<SEC-DOCUMENT>0000914122-12-000002.txt : 20120309
<SEC-HEADER>0000914122-12-000002.hdr.sgml : 20120309
<ACCEPTANCE-DATETIME>20120113113715
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000914122-12-000002
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFRI INC
		CENTRAL INDEX KEY:			0000914122
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
		IRS NUMBER:				363922969
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7720 LEHIGH AVE
		CITY:			NILES
		STATE:			IL
		ZIP:			60714
		BUSINESS PHONE:		8479661000

	MAIL ADDRESS:	
		STREET 1:		7720 LEHIGH AVE
		CITY:			NILES
		STATE:			IL
		ZIP:			60714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MIDWESCO FILTER RESOURCES INC
		DATE OF NAME CHANGE:	19970402
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using WebFilings 0669 -->
		<!-- Copyright 2008-2012 WebFilings LLC. All Rights Reserved -->
		<title>Response to SEC comment letter</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="sDBA321EB81D64009E2E3B3A4B995AAD6"></a><div style="line-height:120%;"><img src="mfrilogoa04.jpg" style="height:65px;width:144px;"></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7720 North Lehigh Avenue</font></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Niles, Illinois 60714-3491</font></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Phone (847) 929-1202</font></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Fax (847) 966-1310</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">January 13, 2012</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Mr. John Cash, Branch Chief</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ms. Mindy Hooker, Staff Accountant</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">United States Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Washington, D.C. 20549-7010</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Re: &#160;&#160;&#160;&#160;MFRI, Inc.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form 10-K for the Fiscal year ended January 31, 2011</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Filed April 14, 2011</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Definitive Proxy Statement on Schedule 14A</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Filed May 27, 2011</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Forms 10-Q for the periods ended April 30, 2011, July 31, 2011 and October 31, 2011&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Filed June 13, 2011, September 14, 2011 and December 12, 2011</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">File No. 1-32530</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Mr. Cash and Ms. Hooker:</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Following are our responses to your letter of December 29, 2011.  Our response follows the organization of your letter.  We have used terms that were defined in the subject filings without re-iterating their definition in this letter.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form 10-K for the Fiscal year ended January 31, 2011</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Condensed Consolidated Statement of Cash Flows, page 30</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In future periodic filings please remove the subtotal included under Financing Activities as this presentation is not contemplated under ASC 230.  