Energy Recovery, Inc. (ERII) 10-K Annual Report Fri Mar 06 2020

San Leandro, Calif., March 5, 2020 - Energy Recovery Inc. (Nasdaq: ERII) (“Energy Recovery,” “we,” “our,” or the “Company”), a leader in pressure energy technology for industrial fluid flows, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2019.

Fiscal Year 2019 Highlights:


•	Total product revenue of $72.8 million, an increase of 19% year-over-year


•	Total revenue of $86.9 million, an increase of 17% year-over-year


•	Product gross margin of 72.1%, an increase of 140 basis points year-over-year


•	Income from operations of $10.4 million, an increase of 4% year-over-year


•	Net income of $10.9 million, or diluted earnings per share of $0.19, a decrease of $0.21 year-over-year due to a tax benefit of $11.2 million recognized in 2018


•	Adjusted net income⁽¹⁾of $9.9 million, or non-GAAP diluted earnings per share⁽¹⁾ of $0.18, a decrease of $0.02 year-over-year

Chairman and Interim President and Chief Executive Officer Robert Mao remarked, “2019 was a year of new highs for Energy Recovery. In our water business, we achieved our third consecutive year of record-setting revenues, we signed our largest-ever desalination project contract, and we enter 2020 with a high degree of confidence based on closed deals that are expected to ship over the next two years. In addition, we executed our largest to date contract for a thermal to seawater reverse osmosis (“SWRO”) desalination replacement project. Thanks to technologies such as our PX^® Pressure Exchanger^®, SWRO is now much more cost-effective than thermal, encouraging thermal plant owners and operators to replace thermal with SWRO technologies. We estimate this potential TAM to be approximately half a billion dollars at today’s prices and are focused on capturing as much of this opportunity as possible over the coming decade.”

Mr. Mao continued, “The ability to test continually while iterating design enhancements all in our own facility in Katy, Texas has allowed us to improve the VorTeq’s reliability and repeatability. Our ability to process sand in volumes and concentrations used in today’s hydraulic fracturing environment gives me confidence that our testing protocol is working. We intend to continue testing the system in preparation for commercialization, which will include live well testing.”

Mr. Mao concluded, “While the Company’s near-term priorities remain water business growth and VorTeq commercialization, we also made strides in 2019 implementing a structure that will enable a disciplined approach to longer-term growth. I firmly believe Energy Recovery enters this new decade with the right elements in place for continued success.”

Fiscal Year 2019

Revenues

For the year ended December 31, 2019, the Company generated total revenue of $86.9 million, an increase of $12.4 million, or 17%, compared to $74.5 million for the year ended December 31, 2018. This increase was due primarily to Water segment growth.

The Water segment generated total product revenue of $72.7 million for the year ended December 31, 2019, an increase of $12.2 million, or 20%, compared to $60.5 million for the year ended December 31, 2018. This significant increase was due primarily to the growth in our Mega-Project Development (“MPD”) channel.

The Oil & Gas segment generated total revenue of $14.2 million for the year ended December 31, 2019, an increase of $0.2 million, or 1%, compared to $14.0 million for the year ended December 31, 2018, due primarily to an increase in license and development revenue, which is calculated as a percentage of Cost to Total Cost.

The following information was filed by Energy Recovery, Inc. (ERII) on Thursday, March 5, 2020 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.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/1421517/000142151720000011/a10-k2019q4.htm

View differences made from one year to another to evaluate Energy Recovery, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Energy Recovery, Inc..

Continue

Assess how Energy Recovery, Inc.'s management team is paid from their Annual Proxy

Energy Recovery, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Energy Recovery, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: ERII
CIK: 1421517
Form Type: 10-K Annual Report
Accession Number: 0001421517-20-000011
Submitted to the SEC: Fri Mar 06 2020 4:35:31 PM EST
Accepted by the SEC: Fri Mar 06 2020
Period: Tuesday, December 31, 2019
Industry: Special Industry Machinery

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/erii/0001421517-20-000011.htm

Energy Recovery, Inc. (ERII) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

SEC Filings

ERII Valuations

ERII Annual Reports

ERII Quarterly Reports

ERII Corporate News