mpr10q20120430.htm

0000065201-12-000033.txt : 20120608 0000065201-12-000033.hdr.sgml : 20120608 20120608135245 ACCESSION NUMBER: 0000065201-12-000033 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120430 FILED AS OF DATE: 20120608 DATE AS OF CHANGE: 20120608 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MET PRO CORP CENTRAL INDEX KEY: 0000065201 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564] IRS NUMBER: 231683282 STATE OF INCORPORATION: PA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07763 FILM NUMBER: 12897345 BUSINESS ADDRESS: STREET 1: 160 CASSELL ROAD CITY: HARLEYSVILLE STATE: PA ZIP: 19438 BUSINESS PHONE: 2157236751 MAIL ADDRESS: STREET 1: 160 CASSELL ROAD STREET 2: BOX 144 CITY: HARLEYSVILLE STATE: PA ZIP: 19438 FORMER COMPANY: FORMER CONFORMED NAME: MET PRO WATER TREATMENT CORP DATE OF NAME CHANGE: 19740924 FORMER COMPANY: FORMER CONFORMED NAME: MET PRO INC DATE OF NAME CHANGE: 19661026 10-Q 1 mpr10q20120430.htm FORM 10-Q mpr10q20120430.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended: April 30, 2012

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

Commission file number 001-07763

MET-PRO CORPORATION

(Exact name of registrant as specified in its charter)

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)

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

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (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 whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ X ] No [ ]

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 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ X ] Non-accelerated filer [ ] Smaller reporting company [ ]

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ X ]

As of June 7, 2012 the Registrant had 14,678,628 Common Shares, par value of $.10 per share, issued and outstanding.

MET-PRO CORPORATION AND SUBSIDIARIES

INDEX

PART I – FINANCIAL INFORMATION

Item 1.		Financial Statements

	Consolidated Balance Sheets
		as of April 30, 2012 and January 31, 2012	2
	Consolidated Statements of Income
		for the three-month periods ended April 30, 2012 and 2011	3
	Consolidated Statements of Comprehensive Income
		for the three-month periods ended April 30, 2012 and 2011	4
	Consolidated Statements of Shareholders’ Equity
		for the three-month periods ended April 30, 2012 and 2011	5
	Consolidated Statements of Cash Flows
		for the three-month periods ended April 30, 2012 and 2011	6
	Notes to Consolidated Financial Statements		7
	Report of Independent Registered Public Accounting Firm		16

Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3.		Qualitative and Quantitative Disclosures about Market Risk	23

Item 4.		Controls and Procedures	23


PART II – OTHER INFORMATION

Item 1.		Legal Proceedings	24

Item 1A.		Risk Factors	25

Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds	25

Item 3.		Defaults Upon Senior Securities	25

Item 4.		Mine Safety Disclosures	25

Item 5.		Other Information	25

Item 6.		Exhibits	26


SIGNATURES			27

Index

MET-PRO CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

	April 30,		January 31,
ASSETS	2012		2012
Current assets	(unaudited)
Cash and cash equivalents	$33,718,966		$34,581,394
Short-term investments	1,019,315		764,061
Accounts receivable, net of allowance for
doubtful accounts of approximately
$452,000 and $491,000, respectively	15,273,701		17,373,121
Inventories	19,239,814		17,847,143
Prepaid expenses, deposits and other current assets	1,531,508		1,683,486
Deferred income taxes	186,742		186,329
Total current assets	70,970,046		72,435,534
Property, plant and equipment, net	19,368,319		19,322,436
Goodwill	20,798,913		20,798,913
Other assets	2,718,549		2,952,332
Total assets	$113,855,827		$115,509,215

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Current portion of debt	$366,232		$657,216
Accounts payable	6,658,848		7,684,739
Accrued salaries, wages and benefits	1,664,358		1,827,603
Other accrued expenses	2,701,824		2,357,929
Dividend payable	1,043,373		1,042,297
Customers’ advances	2,196,911		3,232,600
Total current liabilities	14,631,546		16,802,384
Long-term debt	2,575,564		2,687,971
Accrued pension retirement benefits	10,680,616		10,618,047
Other non-current liabilities	56,941		56,391
Deferred income taxes	1,322,781		1,522,451
Total liabilities	29,267,448		31,687,244

Commitments and contingencies
Shareholders’ equity
Common shares, $.10 par value; 36,000,000 shares
authorized, 15,928,679 shares issued, of which
1,250,051 shares were reacquired and held in
treasury at both dates	1,592,868		1,592,868
Additional paid-in capital	4,500,136		4,058,735
Retained earnings	96,444,203		96,228,764
Accumulated other comprehensive loss	(7,609,315	)	(7,718,883	)
Treasury shares, at cost	(10,339,513	)	(10,339,513	)
Total shareholders’ equity	84,588,379		83,821,971
Total liabilities and shareholders’ equity	$113,855,827		$115,509,215
See accompanying notes to consolidated financial statements.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

	Three Months Ended
	April 30,
	2012		2011

Net sales	$25,207,061		$23,429,903
Cost of goods sold	16,256,535		15,371,698
Gross profit	8,950,526		8,058,205

Operating expenses
Selling	3,059,581		2,916,126
General and administrative	4,144,089		3,059,103
Total selling, general and administrative	7,203,670		5,975,229
Income from operations	1,746,856		2,082,976

Interest expense	(42,535	)	(48,801	)
Other income	45,925		105,986
Income before taxes	1,750,246		2,140,161

Provision for taxes	491,548		727,654
Net income	$1,258,698		$1,412,507
Earnings per share, basic	$.09		$.10

Earnings per share, diluted	$.09		$.10

Cash dividend per share – declared	$.071		$.066

Cash dividend per share – paid	$.071		$.066

See accompanying notes to consolidated financial statements.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

	Three Months Ended
	April 30,
	2012	2011

Net income	$1,258,698	$1,412,507
Other comprehensive income, net of tax:
Foreign currency translation adjustment	93,485	468,020
Interest rate swap, net of tax of ($9,446) and $152, respectively	16,083	(259	)
Other comprehensive income, net of tax	109,568	467,761
Total comprehensive income	$1,368,266	$1,880,268

See accompanying notes to consolidated financial statements.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(unaudited)

					Accumulated
		Additional			Other
	Common	Paid-in	Retained		Comprehensive		Treasury
	Shares	Capital	Earnings		Income/(Loss)		Shares		Total
Balances, January 31, 2012	$1,592,868	$4,058,735	$96,228,764		($7,718,883	)	($10,339,513	)	$83,821,971

Net income	-	-	1,258,698		-		-		1,258,698
Other comprehensive income, net of tax	-	-	-		109,568		-		109,568
Dividends	-	-	(1,043,259	)	-		-		(1,043,259	)
Stock-based compensation	-	441,401	-		-		-		441,401
Balances, April 30, 2012	$1,592,868	$4,500,136	$96,444,203		($7,609,315	)	($10,339,513	)	$84,588,379

					Accumulated
		Additional			Other
	Common	Paid-in	Retained		Comprehensive		Treasury
	Shares	Capital	Earnings		Income/(Loss)		Shares		Total
Balances, January 31, 2011	$1,592,868	$3,448,249	$93,113,247		($3,201,767	)	($10,479,673	)	$84,472,924

Net income	-	-	1,412,507		-		-		1,412,507
Other comprehensive income, net of tax	-	-	-		467,761		-		467,761
Dividends	-	-	(967,529	)	-		-		(967,529	)
Stock-based compensation	-	179,826	-		-		-		179,826
Stock option transactions	-	1,500	-		-		41,300		42,800
Purchase of 3,717 treasury shares	-	-	-		-		(42,800	)	(42,800	)
Balances, April 30, 2011	$1,592,868	$3,629,575	$93,558,225		($2,734,006	)	($10,481,173	)	$85,565,489

See accompanying notes to consolidated financial statements.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended
	April 30,
	2012		2011
Cash flows from operating activities
Net income	$1,258,698		$1,412,507
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization	487,599		481,932
Stock-based compensation	441,401		179,826
Deferred income taxes	(209,278	)	(606	)
Loss on sales of property and equipment, net	1,080		-
Allowance for doubtful accounts	(38,862	)	19,215
Change in operating assets and liabilities:
Accounts receivable	2,171,197		(1,636,920	)
Inventories	(1,361,633	)	(388,008	)
Prepaid expenses, deposits and other assets	123,755		(38,705	)
Accounts payable and accrued expenses	(862,836	)	687,771
Customers’ advances	(1,036,453	)	(52,906	)
Accrued pension retirement benefits	62,569		(2,776,476	)
Other non-current liabilities	549		549
Net cash provided by (used in) operating activities	1,037,786		(2,111,821	)
Cash flows from investing activities
Acquisitions of property and equipment	(474,884	)	(235,679	)
Purchase of investments	(763,264	)	-
Proceeds from maturities of investments	756,073		-
Net cash used in investing activities	(482,075	)	(235,679	)
Cash flows from financing activities
Proceeds from new borrowings	-		407,731
Repayment of debt	(387,451	)	(123,023	)
Exercise of stock options	-		42,800
Payment of dividends	(1,042,183	)	(967,445	)
Purchase of treasury shares	-		(42,800	)
Net cash used in financing activities	(1,429,634	)	(682,737	)
Effect of exchange rate changes on cash	11,495		(4,268	)
Net decrease in cash and cash equivalents	(862,428	)	(3,034,505	)

Cash and cash equivalents at February 1	34,581,394		32,400,814
Cash and cash equivalents at April 30	$33,718,966		$29,366,309

Supplemental disclosure of cash flow information:
Cash paid for interest	$43,436		$49,030
Cash paid for income taxes	370,703		228,584

See accompanying notes to consolidated financial statements.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of Presentation:

The accompanying unaudited consolidated financial statements include the accounts of Met-Pro Corporation (“Met-Pro” or the “Company”) and its direct and indirect wholly-owned subsidiaries: Mefiag B.V., Met-Pro Product Recovery/Pollution Control Technologies Inc., Strobic Air Corporation, MPC Inc., Pristine Water Solutions Inc., Mefiag (Guangzhou) Filter Systems Ltd., Met-Pro (Hong Kong) Company Limited, Met-Pro Industrial Services Inc., Bio-Reaction Industries Inc., Met-Pro Holdings LLC and Met-Pro Chile Limitada. All significant intercompany accounts and transactions have been eliminated.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts disclosed in the financial statements and accompanying notes. Estimates, by their nature, are based on judgment and available information. Actual results could differ materially from those estimates.

Significant estimates inherent in the preparation of the accompanying unaudited consolidated financial statements include valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, legal contingencies and assumptions used in the calculations of income taxes.

The accompanying interim unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All adjustments (consisting of normal recurring adjustments) considered necessary to present fairly the financial position of the Company as of April 30, 2012 and the results of operations for the three-month periods ended April 30, 2012 and 2011, and changes in shareholders’ equity and cash flows for the three-month periods then ended have been included. The results of operations for the three-month period ended April 30, 2012 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K/A for the year ended January 31, 2012. In addition, the January 31, 2012 Balance Sheet data, presented herein, was derived from the audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP.

Recent Accounting Pronouncements:

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. The amendments in this update are the result of the work of the FASB and the International Accounting Standards Board (“IASB”) to develop common requirements for measuring fair value and for disclosing information about fair value measurements. The amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendments clarify that a reporting entity should disclose quantitative information about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy in order to increase the comparability of disclosures between reporting entities applying U.S. GAAP and those applying IFRSs. Additionally, the amendments expand the disclosures for fair value measurements categorized within Level 3 where a reporting entity will need to include the valuation processes used and the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs, if any. For many of the requirements, the FASB does not intend for the amendments to result in a change in the application of the requirements in ASC Topic 820. The amendments in this update are to be applied prospectively and are effective during interim and annual periods beginning after December 15, 2011. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” The amendments in this update eliminate the current option to report other comprehensive income and its components in the statements of shareholders’ equity. Instead, an entity will be required to present either a single continuous statement of net income and other comprehensive income or in two separate, but consecutive statements. The amendments in this update are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2011. The new guidance became effective for the Company beginning February 1, 2012 and resulted in presentation changes only.

In September 2011, the FASB issued ASU No. 2011-08, “Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment”. The amendments in this update allow an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, based on its qualitative assessment, an entity concludes it is more likely than not that the fair value of a reporting unit is less than its carrying amount, quantitative impairment testing is required. However, if an entity concludes otherwise, quantitative impairment testing is not required. ASU No. 2011-08 is effective for annual and interim reporting periods beginning after December 15, 2011. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows.

NOTE 2 – FAIR VALUE DISCLOSURES

Cash and cash equivalents:

Cash and cash equivalents at April 30, 2012 and January 31, 2012 amounted to $33,718,966 and $34,581,394, respectively. The cash and cash equivalents balance at April 30, 2012 was comprised of the following: (i) cash amounting to $10,850,326 and (ii) cash equivalents consisting of money market funds amounting to $22,868,640. The Company evaluates the creditworthiness of the financial institutions and financial instruments in which it invests and places its cash deposits and temporary cash investments with financial institutions, that at times, may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. At April 30, 2012, the Company’s cash and cash equivalents were held at 20 financial institutions.

Short-term investments:

Short-term investments at April 30, 2012 and January 31, 2012 amounted to $1,019,315 and $764,061, respectively. The short-term investment balance at April 30, 2012 was comprised of four certificates of deposit with twelve month maturity dates. The short-term investment balance at January 31, 2012 was comprised of two certificates of deposit with nine month maturity dates and one certificate of deposit with a twelve month maturity date. The Company evaluates the creditworthiness of the financial institutions and the financial instruments in which it invests.

Long-term investments:

Long-term investments at April 30, 2012 and January 31, 2012 amounted to $246,473 and $494,537, respectively, which are reported in other assets on the consolidated balance sheets. The long-term investment balance at April 30, 2012 was comprised of one certificate of deposit with a fifteen month maturity date. The long-term investment balance at January 31, 2012 was comprised of two certificates of deposit with fourteen and fifteen month maturity dates. The Company evaluates the creditworthiness of the financial institutions and the financial instruments in which it invests.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Debt:

The estimated fair value and carrying amount of debt were as follows:

	April 30,	January 31,
	2012		2012
Fair value	$3,347,885		$3,747,061
Carrying amount	2,941,796		3,345,187

Valuations for debt are determined based on borrowing rates currently available to the Company for loans with similar terms and maturities.

The Company uses an interest rate swap (see Note 7) to minimize its exposure to fluctuations in interest rates. The interest rate differential to be paid or received under these agreements is recognized over the term of the loan and is included in interest expense.

The Company’s financial instruments are not held for trading purposes.

