8-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K

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

Date of Report (Date of earliest event reported):   May 22, 2009

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

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

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

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

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

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

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

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

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

Item 2.02.  Results of Operations and Financial Condition.

On May 22, 2009, Met-Pro Corporation ("Met-Pro", the "Registrant" or the "Company") reported its results of operations for the first quarter ended April 30, 2009.  A copy of the press release issued by the Company is furnished herewith as Exhibit 99.1.

In addition, the Company held a teleconference call on May 22, 2009 during which members of management discussed the Company's financial performance for the first quarter ended April 30, 2009 and other matters relating to its business.  A copy of the teleconference transcript is furnished herewith as Exhibit 99.2.

Item 9.01.  Financial Statements and Exhibits.

A copy of the press release dated May 22, 2009, reporting the results of operations for the first quarter ended April 30, 2009, is furnished herewith as Exhibit 99.1.

In addition, a copy of the transcript from the Company's teleconference held on May 22, 2009, to discuss its results of operations for the first quarter ended April 30, 2009 is furnished herewith as Exhibit 99.2.

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

SIGNATURE

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

      Date:  May 26, 2009

MET-PRO CORPORATION

By: /s/ Gary J. Morgan

Gary J. Morgan,

Senior Vice President and Chief Financial Officer

Exhibit Index

Exhibit	Description
99.1	Press release issued by Met-Pro Corporation to report its results of operations for the first quarter ended April 30, 2009.
99.2	Transcript of conference call held May 22, 2009 to discuss results of operations for the first quarter ended April 30, 2009.

EX-99.1

Date:	May 22, 2009
For Release:	Immediate
Contact:	Investor Contact:
	Gary J. Morgan,	Joseph Hassett, VP
	Senior Vice President of Finance, CFO	Gregory FCA Communications
	215-723-6751	610-228-2110

Met-Pro Corporation Announces First Quarter Financial Results

Harleysville, PA, May 22, 2009 – Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation (NYSE: MPR), today announced the Company’s financial results for the first quarter ended April 30, 2009.

Net sales for the first quarter ended April 30, 2009 were $19.6 million compared with net sales of $22.7 million for the same quarter last year. Net income totaled $1.0 million and diluted earnings per share were $0.07 for the first quarter, compared with net income of $1.9 million and diluted earnings per share of $0.13 for the same period last year.

“Results in the first quarter continue to reflect weakness in our large project revenues due to a global slowdown in capital spending as well as a moderating pace of general business activity,” said De Hont. “Gross margins in the quarter remained strong, reflecting the continued progress of our efficiency initiatives, including global sourcing, more effective logistics, and lean manufacturing, as well as the ability of our flexible manufacturing strategy to quickly adjust costs to match our level of business activity. Selling, general and administrative expenses for the first quarter, however, increased versus the same quarter last year primarily due to external variables such as the impact of fluctuations in the stock market on the Company’s pension plans combined with higher healthcare and stock option expenses. While we had previously taken actions to control expenses, such as freezing our pension plans, in the aggregate the increases in these expenses totaled approximately $500,000 in the first quarter. Selling expenses in last year’s first quarter included the positive effect of the receipt of a $300,000 legal settlement. When combined these four S,G&A items represent approximately a $0.04 per share difference between the respective quarters.

“During the first quarter, the Company generated $5.9 million in cash flow from operating activities. As a result, our balance sheet remains extremely strong with over $26.4 million in cash and only $4.9 million of debt. This will not only allow us to support investments to further enhance efficiency initiatives, develop new products, and expand into new growth markets, but will also allow us to take advantage of potential acquisition opportunities. Economic conditions are still posing a challenge, as demonstrated by our $18.9 million of bookings in the first quarter compared with $28.0 million for the same quarter last year. However, the underlying fundamental strength of our business leaves us well positioned to create long-term sustainable growth and value for our shareholders.”

On March 12, 2009, the Company paid a quarterly dividend of $0.06 per share to shareholders of record at the close of business on February 26, 2009. In addition, the Board of Directors, at their meeting on March 27, 2009, declared a quarterly dividend of $0.06 per share payable June 12, 2009 to shareholders of record at the close of business on May 29, 2009. The current quarterly dividend represents a 9.1% increase over the same period last year. This is the thirty-fourth consecutive year the Company has paid a cash or stock dividend.

