2005 Annual Report
July 31, 2006
MFRI posted record net sales for 2005, (fiscal year ended January 31, 2006), of $154,587,000, 6.5% greater than the $145,096,000 reported for the prior year. However earnings for the year were reduced due to increased expenses including the costs of our global expansion program, Sarbanes-Oxley compliance activities and hurricane damage to the Company’s Louisiana facility.