MFRI, Inc. (MFRI), a manufacturer of piping systems for oil and gas delivery, industrial heating and cooling devices, and industrial filtration products, reported strong second quarter financial results this morning. Revenues rose to $77.6 million, a quarterly record and an increase of 32% from $58.9 million reported a year ago. Net income set another quarterly record of $2.4 million, or 35 cents per share, an increase of 67% compared to $1.4 million, or 22 cents per share year-over-year. Backlog of unfinished orders was $189 million at quarter’s end. No analysts currently cover the stock.

“Our expansion strategy led to strong sales, earnings and backlog growth,” said David Unger, CEO of MFRI. “In 2007, 30% of the Company’s sales were to customers outside of the United States, up from 18% in 2006, and sales have approximately doubled since 2003. Many changes have been made and are continuing