Fair value measurements:

ASC Topic 820, “Fair Value Measurements and Disclosures”, defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

The following tables summarize the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the consolidated balance sheets.

			Quoted Prices
			in Active
			Markets for	Significant		Significant
			Identical	Observable		Unobservable
	Balance at		Assets	Inputs		Inputs
	April 30, 2012		(Level 1)	(Level 2)		(Level 3)
Cash and cash equivalents	$33,718,966		$33,718,966	$-		$-
Short-term investments	1,019,315		1,019,315	-		-
Long-term investments	246,473		246,473	-		-
Cash surrender value - life insurance policies	1,124,930		-	1,124,930		-
Interest rate swap agreement	(340,757	)	-	(340,757	)	-
	$35,768,927		$34,984,754	$784,173		$-

Index

MET-PRO CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)


			Quoted Prices
			in Active
			Markets for	Significant		Significant
			Identical	Observable		Unobservable
	Balance at		Assets	Inputs		Inputs
	January 31, 2012		(Level 1)	(Level 2)		(Level 3)
Cash and cash equivalents	$34,581,394		$34,581,394	$-		$-
Short-term investments	764,061		764,061	-		-
Long-term investments	494,537		494,537	-		-
Cash surrender value - life insurance policies	1,089,989		-	1,089,989		-
Interest rate swap agreement	(366,286	)	-	(366,286	)	-
	$36,563,695		$35,839,992	$723,703		$-

There were no transfers of assets or liabilities between Level 1 and Level 2 in the three-month period ended April 30, 2012 or the fiscal year ended January 31, 2012.

The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. The Company’s cash surrender value of life insurance policies (which are reported in other assets on the consolidated balance sheets) and the interest rate swap agreement are valued using Level 2 measurements.

NOTE 3 – EARNINGS PER SHARE COMPUTATIONS

Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and potentially dilutive shares. The dilutive effect of employee stock options and awards of restricted stock units are included in the computation of diluted earnings per share. The dilutive effect of stock options is calculated using the treasury stock method and expected proceeds upon exercise of the stock options. The following table summarizes the shares used in computing basic and diluted net income per common share:

		Three Months Ended April 30,
			2012	2011
Numerator:
	Net income		$1,258,698	$1,412,507
Denominator:
	Weighted average common shares outstanding during the period for basic computation		14,678,628	14,659,117
	Dilutive effect of stock-based compensation plans		66,198	182,603
	Weighted average common shares outstanding during the period for diluted computation		14,744,826	14,841,720

Earnings per share, basic			$.09	$.10
Earnings per share, diluted			$.09	$.10

For the three months ended April 30, 2012 and 2011, employee stock options to purchase 669,009 and 125,448 common shares respectively, were excluded from the calculations of diluted earnings per share as the calculated proceeds from the options' exercises were greater than the market price of the Company's common shares during these periods.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 4 – STOCK-BASED COMPENSATION

Stock options:

On April 2, 2012 and February 27, 2012, the Company issued 54,628 and 97,299, stock options, respectively, with one-third exercisable one year from the grant date and the remaining two-thirds vesting two and three years from grant date, respectively. The April 2012 and February 2012 awards were made to the Company’s senior executives. In the event of a “change of control”, certain unvested options may become immediately exercisable. Typically, the duration of options is for up to ten years from the date of grant, subject to earlier termination under various conditions. The fair value of options that we grant is amortized into compensation expense on a straight-line basis over their respective vesting period, net of estimated forfeitures. We estimate the fair value of options as of the grant date using the Black-Scholes option valuation model. The per share fair value weighted-averages at the date of grant for stock options granted in the month of April 2012 and February 2012, were $3.18 and $2.96, respectively.

The following table summarizes stock option transactions for the three-month period ended April 30, 2012:

					Weighted
				Weighted	Average
				Average	Remaining	Aggregate
		Shares		Exercise Price	Life (years)	Intrinsic Value
Options:
	Outstanding at February 1, 2012	1,223,292		$10.2437	5.52
	Granted	151,924		10.0514
	Forfeited	(2,201	)	12.1800
	Expired	(9,956	)	5.5476
	Exercised	-		-
	Outstanding at April 30, 2012	1,363,059		$10.2534	5.58	$575,367

	Exercisable at April 30, 2012	1,075,225		$10.1895	4.65	$546,962

The aggregate intrinsic value of options exercised during the three-month period ended April 30, 2011 was $14,775. The intrinsic value of stock options is the amount by which the market price of the stock on a given date, such as at the end of the period or on the day of exercise, exceeded the market price of stock on the date of grant.

In connection with the Separation Agreement between the Company and its former Chief Financial Officer, the Company agreed to accelerate the vesting date and extend the exercise date of certain stock options. This was considered a stock option modification resulting in additional stock compensation expense of approximately $250,000, which was recorded in the three-month period ended April 30, 2012.

NOTE 5 – INVENTORIES

Inventories consisted of the following:

	April 30, 2012	January 31, 2012
Raw materials	$13,081,496	$12,673,210
Work in progress	3,453,168	2,808,747
Finished goods	2,705,150	2,365,186
	$19,239,814	$17,847,143

Index

MET-PRO CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 6 – INCOME TAXES

The Company utilizes the expected annual effective tax rate in determining its income tax provisions for interim periods. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit.

As of the fiscal year ended January 31, 2012, the Company had an unrecognized tax benefit of $49,000 to account for state tax matters in the United States as a result of changes in tax positions with relevant tax authorities. As of April 30, 2012, the Company filed returns with the relevant state tax authorities upon which the $49,000 unrecognized tax benefit was determined and has concluded that it did not have an unrecognized tax benefit as of April 30, 2012.

A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows:

	2012
Balance at February 1, 2012	$49,000
Increases in tax positions for prior years	-
Decreases in tax positions for prior years	(49,000	)
Increases in tax positions for current year	-
Balance at April 30, 2012	$-

The Company and its subsidiaries are subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company and its subsidiaries are no longer subject to U.S. federal or non-U.S. income tax examinations by tax authorities for the years before 2008.

NOTE 7 – DEBT

The Company and its subsidiaries have domestic and foreign uncommitted, unsecured lines of credit totaling $4,397,170 which can be used for working capital, of which $1,250,155 has been committed to standby letters of credit as of April 30, 2012. The standby letters of credit have expiration dates during the fiscal years ending January 31, 2013 and 2014 in the amounts of $1,239,155 and $11,000, respectively. Of the total lines of credit available, the foreign unsecured line of credit totals $397,170 (300,000 Euro). As of April 30, 2012 and January 31, 2012 the Company had zero outstanding borrowings from its domestic line of credit. The Company’s Mefiag B.V. subsidiary’s line of credit, which is with a bank in The Netherlands, had outstanding borrowings of zero as of April 30, 2012 and $265,581, or 202,997 Euro, as of January 31, 2012.

The Company’s long-term debt is subject to certain covenants, including maintenance of prescribed amounts of leverage and fixed charge coverage ratios. The Company was in compliance with all applicable covenants as of April 30, 2012.

The Company has an interest rate swap agreement to hedge against the potential impact on earnings from increases in market interest rates. Effective April 3, 2006, the Company entered into a fifteen-year interest rate swap agreement for a notional amount equal to the balance on the bond payable maturing April 2021. The Company swapped the ninety-day LIBOR for a fixed rate of 4.87%. As of April 30, 2012, the effective interest rate was 6.79% as a result of the swap agreement plus the interest rate floor provision of 250 basis points. The interest rate swap agreement is accounted for as a cash flow hedge that qualifies for treatment under the short-cut method of measuring effectiveness. There was no hedge ineffectiveness as of April 30, 2012. The fair value of the interest rate swap agreement resulted in a decrease in equity of $214,677 (net of tax) as of April 30, 2012 and a decrease in

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MET-PRO CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

equity of $230,760 (net of tax) as of January 31, 2012. These results are recorded in the accumulated other comprehensive loss section of shareholders’ equity.

NOTE 8 – EMPLOYEE BENEFIT PLANS

The Company has several defined benefit pension plans covering eligible employees in the United States. Effective December 31, 2006, the Company amended its defined benefit pension plans to freeze the accrual of future benefits for all its salaried and non-union hourly employees. Effective December 31, 2008, the Company amended its defined benefit pension plan to freeze the accrual of future benefits for union hourly employees. The net periodic pension cost is based on estimated values provided by the Company’s independent actuary.

The following table provides the components of net periodic pension (income) cost:

	Three Months Ended April 30,
	2012		2011
Service cost	$56,035		$51,400
Interest cost	272,218		280,400
Expected return on plan assets	(304,822	)	(350,500	)
Recognized net actuarial loss	109,991		52,500
Net periodic pension cost	$133,422		$33,800

The Company elected to contribute $63,561 to its pension and defined contribution plans during the three-month period ended April 30, 2012. The Company expects to make an additional contribution of $1,610,683 during the nine-month period ending January 31, 2013.

NOTE 9 – BUSINESS SEGMENT DATA

The Company has five operating segments which are aggregated into three reportable segments: Product Recovery/Pollution Control Technologies, Fluid Handling Technologies and Mefiag Filtration Technologies, and one other segment (Filtration/Purification Technologies). The Filtration/Purification Technologies segment is comprised of two operating segments that meet the criteria for aggregation.

The Company expects, based upon the current financial performance of its business units, the segmentation reporting will continue to be presented in future periods using the three reportable segments and the one other segment.

The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies. The Company evaluates the performance of these segments based on many factors including sales, sales trends, margins and operating performance.

No significant intercompany revenue is realized in these reporting segments. Interest income and expense are not included in the measure of segment profit reviewed by management. Income taxes are also not included in the measure of segment operating profit reviewed by management.

The Company follows the practice of allocating general corporate expenses, including depreciation and amortization expense, among the reporting segments.

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MET-PRO CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The financial segmentation information is presented in the following table:


	Three Months Ended April 30,
	2012		2011
Net sales
Product Recovery/Pollution Control Technologies	$10,500,840		$8,331,972
Fluid Handling Technologies	9,400,199		9,553,104
Mefiag Filtration Technologies	2,852,166		3,139,917
Filtration/Purification Technologies	2,453,856		2,404,910
	$25,207,061		$23,429,903

Income (loss) from operations
Product Recovery/Pollution Control Technologies	($443,062	)	($480,285	)
Fluid Handling Technologies	2,384,370		2,240,696
Mefiag Filtration Technologies	(72,088	)	221,472
Filtration/Purification Technologies	(122,364	)	101,093
	$1,746,856		$2,082,976

	April 30,	January 31,
	2012	2012
Identifiable assets
Product Recovery/Pollution Control Technologies	$34,977,794	$36,444,763
Fluid Handling Technologies	19,136,649	19,290,035
Mefiag Filtration Technologies	15,086,547	14,017,572
Filtration/Purification Technologies	8,985,779	8,368,652
	78,186,769	78,121,022
Corporate	35,669,058	37,388,193
	$113,855,827	$115,509,215

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MET-PRO CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 10 – CONTINGENCIES AND COMMITTMENTS

Beginning in 2002, the Company began to be named in asbestos-related lawsuits filed against a large number of industrial companies including, in particular, those in the pump and fluid handling industries. In management’s opinion, the complaints typically have been vague, general and speculative, alleging that the Company, along with the numerous other defendants, sold unidentified asbestos-containing products and engaged in other related actions which caused injuries (including death) and loss to the plaintiffs. Counsel has advised that more recent cases typically allege more serious claims of mesothelioma. The Company believes that it has meritorious defenses to the cases which have been filed and that none of its products were a cause of any injury or loss to any of the plaintiffs. The Company’s insurers have hired attorneys who, together with the Company, are vigorously defending these cases. The Company has been dismissed from or settled a large number of these cases. The sum total of all payments through April 30, 2012 to settle cases involving asbestos-related claims was $675,000, all of which has been paid by the Company’s insurers including legal expenses, except for corporate counsel expenses, with an average cost per settled claim, excluding legal fees, of approximately $25,000.

Based upon the most recent information available to the Company regarding such claims, there were a total of 134 cases pending against the Company as of April 30, 2012 (with Connecticut, New York, Pennsylvania and West Virginia having the largest number of cases), as compared with approximately 130 cases that were pending as of March 22, 2012. Subsequent to January 31, 2012, twelve new cases were filed against the Company, and the Company was dismissed from thirteen cases and settled zero cases. Most of the pending cases have not advanced beyond the early stages of discovery, although a number of cases are on schedules leading to, or are scheduled for trial. The Company believes that its insurance coverage is adequate for the cases currently pending against the Company and for the foreseeable future, assuming a continuation of the current volume, nature of cases and settlement amounts; however, the Company has no control over the number and nature of cases that are filed against it, nor as to the financial health of its insurers or their position as to coverage. The Company also presently believes that none of the pending cases will have a material adverse impact upon the Company’s results of operations, liquidity or financial condition.

At any given time, the Company is typically also party to a small number of other legal proceedings arising in the ordinary course of business. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based upon the present information, including the Company’s assessment of the facts of each particular claim as well as accruals, the Company believes that no pending proceeding will have a material adverse impact upon the Company’s results of operations, liquidity, or financial condition.

NOTE 11 – ACCOUNTANTS’ 10-Q REVIEW

Marcum LLP, the Company’s independent registered public accountants, performed a limited review of the financial information included herein. Their report on such review accompanies this filing.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Audit Committee of the Board of Directors

and Shareholders of Met-Pro Corporation

We have reviewed the accompanying consolidated balance sheet of Met-Pro Corporation and its wholly-owned subsidiaries as of April 30, 2012, and the related consolidated statements of income, comprehensive income, shareholders’ equity and cash flows for the three-month periods ended April 30, 2012 and 2011. These financial statements are the responsibility of the Company’s management.

We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim consolidated financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board, the consolidated balance sheet of Met-Pro Corporation and its wholly-owned subsidiaries as of January 31, 2012, and the related consolidated statements of income, shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated March 22, 2012, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of January 31, 2012 is fairly stated, in all material respects, in relation to the balance sheet from which it has been derived.

/s/ Marcum LLP

Marcum LLP

Bala Cynwyd, Pennsylvania

June 8, 2012

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MET-PRO CORPORATION AND SUBSIDIARIES

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

Cautionary Statement Concerning Forward-Looking Statements:

Our prospects are subject to certain uncertainties and risk. In addition to the other information set forth in this report, you should carefully consider the factors which could materially affect our business, financial condition, financial results or future performance, as discussed in Part I, “Item 1A. Risk Factors” and Part II, “Item 7. Forward-Looking Statements; Factors That May Affect Future Results” in our Annual Report on Form 10-K/A for the fiscal year ended January 31, 2012. This Quarterly Report on Form 10-Q also contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may be identified by words describing our belief or expectation, such as where we say that we “believe”, “expect” or “anticipate”, or where we characterize something in a manner in which there is an express or implicit reference to the future, such as “non-recurring” or “unusual,” or where we express that our view is based upon the “current status” of a given matter, or upon facts as we know them as of the date of the statement. The content and/or context of other statements that we make may indicate that the statement is “forward-looking”. We claim the “safe harbor” provided by The Private Securities Reform Act of 1995 for all forward-looking statements.

