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Energy Recovery, Inc. (ERII) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Energy Recovery, Inc.

CIK: 1421517 Ticker: ERII

Exhibit 99.1

 

Energy Recovery REPORTS RECORD FINANCIAL RESULTS FOR REVENUE AND NET INCOME IN THE FOURTH QUARTER of 2013

 

FOURTH QUARTER HIGHLIGHTS:

 

 

Net revenue was $23.2 million in the fourth quarter of 2013, up 54% from $15.1 million in the same period of 2012 and representing the strongest revenue quarter in the Company’s history

 

Gross profit margin was 63% in the fourth quarter of 2013, increased from 43% in the same period of 2012 and demonstrating the third consecutive quarter at or above 60%

 

Operating expenses decreased 10% from $8.7 million in the fourth quarter of 2012 to $7.8 million in the fourth quarter of 2013

 

Reflecting the strongest profit quarter in the Company’s history, net income was $6.7 million, or $0.13 per share, compared to a net loss of $(2.2) million, or $(0.04) per share, in the same period of the prior year

 

FULL YEAR HIGHLIGHTS:

 

 

In line with expectations, net revenue increased $0.4 million from $42.6 million in 2012 to $43.0 million in 2013 on strong shipments in the fourth quarter

 

Gross profit margin increased from 47% in 2012 to 60% in 2013

 

Operating expenses decreased $0.3 million from $28.9 million in 2012 to $28.6 million in 2013 amid heavy investment tied to the commercialization of oil & gas solutions

 

Net loss reduced by 62% from $(8.3) million in 2012 to $(3.1) million in 2013

 

Loss per share improved from $(0.16) in 2012 to $(0.06) in 2013

 

Cash flow from operations increased by $6.5 million from a use of $(4.4) million in 2012 to $2.1 million in 2013

 

SAN LEANDRO, Calif., March 5, 2014 -- Energy Recovery, Inc. (Nasdaq Global Select Market: ERII), a global leader in harnessing reusable energy from industrial fluid flows and pressure cycles, announced today its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2013. In the fourth quarter of 2013, the Company achieved net revenue of $23.2 million, reflecting the strongest revenue quarter in the Company’s history. With five mega-project shipments recognized in the current period—two to Saudi Arabia and one each to Oman, the United Arab Emirates, and California—the Company generated net revenue growth of nearly $8.2 million, or 54%, compared to the fourth quarter of 2012. Importantly, such strong revenue results were in line with management’s expectations. Analyzing the revenue in the fourth quarter, management is pleased to report that one of the projects in Saudi Arabia represents the first large contract with Veolia, which hopefully signals the beginning of an enduring relationship with the world’s largest water company. Additionally, the shipment to the Carlsbad project in California marks another first for the Company: that is, the construction of the first large desalination plant on the West Coast of the United States. With persistent drought conditions and emergency rationing measures prevailing in California, management hopes that this project inspires the construction of many plants needed to compensate for diminishing water supplies in the Western United States. Complementing strong mega-project sales in the fourth quarter of 2013 were strong OEM and aftermarket sales. In summary, record-setting revenue in the current quarter exhibited the Company’s strong market position and commanding market share related to the award of desalination projects around the world.

 

 
 

