MFRI REPORTS RECORD SALES FOR 2007 THIRD QUARTER AND FIRST NINE MONTHS.
January 2, 2008
NILES, IL, December 17, 2007 -- MFRI, Inc. (the “Company”) announced record sales for the nine months ended October 31, 2007. For the third quarter of 2007, Company net sales were $65,086,000, 1.4% greater than the $64,182,000 for the prior-year’s third quarter; net sales for the Piping Systems business increased by 2.6%, the Filtration Products business increased by 1.8%, while the Industrial Process Cooling business decreased by 5.7%. Net income for the third quarter 2007 was $1,215,000 or $0.18 per share ($0.18 diluted based on 6,880,000 fully diluted shares outstanding) versus $2,720,000 or $0.51 per share ($0.48 diluted based on 5,677,000 fully diluted shares outstanding) in the prior-year’s third quarter.