Please also refer to ASC Topic 230-10-45-7 for information pertaining to gross and net cash flows.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Company response.  In future filings we will remove the subtotal included under Financing Activities.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Definitive Proxy Statement on Schedule l4A</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Compensation Plans for NEOs as of January 31. 2011</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We note your disclosures in this section regarding the incentive compensation of Mr.Unger, Mr. Elgendy, and Mr. Maffei. You included similar disclosure in your definitive proxy statement filed May 29, 2008. In our letter dated December 23, 2008 we requested that you disclose in future filings the percentages of (i) consolidated income before income taxes and before corporate profit-based incentive compensation and (ii) business unit income from operations before allocated corporate expenses that you must meet in order for executives to earn their respective bonuses and disclose what the actual amounts were for the prior year. Please tell us this information for the last fiscal year, with a view toward future disclosure. See Item 402(o)(5) of Regulation S-K.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><hr style="page-break-after:always"><a name="sDBA321EB81D64009E2E3B3A4B995AAD6"></a><br><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Company response.  </font><font style="font-family:inherit;font-size:11pt;">Following is the relevant section of the Definitive Proxy Statement on Schedule 14A filed May 27, 2011 modified t</font><font style="font-family:inherit;font-size:11pt;">o include the information required by the staff's comment.  Added information is identified by </font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">bold italics.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation Plans for NEOs as of January 31, 2011</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">David Unger. </font><font style="font-family:inherit;font-size:10pt;">In addition to Mr. Unger's annual base salary, he earns incentive compensation calculated as </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">two percent </font><font style="font-family:inherit;font-size:10pt;">of the company's consolidated income before income taxes and before corporate profit-based incentive</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Compensation </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">(&#8220;Corporate Incentive Earnings&#8221;); the two percent rate is increased to four percent of Corporate Incentive Earnings in excess of $4,584,000</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">2010 Corporate Incentive Earnings were $2,816,129 and Mr. Unger earned $56,323 of incentive compensation .</font><font style="font-family:inherit;font-size:10pt;">The company makes available to Mr. Unger an annual amount to pay premiums for certain insurance policies for Mr. Unger and his wife currently or in later years and reimburses his and his wife's medical expenses. Mr. Unger is reimbursed for a club membership and is provided a company automobile. Mr. Unger is granted stock options as approved by the Compensation Committee from time to time.