Conference Call

Mr. De Hont and Gary J. Morgan, Senior Vice President of Finance and Chief Financial Officer, will hold a conference call for investors on Friday, May 22, 2009, at 11:00 AM (Eastern). Met-Pro’s earnings release and the accompanying financial supplement, which includes significant financial information to be discussed during the conference call, is available on Met-Pro’s Investor Relations website at www.met-pro.com/html/invrel.htm.  Interested persons who wish to hear the live webcast should go to the Met-Pro Corporation website prior to the starting time to register, download and install any necessary audio software.

Continued Page 2

Met-Pro Corporation/Page 2

You may also participate by calling the US/Canada Dial-In # 877-818-7738 or the International Dial-In # 706-643-9333 (conference ID 98364818) at 10:55 AM (Eastern) on May 22, 2009. A taped replay of the conference call will be available within two hours of the conclusion of the call and until June 5, 2009. To access the taped replay, call the US/Canada Dial-In # 800-642-1687 or the International Dial-In # 706-645-9291 and enter conference ID 98364818.

About Met-Pro

Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, was recently recognized, for the third consecutive year, as one of America’s “200 Best Small Companies” by Forbes magazine. In 2008, the Company was also named one of the world’s “Top Small to Midsize Manufacturers” by Start-It magazine for the second year in a row. Through its business units, in the United States, Canada, Europe and The People's Republic of China, a wide range of products and services are offered for industrial, commercial, municipal and residential markets worldwide. These include product recovery and pollution control technologies for purification of air and liquids; fluid handling technologies for corrosive, abrasive and high temperature liquids; Mefiag filtration technologies for harsh, corrosive liquid filtration applications; and filtration and purification technologies which include proprietary water treatment chemicals and filter products for air and liquid filtration. For more information, please visit www.met-pro.com.

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

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

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

Continued Page 3

Met-Pro Corporation/Page 3

Met-Pro Corporation

Consolidated Statement of Operations

(unaudited)

	Three Months Ended
	April 30,
	2009		2008
Net sales	$19,641,008		$22,656,474
Cost of goods sold	12,628,040		15,064,250
Gross profit	7,012,968		7,592,224
Operating expenses
Selling	2,528,532		2,252,076
General and administrative	3,012,327		2,643,919
	5,540,859		4,895,995
Income from operations	1,472,109		2,696,229
Interest expense	(53,823	)	(65,061	)
Other income, net	13,965		175,815
Income before taxes	1,432,251		2,806,983
Provision for taxes	479,802		881,338
Net income	$952,449		$1,925,645
Basic earnings per share	$.07		$.13
Diluted earnings per share	$.07		$.13
Average common shares outstanding:
Basic shares	14,600,109		15,038,900
Diluted shares	14,645,792		15,313,389

Continued Page 4

Met-Pro Corporation/Page 4

Met-Pro Corporation

Consolidated Balance Sheet

(unaudited)

	April 30, 2009		January 31, 2009
Assets
Current assets
Cash and cash equivalents	$26,446,717		$21,749,653
Accounts receivable, net of allowance for doubtful
accounts of approximately $210,000 and
$167,000, respectively	14,522,548		20,177,672
Inventories	20,684,278		20,236,865
Prepaid expenses, deposits and other current assets	1,722,518		1,997,542
Total current assets	63,376,061		64,161,732
Property, plant and equipment, net	19,810,977		19,389,597
Costs in excess of net assets of businesses acquired, net	20,798,913		20,798,913
Other assets	406,423		402,062
Total assets	$104,392,374		$104,752,304
Liabilities and shareholders’ equity
Current liabilities
Current portion of long-term debt	$924,821		$746,042
Accounts payable	4,938,844		5,464,629
Accrued salaries, wages and expenses	3,771,899		4,546,199
Dividend payable	876,007		876,007
Customers’ advances	384,100		356,008
Deferred income taxes	250,782		250,782
Total current liabilities	11,146,453		12,239,667
Long-term debt	3,962,517		3,753,228
Other non-current liabilities	8,940,189		8,855,912
Deferred income taxes	1,137,425		1,126,016
Total liabilities	25,186,584		25,974,823
Shareholders’ equity
Common shares, $.10 par value; 36,000,000 shares
authorized, 15,928,679 shares issued,
of which 1,328,570 shares were reacquired
and held in treasury at the respective dates	1,592,868		1,592,868
Additional paid-in capital	2,630,070		2,465,193
Retained earnings	89,803,750		89,727,308
Accumulated other comprehensive loss	(4,137,303	)	(4,324,293	)
Treasury shares, at cost	(10,683,595	)	(10,683,595	)
Total shareholders’ equity	79,205,790		78,777,481
Total liabilities and shareholders’ equity	$104,392,374		$104,752,304

