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Energy Recovery, Inc. (ERII) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Energy Recovery, Inc.

CIK: 1421517 Ticker: ERII

Exhibit 99.1

 

 

Energy Recovery Reports Second Quarter

and Year-to-Date 2017 Results

 

SAN LEANDRO, Calif., August 2, 2017

— 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 second quarter of 2017 as well as the year-to-date results for the first six months of 2017.

 

Second Quarter Summary:

 

Total revenue of $12.2 million

 

Product gross margin of 67.7%; highest in Company’s history

 

Total gross margin(1) of 71.0%; highest in Company’s history

 

Net loss of ($0.5) million, or ($0.01) per share

 

Year-to-Date Summary:

 

Total revenue of $25.7 million, an increase of 5% year-over-year

 

Product gross profit and product gross margin of $15.0 million and 64.9%, respectively; highest in Company’s history

 

Total gross profit(1) and total gross margin(1) of $17.5 million and 68.3%, respectively; highest in Company’s history

 

Net loss of ($1.0) million or ($0.02) per share

 

Joel Gay, President and Chief Executive Officer said, “Despite project timing affecting our revenue in the quarter, we nonetheless performed to profit expectations, underscoring our bullishness toward the full-year prospects. Our ever-improving financial performance reaffirms the portfolio management strategy of harvesting cash flows from our desalination business to fund our early-stage enterprises, and more importantly, our product development road map and associated R&D pipeline. Total gross profit margins of 71% represent both a new high watermark for the company and the 6th consecutive quarter above 65%. This level of gross profitability supports marquee and imminent product development initiatives such as the VorTeq™ and the MTeq™, as well as the development of offerings we seek to announce and ultimately monetize in the future.”

 

Mr. Gay continued, “In addition to further anchoring what we expect to be another impressive if not record-setting fiscal performance, we also made significant progress along the critical path for the eventual commercialization of the VorTeq and MTeq technologies. Specific to the VorTeq, in the quarter, we concluded the most comprehensive and rigorous design process in the company’s history to render the second generation prototype system. Earlier in the quarter, we hosted investors and analysts at our corporate headquarters to demonstrate our optimism in the new cartridge design through a test that best-approximated the vibrational, flow rate, proppant and pressure conditions we witnessed in the field last year. Our optimism in the new cartridge design is bolstered by multiple tests where the prior generation cartridge, in identical testing conditions, failed. Currently, all aspects of the second generation system are in manufacturing and we expect to take receipt of the final system in early September. We will spend the entirety of that month commissioning the unit and therefore expect to initiate full-scale, private testing in October, where we endeavor to execute a test in which we achieve the key performance indicators required under milestone one of the VorTeq licensing agreement. Assuming we are successful here, we would then proceed immediately into the milestone testing process. Our best estimate therefore is to achieve milestone one in the fourth quarter. Similar to the VorTeq, we also concluded the design process for the MTeq prototype and it too is currently being manufactured. Prior to initiating field trials with our newest partner, Sidewinder Drilling, we will also execute private, full-scale testing of the unit. We expect to initiate said testing prior to the end of the year. We are massively pleased with the multi-faceted progress made in the quarter and are anxious to meet our several objectives in the second half of the year.”

 

 

The following information was filed by Energy Recovery, Inc. (ERII) on Thursday, August 3, 2017 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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Note 12 - Fair Value Measurements
Condensed Consolidated Balance Sheets (current Period Unaudited)
Condensed Consolidated Balance Sheets (current Period Unaudited) (parentheticals)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Comprehensive Income (loss) (unaudited)
Condensed Consolidated Statements Of Operations (unaudited)
Note 1 - The Company And Summary Of Significant Accounting Policies
Note 1 - The Company And Summary Of Significant Accounting Policies (details Textual)
Note 10 - Business Segment And Geographic Information
Note 10 - Business Segment And Geographic Information (tables)
Note 10 - Business Segment And Geographic Information - Revenues By Geographic Area (details)
Note 10 - Business Segment And Geographic Information - Summary Of Financial Information By Segment (details)
Note 11 - Concentrations
Note 11 - Concentrations (details Textual)
Note 11 - Concentrations (tables)
Note 11 - Concentrations - Accounts Receivable Concentrations (details)
Note 11 - Concentrations - Revenue Concentrations (details)
Note 11 - Concentrations - Supplier Concentrations (details)
Note 12 - Fair Value Measurements (tables)
Note 12 - Fair Value Measurements - Fair Value Of Financial Assets And Liabilities Measured On A Recurring Basis (details)
Note 13 - Related Party Transactions
Note 13 - Related Party Transactions (details Textual)
Note 2 - Goodwill And Other Intangible Assets
Note 2 - Goodwill And Other Intangible Assets (details Textual)
Note 2 - Goodwill And Other Intangible Assets (tables)
Note 2 - Goodwill And Other Intangible Assets - Identifiable Intangible Assets (details)
Note 3 - (loss) Income Per Share
Note 3 - (loss) Income Per Share (tables)
Note 3 - Loss Per Share - Antidilutive Securities Excluded From Computation Of Diluted (loss) Income Per Share (details)
Note 3 - Loss Per Share - Computation Of Basic And Diluted Earnings Per Share (details)
Note 4 - Other Financial Information
Note 4 - Other Financial Information (tables)
Note 4 - Other Financial Information - Accrued Expenses And Other Current Liabilities (details)
Note 4 - Other Financial Information - Accumulated Other Comprehensive Loss (details)
Note 4 - Other Financial Information - Inventories (details)
Note 4 - Other Financial Information - Prepaid Expenses And Other Current Assets (details)
Note 4 - Other Financial Information - Restricted Cash (details)
Note 5 - Investments
Note 5 - Investments (details Textual)
Note 5 - Investments (tables)
Note 5 - Investments - Available-for-sale Securities (details)
Note 5 - Investments - Gross Unrealized Losses And Fair Values Of Investments (details)
Note 5 - Investments - Maturity Of Available-for-sale Securities (details)
Note 6 - Long-term Debt And Line Of Credit
Note 6 - Long-term Debt And Line Of Credit (details Textual)
Note 6 - Long-term Debt And Line Of Credit (tables)
Note 6 - Long-term Debt And Line Of Credit - Future Minimum Principal Payments Due Under Long-term Debt Arrangements (details)
Note 6 - Long-term Debt And Line Of Credit - Long-term Debt (details)
Note 7 - Equity
Note 7 - Equity (details Textual)
Note 7 - Equity (tables)
Note 7 - Equity - Restricted Stock Activity (details)
Note 7 - Equity - Share-based Compensation Expense (details)
Note 7 - Equity - Stock Option Activity (details)
Note 8 - Income Taxes
Note 8 - Income Taxes (details Textual)
Note 9 - Commitments And Contingencies
Note 9 - Commitments And Contingencies (details Textual)
Note 9 - Commitments And Contingencies (tables)
Note 9 - Commitments And Contingencies - Operating Lease Obligations (details)
Note 9 - Commitments And Contingencies - Product Warranty Liability (details)
Significant Accounting Policies (policies)

Material Contracts, Statements, Certifications & more

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

Ticker: ERII
CIK: 1421517
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-17-013704
Submitted to the SEC: Thu Aug 03 2017 5:04:55 PM EST
Accepted by the SEC: Thu Aug 03 2017
Period: Friday, June 30, 2017
Industry: Special Industry Machinery

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