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fati A. Elgendy. </font><font style="font-family:inherit;font-size:10pt;">On November 12, 2007, the Company and Mr. Elgendy entered into an employment agreement to confirm Mr. Elgendy's employment arrangement with the company (&#8220;Employment Agreement&#8221;). For details, refer to Exhibit 10(j) filed with the company's Form 10- K on April 19, 2009. In addition to Mr. Elgendy's annual base salary under the Employment Agreement, he earns incentive compensation calculated as </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">&#32;six percent </font><font style="font-family:inherit;font-size:10pt;">of the Perma-Pipe business unit's income from operations before allocated corporate expenses to the extent such income exceeds six percent of business unit sales </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">(the &#8220;Perma-Pipe President Incentive Earnings&#8221;)</font><font style="font-family:inherit;font-size:10pt;">. In 2010, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Perma-Pipe President Incentive Earnings were $8,707,033, and Mr. Elgendy earned </font><font style="font-family:inherit;font-size:10pt;">$522,422 of </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">incentive compensation</font><font style="font-family:inherit;font-size:10pt;">. Pursuant to the Employment Agreement, Mr. Elgendy is provided a company automobile, credited with nonqualified deferred compensation and granted stock options as approved by the Compensation Committee from time to time. If Mr. Elgendy's employment is terminated by the company other than for death, disability, or due cause (as defined in the Employment Agreement), Mr. Elgendy will be entitled to additional base salary and incentive payments as set forth in his Employment Agreement.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Robert A. Maffei. </font><font style="font-family:inherit;font-size:10pt;">In addition to Mr. Maffei's annual base salary, he earns incentive compensation calculated as </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">three percent</font><font style="font-family:inherit;font-size:10pt;">&#32;of the Perma-Pipe business unit's income from operations before allocated corporate expenses </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">and before U.S. employees' incentive compensation </font><font style="font-family:inherit;font-size:10pt;">to the extent such income exceeds six percent of business unit sales </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">(the &#8220;Perma-Pipe Management Incentive Earnings&#8221;)</font><font style="font-family:inherit;font-size:10pt;">.  </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">2010 Perma Pipe Management Incentive Earnings were $10,661,444, and Mr. Maffei earned $319,843 of incentive compensation.  </font><font style="font-family:inherit;font-size:10pt;">Mr. Maffei is credited with nonqualified deferred compensation and is granted stock options as approved by the Compensation Committee from time to time.