Supplier Contacts

MFRI, Inc. manufactures and markets custom-tailored industrial products in three market niches: custom-designed industrial filtration products, specialty piping and leak detection systems, and industrial process cooling equipment.

Midwesco Filter is one of the five largest manufacturers of filter elements, accessories, and maintenance services for industrial air filtration systems. The company offers more than 10,000 styles of filter elements designed to fit almost any baghouse or cartridge-type industrial filtration system. Trademarks: Seamless Tube, Leak Seeker, Prekote, We Take the Dust Out of Industry, Pleatkeeper, Pleat Plus, EFC. The company has a long history of profitability in its dust collector activities. However there were several recent years of poor performance. The company has returned to profitability.

Perma-Pipe is the largest U.S. manufacturer of specialty piping systems for district heating and cooling, secondary containment and pre-insulated oil and gas gathering flowlines. Perma-Pipe manufactures insulated and jacketed district heating and cooling piping systems that efficiently distribute energy, in the form of steam and hot or chilled water, to multiple locations from central energy plants.

Thermal Care makes a wide range of heat transfer equipment, including chillers, cooling towers and plant circulating systems for cooling industrial processes. Its major market is the plastics molding industry. Trademarks: Thermal-Care

thousands, except per share information)
	For the Six Months Ended
Operating Highlights:	7/31/04	7/31/03	Change
Net sales	$70,196	$61,158	14.8%
Income from operations	2,349	382	514.9%
Net Income (loss)	1,040	(262)	496.9%

Weighted average common shares outstanding - basic	4,922	4,922
Net Income (loss) per common share - basic	$0.21	($0.05)
Weighted average common shares outstanding - diluted	4,987	4,922
Net Income (loss) per common share - diluted	$0.21	($0.05)

	As of
Balance Sheet Data	7/31/04	1/31/04	Change
Working capital	$22,671	$8,759	158.8%
Current ratio (to 1)	1.8	1.3	38.5%
Stockholders' equity	$27,730	$26,873	3.2%
Equity per share	$5.63	$5.46	3.1%
Common shares outstanding	4,922	4,922	0.0%
Total assets	84,235	$78,927	6.7%

*Throughout this report, the years ended January 31, 2004, 2003, 2002, 2001 and 2000 are referred to as 2003, 2002, 2001, 2000 and 1999, respectively.