Energy Recovery, Inc. Reports Second Quarter
2010 Financial Results
Second Quarter 2010 Highlights
l Net Revenues: $13.3 million
l Gross Margin: 50%
l GAAP Net Loss: $322,000; Non-GAAP Net Income $80,000
l GAAP Loss per Share: $0.01; Non-GAAP Earnings per Share $0.00
l Adjusted EBITDA: $1.5 million, or 11% of net revenue
August 05, 2010 04:08 PM Eastern Daylight Time
SAN LEANDRO, Calif.--(EON: Enhanced Online News)--Energy Recovery, Inc. (Nasdaq:ERII), a leader in the
design and development of energy recovery devices for desalination, announced today the results of its second
quarter ended June 30, 2010. In the second quarter of 2010, ERI achieved net revenue of $13.3 million, a 46%
increase compared to the net revenue for the same period last year and within the Company’s guidance range of $13
to $15 million. For the three months ended June 30, 2010, ERI reported a net loss on a generally accepted
accounting principles (GAAP) basis of $322,000, or $0.01 per share, and non-GAAP net income of $80,000, or
$0.00 per share. For the same period last year, ERI reported a GAAP net loss of $71,000, or $0.00 per share.
“Our second quarter results were in line with our expectations and we are seeing some real progress on key
initiatives that strengthen our competitive position going forward,” said G.G. Pique, President and CEO of Energy
Recovery, Inc. “We have fully integrated the PEI sales organization into our existing Mega Projects and OEM sales
groups and are showing one unified sales effort to our customers with a broad menu of energy recovery options and
pumps. Additionally, we are getting traction on sales of our most advanced pressure exchanger, the PX-300 device.
And finally, our state-of-the-art ceramics production facility has been substantially completed and we feel confident
about our ability to successfully ramp up operations and reduce operating costs by achieving our targeted yields.”
Non-GAAP Financial Measures
In evaluating the operating performance of Energy Recove