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Related Parties</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;">I</font><font style="font-family:inherit;font-size:11pt;">n future filings, please fully comply with Item 404(a)( 1) of Regulation S-K by providing the name of the company and the two principal stockholders who own the company to which you provided services.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Company response.  </font><font style="font-family:inherit;font-size:11pt;">The information described will be included in future filings.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Forms 10-Q for the quarters ended April 30, 2011, July 31, 2011 and October 31, 2011</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Exhibits 31.1 and 31.2</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In future filings, please provide the certifications exactly as provided in Item 601(b)(31) of Regulation S-K, including the entire introductory paragraph 4 regarding disclosure controls and procedures </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">and</font><font style="font-family:inherit;font-size:11pt;">&#32;internal control over financial reporting and the parenthetical text in paragraph 4(d).</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Company response.  Future filings will recite the language exactly as described in the staff's comment.  </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><hr style="page-break-after:always"><a name="sDBA321EB81D64009E2E3B3A4B995AAD6"></a><br><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form 10-Q for the quarter ended October 31, 2011</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Financial Statements</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Note 3 - Income Taxes, page 5</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We note your disclosure which indicates you have repatriated foreign earnings during your most recent fiscal quarter. In future filings, please expand your liquidity disclosures to discuss the locations of your cash balances and also discuss the potential range of tax consequences, should you continue to repatriate additional cash. If further repatriations are anticipated, please also discuss the extent and timing of such repatriations.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Company response.  The information described will be included in future filings.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">*    *    *    *    *</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We acknowledge that</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The company is responsible for the adequacy and accuracy of disclosures in its filings;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any actions with respect to the company's filings; and</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Very truly yours,</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">MFRI, Inc.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">/s/  Michael D. Bennett</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Michael D. Bennett</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Vice President, Chief Financial Officer, Secretary and Treasurer</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(Principal Financial and Accounting Officer)</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>mfrilogoa04.jpg
