MFRI Reports Record Nine Month Earnings and Earnings Per Share
December 10, 2009
NILES, IL, December 10, 2009 -- MFRI, Inc. (NASDAQ: MFRI)– MFRI announced record earnings and earnings per share for the nine months ended October 31, 2009. The Company’s net income for the nine months rose to $10.5 million or $1.53 per share, compared to $7.5 million or $1.09 per diluted share, in the corresponding prior-year period. Net sales were $181.3 million, 17.8% less than $220.4 million for the prior-year’s first nine months.
The Company also announced that for the third quarter 2009, sales were $52.6 million, 31.5% less than $76.8 million for the prior-year third quarter. Net income for the third quarter was $0.7 million or $0.10 earnings per share, compared to $4.7 million or $0.68 diluted earnings per share, in the prior-year period.