NILES, IL — (Marketwired) — 09/12/13 — (NASDAQ: MFRI)Sales increased 44% to $62 million in the current quarter from $43 million in the prior-year quarter. Piping systems sales increased 90% or $21 million in the quarter mainly due to sales growth in Saudi Arabia and the United Arab Emirates, ("U.A.E.") for major projects expanding the Grand Mosque in Mecca and the King Abdul-Aziz International Airport in Jeddah. Filtration products sales decreased by $2 million due primarily to red
NILES, IL — (Marketwired) — 06/19/13 — (NASDAQ: MFRI) In press releases dated November 26, 2012 and February 5, 2013, the Company described major orders received by Perma Pipe Saudi Arabia in support of large-scale construction projects expanding the Haram Grand Mosque in Mecca and the King Abdul-Aziz International Airport in Jeddah. Those orders totaled nearly $50 million. Since then, the Company has received $55 million in new global orders, of which $25 million was reported in the first q
NILES, IL — (Marketwired) — 06/14/13 — (NASDAQ: MFRI) These materials include two modifications made by the Company-s Board of Directors to the MFRI 2013 Omnibus Stock Incentive Plan ("Plan") in response to an unfavorable recommendation from Institutional Shareholder Services Inc. regarding the proposal to approve the Plan. These modifications are:Reducing the shareholder value transfer by limiting the total number of shares that may be issued pursuant to the Plan to 750,000.Rev
NILES, IL — (Marketwired) — 06/11/13 — (NASDAQ: MFRI) As previously reported on April 30, 2013, the Company sold most of the domestic assets of its subsidiary Thermal Care, Inc. This business is reported as discontinued operations in the consolidated financial statements, related prior period information and the notes to consolidated financial statements have been restated to conform to the current year reporting of this business.The Company-s sales from continuing operations for the quarte
NILES, IL — (Marketwired) — 05/01/13 — MFRI, Inc. (NASDAQ: MFRI) announced today sales and earnings for the fiscal year ended January 31, 2013 ("2012"). The Company-s sales in 2012 were $212 million, a decrease of 9% from $233 million last year; net loss in 2012 was $18.5 million or $2.67 per diluted share, compared to net loss of $5 million or $0.72 per diluted share, in 2011. In the fourth quarter of 2012, the Company recorded a full valuation allowance on domestic deferred tax a
NILES, IL — (Marketwired) — 04/26/13 — MFRI, Inc. (NASDAQ: MFRI) announced today the signing of a definitive agreement to sell the domestic assets of its subsidiary, Thermal Care, Inc. to IPEG, Inc. The transaction is scheduled to close on April 30, 2013, subject to customary closing conditions. Thermal Care, Inc. designs, manufactures and sells industrial process cooling equipment, including chillers, cooling towers, plant circulating systems, and related accessories for use in plastic proc
NILES, IL — (Marketwire) — 02/05/13 — (NASDAQ: MFRI)The King Abdul-Aziz International Airport is one of the largest projects in the recent history of the Saudi Arabia Kingdom. The passenger terminal complex comprises an area over 6.7 million square feet (622,000 square meters) with 46 gates, 96 boarding bridges including double deck access for the A380 Airbus. The total facilities span over 25,000 acres (100 square kilometers) including the chilled water distribution system, utility plants,
NILES, IL — (Marketwire) — 01/30/13 — (NASDAQ: MFRI)Additionally, the Board has appointed Karl J. Schmidt as Vice President — Chief Financial Officer and Chief Accounting Officer of the Company. Mr. Schmidt-s recent Chief Financial Officer positions include Atkore International, a $1.7 billion global manufacturer of steel pipe and tube products, electrical conduits, cable and cable management systems, and Sauer-Danfoss, a $2.2 billion global manufacturer of hydraulic, electrical and electr
NILES, IL — (Marketwire) — 12/07/12 — (NASDAQ: MFRI)Sales were $58 million in the current quarter down from $71 million in the prior-year quarter. Piping systems sales decreased $8.9 million in the quarter driven by a decline in U.S. sales partially offset by an increase in sales in the Middle East. Filtration products- sales decreased by $3.3 million due primarily to reduced demand for fabric filters.Gross profit was $11.4 million in the current quarter down from $12.4 million in the prior-
NILES, IL — (Marketwire) — 11/26/12 — MFRI, Inc. (NASDAQ: MFRI) announced today that its Perma-Pipe Saudi Arabia subsidiary has received several orders totaling over $23 million to supply engineered and insulated piping products for the chilled water distribution system utilized for a major expansion of the Haram Sharif in Mecca, Kingdom of Saudi Arabia.The Haram Sharif Grand Mosque expansion is one of the most prestigious projects in the Muslim world. The expansion project adds an area of a