Results may differ materially from our current results and actual results could differ materially from those suggested in the forward-looking statements as a result of certain risk factors, other one time events, other important factors disclosed previously and from time to time in the Company's other filings with the Securities and Exchange Commission.

Introduction:

The following discussion and analysis, should be read in conjunction with Item 1 “Financial Statements” of this Quarterly Report on Form 10-Q, in addition to Item 8 “Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K/A for the fiscal year ended January 31, 2012.

Results of Operations:

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

	Three Months Ended
	April 30,
	2012		2011

Net sales	100.0%		100.0%
Cost of goods sold	64.5%		65.6%
Gross profit	35.5%		34.4%

Selling expenses	12.1%		12.4%
General and administrative expenses	16.4%		13.1%
Income from operations	7.0%		8.9%

Interest expense	(0.2%	)	(0.2%	)
Other income, net	0.2%		0.4%
Income before taxes	7.0%		9.1%

Provision for taxes	2.0%		3.1%
Net income	5.0%		6.0%

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MET-PRO CORPORATION AND SUBSIDIARIES

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

Three Months Ended April 30, 2012 vs. Three Months Ended April 30, 2011:

Net sales for the three-month period ended April 30, 2012 were $25,207,061 compared with $23,429,903 for the three-month period ended April 30, 2011, an increase of $1,777,158 or 7.6%.

Sales in the Product Recovery/Pollution Control Technologies reporting segment were $10,500,840, or $2,168,868 higher than the $8,331,972 of sales for the three-month period ended April 30, 2011, an increase of 26.0%. The sales increase in the Product Recovery/Pollution Control Technologies reporting segment was due to higher sales in our Met-Pro Environmental Air Solutions and Strobic Air business units, with the Met-Pro Environmental Air Solutions business unit contributing a higher percentage of the overall increase in sales of the reporting segment.

Sales in the Fluid Handling Technologies reporting segment totaled $9,400,199, or $152,905 lower than the $9,553,104 of sales for the three-month period ended April 30, 2011, a decrease of 1.6%. Sales in the Fluid Handling Technologies reporting segment were slightly lower as compared with the same period last year due to slightly lower sales in our Global Pump Solutions business unit. Based upon the current level of business activity, the Company believes that the decrease sales in Global Pump Solutions business unit will recover.

Sales in the Mefiag Filtration Technologies reporting segment were $2,852,166, or $287,751 lower than the $3,139,917 of sales for the three-month period ended April 30, 2011, a decrease of 9.2%. Sales in the Mefiag Filtration Technologies reporting segment were lower as compared with the same period last year due to decreased sales for our horizontal disc filter systems. Based upon the current level of business activity, the Company believes that the decrease in sales for our horizontal disc filter systems will recover.

Sales in the Filtration/Purification Technologies segment were $2,453,856, or $48,946 higher than the $2,404,910 of sales for the three-month period ended April 30, 2011, an increase of 2.0%. This increase was due primarily to increased sales for our Pristine Water Solutions products, partially offset by a decrease in sales of our Keystone Filter products.

The Company’s backlog of orders was $30,455,950 and $20,066,943 as of April 30, 2012 and 2011, respectively. The rate of the Company’s bookings of new orders varies from period to period. Orders have varying delivery schedules, and as of any particular date, the Company’s backlog may not be predictive of actual revenues for any succeeding specific period, in part due to potential customer requested delays in delivery of which the extent and duration may vary widely from period to period. The Company has also observed a trend over the last several years wherein larger projects are more frequently booked and shipped in the same quarter in which the customer’s purchase order was received, due to improved project execution and shorter lead times, resulting in such projects not appearing in publicly disclosed annual or quarterly backlog figures. Additionally, the Company’s customers typically have the right to cancel a given order, although the Company has historically experienced a very low rate of cancellation. The Company expects that substantially all of the backlog that existed as of April 30, 2012 will be shipped during the current fiscal year.

The gross profit margin for the three-month period ended April 30, 2012 was 35.5% compared with 34.4% for the three-month period ended April 30, 2011. The gross profit margin in our Product Recovery/Pollution Control Technologies and Fluid Handling Technologies reporting segments were higher as compared with the same period last year, partially offset by lower gross profit margins in our Mefiag Filtration Technologies reporting segment and Filtration/Purification Technologies segment as compared with the same period last year.

Income from operations for the three-month period ended April 30, 2012 was $1,746,856 compared with $2,082,976 for the three-month period ended April 30, 2011, a decrease of $336,120, or 16.1%. The decrease in income from operations was primarily the result of one-time costs totaling approximately $695,000 in connection with the Company’s transition to a new Chief Financial Officer.

The loss from operations in the Product Recovery/Pollution Control Technologies reporting segment totaled $443,062, or $37,223 less than the loss of $480,285 for the three-month period ended April 30, 2011. The decrease in the loss from operations in the Product Recovery/Pollution Control Technologies reporting segment was primarily related to the increase in sales of the business units within this reporting segment, partially offset by an increase in operating expenses.

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MET-PRO CORPORATION AND SUBSIDIARIES

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

Income from operations in the Fluid Handling Technologies reporting segment totaled $2,384,370, or $143,674 higher than the $2,240,696 for the three-month period ended April 30, 2011, an increase of 6.4%. The increase in income from operations was due to higher gross profit margins in our Global Pump Solutions business unit, partially offset by a small decrease in sales.

Loss from operations in the Mefiag Filtration Technologies reporting segment totaled $72,088 compared with income from operations of $221,472 for the three-month period ended April 30, 2011, a decrease of $293,560. The loss from operations in the Mefiag Filtration Technologies reporting segment resulted primarily from lower gross profit margins as well as a decrease in sales.

Loss from operations in the Filtration/Purification Technologies segment was $122,364 compared with income from operations of $101,093 for the three-month period ended April 30, 2011, a decrease of $223,457. The loss from operations was related primarily to lower gross profit margins in our Pristine Water Solutions business unit that were due primarily to increases in material costs and competitive pricing pressures.

Net income for the three-month period ended April 30, 2012 was $1,258,698 compared with $1,412,507 for the three-month period ended April 30, 2011, a decrease of $153,809, or 10.9%.

Selling expense was $3,059,581 for the three-month period ended April 30, 2012, an increase of $143,455 compared with selling expense of $2,916,126 for last year’s first quarter. The increase in selling expense was primarily due to increased advertising activities. Selling expense as a percentage of net sales was 12.1% for the three-month period ended April 30, 2012, compared with 12.4% for the same period last year.

General and administrative expense was $4,144,089 for the three-month period ended April 30, 2012 compared with $3,059,103 for the same period last year, an increase of $1,084,986. The increase in general and administrative expense was due primarily to: (i) costs of approximately $695,000 related to separation expenses, which included salary continuation, stock option modification and transition expenses, associated with the Company’s change in its Chief Financial Officer, as well as (ii) increased healthcare and pension expenses. General and administrative expense as a percentage of net sales was 16.4% for the three-month period ended April 30, 2012, compared with 13.1% for the same period last year.

Interest expense was $42,535 for the three-month period ended April 30, 2012, compared with $48,801 for the same period in the prior year, a decrease of $6,266. This decrease was due to the reduction of debt.

Other income was $45,925 for the three-month period ended April 30, 2012 compared with $105,986 for the same period in the prior year, a decrease of $60,061. The decrease in other income related to lower gains on currency exchange as well as lower interest income earned on our cash balance.

The effective tax rates for the three-month periods ended April 30, 2012 and 2011 were 28.1% and 34.0%, respectively. The effective tax rate of 28.1% for the three-month period ended April 30, 2012 was a result of a 35.0% tax rate, 1.0% higher compared with the same period last year due to the expiration of government sponsored tax credits, primarily the research and development tax credit. This was off-set by a one-time benefit of 6.9% attributable to deductible stock compensation expense resulting from a change in the status of outstanding stock options. The Company will continue to analyze its tax position in future periods, and could increase or decrease the effective tax rate.

Liquidity and Capital Resources:

The Company’s principal sources of liquidity are cash flows from operations, borrowings under existing lines of credit and access to credit markets. The Company’s principal uses of cash are operating expenses, capital expenditures, working capital requirements, dividends and debt service. Management expects that the Company’s current cash and cash equivalent balances, cash generated from operations and unused borrowing capacity will be sufficient to support the Company’s planned operating and capital requirements for the foreseeable future and at least the next twelve months.

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MET-PRO CORPORATION AND SUBSIDIARIES

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

The Company’s cash and cash equivalents were $33,718,966 on April 30, 2012 compared with $34,581,394 on January 31, 2012, a decrease of $862,428. The decrease in the Company’s cash and cash equivalents is primarily the net result of quarterly cash dividend payments amounting to $1,042,183, investment in property and equipment of $474,884 and payments on debt totaling $387,451, offset by cash provided by operating activities amounting to $1,037,786. The Company’s cash flows from operating activities are also influenced, in part, by the timing of shipments and negotiated standard payment terms, including retention associated with major projects, as well as other factors including changes in inventories and accounts receivable balances.

Cash flows provided by operating activities during the three-month period ended April 30, 2012 amounted to $1,037,786 compared with cash used in operating activities of $2,111,821 in the three-month period ended April 30, 2011, an increase of $3,149,607. The increase in cash flows from operating activities, as compared with the same period last year, was due principally to the following: (i) a positive change in accounts receivable of $2,171,197 compared with a negative change in accounts receivable of $1,636,920 for the same period last year, or a period-to-period cash inflow of $3,808,117, (ii) an increase in accrued pension retirement benefits of $62,569 compared with a decrease in accrued pension retirement benefits of $2,776,476 for the same period last year, or a period-to-period cash inflow of $2,839,045 and (iii) a positive change in prepaid expenses, deposits and other assets of $123,755 compared with a negative change in prepaid expenses, deposits and other assets of $38,705 for the same period last year, or a period-to-period cash inflow of $162,460. The previously listed cash inflows were partially offset by (i) a decrease in accounts payable and accrued expenses of $862,836 compared with an increase in accounts payable and accrued expenses of $687,771 for the same period last year, or a period-to-period cash outflow of $1,550,607, (ii) a decrease in customers’ advances of $1,036,453 compared with a decrease in customers’ advances of $52,906 for the same period last year, or a period-to-period cash outflow of $983,547 and (iii) an increase in inventory of $1,361,633 compared with an increase in inventory of $388,008 for the same period last year, or a period-to-period cash outflow of $973,625.

Cash flows used in investing activities during the three-month period ended April 30, 2012 amounted to $482,075 compared with cash flows used in investing activities of $235,679 for the three-month period ended April 30, 2011, an increase of $246,396. The increase in cash outflow from investing activities was due primarily to the acquisition of equipment to be used in normal operations.

Financing activities during the three-month period ended April 30, 2012 utilized $1,429,634 of available resources, compared with $682,737 utilized during the three-month period ended April 30, 2011, an increase of $746,897. The increase in cash used in financing activities is due primarily to the payment by our Mefiag B.V. subsidiary of amounts advanced under its line of credit, as well as from the increase by the Company in its dividend payment.

The Company and its subsidiaries also have access to $4,397,170 of uncommitted, unsecured domestic and foreign lines of credit, subject to terms thereof, of which $1,250,115 has been committed for standby letters of credit. The existing domestic credit agreements include two financial covenants: a liability/tangible net worth ratio and a fixed charge coverage ratio. At April 30, 2012, we were in compliance with both financial covenants.

The Board of Directors declared quarterly dividends of $0.071 per share payable on March 16, 2012 and June 15, 2012 to shareholders of record at the close of business on March 2, 2012 and June 1, 2012, respectively.

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MET-PRO CORPORATION AND SUBSIDIARIES

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

Critical Accounting Policies and Estimates:

Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. The significant accounting policies which we believe are the most critical to aid in fully understanding and evaluating our reported financial results include the following:

Revenue Recognition:

The Company recognizes a majority of its revenues from product sales or services provided when the following revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable and collectability is reasonably assured. Revenue from contracts related to the Company’s subsidiary Bio-Reaction Industries Inc., representing the minority of revenues, are recognized on the percentage of completion method, measured by the percentage of contract costs incurred to date, compared with the estimated total contract costs for each contract. This method is used because management considers contract costs to be the best available measure of progress on these contracts related to Bio-Reaction Industries Inc.

Depreciation and Amortization:

Property, plant and equipment, finite lived intangible assets and certain other long-lived assets are depreciated or amortized over their useful lives. Useful lives are based on management’s estimates of the period that the assets will generate revenue. Property, plant and equipment, as well as intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Goodwill:

The Company assesses the qualitative and quantitative factors which could affect the fair value of goodwill carried in its reporting units on an annual basis or more frequently when an indicator of impairment exists. Quantitative impairment testing involves significant judgment in estimating projections of fair value generated through future performance of each of the reporting units, which comprise our operating segments. In calculating the fair value of the reporting units using the present value of estimated future cash flows method, we rely on a number of assumptions including sales and related gross margin projections, operating margins, anticipated working capital requirements and market rate of returns used in discounting projected cash flows. These assumptions are based upon market and industry forecasts, our business plans and historical data. Inherent uncertainties exist in determining and applying such factors. The discount rate used in the projection of fair value represents a weighted average cost of capital available to the Company.

During the fiscal year ended January 31, 2012, we performed a quantitative impairment analysis on each of the Company’s reporting units that carry goodwill on their balance sheets. In each case, the fair value exceeded the carrying amount, including goodwill, by a significant amount, except for Flex-Kleen and Pristine Water Solutions which represents 69.6% of the total Company-wide goodwill.

For Flex-Kleen, the carrying value as of January 31, 2012 and 2011 amounted to $9.3 million and $9.1 million, respectively. The fair value of Flex-Kleen as of January 31, 2012 and 2011 totaled $13.2 million and $12.3 million, respectively. As a result, the fair value exceeded the carrying amount, including goodwill, by $3.9 million and $3.2 million at January 31, 2012 and 2011, respectively. Therefore, as of January 31, 2012, Flex-Kleen’s goodwill was not impaired.