<DESCRIPTION>LOGO
<TEXT>
begin 644 mfrilogoa04.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!'`)L#`1$``A$!`Q$!_\0`
M'0```@(#`0$!``````````````H)"P8'"`4#!/_$`$<0```&`@$!!`,+"@4"
M!P````(#!`4&!P$("0`*$1(3%!67%A<9&B$B.59VM]<V45=8=Y&8M=76&",D
M,6$E02<R-3=Q@=3_Q``4`0$`````````````````````_\0`%!$!````````
M`````````````/_:``P#`0`"$0,1`#\`4=K2T.2G9K83%#:\WCMK9MJ3"2S%
M/#X%&+VL@3N\!CR=ZD+H!$%;-$:;`6U@9W%R/R:I+"!,B.%C.<XP'(2#?!H=
MIA_1?R'>W&4?BCT!\&AVF']%_(=[<91^*/0'P:':8?T7\AWMQE'XH]`?!H=I
MA_1?R'>W&4?BCT!\&AVF''?GWK^0[Y,=_P#[XRC.?_K&+1[^_P#^/EZ#,M0>
MT!\O/$S8RRC-@<SFWXG#G$QNENN>X":6$SJ,X`J694`B=@OA6;'B!YAQIGH'
MIYLLAGD@`8EBZD&2S>@>AXY^TA\;G(,3'XD*Q2M9;^>!%(Q4G?#DWQ_+F[F>
M9C".`V2+T>#3@*D9?A;405S),%WC!@</3#%@'03\_P#/_;/RXS_VSC\^/^.@
M.@.@C/W]Y>=!^-5B4*=G;P96^=B;O6+%24*\N9W1)@#\&$WH$';3\',R19D?
M^G?IBLC,:%X#/$\XR#..@0WY".UT[Q[0*W2L](8N#4*LWHT#.@D37E/-]D),
M%4840`),I$D$PP90Y&=P$Z*#,1\E0FFX`AG*@S.!=!P+"N+'M%MN1=GLN/TO
MO&O9YJF]?H'&6W(OATA<R'`8CPN;C'Y]9L?EJ,;CXO3"S7EI2GKB32UQ?FD*
M"CC`RCX&SM(OZ#=P/XBX]^,W0'P-G:1?T&[@?Q%Q[\9N@/@;.TB_H-W`_B+C
MWXS=`?`V=I%_0;N!_$7'OQFZ#B+<&C.6K00Z!I]P%NS5'G6<5(3H&&17BXNO
MNC+BHVDN0Y2"BMA/X"?5@GYHP?A9E,(7IQ.2<&8\>0!:&=G@D#_*N&31602A
M]>I,_N<`G)[D^2)V7OCRX&AN6R20#6NCHH5+E0BB"RDY/GGC\E.24G*\))18
M`A7>=G$^GOU3^W6POW(W!T%N_P!^?SY_?T!WY_/G]_0'?G\^?W]`=^?SY_?T
M!WY_/G]_0<5;I<>&F_(/`QU_ME14/M)$20(IAE"A*)FL:&FY\W.%,,L1D&AE
MT<$$PX9IJ1`Z@;%^<Y*=$"Y.(9(@17Y&.QMWM6QLAL7CGLI/?4**RH<":)M1
MP:(G<;6E"!8I&@C,U$%K@$]R3@L@A(4[X@3H9@T)(,.ZL.33PB^U#YQ>7OAJ
MG>=>[:(F\IA4+5%)'S5O;MCE0'&--X3!`R5!)&\^AS^")320F990M;@ZP//B
M]/*B[F$?C$#?M*=L+XO)Q2CI/;A;;II*V6!``Q;1H(4JL5PE#D+&,935U.V`
M".(N:+)F?"%7.E%=J"@X$-0A`7@)A@+@\A_:W=X=LC7"I=)(H=J%6\@5>HTC
M]'E7NSV3F!;@8G2)4B:5DH@-D$4N)V?`G0U\T#E"<]0!.CFZG_88:RX_^RZ\
MD'($^);MVR=GO56L9>XD2!^F=Z$O4FV*L).O$D6+'5IK=U6$R$A:Y)CS>Y\M
M)YBYWG>!:0V/J?YA@/D\>'!?QU<:J=I?*4IQ+,[F0)P!5;"7%E%.[6,5Y*2A
M4J8\L4H4T?KXHXQ-XL$0!AC@Q%&#*6J5V1&&F!,%T!T!T!T!T%?1VXG\J>.K
M[/;)?S*G.@9E[.%]";H/^SN=_?59G05Z?9Q/I[]4_MUL+]R-P=!;O=`=`=`=
M`=`=`=!R%M_H3J!OK!?>^VTH6!W&SIR%1+&ZOK;E'-8>8K`()RN$3YG,;YC$
M%(Q"\9HF![0EJA`"!:4I)QY603_NWL2]?/E[,CKK_N,^0+7-U<G!7,8G8T*!
M-K1B"+)XU"%I@4@:5D=8I6F-+&%M`JEJ5F7LA)`'!4HERDPQ/T#(G'CP<<=O
M&JC:'>D*80RVY$"8!:O86W<(IU;:E7DM/A4J8W)4A(9(`4H,(QG*.OV2-`&5
MGRU@UP_&<,)>>@.@.@.@.@.@.@KZ.W$_E3QU?9[9+^94YT#,O9POH3=!_P!G
M<[^^JS.@KT^SB?3WZI_;K87[D;@Z"W>Z#B;?M?OLW4)Z1QPLE$2#8S,VC9?H
M.Q1SR17F(&,IT]U"CQ,3JS+A/I1X6@+:#TT)62AK,C+-$$`>@K\+,[73S%5-
M9=AU-*X!I'[KJPF\OKZ4`:JHLMQ;PO\`"'QQCS]ZO7`N\(5J`M>UJQ)UF"P`
M/2A"H\(0B[L`XIP0<R\6Y=-;G1WE+?'(-M13)S8R7U7,?&>0R*P.P5/N:LZ"
MH'%>XNA<*EN$2Q*<@5KEZN,2-N<F=8L5(S&1S=@E8V@V:IC3FA[(V1V`EZ2$
MU55L?4/TC=U'A-6*AXR$ALC[`W^(!SU*)*Z&I&.-L:7/I3J\+DB,KNR9D80K
MB)YVS/DY62^5.M>5+JA'*W<95(10)IE-9V)('YKC`7`1S*SOLC0V\S-SY(&M
MF5-A3VX(&IM3JEAGI9+<B3J2",`T_H#L9S_;3ZIS_8*R8=H8S$7/J,T6OHTJ
MA`9:@/6VO-R6)^A*>X&IZF,E(;HP**N*TUV2$'%J4;L!.F$J%W&X""U>Z/:2
M^=_0K8^P-5[\)TR(M6M,1H4F*AU8N,FCP<2N*LLR:?07D$V1X5"RS/R#*H.4
MQ0TZO)R88?&5G.0F=B%L=L$G42B\VC]7\>Y[#,8ZQRED.4*HTF/-:)`V)79M
M,.3CLCS"#1(U9(C"1?/*'D0,_*'H(_-.>?WG$L+D)U^U9V%I^N&J`R3:"'TM
M;[M'-;)PB*1L1L^)B4P6,DP]T*MJ3$%$@6F()%X%#<`K!;CG!B7&>\-J<Q/,
M3SY<4UM)A6$FTL(IBZ[(NDO6X3/#G"9RLRM(#(VSU&*=%AD[.)N??<M*XIE8
M+RA%*G/+F$KP839#T'JZ/\B/:G.0RA&O9+6>!Z(R"K7B1R2*HG&2M33$G43O
M%%@4#P48SNMC`5E%%J!XP2<+'A/#\\'S>[.0\_9SG:[0)Q0OD(5\CVCVK\JJ
