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Energy Recovery, Inc. (ERII) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Energy Recovery, Inc.

CIK: 1421517 Ticker: ERII


Exhibit 99.1
erilogoh.jpg

Energy Recovery Reports Third Quarter 2019 Financial Results

San Leandro, Calif., October 31, 2019 - Energy Recovery Inc. (Nasdaq: ERII) (“Energy Recovery” or the “Company”), the leader in pressure energy technology for industrial fluid flows, today announced its financial results for the third quarter ended on September 30, 2019.

Third Quarter Summary:
Total revenue of $24.9 million, an increase of 12% year-over-year
Product gross margin of 75.1%, an increase of 210 basis points year-over-year
Total gross margin(1) of 78.2%, an increase of 80 basis points year-over-year
Net income of $5.1 million with a diluted earnings per share of $0.09, an increase of $0.01 year-over-year
Adjusted net income(1) of $4.2 million with a non-GAAP diluted earnings per share(1) of $0.07, a decrease of $0.01 year-over-year

Year-to-Date Summary:
Total revenue of $67.4 million, an increase of 19% year-over-year
Product gross margin of 72.2%, an increase of 260 basis points year-over-year
Total gross margin(1) of 76.5%, an increase of 170 basis points year-over-year
Net income of $11.5 million with a diluted earnings per share of $0.21, a decrease of $0.15 year-over-year
Adjusted net income(1) of $10.6 million with a non-GAAP diluted earnings per share(1) of $0.19, an increase of $0.03 year-over-year

President and CEO Chris Gannon remarked, “Energy Recovery’s track record of strong performance continued in the third quarter. The tremendous performance of our Water business demonstrates that the surge of desalination growth we have anticipated is here. As the size and pace at which projects are being awarded increases, our proactive investments in Water, including an expansion of our manufacturing capacity, are positioning us to capitalize on this historic growth. In the third quarter, we further strengthened our backlog and pipeline for the remainder of 2019, 2020, and 2021, a clear sign that equipment procurement is taking place earlier in the desalination project development cycle.”

Mr. Gannon added, “In our Oil & Gas business, we are gaining insight and achieving advancements with our VorTeq technology. We are principally focused on accumulating run-time on and identifying failure modes of the VorTeq system as we continue to improve the reliability and repeatability of our technology. The VorTeq is an entirely new, potentially game-changing, technology to be deployed in a mature and vastly competitive industry, and it must work flawlessly once out in the field.”

Mr. Gannon concluded, “As we near the end of 2019, Energy Recovery remains focused on our near-term strategic objectives – growth and reinvestment in Water and advancement towards VorTeq commercialization. I am proud of the work our team is doing in both areas and believe our strong third quarter results reflect our focus.”

Revenues
For the third quarter ended September 30, 2019, the Company generated total revenue of $24.9 million, an increase of $2.6 million, or 12%, compared to $22.2 million in the third quarter ended September 30, 2018.

The Water segment generated total product revenue of $21.8 million for the third quarter ended September 30, 2019, an increase of $3.3 million, or 18%, compared to $18.5 million in the third quarter ended September 30, 2018. This increase was due primarily to higher shipments across all channels, including Aftermarket (“AM”), Mega-Project Development (“MPD”) and Original Equipment Manufacturer (“OEM”).

The Oil & Gas segment generated total revenue of $3.1 million for the third quarter ended September 30, 2019, a decrease of $0.7 million, or (18)%, compared to $3.8 million in the third quarter ended September 30, 2018. The decrease in license and development revenue, which is calculated as a percentage of Cost to Total Cost, was due primarily to an increase in total estimated project costs. There was no product revenue recognized for the Oil & Gas segment for the quarter ended September 30, 2019.
 



The following information was filed by Energy Recovery, Inc. (ERII) on Thursday, October 31, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Accounts Receivable And Contract Asset Concentration
Accounts Receivable And Contract Asset Concentration (Details)
Accounts Receivable And Contract Asset Concentration (Tables)
Balance Sheet Information
Balance Sheet Information (Tables)
Balance Sheet Information - Accrued Expenses And Other Current Liabilities (Details)
Balance Sheet Information - Additional Information (Details)
Balance Sheet Information - Inventories (Details)
Balance Sheet Information Restricted Cash (Details)
Business Segment And Geographic Information
Business Segment And Geographic Information (Tables)
Business Segment And Geographic Information - Summary Of Financial Information By Segment (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Operating Lease Obligations (Details)
Concentrations
Concentrations (Tables)
Concentrations - Additional Information (Detail)
Concentrations - Revenue Concentrations (Details)
Description Of Business And Significant Accounting Policies
Description Of Business And Significant Accounting Policies (Details)
Description Of Business And Significant Accounting Policies (Policies)
Earnings Per Share
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Earnings Per Share - Antidilutive Securities Excluded From Computation Of Diluted Earnings Per Share (Details)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Geographic Segment
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Goodwill And Intangible Assets
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Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Identifiable Intangible Assets (Details)
Income Taxes
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Investments And Fair Value Measurements
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Investments And Fair Value Measurements - Additional Information (Details)
Investments And Fair Value Measurements - Amortized Cost And Fair Value Of Available-For-Sale Securities (Details)
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Investments And Fair Value Measurements - Cash, Cash Equivalents And Investments (Details)
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Energy Recovery, Inc. provided additional information to their SEC Filing as exhibits

Ticker: ERII
CIK: 1421517
Form Type: 10-Q Quarterly Report
Accession Number: 0001421517-19-000064
Submitted to the SEC: Fri Nov 01 2019 4:10:40 PM EST
Accepted by the SEC: Fri Nov 01 2019
Period: Monday, September 30, 2019
Industry: Special Industry Machinery

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