Flex-Kleen, which initially performed well after being acquired in 1998, 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, 2007, 2008 and 2009. In the fiscal years ended January 31, 2007, 2008 and 2009, actual results exceeded the projected results used in our impairment model. During the fiscal year ended January 31, 2010, Flex-Kleen’s net sales and operating profit were below the projections in our impairment model, which we believe was a reflection of the downturn in global business and economic conditions during this period of time

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MET-PRO CORPORATION AND SUBSIDIARIES

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

and was not due to any new development specific to Flex-Kleen. In the fiscal year ended January 31, 2011, Flex-Kleen’s net sales were below the projections but operating profit was slightly above the projections in our impairment model. In the fiscal year ended January 31, 2012, Flex-Kleen’s net sales and operating profit exceeded the projections in our impairment model. Our impairment model requires that Flex-Kleen’s sales and operating profit improve during each of the next several fiscal years in order for us to avoid a potential impairment charge.

Because of market conditions and/or potential changes in strategy and product portfolio, it is possible that forecasts used to support asset carrying values may change in the future, which could result in non-cash charges that would adversely affect our results of operations and financial condition. Based on current projections, a one percent decrease in revenue growth, a one percent decrease in gross margin or a one percent increase in the weighted average cost of capital would reduce the fair value for Flex-Kleen by $1.9 million, $1.1 million, and $0.9 million, respectively. Additionally, the Company cannot predict the occurrence of unknown events that might adversely affect the reportable value of Flex-Kleen’s goodwill.

For Pristine Water Solutions, the carrying value as of January 31, 2012 and 2011 amounted to $4.6 million at both dates. The fair value of Pristine Water Solutions as of January 31, 2012 and 2011 totaled $5.9 million and $9.8 million, respectively. As a result, the fair value exceeded the carrying amount, including goodwill, by $1.3 million and $5.2 million at January 31, 2012 and 2011, respectively. Therefore, as of January 31, 2012, Pristine Water Solutions’ goodwill was not impaired.

During the fiscal year 2012, there was a decline in net sales and operating profit of our Pristine Water Solutions business unit that we attribute to a number of factors including raw material price increases, increased price competition, product mix, continued weaknesses in Pristine Water Solutions’ principal market, the municipal market, and inclement weather in certain geographic areas which affected product demand. Our impairment model requires that Pristine Water Solutions’ sales and operating profit improve during each of the next several fiscal years in order for us to avoid a potential impairment charge.

Because of market conditions and/or potential changes in strategy and product portfolio, it is possible that forecasts used to support asset carrying values may change in the future, which could result in non-cash charges that would adversely affect our results of operations and financial condition. Based on current projections, a one percent decrease in revenue growth, a one percent decrease in gross margin or a one percent increase in the weighted average cost of capital would reduce the fair value for Pristine Water Solutions by $0.7 million, $0.5 million, and $0.4 million, respectively. Additionally, the Company cannot predict the occurrence of unknown events that might adversely affect the reportable value of goodwill related to Pristine Water Solutions.

Pension Obligations:

The determination of our obligation and expense for pension benefits is dependent on our selection of certain assumptions used by actuaries in calculating such amounts. Those assumptions are described in Note 13 of the January 31, 2012 consolidated financial statements included in Form 10-K/A and include, among others, the discount rate and the expected long-term rate of return on plan assets. In accordance with generally accepted accounting principles, actual results that differ from our assumptions are accumulated and amortized over future periods and therefore, generally affect our recognized expense and recorded obligation in such future periods. While we believe that our assumptions are appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our pension obligations and our future expense.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

Item 3. Qualitative and Quantitative Disclosures About Market Risk

We are exposed to certain market risks, primarily changes in interest rates. There have been no significant changes in our exposure to market risks since January 31, 2012. Refer to “Item 7A. Quantitative and Qualitative Disclosure About Market Risks” of the Company’s Annual Report on Form 10-K/A for the fiscal year ended January 31, 2012 for additional information.

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) that are designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, under the supervision of the Company’s Disclosure Committee, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act, were effective as of April 30, 2012.

(b) Changes in Internal Control Over Financial Reporting

During the three months ended April 30, 2012, there were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Control systems, no matter how well conceived and operated, are designed to provide a reasonable, but not an absolute, level of assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. The Company conducts periodic evaluations of its internal controls to enhance, where necessary, its procedures and controls.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

Certain of the statements made in this Item 1 (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.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I “Item 1A. Risk Factors” in our Annual Report on Form 10-K/A for the year ended January 31, 2012 as filed with the Securities and Exchange Commission which could materially affect our business, financial condition, financial results or future performance.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a)	During the three months ended April 30, 2012, we did not sell any of our equity securities that were not registered under the Securities Act of 1933.

(b)	Not applicable.

(c)	The following table summarizes Met-Pro’s purchases of its common shares for the three months ended April 30, 2012:

Issuer Purchases of

Equity Securities

Period	Total Number of Shares Purchased	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	(1)

February 1-29, 2012	-	$ -	-	170,496
March 1-31, 2012	-	-	-	170,496
April 1-30, 2012	-	-	-	170,496
Total	-	$ -	-	170,496

(1)	On November 3, 2008, our Board of Directors authorized a common share repurchase program that was publicly announced on November 5, 2008, for up to 300,000 shares. The program has no fixed expiration date.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

Item 6. Exhibits

(a)	Exhibits Required by Item 601 of Regulation S-K

	Exhibit No.	Description

	(31.1)	Certification of the Chief Executive Officer
		Pursuant to Section 302 of the
		Sarbanes-Oxley Act of 2002.*

	(31.2)	Certification of the Chief Financial Officer
		Pursuant to Section 302 of the
		Sarbanes-Oxley Act of 2002.*

	(32.1)	Certification of the Chief Executive Officer
		Pursuant to 18 U.S.C. Section 1350, as adopted
		Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.*

	(32.2)	Certification of the Chief Financial Officer
		Pursuant to 18 U.S.C. Section 1350, as adopted
		Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.*

	(101.INS)	XBRL Instance*

	(101.SCH)	XBRL Taxonomy Extension Schema*

	(101.CAL)	XBRL Taxonomy Extension Calculation*

	(101.LAB)	XBRL Taxonomy Extension Labels*

	(101.PRE)	XBRL Taxonomy Extension Presentation*

	(101.DEF)	XBRL Taxonomy Extension Definition*



* Filed herewith.

Index

MET-PRO CORPORATION AND SUBSIDIARIES

SIGNATURES

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

		Met-Pro Corporation
		(Registrant)


June 8, 2012		/s/ Raymond J. De Hont
		Raymond J. De Hont
		Chairman, Chief Executive Officer
		and President
		(Duly Authorized Officer and Principal Executive Officer)

June 8, 2012		/s/ Neal E. Murphy
		Neal E. Murphy
		Vice President-Finance,
		Chief Financial Officer, Secretary and Treasurer
		(Duly Authorized Officer and Principal Financial Officer)

EX-31.1 2 mpr10q20120430ex311.htm CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER mpr10q20120430ex311.htm

Exhibit (31.1)

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Raymond J. De Hont, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Met-Pro Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 8, 2012		/s/ Raymond J. De Hont
		Raymond J. De Hont
		Chairman, Chief Executive Officer and President

EX-31.2 3 mpr10q20120430ex312.htm CERTIFICATION OF THE CHIEF FINANCIAL OFFICER mpr10q20120430ex312.htm

Exhibit (31.2)

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Neal E. Murphy, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Met-Pro Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 8, 2012		/s/ Neal E. Murphy
		Neal E. Murphy
		Vice President-Finance, Chief Financial Officer, Secretary and Treasurer

EX-32.1 4 mpr10q20120430ex321.htm CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER mpr10q20120430ex321.htm

Exhibit (32.1)

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Raymond J. De Hont, Chief Executive Officer of Met-Pro Corporation hereby certifies that, to my knowledge:

(i)	the Quarterly Report on Form 10-Q for the period ended April 30, 2012 of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(ii)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: June 8, 2012		/s/ Raymond J. De Hont
		Raymond J. De Hont
		Chairman, Chief Executive Officer and President

EX-32.2 5 mpr10q20120430ex322.htm CERTIFICATION OF THE CHIEF FINANCIAL OFFICER mpr10q20120430ex322.htm

Exhibit (32.2)

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Neal E. Murphy, Chief Financial Officer of Met-Pro Corporation hereby certifies that, to my knowledge:

(i)	the Quarterly Report on Form 10-Q for the period ended April 30, 2012 of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(ii)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: June 8, 2012		/s/ Neal E. Murphy
		Neal E. Murphy
		Vice President-Finance, Chief Financial Officer, Secretary and Treasurer

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Yes

1664358

1827603

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 2 - FAIR VALUE DISCLOSURES</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Cash and cash equivalents:</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Cash and cash equivalents at April 30, 2012 and January 31, 2012 amounted to $33,718,966 and $34,581,394, respectively. The cash and cash equivalents balance at April 30, 2012 was comprised of the following: (i) cash amounting to $10,850,326 and (ii) cash equivalents consisting of money market funds amounting to $22,868,640.  The Company evaluates the creditworthiness of the financial institutions and financial instruments in which it invests and places its cash deposits and temporary cash investments with financial institutions, that at times, may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit.  At April 30, 2012, the Company's cash and cash equivalents were held at 20 financial institutions.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Short-term investments:</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Short-term investments at April 30, 2012 and January 31, 2012 amounted to $1,019,315 and $764,061, respectively.  The short-term investment balance at April 30, 2012 was comprised of four certificates of deposit with twelve month maturity dates. The short-term investment balance at January 31, 2012 was comprised of two certificates of deposit with nine month maturity dates and one certificate of deposit with a twelve month maturity date.  The Company evaluates the creditworthiness of the financial institutions and the financial instruments in which it invests.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Long-term investments</font>:</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Long-term investments at April 30, 2012 and January 31, 2012 amounted to $246,473 and $494,537, respectively, which are reported in other assets on the consolidated balance sheets.  The long-term investment balance at April 30, 2012 was comprised of one certificate of deposit with a fifteen month maturity date.  The long-term investment balance at January 31, 2012 was comprised of two certificates of deposit with fourteen and fifteen month maturity dates.  The Company evaluates the creditworthiness of the financial institutions and the financial instruments in which it invests.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"> </div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Debt:</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><br /></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The estimated fair value and carrying amount of debt were as follows:</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><br /></font></div><div align="left"><table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="97%"><tr><td valign="top" width="77%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font></td><td style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" valign="top" width="9%"><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30,</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font></td><td style="TEXT-ALIGN: center" valign="top" width="11%" colspan="3"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">January 31,</font></td></tr><tr><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="77%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="9%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="9%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top" width="77%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Fair value</font></div></td><td valign="top" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"> </font></td><td valign="top" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$3,347,885</font></div></td><td valign="top" width="2%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"> </font></td><td valign="top" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"> </font></td><td valign="top" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$3,747,061</font></div></td><td valign="top" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"> </font></td></tr><tr bgcolor="white"><td style="BORDER-BOTTOM: black 4px double" valign="top" width="77%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Carrying amount</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"> </font></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2,941,796</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="2%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"> </font></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"> </font></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">3,345,187</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"> </font></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"></font> </div><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Valuations for debt are determined based on borrowing rates currently available to the Company for loans with similar terms and maturities.</font></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The Company uses an interest rate swap (see Note 7) to minimize its exposure to fluctuations in interest rates.  The interest rate differential to be paid or received under these agreements is recognized over the term of the loan and is included in interest expense.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The Company's financial instruments are not held for trading purposes.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Fair value measurements:</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">ASC Topic 820, "Fair Value Measurements and Disclosures", defines fair value, provides guidance for measuring fair value and requires certain disclosures.  This standard discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost).  The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The following tables summarize the basis used to measure the Company's financial assets (liabilities) at fair value on a recurring basis in the consolidated balance sheets.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"> </div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div><div align="left"><table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="100%"><tr><td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="18%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Quoted Prices</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr><td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="18%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Active</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr><td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="18%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Markets for</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant</font></div></td></tr><tr><td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="18%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Identical</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Observable</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unobservable</font></div></td></tr><tr><td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="18%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inputs</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inputs</font></div></td></tr><tr><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="18%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30, 2012</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> (Level 1)</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level 2)</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> (Level 3)</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="39%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Cash and cash equivalents</font></div></td><td valign="bottom" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$33,718,966</font></div></td><td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$33,718,966</font></div></td><td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$-</font></div></td><td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$-</font></div></td></tr><tr bgcolor="white"><td valign="top" width="39%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Short-term investments</font></div></td><td valign="top" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">1,019,315</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">1,019,315</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="39%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Long-term investments</font></div></td><td valign="top" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">246,473</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">246,473</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td></tr><tr bgcolor="white"><td valign="top" width="39%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Cash surrender value -  life insurance policies</font></div></td><td valign="top" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">1,124,930</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">1,124,930</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td></tr><tr bgcolor="#cceeff"><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="39%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Interest rate swap agreement</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(340,757</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="5%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">)</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(340,757</font></div></td><td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="top" width="5%"><div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">)</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td></tr><tr bgcolor="white"><td style="BORDER-BOTTOM: black 4px double" valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$35,768,927</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$34,984,754</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$784,173</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$-</font></div></td></tr></table></div><div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"></font> </div></div></div><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><div align="left"><table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="100%"><tr bgcolor="white"><td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="18%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="white"><td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="18%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Quoted Prices</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="white"><td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="18%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Active</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="white"><td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="18%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Markets for</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant</font></div></td></tr><tr bgcolor="white"><td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="18%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Identical</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Observable</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unobservable</font></div></td></tr><tr bgcolor="white"><td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="18%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inputs</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inputs</font></div></td></tr><tr bgcolor="white"><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="18%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">January 31, 2012</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> (Level 1)</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level 2)</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> (Level 3)</font></div></td></tr><tr bgcolor="white"><td valign="top" width="39%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Cash and cash equivalents</font></div></td><td valign="bottom" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$34,581,394</font></div></td><td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$34,581,394</font></div></td><td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$-</font></div></td><td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$-</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="39%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Short-term investments</font></div></td><td valign="top" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">764,061</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">764,061</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td></tr><tr bgcolor="white"><td valign="top" width="39%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Long-term investments</font></div></td><td valign="top" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">494,537</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">494,537</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="39%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Cash surrender value -  life insurance policies</font></div></td><td valign="top" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">1,089,989</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">1,089,989</font></div></td><td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td></tr><tr bgcolor="white"><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="39%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Interest rate swap agreement</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(366,286</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="5%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">)</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(366,286</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="5%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">)</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td></tr><tr bgcolor="#cceeff"><td style="BORDER-BOTTOM: black 4px double" valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="18%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$36,563,695</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$35,839,992</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$723,703</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$-</font></div></td></tr></table></div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">  </font> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">There were no transfers of assets or liabilities between Level 1 and Level 2 in the three-month period ended April 30, 2012 or the fiscal year ended January 31, 2012.</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><br /></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services.  The Company's cash surrender value of life insurance </font>policies (which are reported in other assets on the consolidated balance sheets) and the interest rate swap agreement are valued using Level 2 measurements.</font></div></div>