M^;.?JB/S2O%CRS-LF<4:<3FY,;=/XC8\^8V*3X;L&G)VZ1P9,<<F1JEB)M7I
MTJL\H&":`Y*9WRL\9L]V3XMTL-AVT"=S2P)I@>R/G*(I7%ILK[#7691V:KH\
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M<YHB62KVQPD39'DI#DH2(H^D4*&W`Y1-QMV`PSM/6HM":).O&_JUKJ%K.A%9
M:MR],ZOR4QL.?)M-W"S%:J6SZ9*&T9GI$FECGYB]3YQ@RV])A$QMF"&=I;TJ
M<+`[AND#!CB@X[BO7K+YK5I1KL:Z%X=4&1MI8*PC@3!N`<*,Y1A*%_EFY4^7
MY1G>69X1XR'`5H?:=UB-?S9;B*T"Q(O2'>\GDI4A5$+$QF,4%601>`],8:4+
M(18R`8<#\18PB+'@(PB#@'':#X8.1&<TU53_`!3M%FX+&V.E8U\[IHC'H:-S
M0Q!"[11K6H(Z08DV!)_TK0G'AM2#&E2^:4DP+!!>>\`09)T_I.RM<]=*YIFW
M=AYMM;8D,3/I$BORQF[#5,9^8[2=Y?4!SP@]=2/)&6-L<T4:1>-Z<#!H&=*:
M8=Y@Q`""07;=)1&'\WCW1L4DC[VM956SB-Y1,[TV.:QG58'2Q?H[JD1*3U#>
M=DPD\K`%A9.1&IU!8<9&0<$`:UXC]B.8O6KAJB%F\<45U,V3K^*6->+[8>O<
MDALS?MHXL2BE)7K::1MFCEKQXFQ(B:2-&8)F9V!+,V\T\`6YMDJ,P1Z,(R'W
M>+8+M"]]P'7+D:WZH71RO(A)P.5=1ITJ1]8:U5SYT$?'G(GTS#EDA'-D;8:>
MW-:RXK,9&0@+@O;&A>F<'!2C7!8B\6>D6H'%[J7[Q6OUILDSCJ60BG=MVZ^R
M^+'JYE8<F0M3..2/@VQP&Q1=`I;V5I9HNP$G^2D:FY*2)8\.8E[JN"L:Y\G9
MI>N</<YW9G5L=VE9=5?')'5K7I'%M4E!KBM@#,(7HSCDAH"Q@&68(!HL%F%C
M+,\(P#Q@+?V!2R*RN/-YL5D\<DY*!O:TJT^./;6^DI5.4!`@DJ#VI4J**,$'
MO&``QXR,'SP=X?EZ#-N@KZ.W$_E3QU?9[9+^94YT#,O9POH3=!_V=SO[ZK,Z
M"O3[.)]/?JG]NMA?N1N#H+=[H.)-_M`:#Y**"SK=LCF<XKC,VC<__P##V3%Q
M-_\`7\5*="6OO=#6QV+RA\#NK](2Y1Y\P7DC"8`10<]!!_\`$]^('O[_``[2
M]_?W]_OVMW?W_G[_`'!_[_\`/02MQKB!TI8..X_B\7Q&5S358PJ1B3H)K*,N
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M;$]72)^%%V*T%FYGHM=/,C`+RQ,K=.U*@N++'(!F!DB2DNPC0FD*2LA\Q*H"
M6$U.FVDO%OPHQ"6SRG;$Q5D%VA6ULW&2^U;E42^+S)P:`O7O>I(:[N(\M0E;
M_F:J2FHMK.-/E)JYK2H/3#<(BLA(V[;;ZQL4R)KEQO>L`V,8RI9(*O$TL;'*
M>I(^N2EK43VYPQN.5R5I:U:4XDY,N<VQ&G-":7@LS(A8QT$!(^SF<&F[4TMO
M8B*K9O:KO/+>L%[LUZKK8YS<&EHM20/JB53:.N+>V949BSP@<G_TA1%EX4K@
MT)EB0LQ*42,GQ!WCH#P3<??&A=#U?NK,5LQDL5_KUYK!P5S"SGR8-8HJ_/<;
MD+B26TKRRTP%HG*)LXREWRG$%%GE%_-4F]!C>Z'9[.+'>RU5%VW'0JJ.6>[>
MDF2V44[*G*KC9ZN4>C_]9FS:P!"SODA+\C.!2(:`EZ78/,P[+W#P)_1P\JL>
MSQ<:M1:Q;*:APR'VPGIC;!RJMVN!O76W(5K\O64W(CI3"!,;Z,L*EC+3.YYA
MCB!,`6',C.$RKQ$XP'H.5OBC'#/^CV]_;Q*/_P`_02O<=_%UJ9Q=PRQ8'J<Q
M31BC]I29JELM*FDU<IHI/>69J&S(3$*AR``2$@*(P03"2\9\TSN&+/S0XZ"1
M'H*^CMQ/Y4\=7V>V2_F5.=`S+V<+Z$W0?]G<[^^JS.@KT^SB?3WZI_;K87[D
M;@Z"W>Z`Z`Z`Z"+'E_Y*@\4NJ+3M2HJ7-SM7OSU]6K[#B9=[BUX&68II&H7/
M32[C8I`G,=&W#&#T1N6(2TBSSQ!.7)/#@SH-":)=HDXN=\0,3!%[V04?;KP2
MF+%3FP^4-:R0;J:3D9C5'9.N7'5],U'F@-"C31R5K'=62$)PV=*,0B"PDXVW
MKF;7EJO?=/5<9#S)1==-6%5K(ZS!\=&B*-A-EPUWB0I(K<(^P2E>L(9TSUZW
M)0HVP7K?T<*/"U!A1A84$$U+\-^RT#XWM'^/NSD>I5Q1_5C:9'>-B>Z266`K
M@-S5ZGEMHRE?7)T3>*4=`I5#V79ZAH5F.Q2]H+]3>L?).&Y83(0RJ:\(=U57
M-:MBFBNU0J_T=SLQK[?MLZ2WR=)[(AE=*:-NV#702?J5/!E.LNKHIT6PWU2;
M7;P89$5/IQC@8YILEHTJ`-UZ/\7M[<=6U>]EW518=9;&03>"R6^U70%VKI=!
M[UKY]3O<M=S8\;9S'';&;K"B1.9JY@1)US#&5I(F]L,\?F&KC#@[G@\1WPB\
MI:59R/1E%%IGL+/9?<J6(QJVF"3IJ67,L>1P?$:=R<X06)?8US<YYG4WFC9&
M8XN:Q,:%J92A-9AJH,#W2Y?>.C0`A>FV6V?@,<FB$CS0U/%59M@VVK&(8BR2
M?>^AI;N^-6#C`#`!?(R61H+R'.5#B0''BZ#@[B2Y^X/R[[3WY2]1Z_R6L*LI
MNK4L_99]/I8WJYO-E*R;-\8)*6PEB;CV6)H\HEV5OE@E\D5>>$)8S2@Y%C`,
M-]`=`=`=!7T=N)_*GCJ^SVR7\RISH&9>SA?0FZ#_`+.YW]]5F=!78]GPF$1@
M7.?K)+)W*XS"(JT3:_S'63S!_:8Q'6P!],VVE3Y7O;XK0MB/TE6>0D2X/4EB
M4K%!"0C`SSRRQ!:U_P",_3S];#6CV[U;_=70'^,_3S];#6CV[U;_`'5T!_C/
MT\_6PUH]N]6_W5T!_C/T\_6PUH]N]6_W5T"R7:T=BM?;0XG1QBM+VIJPY)C9
MBFW+W/0:T8/+7SU>D;9V!4NPTL#ZX+\I$PCR,'J,)\E$^:7Y@P^+'0)4\>/!
