, March 17, 2011 to shareholders of record at the close of business on March 3, 2011.  This is the 36th consecutive year Met-Pro has paid either a cash or a stock dividend.  As anticipated, the recovery in our markets has been very measured in its pace and in certain areas such as large projects, the recovery continues to be choppy.
	All in all, however, the fourth quarter was a solid quarter demonstrating the ability of Met-Pro's well regarded brands to compete domestically as well as globally.  I would now like to ask Gary Morgan to review our recent financial performance in more detail.  After which, I will provide some concluding remarks before we take your questions.  Gary?
Gary Morgan:	Thank you Ray.  Met-Pro reported fiscal year 2011 fourth quarter net sales of $23.8 million, up 20 percent from last year’s fourth quarter.  Net sales in our Product Recovery and Pollution Control Technologies reporting segment for the

MET-PRO CORPORATION

Moderator: Kevin Bittle

03-17-11/11:00 a.m. ET

Confirmation # 47210381

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fourth quarter were $11.5 million, up 28 percent from the fourth quarter a year ago primarily due to an increase in sales for all business units within this segment.

Net sales in our Fluid Handling Technology reporting segment were $7.4 million, up 23 percent compared with the fourth quarter a year ago.  Sales in the quarter included the initial shipments of the record pump order booked earlier in fiscal 2011.  Fluid Handling Technologies operating margins in the quarter were a strong 23.7 percent compared with 20.1 percent for the fourth quarter of last year. All of our pump lines are doing extremely well as this segment’s revenue was up 12.1 percent and operating margins were up 21.6 percent for the full fiscal year.

Net sales in our Filtration Purification Technologies segment were $2.4 million, up 7 percent compared with the fourth quarter of last year as demand increased for our Keystone Filter Business Unit products.

Net sales in our Mefiag Filtration Technologies reporting segment were down 2.7 percent during the fourth quarter.  However, we are very proud of the progress towards recovery being made at Mefiag considering the extent to which the business was impacted by the global recession.

For the fourth quarter we reported a gross margin of 36.4 percent, up from 33.2 percent in the fourth quarter of last year.  This enabled us to achieve a 36.3 percent gross margin overall for the fiscal year, one of the highest annual gross margins in the Company’s history.

Combined selling, general and administrative expenses for the quarter were $6.3 million, up 29.5 percent from the $4.8 million a year ago.  Selling expenses increased to 13.1 percent of net sales due to higher payroll and related benefit expenses were, as Ray mentioned, we have added resources to drive growth.

Selling expenses also reflect higher sales commissions, which fluctuate quarter-to-quarter depending upon the channel through which products are shipped.  

General and administrative expenses were up due to bonus accruals this year with the year-over-year increase somewhat distorted because we actually recorded a bonus credit in last year’s fourth quarter.

MET-PRO CORPORATION

Moderator: Kevin Bittle

03-17-11/11:00 a.m. ET

Confirmation # 47210381

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	For the quarter the operating margin was 10 percent of net sales compared with 8.8 percent of net sales in the same quarter of last year.  And for the full year the operating margins came in at 10.1 percent compared with last year’s operating margins of 8.1 percent.
	For the quarter we reported net income of $1.8 million or 12 cents per diluted share representing increases of 37 percent and 33 percent respectively from a year ago.
	Met-Pro’s balance sheet remains strong with cash on-hand at January 31, 2011 of $32.9 million or $2.23 per diluted share, up $1.5 million since the end of last fiscal year.
	In the quarter, Bio-Reaction Industries’ operations posted cost of approximately $128,000 with minimal sales.  We expect their operations to start generating revenue during the first half of the current fiscal year and to be accretive for the full year.
	For the fiscal year 2011 net sales were $88.9 million, up 10.1 percent from last year in an economy still recovering.  The gross margin percentage for the year was a record high 36.3 percent, up from 34.2 percent last year.  Total selling, general and administrative expenses for the fiscal year were $23.3 million, up 11.7 percent from the $20.9 million last year.
	Net income for the year was $6.1 million, up an encouraging 38.2 percent from the $4.4 million for last year while earnings-per-share was up 40 percent to 42 cents per diluted share compared with 30 cents per diluted share in fiscal 2010.
	In summing up the quarter and fiscal year net sales, earnings and cash flow performance all reflect steady growth and improved operating efficiencies.  We are entering fiscal year 2012 in a position of strength thanks to these positive financial results.  Thank you and I would now like to turn the call back to Ray.  Ray?
Ray De Hont:	Thank you, Gary.  Just a few concluding thoughts before we open the call to your questions.  Over the past several years we’ve endured restrained spending across our various markets.  During the fourth quarter, however, there were signs that the result log jam was finally breaking loose which is encouraging.

