MFRI Inc. announced that they will report Q3, 2010 results on December 08, 2009.

MFRI Inc. announced unaudited consolidated earnings results for the second quarter and the six months ended July 31, 2009. For the quarter, the company's net sales were $61.1 million, 21.3% less than $77.6 million for the prior year's second quarter. Net income rose 56.0% to a second quarter high of $3.8 million or $0.55 diluted earnings per share, compared to $2.4 million or $0.35 diluted earnings per share, in the prior-year period. Net income was up due to the performance of the piping systems business unit in Fujairah, United Arab Emirates, continued production on the India pipeline project and profits from the HVAC business. Income from operations was $2.8 million compared to $4.2 million a year ago. Income before income taxes was $2.2 million compared to $3.5 million a year ago. For the six months, the company's sales were $128.7 million, 10.4% less than $143.6 million for the prior-year's first six months. The sales decreased primarily due to a drop in domestic sales in both district heating and cooling, and oil and gas products for the piping systems business as well as lower market demand across all filtration, and industrial process cooling products. Net income rose significantly to a high of $9.8 million or $1.42 diluted earnings per share, compared to $2.8 million or $0.41 diluted earnings per share in the prior-year period. This increase was due to the performance of the piping systems business unit in Fujairah U.A.E., continued production on the India pipeline project and profits from the HVAC business. The income tax accrual is less than the statutory U. S. federal income tax rate mainly due to the impact of tax free foreign income in the U.A.E. Income from operations was $9.7 million compared to $5.3 million a year ago. Income before income taxes was $8.3 million compared to $4.2 million a year ago.

MFRI Inc. reported consolidated earnings results for the first quarter ended April 30, 2009. For the quarter, the company reported net income of $6,006,000 or diluted net income per share of $0.88 on net sales of $67,579,000 compared to net income of $423,000 or diluted net income per share of $0.06 on net sales of $65,981,000 for the same period a year ago. The company reported income from operations of $6,872,000 and income before income taxes of $6,184,000 compared to income from operations of $1,135,000 and income before income taxes of $611,000 for the same period a year ago. Net sales increased primarily due to the growing success of the piping systems business in the United Arab Emirates, progress on the crude oil pipeline project in India and the growth in field work on buildings in the heating, ventilation and air conditioning ('HVAC') backlog. Net income for the quarter was up significantly versus the prior-year's quarter due to the excellent performance of the piping systems business unit in Fujairah U.A.E., continued production on the India pipeline project and profits from the HVAC business.