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Energy Recovery, Inc. (ERII) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Energy Recovery, Inc.

CIK: 1421517 Ticker: ERII

Exhibit 99.1

Energy Recovery, Inc. Reports Fiscal Year-End and Fourth Quarter 2010 Unaudited Financial Results

FULL YEAR HIGHLIGHTS

  • Net revenues of $46 million
  • Gross margin of 48%
  • Net loss of $3.6 million
  • Loss per share of $0.07

FOURTH QUARTER HIGHLIGHTS

  • Fourth quarter net revenues of $13 million
  • Gross margin of 44%
  • Net Income of $.5 million
  • Earnings per share of $0.01

SAN LEANDRO, Calif.--(BUSINESS WIRE)--March 3, 2011--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, 2010. In the fourth quarter of 2010, ERI achieved net revenue of $13 million, a 17% decrease over the same period last year. For the year ended December 31, 2010, net revenue was $46 million, which represented a decrease of 2% over net revenue of $47 million for the year ended December 31, 2009. ERI reported net income of $0.5 million, or $0.01 per diluted share, for the three months ended December 31, 2010 compared to a net profit of $1.7 million, or $0.03 per diluted share, for the same period last year. Full year net loss was $3.6 million, or $0.07 per diluted share, compared to a net profit of $3.7 million, or $0.07 per diluted share, for the same period last year.

“From our numbers, it is obvious that our industry is experiencing the delayed effects of the global economic downturn,” said Thomas S. Rooney, Jr., ERI’s President and Chief Executive Officer. “Our industry first felt the effects of the downturn in late 2009 in the smaller OEM project business. Due to the long sales and construction cycle for large desalination plants, the global recession and credit crises did not significantly impact our large project business until 2010. This is a predictable pattern in capital intensive industries. For 2011, our OEM sales team sees increased activity for smaller desalination projects, which in turn is a positive leading indicator for a rebound in new construction of the larger projects over the next 12 to 18 months,” he said.

“As ERI’s new CEO, my focus in 2011 will be to improve our leadership position in the desalination business by investing in research and development and improving all operational aspects of the company. In addition, I am looking forward to expanding the reach of ERI’s technology into other energy recovery applications in markets outside of desalination.”


The following information was filed by Energy Recovery, Inc. (ERII) on Thursday, March 3, 2011 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: 0000950123-11-025334
Submitted to the SEC: Mon Mar 14 2011 9:40:26 PM EST
Accepted by the SEC: Tue Mar 15 2011
Period: Friday, December 31, 2010
Industry: Special Industry Machinery

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