Energy Recovery, Inc. (ERII) 10-K Annual Report Tue Mar 11 2014

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

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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%

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

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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:

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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

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

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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

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

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

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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

Material Contracts, Statements, Certifications & more

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

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

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

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