2013 No

113855827

115509215

1043373

1042297

14678628

474884

235679

549

-862836

687771

0.09

0.10

7203670

5975229

0.1

-7609315

-7718883

6658848

7684739

10-Q false 154511604

16083

-259

1250051

4500136

4058735

1322781

1522451

2575564

2687971

366232

657216

MET PRO CORP Q1

1500

41300

42800

43436

49030

-1429634

-682737

-38862

19215

487599

481932

96444203

96228764

10680616

10618047

2718549

2952332

-1043259

-967529

-1043259

-967529

370703

228584

-1036453

-52906

-1080

3059581

2916126

15273701

17373121

2196911

3232600

34581394

32400814

33718966

29366309

-862428

-3034505

62569

-2776476

1368266

1880268

45925

105986

4144089

3059103

84588379

83821971

84472924

85565489

1592868

4058735

4500136

3448249

3629575

96228764

96444203

93113247

93558225

-7718883

-7609315

-3201767

-2734006

-10339513

-10479673

-10481173

70970046

72435534

441401

179826

441401

179826

1037786

-2111821

-209278

-606

25207061

23429903

186742

186329

-9446

152

42800

387451

123023

-482075

-235679

491548

727654

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 6 - INCOME TAXES</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The Company utilizes the expected annual effective tax rate in determining its income tax provisions for interim periods.  The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">As of the fiscal year ended January 31, 2012, the Company had an unrecognized tax benefit of $49,000 to account for state tax matters in the United States as a result of changes in tax positions with relevant tax authorities.  As of April 30, 2012, the Company filed returns with the relevant state tax authorities upon which the $49,000 unrecognized tax benefit was determined and has concluded that it did not have an unrecognized tax benefit as of April 30, 2012.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows:</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div align="center"><table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="80%"><tr><td valign="top" width="85%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="8%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font></div></td><td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="#cceeff"><td valign="top" width="85%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Balance at February 1, 2012</font></div></td><td valign="middle" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$49,000</font></div></td><td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="white"><td valign="top" width="85%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Increases in tax positions for prior years</font></div></td><td valign="middle" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="#cceeff"><td valign="top" width="85%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Decreases in tax positions for prior years</font></div></td><td style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" valign="middle" width="8%"><div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(49,000</font></div></td><td style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" valign="middle" width="1%"><div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">)</font></div></td></tr><tr bgcolor="white"><td valign="top" width="85%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Increases in tax positions for current year</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="middle" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="#cceeff"><td valign="top" width="85%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Balance at April 30, 2012</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="8%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$-</font></div></td><td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The Company and its subsidiaries are subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company and its subsidiaries are no longer subject to U.S. federal or non-U.S. income tax examinations by tax authorities for the years before 2008.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div>

0000065201 --01-31

109568

467761

109568

467761

0.071

0.066

42535

48801

452000

491000

2701824

2357929

Accelerated Filer

407731

-123755

38705

0.071

0.066

29267448

31687244

20798913

3717

-42800

42800

756073

0.09

0.10

1258698

1412507

1258698

1412507

1746856

2082976

8950526

8058205

10339513

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 5 - INVENTORIES</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Inventories consisted of the following:</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div><div align="left"><table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="80%"><tr><td style="PADDING-BOTTOM: 2px" valign="top" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="middle" width="12%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">April 30,</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2012</font></div></td><td style="PADDING-BOTTOM: 2px" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="middle" width="12%"><div align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"> January 31,</font></div><div align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2012</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="70%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Raw materials</font></div></td><td valign="middle" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$13,081,496</font></div></td><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$12,673,210</font></div></td></tr><tr bgcolor="white"><td valign="top" width="70%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Work in progress</font></div></td><td valign="middle" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">3,453,168</font></div></td><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2,808,747</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="70%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Finished goods</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="middle" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2,705,150</font></div></td><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="middle" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2,365,186</font></div></td></tr><tr bgcolor="white"><td valign="top" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$19,239,814</font></div></td><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="12%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$17,847,143</font></div></td></tr></table></div>

763264

441401

179826

15928679

56941

56391

19239814

17847143

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 4 - STOCK-BASED COMPENSATION</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times, serif; FONT-SIZE: 10pt">Stock options:</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">On April 2, 2012 and February 27, 2012, the Company issued 54,628 and 97,299, stock options, respectively, with one-third exercisable one year from the grant date and the remaining two-thirds vesting two and three years from grant date, respectively.  The April 2012 and February 2012 awards were made to the Company's senior executives.  In the event of a "change of control", certain unvested options may become immediately exercisable.  Typically, the duration of options is for up to ten years from the date of grant, subject to earlier termination under various conditions.  The fair value of options that we grant is amortized into compensation expense on a straight-line basis over their respective vesting period, net of estimated forfeitures. We estimate the fair value of options as of the grant date using the Black-Scholes option valuation model. The per share fair value weighted-averages at the date of grant for stock options granted in the month of April 2012 and February 2012, were $3.18 and $2.96,  respectively.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"> </div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The following table summarizes stock option transactions for the three-month period ended April 30, 2012:</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div align="left"><table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="97%"><tr><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Weighted</font></div></td><td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Weighted</font></div></td><td valign="bottom" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Average</font></div></td><td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Average</font></div></td><td valign="bottom" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Remaining</font></div></td><td valign="bottom" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Aggregate</font></div></td></tr><tr><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="7%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Shares</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Exercise Price</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Life (years)</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Intrinsic Value</font></div></td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="37%" colspan="2" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Options:</font></div></td><td valign="middle" width="7%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="white"><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="33%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Outstanding at February 1, 2012</font></div></td><td valign="middle" width="7%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">1,223,292</font></div></td><td valign="middle" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="10%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.8pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$10.2437</font></div></td><td valign="middle" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">5.52</font></div></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="#cceeff"><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="33%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Granted</font></div></td><td valign="middle" width="7%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">151,924</font></div></td><td valign="middle" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="10%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.8pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">10.0514</font></div></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="white"><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="33%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Forfeited</font></div></td><td valign="middle" width="7%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(2,201</font></div></td><td valign="middle" width="1%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.8pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">)</font></div></td><td valign="middle" width="10%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.8pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">12.1800</font></div></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="#cceeff"><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="33%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Expired</font></div></td><td valign="middle" width="7%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(9,956</font></div></td><td valign="middle" width="1%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.8pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">)</font></div></td><td valign="middle" width="10%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.8pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">5.5476</font></div></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="white"><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="33%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Exercised</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="middle" width="7%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td style="BORDER-BOTTOM: black 2px solid" valign="middle" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="middle" width="10%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.8pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">-</font></div></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="#cceeff"><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="33%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Outstanding at April 30, 2012</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="7%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">1,363,059</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="10%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.8pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$10.2534</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">5.58</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.3pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$575,367</font></div></td></tr><tr bgcolor="white"><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="33%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="7%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="middle" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td></tr><tr bgcolor="#cceeff"><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td valign="bottom" width="33%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Exercisable at April 30, 2012</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="7%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">1,075,225</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="10%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.8pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$10.1895</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">4.65</font></div></td><td style="BORDER-BOTTOM: black 4px double" valign="middle" width="10%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.3pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">$546,962</font></div></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The aggregate intrinsic value of options exercised during the three-month period ended April 30, 2011 was $14,775.  The intrinsic value of stock options is the amount by which the market price of the stock on a given date, such as at the end of the period or on the day of exercise, exceeded the market price of stock on the date of grant.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">In connection with the Separation Agreement between the Company and its former Chief Financial Officer, the Company agreed to accelerate the vesting date and extend the exercise date of certain stock options.  This was considered a stock option modification resulting in additional stock compensation expense of approximately $250,000, which was recorded in the three-month period ended April 30, 2012.</font></div></div>

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link:definitionLink EX-101.CAL 8 mpr-20120430_cal.xml XBRL TAXONOMY EXTENSION CALCULATION EX-101.LAB 9 mpr-20120430_lab.xml XBRL TAXONOMY EXTENSION LABELS Accounts receivable, net of allowance for doubtful accounts of approximately $452,000 and $491,000, respectively Accumulated other comprehensive loss Additional paid-in capital Allowance for doubtful accounts CONSOLIDATED BALANCE SHEET (unaudited) [Abstract] Earnings per share, basic Cash and cash equivalents Cash and cash equivalents at February 1 Cash and cash equivalents at April 30 Accounts payable and accrued expenses Accounts receivable Increase (Decrease) in Accounts Receivable Customers' advances Increase (Decrease) in Customer Advances Inventories Increase (Decrease) in Inventories Accrued pension retirement benefits Increase (Decrease) in Pension Plan Obligations Prepaid expenses, deposits and other assets Increase (Decrease) in Prepaid Expense and Other Assets Change in operating assets and liabilities: Common shares authorized (in shares) Common shares issued (in shares) Common shares, $.10 par value; 36,000,000 shares authorized, 15,928,679 shares issued, of which 1,250,051 shares were reacquired and held in treasury at both dates Total comprehensive income Comprehensive Income Net Of Tax ACCUMULATED OTHER COMPREHENSIVE LOSS Comprehensive Income (Loss) Note [Text Block] Cost of goods sold Total current liabilities Liabilities, Current Current liabilities Customers' advances Current portion of debt DEBT Debt Disclosure [Text Block] Deferred income taxes Deferred Income Tax Expense (Benefit) Deferred income taxes Deferred Tax Assets, Net, Current Deferred income taxes Earnings per share, diluted Effect of exchange rate changes on cash Stock-based compensation Loss on sales of property and equipment, net Gain (Loss) on Sale of Property Plant Equipment General and administrative Gross profit Gross Profit CONSOLIDATED STATEMENT OF INCOME (unaudited) [Abstract] INCOME TAXES Income Tax Disclosure [Text Block] Goodwill Interest expense Interest Expense Inventories Total liabilities Liabilities Total liabilities and shareholders' equity Liabilities and Equity LIABILITIES AND SHAREHOLDERS' EQUITY Long-term debt CONTINGENCIES AND COMMITTMENTS [Abstract] Net cash used in financing activities Net Cash Provided by (Used in) Financing Activities Cash flows from financing activities Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Cash flows from investing activities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Cash flows from operating activities Net income Net income Net decrease in cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Income from operations Operating Income (Loss) Prepaid expenses, deposits and other current assets OTHER INCOME, NET Other Income and Other Expense Disclosure [Text Block] Other income Payment of dividends Payments of Dividends, Common Stock EMPLOYEE BENEFIT PLANS Pension and Other Postretirement Benefits Disclosure [Text Block] Proceeds from new borrowings Proceeds from maturities of investments Proceeds from sale of property and equipment Exercise of stock options Property, plant and equipment, net Allowance for doubtful accounts Provision for Doubtful Accounts Acquisitions of property and equipment Payments to Acquire Property, Plant, and Equipment Repayment of debt Repayments of Long-term Debt Purchase of treasury shares Payments for Repurchase of Common Stock Retained earnings Net sales INVENTORIES Inventory Disclosure [Text Block] BUSINESS SEGMENT DATA Segment Reporting Disclosure [Text Block] Total selling, general and administrative Selling, General and Administrative Expense Selling Short-term investments SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies [Text Block] CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) [Abstract] CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) [Abstract] ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] Total current assets Assets, Current Current assets Treasury Shares [Member] Weighted average number of shares outstanding - diluted (in shares) Weighted average number of shares outstanding - basic (in shares) Common Shares [Member] Total assets Assets Other non-current liabilities Other Liabilities, Noncurrent Cash dividend per share - declared Common Stock, Dividends, Per Share, Declared STOCK-BASED COMPENSATION Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Statement [Table] ASSETS Statement [Line Items] FAIR VALUE DISCLOSURES Fair Value Disclosures [Text Block] Treasury shares, at cost Treasury Stock, Value SUPPLEMENTAL CASH FLOW INFORMATION Cash Flow, Supplemental Disclosures [Text Block] Other assets Operating expenses EARNINGS PER SHARE COMPUTATIONS [Abstract] Income before taxes Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest Common shares, par value (in dollars per share) Common shares held in treasury (in shares) Interest rate swap, net of tax of Total shareholders' equity Balances Balances Stockholders' Equity Attributable to Parent Provision for taxes Shareholders' equity Cash dividend per share - paid Cash dividend per share - paid (in dollars per share) Common Stock, Dividends, Per Share, Cash Paid Comprehensive income: Statement Equity Components [Axis] Additional Paid-in Capital [Member] Retained Earnings [Member] Accumulated Other Comprehensive Income/(Loss) [Member] Equity Component [Domain] Stock-based compensation Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures Stock option transactions Purchase of treasury shares (in shares) Purchase of 3,717 treasury shares Treasury Stock Value Acquired Cost Method EARNINGS PER SHARE COMPUTATIONS Earnings Per Share [Text Block] Depreciation and amortization Adjustments to reconcile net income to net cash provided by operating activities: Accounts payable Other accrued expenses Dividend payable Accrued salaries, wages and benefits Foreign currency translation adjustment Interest rate swap, net of tax Accrued pension retirement benefits OTHER INCOME, NET [Abstract] CONTINGENCIES AND COMMITTMENTS Contingencies Disclosure [Text Block] INCOME TAXES [Abstract] FAIR VALUE DISCLOSURES [Abstract] INVENTORIES [Abstract] DEBT [Abstract] EMPLOYEE BENEFIT PLANS [Abstract] STOCK-BASED COMPENSATION [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] BUSINESS SEGMENT DATA [Abstract] SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] Other non-current liabilities Amendment Flag Current Fiscal Year End Date Document Period End Date Entity [Text Block] Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Filer Category Entity Public Float Entity Registrant Name Entity Central Index Key Entity Common Stock, Shares Outstanding Document Fiscal Year Focus Document Fiscal Period Focus Document Type Accountants 10 Q Review [Abstract] Accountants10Q Review [Text Block] The entire disclosure for the procedures performed by the Company's independent registered public accountants. ACCOUNTANTS' 10-Q REVIEW Common Stock Dividends Per Share Unpaid Dividends declared during the period for each share of common stock outstanding. Cash dividend per share - declared (in dollars per share) Common Stock Dividends Per Share Paid Dividends paid during the period for each share of common stock outstanding. 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CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) (USD $)
3 Months Ended

Apr. 30, 2012

Apr. 30, 2011

Cash flows from operating activities

Net income $ 1,258,698 $ 1,412,507

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 487,599 481,932

Stock-based compensation 441,401 179,826

Deferred income taxes (209,278) (606)

Loss on sales of property and equipment, net 1,080 0

Allowance for doubtful accounts (38,862) 19,215

Change in operating assets and liabilities:

Accounts receivable 2,171,197 (1,636,920)

Inventories (1,361,633) (388,008)

Prepaid expenses, deposits and other assets 123,755 (38,705)

Accounts payable and accrued expenses (862,836) 687,771

Customers' advances (1,036,453) (52,906)

Accrued pension retirement benefits 62,569 (2,776,476)

Other non-current liabilities 549 549

Net cash provided by operating activities 1,037,786 (2,111,821)

Cash flows from investing activities

Acquisitions of property and equipment (474,884) (235,679)

Purchase of investments (763,264) 0

Proceeds from maturities of investments 756,073 0

Net cash used in investing activities (482,075) (235,679)

Cash flows from financing activities

Proceeds from new borrowings 0 407,731

Repayment of debt (387,451) (123,023)

Exercise of stock options 0 42,800

Payment of dividends (1,042,183) (967,445)

Purchase of treasury shares 0 (42,800)

Net cash used in financing activities (1,429,634) (682,737)

Effect of exchange rate changes on cash 11,495 (4,268)

Net decrease in cash and cash equivalents (862,428) (3,034,505)

Cash and cash equivalents at February 1 34,581,394 32,400,814

Cash and cash equivalents at April 30 33,718,966 29,366,309

Supplemental disclosure of cash flow information:

Cash paid for interest 43,436 49,030

Cash paid for income taxes $ 370,703 $ 228,584

X

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Name: us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract

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CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical)
3 Months Ended

Apr. 30, 2012

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) [Abstract]

Purchase of treasury shares (in shares) 3,717

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Number of shares that have been repurchased during the period and are being held in treasury.