MUMYR@ZZW%>^I[G6C^\TQ8K;`7BI9?(S8;)Y+ZTC)$C(=(K(7-'[C!C!@[*,U
MND+W'<8R#SREYOBP3T&T:XWOYT>#R9-U7R*0;`TJQ-!@"D5(;&QMRG%*O"`L
M`P83PY#+<.4?*9SP)Q^!UJ21M'G8(&-.Z_-&+H&?]&^VBT9,RFV)\@%"/],2
M(0@D*+;HHM;/ZW4?-*QE:\5\Z*??`BY81>;XRF)PL8TSN"(!)/?Y6`:7K/E$
MXY[@JMRNR`;LZUN=8,@0BD$G=;7BD2Q&1C)">6FE3/,'!A?XNO/*$'*=O?VM
MN7*,YP`E.8/YO000[Q=K[X\]>`OL5U=89GN98[?YJ1(Y1T)M=4F6N]'%G!A]
MA25N42![3)E.2\"%%8.ZMK@#!F$C\6'PJ.@4>V8Y^>:#E/F!M+4X]SB!,$Q/
M&@:J`TNB<G12)W2+34B8*1WEC!AYMB0$C$$!:X(Y$@CQF%2CS6A.F-R6$/NG
M[,1R0,VJ^P&YFT1D'USB]04[85V*(5.7\<UN6;FQ)A<I,-K4L$2-<VN,JWT2
M09*A=*Y2G>$"E3@];'SL^8'`=D]CBNVEZ/VWVX>KJMZKZ?9GG7)@:V=UM*?Q
M2OVQU<@6:PJC&]M7RQV:4JY<!*6-0-(E,-/"0`1V2\%ASG`6$WP@>A7Z[^H/
M\2M,_P!Y]`?"!Z%?KOZ@_P`2M,_WGT!\('H5^N_J#_$K3/\`>?0'P@>A7Z[^
MH/\`$K3/]Y]`B1VS:_:(O.2Z!FTE=E1W&5'&+84N0F579$.L(MA&Y.%2B;@/
M(XD\NX6L3@%&LRA"MR1E7A(JR1@?HYOA!K_LX7T)N@_[.YW]]5F=`B_(NR+\
MP[K(7YS3Q77KR'%Y=%Y/BO-MQGR5:X\\OOQEAQG&?"/'?WXQG\^,9^3H/&^*
M$<QWU5UX]NC9_0N@/BA',=]5=>/;HV?T+H#XH1S'?577CVZ-G]"Z`^*$<QWU
M5UX]NC9_0N@/BA',=]5=>/;HV?T+H'%NS2<7&UO%Q0&R5=;5MD$;9%9]PQR:
MQ4,%F:>9)#61MA1#$K$N4IT:(*)0%>5G!9`L#$85_F?-QT##ED596MR1-P@-
MN5W"+1A#M_ZG#[#BK%,HPO\`"$8`B5,<A1.#:<86$PSRC!ILC*\P62Q8SG/0
M*][S=D.X[=DA/$LUG<I;I;8JPI6>2@A>!3NF%CH).$*8:VN),Y%N;&D](+QD
MQ-"9?'&TD!QPR6@8L`!T"LUL=D#Y<(3;K3!*Y9*1NBN7E<$K%Y,=LQV&12+-
MXQA"%;.8?.SF2RTQY0,Y,5HH%$K&P#`!!2JUH_#@03S:.]B\U[K\UIEV^E\/
M]^OI'<>IJ>G`.-;U;@['=_I7:;+,XLB4I/\`<03&@BMCN_N":$T'>'(-P:TZ
M<ZMZ<1#W":N4'6-&QDS`?3DT`B[>TN+T,O``A4R20>`V0R=;W`!WKY"ZN2T>
M0XR(\6?EZ#%=_P"C9OLQH_MGKU6YC&5/[KU_M.LX:;)W!0U1TN2S").;(T#>
MW)(@=5:%L"M5EY6*D[:N.)(\8RTIXL8!D*XCXFURW_6;3[VR3G\'N@/B;7+?
M]9M/O;).?P>Z`^)M<M_UFT^]LDY_![H#XFURW_6;3[VR3G\'N@/B;7+?]9M/
MO;).?P>Z`^)M<M_UFT^]LDY_![H+!7B&U2M+1WCBU=U4N@Z**;.IV*2ADEA\
I)>%C[%C%;O8\SE*/+0[+VAD5K"O53\@P>(YK29+5X4$A"8`L)Q@?_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