The following information was filed by Energy Recovery, Inc. (ERII) on Wednesday, March 5, 2014 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders’ Equity
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Description Of Business
Note 10 - Income Taxes
Note 10 - Income Taxes (details)
Note 10 - Income Taxes (details) - A Reconciliation Of Income Taxes
Note 10 - Income Taxes (details) - Changes In Gross Unrecognized Tax Benefit
Note 10 - Income Taxes (details) - Deferred Tax Assets And Liabilities
Note 10 - Income Taxes (details) - Provision (benefit) For Income Taxes
Note 10 - Income Taxes (tables)
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (details)
Note 11 - Stockholders' Equity (details) - Warrant Activity
Note 11 - Stockholders' Equity (tables)
Note 12 - Share-based Compensation
Note 12 - Share-based Compensation (details)
Note 12 - Share-based Compensation (details) - Black-scholes Option Pricing Model Assumptions
Note 12 - Share-based Compensation (details) - Restricted Stock Activity
Note 12 - Share-based Compensation (details) - Share-based Compensation Expense
Note 12 - Share-based Compensation (details) - Stock Option Activity
Note 12 - Share-based Compensation (tables)
Note 13 - Business Segment And Geographic Information
Note 13 - Business Segment And Geographic Information (details)
Note 13 - Business Segment And Geographic Information (details) - Revenues By Geographic Area
Note 13 - Business Segment And Geographic Information (tables)
Note 14 - Concentrations
Note 14 - Concentrations (details) - Accounts Receivable Concentrations
Note 14 - Concentrations (details) - Revenue Concentrations
Note 14 - Concentrations (tables)
Note 15 - Restructuring Activities
Note 15 - Restructuring Activities (details)
Note 15 - Restructuring Activities (details) - Restructuring Charges
Note 15 - Restructuring Activities (tables)
Note 16 - Subsequent Events
Note 16 - Subsequent Events (details)
Note 17 - Supplementary Data - Quarterly Financial Data (unaudited) (details) - Quarterly Financial Data, Current Year (unaudited)
Note 17 - Supplementary Data - Quarterly Financial Data (unaudited) (details) - Quarterly Financial Data, Previous Year (unaudited)
Note 17 - Supplementary Data - Quarterly Financial Data (unaudited)
Note 17 - Supplementary Data - Quarterly Financial Data (unaudited) (tables)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (details)
Note 3 - Loss Per Share
Note 3 - Loss Per Share (details)
Note 3 - Loss Per Share (details) - Antidilutive Securities Excluded From Computation Of Diluted Earnings Per Share
Note 3 - Loss Per Share (details) - Computation Of Basic And Diluted Loss Per Share
Note 3 - Loss Per Share (tables)
Note 4 - Other Financial Information
Note 4 - Other Financial Information (details)
Note 4 - Other Financial Information (details) - Accounts Receivable
Note 4 - Other Financial Information (details) - Accrued Expenses And Other Current Liabilities
Note 4 - Other Financial Information (details) - Accumulated Other Comprehensive Loss
Note 4 - Other Financial Information (details) - Inventories
Note 4 - Other Financial Information (details) - Non-current Liabilities
Note 4 - Other Financial Information (details) - Prepaid Expenses And Other Current Assets
Note 4 - Other Financial Information (details) - Property And Equipment
Note 4 - Other Financial Information (details) - Restricted Cash
Note 4 - Other Financial Information (details) - Unbilled Receivables
Note 4 - Other Financial Information (tables)
Note 5 - Investments
Note 5 - Investments (details)
Note 5 - Investments (details) - Amortized Cost And Fair Value Of Available-for-sale Securities
Note 5 - Investments (details) - Available-for-sale Securities
Note 5 - Investments (details) - Gross Unrealized Losses And Fair Values Of Investments
Note 5 - Investments (tables)
Note 6 - Goodwill And Intangible Assets
Note 6 - Goodwill And Intangible Assets (details)
Note 6 - Goodwill And Intangible Assets (details) - Future Estimated Amortization Expense
Note 6 - Goodwill And Intangible Assets (details) - Identifiable Intangible Assets
Note 6 - Goodwill And Intangible Assets (tables)
Note 7 - Fair Value Measurements
Note 7 - Fair Value Measurements (details)
Note 7 - Fair Value Measurements (details) - Fair Value Measurements, Level 3
Note 7 - Fair Value Measurements (details) - Fair Value Of Financial Assets And Liabilities Measured On A Non-recurring Basis
Note 7 - Fair Value Measurements (details) - Fair Value Of Financial Assets And Liabilities Measured On A Recurring Basis
Note 7 - Fair Value Measurements (details) - Reconciliation Of Assets And Liabilities Measured On A Recurring Basis Using Significant Unobservable Inputs
Note 7 - Fair Value Measurements (tables)
Note 8 - Long-term Debt And Capital Leases
Note 8 - Long-term Debt And Capital Leases (details)
Note 9 - Commitments And Contingencies
Note 9 - Commitments And Contingencies (details)
Note 9 - Commitments And Contingencies (details) - Operating Lease Obligations
Note 9 - Commitments And Contingencies (details) - Product Warranty Liability
Note 9 - Commitments And Contingencies (details) - Stand-by Letters Of Credit Collateralized By Restricted Cash
Note 9 - Commitments And Contingencies (tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details) - Valuation And Qualifying Accounts
Ticker: ERII
CIK: 1421517
Form Type: 10-K Annual Report
Accession Number: 0001437749-14-003865
Submitted to the SEC: Tue Mar 11 2014 4:00:55 PM EST
Accepted by the SEC: Tue Mar 11 2014
Period: Tuesday, December 31, 2013
Industry: Special Industry Machinery

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