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Energy Recovery, Inc. (ERII) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Energy Recovery, Inc.

CIK: 1421517 Ticker: ERII

Exhibit 99.1

Energy Recovery, Inc. Reports Fiscal Year-End and Fourth Quarter 2009 Financial Results

Full Year Highlights

  • Net revenues of $47 million
  • Gross margin of 63%
  • Net income of $3.7 million
  • Fully diluted earnings per share of $0.07
  • Net cash generated from operations of $13.1 million
  • Adjusted EBITDA (described below) of $9.7 million, representing a 21% margin

Fourth Quarter Highlights

  • Fourth quarter net revenues of $15.7 million
  • Gross margin of 60%
  • Net Income of $1.7 million
  • Fully diluted earnings per share of $0.03
  • Adjusted EBITDA (described below) of $4.2 million, representing a 27% margin
  • Closed the purchase of Pump Engineering on December 21, 2009

SAN LEANDRO, Calif.--(BUSINESS WIRE)--March 4, 2010--Energy Recovery, Inc. (Nasdaq:ERII), a leader in the design and development of energy recovery devices for desalination, announced today the unaudited results of its fourth quarter and fiscal year ended December 31, 2009. In the fourth quarter of 2009, ERI achieved net revenue of $15.7 million, a 28% decrease over the same period last year and within the Company’s guidance range of $14.5 million to $16.5 million. For the twelve months ended December 31, 2009, net revenue was $47.0 million, which represented a decrease of 10% over net revenue of $52.1 million for the twelve months ended December 31, 2008. ERI reported net income of $1.7 million, or $0.3 per diluted share, for the three months ended December 31, 2009 compared to $5.3 million, or $0.10 per diluted share, for the same period last year. Full year net income was $3.7 million, or $0.07 per diluted share, compared to $8.7 million, or $0.18 per diluted share, for the same period last year.

“We experienced some softness in net revenues in 2009 due to delays in desalination project financing. However, in September when the turmoil in the financial markets began to stabilize, business began to pick up and we had a record year in terms of new order bookings,” said G.G. Pique, President and CEO of Energy Recovery, Inc. “On December 21, we closed the acquisition of Pump Engineering and we are already hard at work with the integration of our two companies. The acquisition of Pump Engineering broadens our product for desalination, opens up the pump market for us, and allows us to provide energy-efficient solutions to industries outside of desalination like gas processing.”


The following information was filed by Energy Recovery, Inc. (ERII) on Thursday, March 4, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: ERII
CIK: 1421517
Form Type: 10-K Annual Report
Accession Number: 0000950123-10-024776
Submitted to the SEC: Mon Mar 15 2010 5:20:42 PM EST
Accepted by the SEC: Mon Mar 15 2010
Period: Thursday, December 31, 2009
Industry: Special Industry Machinery

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