Continued Page 5

Met-Pro Corporation/Page 5

Met-Pro Corporation

Consolidated Business Segment Data

(unaudited)

	Three Months Ended April 30,
	2009		2008
Net sales
Product recovery/pollution control technologies	$7,569,982		$9,504,792
Fluid handling technologies	6,978,462		6,988,583
Mefiag filtration technologies	2,487,250		3,255,155
Filtration/purification technologies	2,605,314		2,907,944
	$19,641,008		$22,656,474
Income (loss) from operations
Product recovery/pollution control technologies	$145,203		$892,251
Fluid handling technologies	1,306,005		1,379,954
Mefiag filtration technologies	(15,403	)	159,128
Filtration/purification technologies	36,304		264,896
	$1,472,109		$2,696,229
	April 30,		January 31,
	2009		2009
Identifiable assets
Product recovery/pollution control technologies	$34,891,160		$39,623,284
Fluid handling technologies	21,610,231		22,056,812
Mefiag filtration technologies	11,623,897		11,410,677
Filtration/purification technologies	9,444,864		9,369,905
	77,570,152		82,460,678
Corporate	26,822,222		22,291,626
	$104,392,374		$104,752,304

Continued Page 6

Met-Pro Corporation/Page 6

Met-Pro Corporation

Consolidated Statement of Cash Flows

(unaudited)

	Three Months Ended April 30,
	2009		2008
Increase (Decrease) in Cash and Cash Equivalents
Cash flows from operating activities
Net income	$952,449		$1,925,645
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	480,672		473,225
Deferred income taxes	(597	)	4,686
(Gain) loss on sale of property and equipment, net	(12,195	)	2,611
Stock-based compensation	164,876		108,051
Allowance for doubtful accounts	42,941		11,186
(Increase) decrease in operating assets:
Accounts receivable	5,695,089		4,092,724
Inventories	(381,726	)	(531,236	)
Prepaid expenses and deposits	558,434		–
Other assets	(283,798	)	98,700
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	(1,378,851	)	(1,749,774	)
Customers’ advances	27,013		324,179
Other non-current liabilities	84,276		14,986
Net cash provided by operating activities	5,948,583		4,774,983
Cash flows from investing activities
Proceeds from sale of property and equipment	18,882		–
Acquisitions of property and equipment	(797,497	)	(404,379	)
Net cash used in investing activities	(778,615	)	(404,379	)
Cash flows from financing activities
Proceeds from new borrowing	485,336		–
Reduction of debt	(104,440	)	(366,906	)
Payment of dividends	(876,007	)	(827,136	)
Net cash used in financing activities	(495,111	)	(1,194,042	)
Effect of exchange rate changes on cash	22,207		(22,941	)
Net increase in cash and cash equivalents	4,697,064		3,153,621
Cash and cash equivalents at February 1	21,749,653		21,906,877
Cash and cash equivalents at April 30	$26,446,717		$25,060,498

###

EX-99.2

MET-PRO CORPORATION

Moderator:  Kevin Bittle

05-22-09/10:00 am CT

Confirmation #98364818

Page 1 

MET-PRO CORPORATION

Moderator: Kevin Bittle

May 22, 2009

10:00 am CT

Operator:	Good morning. My name is (Kristy) and I will be your conference operator today. At this time I would like to welcome everyone to the Met-Pro first quarter results conference call.
	All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question and answer session. If you would like to ask a question during this time simply press star then the number 1 on your telephone keypad.
	If you have already done so please press the pound sign now then press star 1 again to insure your question is registered. If you would like to withdraw your question press the pound key. Thank you.
	I would now like to turn the call over to Mr. Kevin Bittle, Manager of Creative Services. Please go ahead sir.
Kevin Bittle:	Good morning and welcome to Met-Pro Corporation’s earnings conference call for the first quarter of our fiscal year 2010 which ended April 30, 2009.