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-Name Accounting Standards Codification

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CONSOLIDATED BALANCE SHEET (unaudited) (USD $)

Apr. 30, 2012

Jan. 31, 2012

Current assets

Cash and cash equivalents $ 33,718,966 $ 34,581,394

Short-term investments 1,019,315 764,061

Accounts receivable, net of allowance for doubtful accounts of approximately $452,000 and $491,000, respectively 15,273,701 17,373,121

Inventories 19,239,814 17,847,143

Prepaid expenses, deposits and other current assets 1,531,508 1,683,486

Deferred income taxes 186,742 186,329

Total current assets 70,970,046 72,435,534

Property, plant and equipment, net 19,368,319 19,322,436

Goodwill 20,798,913 20,798,913

Other assets 2,718,549 2,952,332

Total assets 113,855,827 115,509,215

Current liabilities

Current portion of debt 366,232 657,216

Accounts payable 6,658,848 7,684,739

Accrued salaries, wages and benefits 1,664,358 1,827,603

Other accrued expenses 2,701,824 2,357,929

Dividend payable 1,043,373 1,042,297

Customers' advances 2,196,911 3,232,600

Total current liabilities 14,631,546 16,802,384

Long-term debt 2,575,564 2,687,971

Accrued pension retirement benefits 10,680,616 10,618,047

Other non-current liabilities 56,941 56,391

Deferred income taxes 1,322,781 1,522,451

Total liabilities 29,267,448 31,687,244

Shareholders' equity

Common shares, $.10 par value; 36,000,000 shares authorized, 15,928,679 shares issued, of which 1,250,051 shares were reacquired and held in treasury at both dates 1,592,868 1,592,868

Additional paid-in capital 4,500,136 4,058,735

Retained earnings 96,444,203 96,228,764

Accumulated other comprehensive loss (7,609,315) (7,718,883)

Treasury shares, at cost (10,339,513) (10,339,513)

Total shareholders' equity 84,588,379 83,821,971

Total liabilities and shareholders' equity $ 113,855,827 $ 115,509,215

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Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.

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The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward is presented as a reduction of the related deferred tax asset.

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CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) (USD $)

Common Shares [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Accumulated Other Comprehensive Income/(Loss) [Member]

Treasury Shares [Member]

Total

Balances at Jan. 31, 2011 $ 1,592,868 $ 3,448,249 $ 93,113,247 $ (3,201,767) $ (10,479,673) $ 84,472,924

Net income 0 0 1,412,507 0 0 1,412,507

Other Comprehensive Income, net of tax 0 0 0 467,761 0 467,761

Dividends 0 0 (967,529) 0 0 (967,529)

Stock-based compensation 0 179,826 0 0 0 179,826

Stock option transactions 0 1,500 0 0 41,300 42,800

Purchase of 3,717 treasury shares 0 0 0 0 (42,800) (42,800)

Balances at Apr. 30, 2011 1,592,868 3,629,575 93,558,225 (2,734,006) (10,481,173) 85,565,489

Balances at Jan. 31, 2012 1,592,868 4,058,735 96,228,764 (7,718,883) (10,339,513) 83,821,971

Net income 0 0 1,258,698 0 0 1,258,698

Other Comprehensive Income, net of tax 0 0 0 109,568 0 109,568

Dividends 0 0 (1,043,259) 0 0 (1,043,259)

Stock-based compensation 0 441,401 0 0 0 441,401

Balances at Apr. 30, 2012 $ 1,592,868 $ 4,500,136 $ 96,444,203 $ (7,609,315) $ (10,339,513) $ 84,588,379

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CONSOLIDATED BALANCE SHEET (unaudited) (Parenthetical) (USD $)

Apr. 30, 2012

Jan. 31, 2012

Current assets

Allowance for doubtful accounts $ 452,000 $ 491,000

Shareholders' equity

Common shares, par value (in dollars per share) $ 0.1 $ 0.1

Common shares authorized (in shares) 36,000,000 36,000,000

Common shares issued (in shares) 15,928,679 15,928,679

Common shares held in treasury (in shares) 1,250,051 1,250,051

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EMPLOYEE BENEFIT PLANS
3 Months Ended

Apr. 30, 2012

EMPLOYEE BENEFIT PLANS [Abstract]

EMPLOYEE BENEFIT PLANS
NOTE 8 - EMPLOYEE BENEFIT PLANS

The Company has several defined benefit pension plans covering eligible employees in the United States.  Effective December 31, 2006, the Company amended its defined benefit pension plans to freeze the accrual of future benefits for all its salaried and non-union hourly employees. Effective December 31, 2008, the Company amended its defined benefit pension plan to freeze the accrual of future benefits for union hourly employees.  The net periodic pension cost is based on estimated values provided by the Company's independent actuary.

The following table provides the components of net periodic pension (income) cost:

Three Months Ended
April 30,

2012

2011

Service cost
$56,035

$51,400

Interest cost
272,218

280,400

Expected return on plan assets
(304,822
)
(350,500
)
Recognized net actuarial loss
109,991

52,500

Net periodic pension cost
$133,422

$33,800

The Company elected to contribute $63,561 to its pension and defined contribution plans during the three-month period ended April 30, 2012.  The Company expects to make an additional contribution of $1,610,683 during the nine-month period ending January 31, 2013.

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Document And Entity Information (USD $)
3 Months Ended

Apr. 30, 2012

Jun. 07, 2012

Jul. 31, 2011

Entity Registrant Name MET PRO CORP

Entity Central Index Key 0000065201

Current Fiscal Year End Date --01-31

Entity Well-known Seasoned Issuer No

Entity Voluntary Filers No

Entity Current Reporting Status Yes

Entity Filer Category Accelerated Filer

Entity Public Float $ 154,511,604

Entity Common Stock, Shares Outstanding 14,678,628

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BUSINESS SEGMENT DATA
3 Months Ended

Apr. 30, 2012

BUSINESS SEGMENT DATA [Abstract]

BUSINESS SEGMENT DATA
NOTE 9 - BUSINESS SEGMENT DATA

The Company has five operating segments which are aggregated into three reportable segments: Product Recovery/Pollution Control Technologies, Fluid Handling Technologies and Mefiag Filtration Technologies, and one other segment (Filtration/Purification Technologies). The Filtration/Purification Technologies segment is comprised of two operating segments that meet the criteria for aggregation.

The Company expects, based upon the current financial performance of its business units, the segmentation reporting will continue to be presented in future periods using the three reportable segments and the one other segment.

The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies. The Company evaluates the performance of these segments based on many factors including sales, sales trends, margins and operating performance.

No significant intercompany revenue is realized in these reporting segments. Interest income and expense are not included in the measure of segment profit reviewed by management. Income taxes are also not included in the measure of segment operating profit reviewed by management.

The Company follows the practice of allocating general corporate expenses, including depreciation and amortization expense, among the reporting segments.

The financial segmentation information is presented in the following table:

Three Months Ended
April 30,

2012

2011

Net sales

Product Recovery/Pollution Control Technologies
$10,500,840

$8,331,972

Fluid Handling Technologies
9,400,199

9,553,104

Mefiag Filtration Technologies
2,852,166

3,139,917

Filtration/Purification Technologies
2,453,856

2,404,910

$25,207,061

$23,429,903


Income (loss) from operations

Product Recovery/Pollution Control Technologies
($443,062
)
($480,285
)
Fluid Handling Technologies
2,384,370

2,240,696

Mefiag Filtration Technologies
(72,088
)
221,472

Filtration/Purification Technologies
(122,364
)
101,093

$1,746,856

$2,082,976

April 30,

January 31,

2012

2012

Identifiable assets

Product Recovery/Pollution Control Technologies
$34,977,794

$36,444,763

Fluid Handling Technologies
19,136,649

19,290,035

Mefiag Filtration Technologies
15,086,547

14,017,572

Filtration/Purification Technologies
8,985,779

8,368,652

78,186,769

78,121,022

Corporate
35,669,058

37,388,193

$113,855,827

$115,509,215

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CONSOLIDATED STATEMENT OF INCOME (unaudited) (USD $)
3 Months Ended

Apr. 30, 2012

Apr. 30, 2011

CONSOLIDATED STATEMENT OF INCOME (unaudited) [Abstract]

Net sales $ 25,207,061 $ 23,429,903

Cost of goods sold 16,256,535 15,371,698

Gross profit 8,950,526 8,058,205

Operating expenses

Selling 3,059,581 2,916,126

General and administrative 4,144,089 3,059,103

Total selling, general and administrative 7,203,670 5,975,229

Income from operations 1,746,856 2,082,976

Interest expense (42,535) (48,801)

Other income 45,925 105,986

Income before taxes 1,750,246 2,140,161

Provision for taxes 491,548 727,654

Net income $ 1,258,698 $ 1,412,507

Earnings per share, basic $ 0.09 $ 0.10

Earnings per share, diluted $ 0.09 $ 0.10

Cash dividend per share - declared $ 0.071 $ 0.066

Cash dividend per share - paid $ 0.071 $ 0.066

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EARNINGS PER SHARE COMPUTATIONS
3 Months Ended

Apr. 30, 2012

EARNINGS PER SHARE COMPUTATIONS [Abstract]

EARNINGS PER SHARE COMPUTATIONS
NOTE 3 - EARNINGS PER SHARE COMPUTATIONS

Basic earnings per share is based on the weighted average number of common shares outstanding.  Diluted earnings per share is based on the weighted average number of common shares outstanding and potentially dilutive shares. The dilutive effect of employee stock options and awards of restricted stock units are included in the computation of diluted earnings per share. The dilutive effect of stock options is calculated using the treasury stock method and expected proceeds upon exercise of the stock options. The following table summarizes the shares used in computing basic and diluted net income per common share:

Three Months Ended
April 30,

2012

2011
Numerator:

Net income

$1,258,698

$1,412,507
Denominator:

Weighted average common shares outstanding during the period for basic
    computation

14,678,628

14,659,117

Dilutive effect of stock-based compensation plans

66,198

182,603

Weighted average common shares outstanding during the period for diluted
    computation

14,744,826

14,841,720

Earnings per share, basic

$.09

$.10
Earnings per share, diluted

$.09

$.10

For the three months ended April 30, 2012 and 2011, employee stock options to purchase 669,009 and 125,448 common shares respectively, were excluded from the calculations of diluted earnings per share as the calculated proceeds from the options' exercises were greater than the market price of the Company's common shares during these periods.

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FAIR VALUE DISCLOSURES
3 Months Ended

Apr. 30, 2012

FAIR VALUE DISCLOSURES [Abstract]

FAIR VALUE DISCLOSURES
NOTE 2 - FAIR VALUE DISCLOSURES

Cash and cash equivalents:

Cash and cash equivalents at April 30, 2012 and January 31, 2012 amounted to $33,718,966 and $34,581,394, respectively. The cash and cash equivalents balance at April 30, 2012 was comprised of the following: (i) cash amounting to $10,850,326 and (ii) cash equivalents consisting of money market funds amounting to $22,868,640.  The Company evaluates the creditworthiness of the financial institutions and financial instruments in which it invests and places its cash deposits and temporary cash investments with financial institutions, that at times, may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit.  At April 30, 2012, the Company's cash and cash equivalents were held at 20 financial institutions.

Short-term investments:

Short-term investments at April 30, 2012 and January 31, 2012 amounted to $1,019,315 and $764,061, respectively.  The short-term investment balance at April 30, 2012 was comprised of four certificates of deposit with twelve month maturity dates. The short-term investment balance at January 31, 2012 was comprised of two certificates of deposit with nine month maturity dates and one certificate of deposit with a twelve month maturity date.  The Company evaluates the creditworthiness of the financial institutions and the financial instruments in which it invests.

Long-term investments:

Long-term investments at April 30, 2012 and January 31, 2012 amounted to $246,473 and $494,537, respectively, which are reported in other assets on the consolidated balance sheets.  The long-term investment balance at April 30, 2012 was comprised of one certificate of deposit with a fifteen month maturity date.  The long-term investment balance at January 31, 2012 was comprised of two certificates of deposit with fourteen and fifteen month maturity dates.  The Company evaluates the creditworthiness of the financial institutions and the financial instruments in which it invests.

Debt:

The estimated fair value and carrying amount of debt were as follows:

April 30,
January 31,

2012

2012

Fair value

$3,347,885

$3,747,061

Carrying amount

2,941,796

3,345,187

Valuations for debt are determined based on borrowing rates currently available to the Company for loans with similar terms and maturities.

The Company uses an interest rate swap (see Note 7) to minimize its exposure to fluctuations in interest rates.  The interest rate differential to be paid or received under these agreements is recognized over the term of the loan and is included in interest expense.

The Company's financial instruments are not held for trading purposes.

Fair value measurements:

ASC Topic 820, "Fair Value Measurements and Disclosures", defines fair value, provides guidance for measuring fair value and requires certain disclosures.  This standard discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost).  The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

The following tables summarize the basis used to measure the Company's financial assets (liabilities) at fair value on a recurring basis in the consolidated balance sheets.

