MFRI ANNOUNCES RECORD 2008 SALES, EARNINGS AND EARNINGS PER SHARE DESPITE FOURTH QUARTER NON-CASH GOODWILL CHARGE
April 18, 2009
NILES, IL, April 15, 2009 — MFRI, Inc. (Nasdaq: MFRI) announced today record sales for the fiscal year ended January 31, 2009 (“2008”). Net sales were $303,066,000, up 26.5% from $239,487,000 in the prior year. Net income in 2008 rose to $6,689,000 or $0.98 earnings per share basic and diluted, versus a net loss of $298,000 for 2007, or $0.04 per share basic and diluted. The 2008 net income was reduced by a fourth quarter non-cash goodwill impairment charge of $2,788,000. This charge net of tax impact reduced earnings per share by $0.27 basic and diluted. Net income for 2008 without the goodwill impairment charge would have been $8,529,000, or $1.25 earnings per share basic and $1.24 diluted.