MET-PRO CORPORATION

Moderator:  Kevin Bittle

05-22-09/10:00 am CT

Confirmation #98364818

Page 2 

	My name is Kevin Bittle and I’m with the company’s Creative Service’s department.
	With me on our call this morning are Ray De Hont, our Chairman and Chief Executive Officer and Gary Morgan, our Senior Vice President of Finance and Chief Financial Officer. Shortly you’ll hear comments from both of these individuals. But before we begin I’d like to make a few comments.
	I’d like to remind you that any statements made today with regard to our future expectations may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
	Please refer to our annual report for the fiscal year ended January 31, 2009 that was filed with the SEC, for important factors that among others could cause our actual results to differ from any results that might be projected, forecasted or estimated in any of our forward looking statements.
	And with that I will now turn the call over to Ray. Ray?
Ray De Hont:	Thank you Kevin. Good morning everyone and welcome again from Harleysville, Pennsylvania. Earlier this morning we released our financial results for the first quarter. I hope all of you have the opportunity to review them.
	In a moment Gary Morgan will provide more specific comments on the quarter’s financial results but first I’d like to offer my perspective on our performance.
	Clearly our results in the first quarter reflect the pervasive and enduring nature of the current global economic slowdown, especially on capital projects

MET-PRO CORPORATION

Moderator:  Kevin Bittle

05-22-09/10:00 am CT

Confirmation #98364818

Page 3 

compounded by the fact that our first fiscal quarter is historically our weakest quarter.

However I believe the overriding message within our performance this quarter is the strength of the Met-Pro brand and the resilience of our business model. Gross margin in the quarter were 35.7% of sales, the second highest quarterly gross margin in the last several years.

I continue to point the facility consolidations, global sourcing and more effective logistics as initiatives that are improving efficiencies and lowering costs. Just as important, our flexible manufacturing strategy is proving effective in responding to changing levels of demand.

Admittedly the economy is weighing on our businesses. Large products in the product recovery solution control area and some of our businesses that sell primarily to industrial markets have been particularly affected.

On a much more positive note we continue to generate strong cash flow and our cash position at April 30th was at an all time high, providing us with the financial strength to continue to invest in our business while weathering the economic turndown.

Not unlike what we had previously observed, the product recovery pollution control technologies reporting segment continues to experience delays between quotation and order submittal for their larger capital projects.

In the first quarter operating income in this segment was almost $750,000 less than in the same quarter a year ago which heavily weighed on our overall results. Though projects are still being delayed fortunately they are not being canceled.

MET-PRO CORPORATION

Moderator:  Kevin Bittle

05-22-09/10:00 am CT

Confirmation #98364818

Page 4 

I literally just returned from a trip to China this week. We see a tremendous long term opportunity in Asia for our product recovery pollution control business and I had many constructive conversations with potential customers and partners we believe can help us gain share in this large market.

Our various Met-Pro brands have a growing international reputation for outstanding quality and reliability backed up by dependable service. So we are confident that over the long term this segment will continue to be a growth catalyst.

Our first quarter results also indicate a significant increase in our selling, general and administrative expenses. During our last conference call we mentioned pension expenses will be about 4 cents higher for the full year compared to last year due to the performance of the stock market despite having frozen these pension plans.

In the first quarter we also absorbed higher stock options and healthcare expenses. And last year’s first quarter benefited from a one time $300,000 legal settlement. When added up these items resulted in a difference of approximately 4 cents per share in the first quarter compared with the same period last year.

We continue to look for opportunities to increase efficiencies and over the second half of this year we’ll be implementing a long planned improvement to our ERP system. Together with our vigilant efforts to reduce internal costs under our control, we are working diligently to improve the leverage in our business model.

MET-PRO CORPORATION

Moderator:  Kevin Bittle

05-22-09/10:00 am CT

Confirmation #98364818

Page 5 

We maintain an extremely strong balance sheet. In the first quarter cash flows from operating activities were $5.9 million up nearly 25% from the same period a year ago, a significant contributor to our record cash position.

Keep in mind that cash at April 30th is net of over $11 million in cash distributed to shareholders in the form of stock repurchases and dividends during the past 12 months. Given the condition of today’s financial and credit markets we recognize our substantial cash position provides a significant advantage relative to many less fortunate competitors.

