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Energy Recovery, Inc. (ERII) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Energy Recovery, Inc.

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CIK: 1421517 Ticker: ERII
Exhibit 99.1
 
ENERGY RECOVERY REPORTS UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FISCAL YEAR-END OF 2011


FULL YEAR HIGHLIGHTS:
 
·
Net revenue of $28.0 million
 
·
Gross profit margin of 28%
 
·
Restructuring charges of $3.3 million
 
·
Net loss of $26.4 million
 
·
Loss per share of $0.50

FOURTH QUARTER HIGHLIGHTS:
 
·
Net revenue of $6.1 million
 
·
Gross profit margin of 1%
 
·
Restructuring charges of $2.8 million
 
·
Net loss of $10.0 million
 
·
Loss per share of $0.19
 
SAN LEANDRO, Calif., March 8, 2012 (GLOBE NEWSWIRE) -- Energy Recovery Inc (NASDAQ: ERII), a global leader in the design and development of energy recovery devices for desalination and other industrial processes, announced today the unaudited results of its fourth quarter and fiscal year ended December 31, 2011.  In the fourth quarter of 2011, the Company achieved net revenue of $6.1 million, representing a 53% decrease over the same period of 2010 and a 24% increase over the third quarter of 2011.  While revenue from mega-project activity remained non-existent in the fourth quarter as anticipated, OEM sales with respect to PX devices and related products and services demonstrated an improvement when compared to the third quarter of 2011 and the fourth quarter of 2010.  Importantly, with several mega-project awards announced recently, the Company finds itself with a strong backlog position, which management believes will result in increased revenue in the current year of 2012.
 
Precipitated by the closure of the manufacturing facility in Michigan and the consolidation of production operations in California, the Company recorded gross profit margin in the fourth quarter of 1%, largely a manifestation of negative operating leverage along with certain plant disruption and facility integration costs that were recognized in cost of revenue.  Specifically, these costs included significant unabsorbed overhead caused by uniquely low production volume, inventory write-downs, valuation adjustments for excess or obsolete inventory, severance costs associated with changes in corporate manufacturing leadership, and other costs for the qualification of new ceramics material.  While the integration is substantially complete, the Company has increased production activity methodically in the first quarter of 2012 and expects to attain targeted production levels and yields starting in the second quarter of 2012.
 
In the fourth quarter of 2011, the Company had total operating expenses of $10.6 million as compared to $5.4 million in the same period of the prior year.  This variance is attributable principally to the $2.8 million in restructuring charges recorded in the fourth quarter of 2011 and a gain on fair value remeasurement of $2.1 million in the same period of 2010, the latter of which related to contingent consideration for the Company’s acquisition of Pump Engineering LLC.
 
 
 
The following information was filed by Energy Recovery, Inc. (ERII) on Thursday, March 8, 2012 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: 0001437749-12-002253
Submitted to the SEC: Tue Mar 13 2012 7:31:08 PM EST
Accepted by the SEC: Wed Mar 14 2012
Period: Saturday, December 31, 2011
Industry: Special Industry Machinery

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