MET-PRO CORPORATION

Moderator: Kevin Bittle

03-17-11/11:00 a.m. ET

Confirmation # 47210381

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	Clearly this prolonged period of spending deferral has created latent demand for our products and services.  In addition, there is new legislation forthcoming that will reduce the acceptable levels of ethylene that can be discharged into the environment, which will create further opportunities for us, as a significant portion of the equipment and technologies currently utilized in the field cannot meet these higher standards.
	Inevitably, the release of pent-up demand and the imposition of stricter regulations will precipitate a more vibrant market environment.  Despite the challenges the fourth quarter represented another period of significant progress for Met-Pro as we strengthen our organization and more aggressively and proactively pursue a variety of very exciting growth opportunities.
	We remain confident that over the long-term Met-Pro Corporation is well positioned to capitalize on the very powerful trends toward global environmental stewardship, energy efficiency and process improvement.  I’d like to thank the many loyal, dedicated and talented employees who have contributed to our success, as well as thank our shareholders for their continued support.  I’d also like to thank all of you for your participation in today’s call.  I’ll now turn the call back to Kevin Bittle.
Kevin Bittle:	Thank you, Ray.  At this time we’d welcome any questions you may have.  I’d like to ask our operator, (Patrick), to provide instructions for this portion of the call.
Operator:	And as a reminder, if you’d like to ask an audio question please press star, one on your telephone keypad.  Again, that is star, one to ask a question and we’ll pause for just a second to compile the Q&A roster.  And our first question comes from the line of William Bremer from Maxim Group.

William Bremer:	Good morning, gentlemen.
Ray De Hont:	Good morning, William.
Gary Morgan:	Good morning, William.

MET-PRO CORPORATION

Moderator: Kevin Bittle

03-17-11/11:00 a.m. ET

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William Bremer:	Ray, I’m glad you spoke about the stricter regulations and standards that are coming.  Can you give us an idea of when they are going into place and when you believe you’ll start seeing some additional sales from these?
Ray De Hont:	Well the specific dates depends on when the Federal Government and some of the even local Governments actually enact these – the new standards.  And the standards, by the way, are both on the air side as well as the water side so it covers both sides of our business.
	But we see some of it happening later this year and one of the things, even though they haven’t been enacted yet, Bill, is that customers many times take the proactive approach and start to try to get ahead of the game rather than waiting for everything to hit all at once and I think we’ll see some of that earlier in the year as we move along.
	But you have – out there you have the boiler (macks), you have the cement, you have the particulate type of regulations and so forth.  On the water side there’s things with the phosphorous and the nitrogen and those type of restrictions and new standards.  So there’s a lot going on there but we – I think we’ll see some of it before they’re actually enforced.
William Bremer:	OK, great.  And can you provide us with the backlog at the end of the year?
Ray De Hont:	Gary, what’s the backlog number?
Gary Morgan:	The backlog number at the end of the year was about $18.1 million, William.
William Bremer:	And how does that compare to last year?
Gary Morgan:	It – it’s three-point – 6 percent increase from the prior year – a 3.9 percent increase from the prior year.