We must be prepared for the recovery. Companies that are not prepared for the recovery stand to lose market share. Market share losses during economic recoveries are often permanent.

Therefore we intend to continue to deploy cash on a basis that is consistent with our strategy and long term objectives while sustaining our R&D budgets, investing in additional efficiency enhancements and expanding our sales and marketing team globally such as our planned addition to our South American sales organization.

In addition, we will continue to evaluate acquisition opportunities. We are confident we can fund these growth investments and maintain the strong financial position on which our shareholders have come to rely. So we are adjusting to the economic realities of today’s markets.

Visibility into end market demand remains challenging. Orders in the first quarter were down significantly from the same time one year ago. However, for over 45 years Met-Pro has demonstrated the ability and has maintained the resources to manage through difficult times.

MET-PRO CORPORATION

Moderator:  Kevin Bittle

05-22-09/10:00 am CT

Confirmation #98364818

Page 6 

	Our focus will be on balancing near term conditions without losing any of the market momentum that will be the true determinant of long term success.
	I would now like to ask Gary Morgan to review our recent financial performance in more detail, after which I will provide some concluding remarks before we take your questions. Gary?
Gary Morgan:	Thank you Ray. Met-Pro reported first quarter fiscal 2010 sales of $19.6 million, down 13.3% from last year’s record first quarter net sales. Again, keep in mind the first quarter has historically been our weakest quarter.
	First quarter net sales were strongly influenced by the performance of our product recovery in pollution control technologies reporting segment where first quarter segment net sales were $7.6 million down 20.4% from the first quarter a year ago.
	As Ray mentioned, our large product revenues continue to lag as capital spending plans are being either resized or delayed, both of which ultimately delay implementation and installation.
	Net sales at our fluid handling technologies reporting segment in the quarter were essentially flat compared to a year ago although there has been some flattening out in demand for its product.
	The filtration and purification technologies segment net sales in this quarter were down 10.4% from the year ago period primarily due to a slowdown in the filtration side consistent with sluggish industrial production.
	Net sales at our Mefiag filtration technologies reporting segment continue to reflect the global slowdown in heavy industry, Mefiag's primary target market.

MET-PRO CORPORATION

Moderator:  Kevin Bittle

05-22-09/10:00 am CT

Confirmation #98364818

Page 7 

For the first quarter the consolidated gross margin came in at 35.7% which is up 220 basis points from gross margins a year ago even though comparable net sales are down 13.3% this quarter. This is one of Met-Pro’s best quarterly gross margins in the past several years.

The increase in our gross margins in the first quarter was driven by a favorable product mix, strategic product price increases and efficiency initiatives such as consolidation and global sourcing. Margins also benefited from lower commodity costs.

Though margins will tend to fluctuate from quarter to quarter depending upon product mix and a number of other variables as Ray mentioned, we have adopted a flexible manufacturing strategy that enables us to protect margins by adjusting quickly to changes in production levels.

On a consolidated basis income from operations for the first quarter was $1.5 million or 7.7% of net sales compared with 11.9% of net sales in the same quarter of last year.

The lower consolidated operating margins were a function of higher gross margins, offset by sales volume decreases and an increase of certain expenses which are tied to variables outside our control such as the performance of the stock market.

Our pension, stock option and healthcare expenses in the quarter were up approximately $500,000 relative to the same period a year ago. Furthermore, general and administrative expenses in the first quarter of last year included a positive effect of the receipt of a $300,000 legal settlement.

MET-PRO CORPORATION

Moderator:  Kevin Bittle

05-22-09/10:00 am CT

Confirmation #98364818

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The combined impact of these various items on the year over year comparison was approximately 4 cents per share.

Just a few quick thoughts on the segment operating results. In the product recovery and pollution control technologies reporting segment operating income was down nearly $750,000 from the first quarter a year ago primarily due to sales volume.

We are gradually re-qualifying more subcontractors and shifting the manufacturing of our product recovery and pollution control technology projects to locations that are closer to the actual customer.

This alleviates a heavy manufacturing overhead which might otherwise burden this segment with higher fixed costs and enables us to reduce the influence of lower sales volumes on the bottom line.

Operating margins in our fluid handling technologies reporting segment were only slightly off from the year ago, continuing to exhibit the benefits of the attractive margins consistently earned on our pumps and after market parts and consumables.