Quoted Prices

in Active

Markets for

Significant

Significant

Identical

Observable

Unobservable

Balance at

Assets

Inputs

Inputs

April 30, 2012

(Level 1)

(Level 2)

(Level 3)
Cash and cash equivalents
$33,718,966

$33,718,966

$-

$-
Short-term investments
1,019,315

1,019,315

-

-
Long-term investments
246,473

246,473

-

-
Cash surrender value -  life insurance policies
1,124,930

-

1,124,930

-
Interest rate swap agreement
(340,757
)
-

(340,757
)
-

$35,768,927

$34,984,754

$784,173

$-

Quoted Prices

in Active

Markets for

Significant

Significant

Identical

Observable

Unobservable

Balance at

Assets

Inputs

Inputs

January 31, 2012

(Level 1)

(Level 2)

(Level 3)
Cash and cash equivalents
$34,581,394

$34,581,394

$-

$-
Short-term investments
764,061

764,061

-

-
Long-term investments
494,537

494,537

-

-
Cash surrender value -  life insurance policies
1,089,989

-

1,089,989

-
Interest rate swap agreement
(366,286
)
-

(366,286
)
-

$36,563,695

$35,839,992

$723,703

$-

There were no transfers of assets or liabilities between Level 1 and Level 2 in the three-month period ended April 30, 2012 or the fiscal year ended January 31, 2012.

The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services.  The Company's cash surrender value of life insurance policies (which are reported in other assets on the consolidated balance sheets) and the interest rate swap agreement are valued using Level 2 measurements.

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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CONTINGENCIES AND COMMITTMENTS
3 Months Ended

Apr. 30, 2012

CONTINGENCIES AND COMMITTMENTS [Abstract]

CONTINGENCIES AND COMMITTMENTS
NOTE 10 – CONTINGENCIES AND COMMITTMENTS

Beginning in 2002, the Company began to be named in asbestos-related lawsuits filed against a large number of industrial companies including, in particular, those in the pump and fluid handling industries. In management’s opinion, the complaints typically have been vague, general and speculative, alleging that the Company, along with the numerous other defendants, sold unidentified asbestos-containing products and engaged in other related actions which caused injuries (including death) and loss to the plaintiffs.  Counsel has advised that more recent cases typically allege more serious claims of mesothelioma.  The Company believes that it has meritorious defenses to the cases which have been filed and that none of its products were a cause of any injury or loss to any of the plaintiffs.  The Company’s insurers have hired attorneys who, together with the Company, are vigorously defending these cases.  The Company has been dismissed from or settled a large number of these cases.  The sum total of all payments through April 30, 2012 to settle cases involving asbestos-related claims was $675,000, all of which has been paid by the Company’s insurers including legal expenses, except for corporate counsel expenses, with an average cost per settled claim, excluding legal fees, of approximately $25,000.

Based upon the most recent information available to the Company regarding such claims, there were a total of 134 cases pending against the Company as of April 30, 2012 (with Connecticut, New York, Pennsylvania and West Virginia having the largest number of cases), as compared with approximately 130 cases that were pending as of March 22, 2012.  Subsequent to January 31, 2012, twelve new cases were filed against the Company, and the Company was dismissed from thirteen cases and settled zero cases.  Most of the pending cases have not advanced beyond the early stages of discovery, although a number of cases are on schedules leading to, or are scheduled for trial. The Company believes that its insurance coverage is adequate for the cases currently pending against the Company and for the foreseeable future, assuming a continuation of the current volume, nature of cases and settlement amounts; however, the Company has no control over the number and nature of cases that are filed against it, nor as to the financial health of its insurers or their position as to coverage.  The Company also presently believes that none of the pending cases will have a material adverse impact upon the Company’s results of operations, liquidity or financial condition.

At any given time, the Company is typically also party to a small number of other legal proceedings arising in the ordinary course of business. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based upon the present information, including the Company’s assessment of the facts of each particular claim as well as accruals, the Company believes that no pending proceeding will have a material adverse impact upon the Company’s results of operations, liquidity, or financial condition.

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INCOME TAXES
3 Months Ended

Apr. 30, 2012

INCOME TAXES [Abstract]

INCOME TAXES
NOTE 6 - INCOME TAXES

The Company utilizes the expected annual effective tax rate in determining its income tax provisions for interim periods.  The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit.

As of the fiscal year ended January 31, 2012, the Company had an unrecognized tax benefit of $49,000 to account for state tax matters in the United States as a result of changes in tax positions with relevant tax authorities.  As of April 30, 2012, the Company filed returns with the relevant state tax authorities upon which the $49,000 unrecognized tax benefit was determined and has concluded that it did not have an unrecognized tax benefit as of April 30, 2012.

A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows:

2012

Balance at February 1, 2012
$49,000

Increases in tax positions for prior years
-

Decreases in tax positions for prior years
(49,000
)
Increases in tax positions for current year
-

Balance at April 30, 2012
$-

The Company and its subsidiaries are subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company and its subsidiaries are no longer subject to U.S. federal or non-U.S. income tax examinations by tax authorities for the years before 2008.

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STOCK-BASED COMPENSATION
3 Months Ended

Apr. 30, 2012

STOCK-BASED COMPENSATION [Abstract]

STOCK-BASED COMPENSATION
NOTE 4 - STOCK-BASED COMPENSATION

Stock options:

On April 2, 2012 and February 27, 2012, the Company issued 54,628 and 97,299, stock options, respectively, with one-third exercisable one year from the grant date and the remaining two-thirds vesting two and three years from grant date, respectively.  The April 2012 and February 2012 awards were made to the Company's senior executives.  In the event of a "change of control", certain unvested options may become immediately exercisable.  Typically, the duration of options is for up to ten years from the date of grant, subject to earlier termination under various conditions.  The fair value of options that we grant is amortized into compensation expense on a straight-line basis over their respective vesting period, net of estimated forfeitures. We estimate the fair value of options as of the grant date using the Black-Scholes option valuation model. The per share fair value weighted-averages at the date of grant for stock options granted in the month of April 2012 and February 2012, were $3.18 and $2.96,  respectively.

The following table summarizes stock option transactions for the three-month period ended April 30, 2012:

Weighted

Weighted
Average

Average
Remaining
Aggregate

Shares

Exercise Price
Life (years)
Intrinsic Value
Options:

Outstanding at February 1, 2012
1,223,292

$10.2437
5.52

Granted
151,924

10.0514

Forfeited
(2,201
)
12.1800

Expired
(9,956
)
5.5476

Exercised
-

-

Outstanding at April 30, 2012
1,363,059

$10.2534
5.58
$575,367

Exercisable at April 30, 2012
1,075,225

$10.1895
4.65
$546,962

The aggregate intrinsic value of options exercised during the three-month period ended April 30, 2011 was $14,775.  The intrinsic value of stock options is the amount by which the market price of the stock on a given date, such as at the end of the period or on the day of exercise, exceeded the market price of stock on the date of grant.

In connection with the Separation Agreement between the Company and its former Chief Financial Officer, the Company agreed to accelerate the vesting date and extend the exercise date of certain stock options. This was considered a stock option modification resulting in additional stock compensation expense of approximately $250,000, which was recorded in the three-month period ended April 30, 2012.

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INVENTORIES
3 Months Ended

Apr. 30, 2012

INVENTORIES [Abstract]

INVENTORIES
NOTE 5 - INVENTORIES

Inventories consisted of the following:

April 30,
2012

January 31,
2012
Raw materials
$13,081,496

$12,673,210
Work in progress
3,453,168

2,808,747
Finished goods
2,705,150

2,365,186

$19,239,814

$17,847,143

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DEBT
3 Months Ended

Apr. 30, 2012

DEBT [Abstract]

DEBT
NOTE 7 - DEBT

The Company and its subsidiaries have domestic and foreign uncommitted, unsecured lines of credit totaling $4,397,170 which can be used for working capital, of which $1,250,155 has been committed to standby letters of credit as of April 30, 2012.  The standby letters of credit have expiration dates during the fiscal years ending January 31, 2013 and 2014 in the amounts of $1,239,155 and $11,000, respectively. Of the total lines of credit available, the foreign unsecured line of credit totals $397,170 (300,000 Euro).  As of April 30, 2012 and January 31, 2012 the Company had zero outstanding borrowings from its domestic line of credit.  The Company's Mefiag B.V. subsidiary's line of credit, which is with a bank in The Netherlands, had outstanding borrowings of zero as of April 30, 2012 and $265,581, or 202,997 Euro, as of January 31, 2012.

The Company's long-term debt is subject to certain covenants, including maintenance of prescribed amounts of leverage and fixed charge coverage ratios.  The Company was in compliance with all applicable covenants as of April 30, 2012.

The Company has an interest rate swap agreement to hedge against the potential impact on earnings from increases in market interest rates.  Effective April 3, 2006, the Company entered into a fifteen-year interest rate swap agreement for a notional amount equal to the balance on the bond payable maturing April 2021.  The Company swapped the ninety-day LIBOR for a fixed rate of 4.87%.  As of April 30, 2012, the effective interest rate was 6.79% as a result of the swap agreement plus the interest rate floor provision of 250 basis points.  The interest rate swap agreement is accounted for as a cash flow hedge that qualifies for treatment under the short-cut method of measuring effectiveness.  There was no hedge ineffectiveness as of April 30, 2012.  The fair value of the interest rate swap agreement resulted in a decrease in equity of $214,677 (net of tax) as of April 30, 2012 and a decrease in equity of $230,760 (net of tax) as of January 31, 2012.  These results are recorded in the accumulated other comprehensive loss section of shareholders' equity.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited) (USD $)
3 Months Ended

Apr. 30, 2012

Apr. 30, 2011

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited) [Abstract]

Net income $ 1,258,698 $ 1,412,507

Other Comprehensive Income, net of tax:

Foreign currency translation adjustment 93,485 468,020

Interest rate swap, net of tax 16,083 (259)

Other Comprehensive Income, net of tax 109,568 467,761

Total comprehensive income $ 1,368,266 $ 1,880,268

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended

Apr. 30, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of Presentation:

The accompanying unaudited consolidated financial statements include the accounts of Met-Pro Corporation ("Met-Pro" or the "Company") and its direct and indirect wholly-owned subsidiaries: Mefiag B.V., Met-Pro Product Recovery/Pollution Control Technologies Inc., Strobic Air Corporation, MPC Inc., Pristine Water Solutions Inc., Mefiag (Guangzhou) Filter Systems Ltd., Met-Pro (Hong Kong) Company Limited, Met-Pro Industrial Services Inc., Bio-Reaction Industries Inc., Met-Pro Holdings LLC and Met-Pro Chile Limitada. All significant intercompany accounts and transactions have been eliminated.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts disclosed in the financial statements and accompanying notes.  Estimates, by their nature, are based on judgment and available information.  Actual results could differ materially from those estimates.

Significant estimates inherent in the preparation of the accompanying unaudited consolidated financial statements include valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, legal contingencies and assumptions used in the calculations of income taxes.

The accompanying interim unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All adjustments (consisting of normal recurring adjustments) considered necessary to present fairly the financial position of the Company as of April 30, 2012 and the results of operations for the three-month periods ended April 30, 2012 and 2011, and changes in shareholders' equity and cash flows for the three-month periods then ended have been included. The results of operations for the three-month period ended April 30, 2012 are not necessarily indicative of the results to be expected for the full year.  These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K/A for the year ended January 31, 2012.  In addition, the January 31, 2012 Balance Sheet data, presented herein, was derived from the audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP.

Recent Accounting Pronouncements:

In May 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs".  The amendments in this update are the result of the work of the FASB and the International Accounting Standards Board ("IASB") to develop common requirements for measuring fair value and for disclosing information about fair value measurements.  The amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements.  The amendments clarify that a reporting entity should disclose quantitative information about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy in order to increase the comparability of disclosures between reporting entities applying U.S. GAAP and those applying IFRSs.  Additionally, the amendments expand the disclosures for fair value measurements categorized within Level 3 where a reporting entity will need to include the valuation processes used and the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs, if any.  For many of the requirements, the FASB does not intend for the amendments to result in a change in the application of the requirements in ASC Topic 820.  The amendments in this update are to be applied prospectively and are effective during interim and annual periods beginning after December 15, 2011.  The adoption of this update did not have a material impact on the Company's financial position, results of operations or cash flows.

In June 2011, the FASB issued ASU No. 2011-05, "Comprehensive Income (Topic 220): Presentation of Comprehensive Income."  The amendments in this update eliminate the current option to report other comprehensive income and its components in the statements of shareholders' equity. Instead, an entity will be required to present either a single continuous statement of net income and other comprehensive income or in two separate, but consecutive statements.  The amendments in this update are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2011.  The new guidance became effective for the Company beginning February 1, 2012 and resulted in presentation changes only.

In September 2011, the FASB issued ASU No. 2011-08, "Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment".  The amendments in this update allow an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.  If, based on its qualitative assessment, an entity concludes it is more likely than not that the fair value of a reporting unit is less than its carrying amount, quantitative impairment testing is required.  However, if an entity concludes otherwise, quantitative impairment testing is not required.  ASU No. 2011-08 is effective for annual and interim reporting periods beginning after December 15, 2011.  The adoption of this update did not have a material impact on the Company's financial position, results of operations or cash flows.

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ACCOUNTANTS' 10-Q REVIEW
3 Months Ended

Apr. 30, 2012

Accountants 10 Q Review [Abstract]

ACCOUNTANTS' 10-Q REVIEW
NOTE 11 - ACCOUNTANTS' 10-Q REVIEW

Marcum LLP, the Company's independent registered public accountants, performed a limited review of the financial information included herein. Their report on such review accompanies this filing.