MET-PRO CORPORATION

Moderator: Kevin Bittle

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Ray De Hont:	Now remember, William, we’re not typically a backlog-driven business.  We have a lot of daily business.  If you look at this year, actually, as I mentioned in my opening remarks the one area of the business that’s been choppy has been the large projects.
	And I’ve said this in other calls where we have a lot of – a strong pipeline of large projects out there but our daily business this year was very strong.  So the day-to-day, the parts business, the service business, the small pump business, the chemicals and so forth, when you look at that that’s where a large portion of our growth came from.
William Bremer:	OK, and here’s a housekeeping question for you, Gary.  The selling and the general administrative expenses a little bit higher than I was forecasting.  Due to Ray’s comments and the additional personnel on the sales side, is that the new run rate that we should be using into fiscal ’12?
Gary Morgan:	Well on the – on the – I would – the run – we came in at $3.1 million in the fourth quarter on the selling side and that was really related to a few factors.  One was additional sales people that we have hired to expand the growth of the Company, the sales side of the Company and the other area was also revenue – expenses related to Bio-Reaction.  And on top of that we had an unusual representative commissions during the fourth quarter.
	As a result of that I would probably make the run rate going forward somewhere in the area of $2.9 million to $3 million on the selling side because some of those expenses are not going to continue into the first and second quarter.
William Bremer:	OK.
Gary Morgan:	On the – on the G&A – on the G&A side we came in at $3.2 million in the fourth quarter and what happened in the fourth quarter of this year we had management incentive bonuses that were paid out this year and in the prior year we had a credit from management incentive bonuses.

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Moderator: Kevin Bittle

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	So I would reduce that by about $400,000, which would make the run rate somewhere in the area of about $2.8 million that would be more consistent with the prior quarters – the third and – third and second quarter of this year.
William Bremer:	OK, very nice.  I agree.  On the tax side we came in at 29.2 percent.  What should we be using for fiscal ’12?
Gary Morgan:	In January the Government approved the research and development tax credit that came in I think January 10th in that area and we were able to have a tax credit on the research and development tax credit of $143,000 which lowered our effective tax rate from 34 percent down to an annual effective tax rate of 32.7 percent.
	I wouldn’t – going forward I would recommend that we use a run rate of 34 percent due to a couple state tax issues that we might run into next year.
William Bremer:	Right.  Right.  OK.
Gary Morgan:	(Thank you).
William Bremer:	All right.  Gentlemen, nice quarter.  I’ll have my – oh, one last question.  Can you give us an idea in pricing right now and in terms of the bookings, how is pricing in the marketplace?  Are you feeling competitively pressured or are you able to still achieve the pricing that you’ve been – that you’ve been having as of late?
Ray De Hont:	All during the past year there’s been competitive pressure, William.  You know, we’re still seeing some of that.  We are keeping an eye on the commodity pricing also as far as where that’s going.
	Recently in the last couple of weeks it started to roll back a little bit but we constantly focus on that.  We constantly look at how do we differentiate our businesses.  So I think we’re in a good position as far as competitiveness on pricing and there’s opportunities out there on some of the larger projects, which we’ve been talking about for quite a while to where when they drop, that’s going to help us significantly.

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Moderator: Kevin Bittle

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William Bremer:	Great, thank you.
Ray De Hont:	You’re welcome.
Gary Morgan:	Thank you.
Operator:	And again as a reminder, if you’d like to ask an audio question please press star, one on your telephone keypad.  Again, that is star, one to ask a question.  And at this time I would like to turn the call back over to Ray De Hont for closing remarks.
Ray De Hont:	Thank you, (Patrick).  Once again, thank you for joining us this morning.  We hope we have been able to provide you with a useful update on Met-Pro’s progress and performance but if you should have any further questions please feel free to contact either me or Gary.  Have a great – a great day, everyone.

END