At the same time our filtration and purification technologies and Mefiag segments reported operating results that all things considered are consistent with our smaller sized and industrial exposure.

Our first quarter tax rate was 33.5% up from 31.4% in the first quarter of last year. We expect the tax rate for the current fiscal year 2010 to be in the 33-1/2% to 34% range which is consistent with our historical tax rate.

MET-PRO CORPORATION

Moderator:  Kevin Bittle

05-22-09/10:00 am CT

Confirmation #98364818

Page 9

	For the quarter we reported net income of $952,000 or 7 cents per fully diluted share. These results include the various charges and credits previously mentioned that on an aggregate basis accounts for approximately $800,000 or 4 cents per share and which when added back made this quarter 11 cents per share versus 13 cents per fully diluted share a year ago.
	Cash flows from operating activities for the quarter amounted to $5.9 million up more than 24.5% compared with $4.8 million of operating inflows recorded in last year’s first quarter. Met-Pro’s balance sheet remains strong. At April 30th cash on hand totaled a record $26.4 million or $1.81 per share even after distributing $3.4 million in dividends and repurchasing $7.7 million of stock for our shareholders over the past 12 months.
	At April 30th our current ratio was 5.7 and total debt was only $4.9 million giving us a total debt to equity ratio of just 6.2%. In summary, we have been able to very quickly react to changing end market conditions to remain profitable, generate high positive cash flow and maintain our strong financial position.
	At the same time we have used our resources to invest in our organization to prepare for additional growth while also rewarding our shareholders through dividends and share repurchases. Thank you and I would now like to turn the call back to Ray. Ray?
Ray De Hont:	Thank you Gary. Just a few concluding thoughts before we open the call to questions. I spent a lot of time recently traveling around not only to China, to evaluate our growth opportunities in Asia, but throughout our organization to evaluate firsthand how the current global economic slowdown has impacted our long term plans.

MET-PRO CORPORATION

Moderator:  Kevin Bittle

05-22-09/10:00 am CT

Confirmation #98364818

Page 10 

In the short term there are market forces that are challenging us to roll up our sleeves, dig in, innovate and more effectively use the considerable resources of our organization. And though the growth of the last several years may have stalled we are continuing to compete in our niche markets without sacrificing the financial discipline that has been the hallmark of Met-Pro since our inception.

At the same time I see tremendous progress being achieved along all the key objectives we have identified as the key to our long term growth. We have partnerships with a variety of prestigious universities where we are working on a host of next generation products.

We are expanding our global footprint to get closer to markets in Asia, China, the Middle East and other developing areas which are certain to be sources of strong demand for our varied product offerings.

And we are improving productivity throughout the organization such as though our - through our lean manufacturing rollout which will enable us to leverage our growth into increasingly attractive returns for shareholders.

Over the long term we are confident that your company is well positioned to capitalize on the very powerful trends towards global environmental stewardship, energy efficiency and process improvements. Our dividend remains solid.

At our meeting on March 27, 2009 the Board of Directors declared a quarterly dividend of 6 cents per share payable June 12, 2009 to shareholders of record at the close of business on May 29, 2009. This is the 34th consecutive year the company has paid either a cash or stock dividend.

MET-PRO CORPORATION

Moderator:  Kevin Bittle

05-22-09/10:00 am CT

Confirmation #98364818

Page 11 

	In addition, the company has 300,000 shares remaining on an existing stock repurchase authorization should it be determined repurchases are the best means to further create shareholder value. I’d like to thank the many loyal, dedicated and talented employees who have contributed to our success as well as thank our shareholders for their continued support.
	I’d also like to thank all of you for your participation in today’s call. I’ll now turn the call back to Kevin Bittle. Kevin?
Kevin Bittle:	Thank you Ray. At this time we would welcome any questions you may have. I would like to ask our operator (Kristy) to provide instructions for this portion of the call. Thank you.
Operator:	At this time I would like to remind everyone in order to ask a question press star then the number 1 on your telephone keypad. At this time there are no questions.
Kevin Bittle:	Could you re-poll and ask again for questions please?
Operator:	Again, to ask a question please press star then the number 1 on your telephone keypad. At this time there are no questions.
Kevin Bittle:	Okay. Thank you very much. We’d like to all thank you for participating in today’s call and we’ll close the call now. Thank you very much.

Operator: This concludes today’s conference call. You may now disconnect.

END