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CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) (USD $)	3 Months Ended
	Apr. 30, 2012	Apr. 30, 2011
Cash flows from operating activities
Net income	$ 1,258,698	$ 1,412,507
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	487,599	481,932
Stock-based compensation	441,401	179,826
Deferred income taxes	(209,278)	(606)
Loss on sales of property and equipment, net	1,080	0
Allowance for doubtful accounts	(38,862)	19,215
Change in operating assets and liabilities:
Accounts receivable	2,171,197	(1,636,920)
Inventories	(1,361,633)	(388,008)
Prepaid expenses, deposits and other assets	123,755	(38,705)
Accounts payable and accrued expenses	(862,836)	687,771
Customers' advances	(1,036,453)	(52,906)
Accrued pension retirement benefits	62,569	(2,776,476)
Other non-current liabilities	549	549
Net cash provided by operating activities	1,037,786	(2,111,821)
Cash flows from investing activities
Acquisitions of property and equipment	(474,884)	(235,679)
Purchase of investments	(763,264)	0
Proceeds from maturities of investments	756,073	0
Net cash used in investing activities	(482,075)	(235,679)
Cash flows from financing activities
Proceeds from new borrowings	0	407,731
Repayment of debt	(387,451)	(123,023)
Exercise of stock options	0	42,800
Payment of dividends	(1,042,183)	(967,445)
Purchase of treasury shares	0	(42,800)
Net cash used in financing activities	(1,429,634)	(682,737)
Effect of exchange rate changes on cash	11,495	(4,268)
Net decrease in cash and cash equivalents	(862,428)	(3,034,505)
Cash and cash equivalents at February 1	34,581,394	32,400,814
Cash and cash equivalents at April 30	33,718,966	29,366,309
Supplemental disclosure of cash flow information:
Cash paid for interest	43,436	49,030
Cash paid for income taxes	$ 370,703	$ 228,584

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical)	3 Months Ended
	Apr. 30, 2012
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) [Abstract]
Purchase of treasury shares (in shares)	3,717

CONSOLIDATED BALANCE SHEET (unaudited) (USD $)	Apr. 30, 2012	Jan. 31, 2012
Current assets
Cash and cash equivalents	$ 33,718,966	$ 34,581,394
Short-term investments	1,019,315	764,061
Accounts receivable, net of allowance for doubtful accounts of approximately $452,000 and $491,000, respectively	15,273,701	17,373,121
Inventories	19,239,814	17,847,143
Prepaid expenses, deposits and other current assets	1,531,508	1,683,486
Deferred income taxes	186,742	186,329
Total current assets	70,970,046	72,435,534
Property, plant and equipment, net	19,368,319	19,322,436
Goodwill	20,798,913	20,798,913
Other assets	2,718,549	2,952,332
Total assets	113,855,827	115,509,215
Current liabilities
Current portion of debt	366,232	657,216
Accounts payable	6,658,848	7,684,739
Accrued salaries, wages and benefits	1,664,358	1,827,603
Other accrued expenses	2,701,824	2,357,929
Dividend payable	1,043,373	1,042,297
Customers' advances	2,196,911	3,232,600
Total current liabilities	14,631,546	16,802,384
Long-term debt	2,575,564	2,687,971
Accrued pension retirement benefits	10,680,616	10,618,047
Other non-current liabilities	56,941	56,391
Deferred income taxes	1,322,781	1,522,451
Total liabilities	29,267,448	31,687,244
Shareholders' equity
Common shares, $.10 par value; 36,000,000 shares authorized, 15,928,679 shares issued, of which 1,250,051 shares were reacquired and held in treasury at both dates	1,592,868	1,592,868
Additional paid-in capital	4,500,136	4,058,735
Retained earnings	96,444,203	96,228,764
Accumulated other comprehensive loss	(7,609,315)	(7,718,883)
Treasury shares, at cost	(10,339,513)	(10,339,513)
Total shareholders' equity	84,588,379	83,821,971
Total liabilities and shareholders' equity	$ 113,855,827	$ 115,509,215

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) (USD $)	3 Months Ended
	Apr. 30, 2012	Apr. 30, 2011
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited) [Abstract]
Interest rate swap, net of tax of	$ (9,446)	$ 152

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) (USD $)	Common Shares [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income/(Loss) [Member]	Treasury Shares [Member]	Total
Balances at Jan. 31, 2011	$ 1,592,868	$ 3,448,249	$ 93,113,247	$ (3,201,767)	$ (10,479,673)	$ 84,472,924
Net income	0	0	1,412,507	0	0	1,412,507
Other Comprehensive Income, net of tax	0	0	0	467,761	0	467,761
Dividends	0	0	(967,529)	0	0	(967,529)
Stock-based compensation	0	179,826	0	0	0	179,826
Stock option transactions	0	1,500	0	0	41,300	42,800
Purchase of 3,717 treasury shares	0	0	0	0	(42,800)	(42,800)
Balances at Apr. 30, 2011	1,592,868	3,629,575	93,558,225	(2,734,006)	(10,481,173)	85,565,489
Balances at Jan. 31, 2012	1,592,868	4,058,735	96,228,764	(7,718,883)	(10,339,513)	83,821,971
Net income	0	0	1,258,698	0	0	1,258,698
Other Comprehensive Income, net of tax	0	0	0	109,568	0	109,568
Dividends	0	0	(1,043,259)	0	0	(1,043,259)
Stock-based compensation	0	441,401	0	0	0	441,401
Balances at Apr. 30, 2012	$ 1,592,868	$ 4,500,136	$ 96,444,203	$ (7,609,315)	$ (10,339,513)	$ 84,588,379

CONSOLIDATED BALANCE SHEET (unaudited) (Parenthetical) (USD $)	Apr. 30, 2012	Jan. 31, 2012
Current assets
Allowance for doubtful accounts	$ 452,000	$ 491,000
Shareholders' equity
Common shares, par value (in dollars per share)	$ 0.1	$ 0.1
Common shares authorized (in shares)	36,000,000	36,000,000
Common shares issued (in shares)	15,928,679	15,928,679
Common shares held in treasury (in shares)	1,250,051	1,250,051

Document And Entity Information (USD $)	3 Months Ended
Document And Entity Information (USD $)	Apr. 30, 2012	Jun. 07, 2012	Jul. 31, 2011
Entity Registrant Name	MET PRO CORP
Entity Central Index Key	0000065201
Current Fiscal Year End Date	--01-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 154,511,604
Entity Common Stock, Shares Outstanding		14,678,628
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2012

CONSOLIDATED STATEMENT OF INCOME (unaudited) (USD $)	3 Months Ended
CONSOLIDATED STATEMENT OF INCOME (unaudited) (USD $)	Apr. 30, 2012	Apr. 30, 2011
CONSOLIDATED STATEMENT OF INCOME (unaudited) [Abstract]
Net sales	$ 25,207,061	$ 23,429,903
Cost of goods sold	16,256,535	15,371,698
Gross profit	8,950,526	8,058,205
Operating expenses
Selling	3,059,581	2,916,126
General and administrative	4,144,089	3,059,103
Total selling, general and administrative	7,203,670	5,975,229
Income from operations	1,746,856	2,082,976
Interest expense	(42,535)	(48,801)
Other income	45,925	105,986
Income before taxes	1,750,246	2,140,161
Provision for taxes	491,548	727,654
Net income	$ 1,258,698	$ 1,412,507
Earnings per share, basic	$ 0.09	$ 0.10
Earnings per share, diluted	$ 0.09	$ 0.10
Cash dividend per share - declared	$ 0.071	$ 0.066
Cash dividend per share - paid	$ 0.071	$ 0.066

CONTINGENCIES AND COMMITTMENTS	3 Months Ended
CONTINGENCIES AND COMMITTMENTS	Apr. 30, 2012
CONTINGENCIES AND COMMITTMENTS [Abstract]
CONTINGENCIES AND COMMITTMENTS	NOTE 10 – CONTINGENCIES AND COMMITTMENTS Beginning in 2002, the Company began to be named in asbestos-related lawsuits filed against a large number of industrial companies including, in particular, those in the pump and fluid handling industries. In management’s opinion, the complaints typically have been vague, general and speculative, alleging that the Company, along with the numerous other defendants, sold unidentified asbestos-containing products and engaged in other related actions which caused injuries (including death) and loss to the plaintiffs. Counsel has advised that more recent cases typically allege more serious claims of mesothelioma. The Company believes that it has meritorious defenses to the cases which have been filed and that none of its products were a cause of any injury or loss to any of the plaintiffs. The Company’s insurers have hired attorneys who, together with the Company, are vigorously defending these cases. The Company has been dismissed from or settled a large number of these cases. The sum total of all payments through April 30, 2012 to settle cases involving asbestos-related claims was $675,000, all of which has been paid by the Company’s insurers including legal expenses, except for corporate counsel expenses, with an average cost per settled claim, excluding legal fees, of approximately $25,000. Based upon the most recent information available to the Company regarding such claims, there were a total of 134 cases pending against the Company as of April 30, 2012 (with Connecticut, New York, Pennsylvania and West Virginia having the largest number of cases), as compared with approximately 130 cases that were pending as of March 22, 2012. Subsequent to January 31, 2012, twelve new cases were filed against the Company, and the Company was dismissed from thirteen cases and settled zero cases. Most of the pending cases have not advanced beyond the early stages of discovery, although a number of cases are on schedules leading to, or are scheduled for trial. The Company believes that its insurance coverage is adequate for the cases currently pending against the Company and for the foreseeable future, assuming a continuation of the current volume, nature of cases and settlement amounts; however, the Company has no control over the number and nature of cases that are filed against it, nor as to the financial health of its insurers or their position as to coverage. The Company also presently believes that none of the pending cases will have a material adverse impact upon the Company’s results of operations, liquidity or financial condition. At any given time, the Company is typically also party to a small number of other legal proceedings arising in the ordinary course of business. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based upon the present information, including the Company’s assessment of the facts of each particular claim as well as accruals, the Company believes that no pending proceeding will have a material adverse impact upon the Company’s results of operations, liquidity, or financial condition.

DEBT	3 Months Ended
DEBT	Apr. 30, 2012
DEBT [Abstract]
DEBT	NOTE 7 - DEBT The Company and its subsidiaries have domestic and foreign uncommitted, unsecured lines of credit totaling $4,397,170 which can be used for working capital, of which $1,250,155 has been committed to standby letters of credit as of April 30, 2012. The standby letters of credit have expiration dates during the fiscal years ending January 31, 2013 and 2014 in the amounts of $1,239,155 and $11,000, respectively. Of the total lines of credit available, the foreign unsecured line of credit totals $397,170 (300,000 Euro). As of April 30, 2012 and January 31, 2012 the Company had zero outstanding borrowings from its domestic line of credit. The Company's Mefiag B.V. subsidiary's line of credit, which is with a bank in The Netherlands, had outstanding borrowings of zero as of April 30, 2012 and $265,581, or 202,997 Euro, as of January 31, 2012. The Company's long-term debt is subject to certain covenants, including maintenance of prescribed amounts of leverage and fixed charge coverage ratios. The Company was in compliance with all applicable covenants as of April 30, 2012. The Company has an interest rate swap agreement to hedge against the potential impact on earnings from increases in market interest rates. Effective April 3, 2006, the Company entered into a fifteen-year interest rate swap agreement for a notional amount equal to the balance on the bond payable maturing April 2021. The Company swapped the ninety-day LIBOR for a fixed rate of 4.87%. As of April 30, 2012, the effective interest rate was 6.79% as a result of the swap agreement plus the interest rate floor provision of 250 basis points. The interest rate swap agreement is accounted for as a cash flow hedge that qualifies for treatment under the short-cut method of measuring effectiveness. There was no hedge ineffectiveness as of April 30, 2012. The fair value of the interest rate swap agreement resulted in a decrease in equity of $214,677 (net of tax) as of April 30, 2012 and a decrease in equity of $230,760 (net of tax) as of January 31, 2012. These results are recorded in the accumulated other comprehensive loss section of shareholders' equity.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Apr. 30, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation: The accompanying unaudited consolidated financial statements include the accounts of Met-Pro Corporation ("Met-Pro" or the "Company") and its direct and indirect wholly-owned subsidiaries: Mefiag B.V., Met-Pro Product Recovery/Pollution Control Technologies Inc., Strobic Air Corporation, MPC Inc., Pristine Water Solutions Inc., Mefiag (Guangzhou) Filter Systems Ltd., Met-Pro (Hong Kong) Company Limited, Met-Pro Industrial Services Inc., Bio-Reaction Industries Inc., Met-Pro Holdings LLC and Met-Pro Chile Limitada. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts disclosed in the financial statements and accompanying notes. Estimates, by their nature, are based on judgment and available information. Actual results could differ materially from those estimates. Significant estimates inherent in the preparation of the accompanying unaudited consolidated financial statements include valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, legal contingencies and assumptions used in the calculations of income taxes. The accompanying interim unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All adjustments (consisting of normal recurring adjustments) considered necessary to present fairly the financial position of the Company as of April 30, 2012 and the results of operations for the three-month periods ended April 30, 2012 and 2011, and changes in shareholders' equity and cash flows for the three-month periods then ended have been included. The results of operations for the three-month period ended April 30, 2012 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K/A for the year ended January 31, 2012. In addition, the January 31, 2012 Balance Sheet data, presented herein, was derived from the audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Recent Accounting Pronouncements: In May 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs". The amendments in this update are the result of the work of the FASB and the International Accounting Standards Board ("IASB") to develop common requirements for measuring fair value and for disclosing information about fair value measurements. The amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendments clarify that a reporting entity should disclose quantitative information about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy in order to increase the comparability of disclosures between reporting entities applying U.S. GAAP and those applying IFRSs. Additionally, the amendments expand the disclosures for fair value measurements categorized within Level 3 where a reporting entity will need to include the valuation processes used and the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs, if any. For many of the requirements, the FASB does not intend for the amendments to result in a change in the application of the requirements in ASC Topic 820. The amendments in this update are to be applied prospectively and are effective during interim and annual periods beginning after December 15, 2011. The adoption of this update did not have a material impact on the Company's financial position, results of operations or cash flows. In June 2011, the FASB issued ASU No. 2011-05, "Comprehensive Income (Topic 220): Presentation of Comprehensive Income." The amendments in this update eliminate the current option to report other comprehensive income and its components in the statements of shareholders' equity. Instead, an entity will be required to present either a single continuous statement of net income and other comprehensive income or in two separate, but consecutive statements. The amendments in this update are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2011. The new guidance became effective for the Company beginning February 1, 2012 and resulted in presentation changes only. In September 2011, the FASB issued ASU No. 2011-08, "Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment". The amendments in this update allow an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, based on its qualitative assessment, an entity concludes it is more likely than not that the fair value of a reporting unit is less than its carrying amount, quantitative impairment testing is required. However, if an entity concludes otherwise, quantitative impairment testing is not required. ASU No. 2011-08 is effective for annual and interim reporting periods beginning after December 15, 2011. The adoption of this update did not have a material impact on the Company's financial position, results of operations or cash flows.

ACCOUNTANTS' 10-Q REVIEW	3 Months Ended
ACCOUNTANTS' 10-Q REVIEW	Apr. 30, 2012
Accountants 10 Q Review [Abstract]
ACCOUNTANTS' 10-Q REVIEW	NOTE 11 - ACCOUNTANTS' 10-Q REVIEW Marcum LLP, the Company's independent registered public accountants, performed a limited review of the financial information included herein. Their report on such review accompanies this filing.